Exploration & Production | Finance & Investing | Capital Markets
Jayhawk Energy Funds Water Well and Ongoing Production
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JayHawk Energy, Inc. has announced that it has successfully closed two separate convertible debenture financings totaling the principal amount of US $600,000 on terms which are favorable to the Company.
Kelly Stopher, CEO of JayHawk Energy, Inc., stated: "The successful closing of these financings provide the Company with sufficient capital to reclaim non-producing wells and satisfy environmental requirements mandated by the State of North Dakota.
The Company is also in the process of seeking approval from the State of North Dakota to convert an abandoned well bore to a water disposal well which will improve operating efficiencies and cash flow for JayHawk. As well, the capital will allow the Company to rehabilitate its North Dakota producing wells and provides the next step in the systematic recapitalization of the Company."
JayHawk Chairman Lindsay Gorrill acquired $200,000 of the convertible debentures and said: "I recently toured the North Dakota properties and am excited about the plans to complete the water disposal well and continuing work to achieve ongoing production from JayHawk's five producing wells, which has not happened on a consistent basis for over six years."
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