Canada's Opal Energy to price $35 million five-year convertibles

By Rebecca Melvin

New York, July 9 - Canada's Opal Energy Corp. said it plans to price up to $35 million of five-year convertible senior secured notes under Rule 144A, according to a news release.

There is a greenshoe for up to an additional $5.25 million of notes.

Proceeds of the proposed offering are earmarked to fund natural gas and oil exploration and production in the onshore Gulf Coast region of Texas.

Opal Energy's common shares are publicly traded in Canada on the TSX Venture Exchange under the symbol "OPA."

Opal Energy is an independent exploration and production company focused on developing onshore natural gas resources in south Texas. The company is based in Vancouver, B.C., with a satellite office in Victoria, Texas.

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