Indigo-Energy, Inc. Signs Loan Agreement for $686 Million in Funding for Oil and Gas Leases in Illinois Basin
HENDERSON, Nev., Jul 28, 2008 (BUSINESS WIRE) -- Indigo-Energy, Inc. (OTCBB: IDGG) is pleased to announce that the Company has signed a Loan Agreement with BJ Petro, Inc., a Nevada corporation. BJ Petro has agreed to provide Indigo-Energy, Inc. with funds totaling $686,400,000, which the Company plans to utilize to complete the purchase of and commence the subsequent development of approximately 135,000 acres located in southern Illinois, southwestern Indiana and western Kentucky.
"With this funding package in place, we are highly optimistic about our company's future. Invested in the execution of our strategic plan, these funds will enable our development of state-of-the-art natural gas and oil production facilities, including the construction of regional pipelines and related infrastructure, within key areas throughout the Illinois Basin. We thank our shareholders for their patience throughout our recent months of funding efforts and believe this investment will allow us to return value to our investors," stated Steve Durdin, CEO and President of Indigo-Energy, Inc.
The agreement provides that Indigo-Energy will receive the initial phase of funding within 30 business days following its posting of a Standby Letter of Credit (SBLC) to BJ Petro in the amount of $10 million, which Indigo-Energy expects to deliver by the end of this week. The term of the funding agreement with BJ Petro is 15 years.
The Illinois Basin is a geologic region of approximately 60,000 square miles stretching across three states, with increasing interest for its potential oil and natural gas reserves. Indigo-Energy expects the natural gas and oil resources to be utilized in the United States to contribute to a nationwide effort to reduce the dependency on foreign sources of fuel.
As part of its fiduciary responsibility, the Company and its Board of Directors will continue to pursue additional strategic alternatives that may be in the best interest of its shareholders. Such alternatives include the previously announced funding plan with International Financial Corporation, LLC; a transaction separate from today's announced funding proposal. Indigo-Energy, Inc. (OTCBB: IDGG) is pleased to announce that the Company has signed a Loan Agreement with BJ Petro, Inc., a Nevada corporation. BJ Petro has agreed to provide Indigo-Energy, Inc. with funds totaling $686,400,000, which the Company plans to utilize to complete the purchase of and commence the subsequent development of approximately 135,000 acres located in southern Illinois, southwestern Indiana and western Kentucky.
"With this funding package in place, we are highly optimistic about our company's future. Invested in the execution of our strategic plan, these funds will enable our development of state-of-the-art natural gas and oil production facilities, including the construction of regional pipelines and related infrastructure, within key areas throughout the Illinois Basin. We thank our shareholders for their patience throughout our recent months of funding efforts and believe this investment will allow us to return value to our investors," stated Steve Durdin, CEO and President of Indigo-Energy, Inc.
The agreement provides that Indigo-Energy will receive the initial phase of funding within 30 business days following its posting of a Standby Letter of Credit (SBLC) to BJ Petro in the amount of $10 million, which Indigo-Energy expects to deliver by the end of this week. The term of the funding agreement with BJ Petro is 15 years.
The Illinois Basin is a geologic region of approximately 60,000 square miles stretching across three states, with increasing interest for its potential oil and natural gas reserves. Indigo-Energy expects the natural gas and oil resources to be utilized in the United States to contribute to a nationwide effort to reduce the dependency on foreign sources of fuel.
As part of its fiduciary responsibility, the Company and its Board of Directors will continue to pursue additional strategic alternatives that may be in the best interest of its shareholders. Such alternatives include the previously announced funding plan with International Financial Corporation, LLC; a transaction separate from today's announced funding proposal. Indigo-Energy, Inc. (OTCBB: IDGG) is pleased to announce that the Company has signed a Loan Agreement with BJ Petro, Inc., a Nevada corporation. BJ Petro has agreed to provide Indigo-Energy, Inc. with funds totaling $686,400,000, which the Company plans to utilize to complete the purchase of and commence the subsequent development of approximately 135,000 acres located in southern Illinois, southwestern Indiana and western Kentucky.
"With this funding package in place, we are highly optimistic about our company's future. Invested in the execution of our strategic plan, these funds will enable our development of state-of-the-art natural gas and oil production facilities, including the construction of regional pipelines and related infrastructure, within key areas throughout the Illinois Basin. We thank our shareholders for their patience throughout our recent months of funding efforts and believe this investment will allow us to return value to our investors," stated Steve Durdin, CEO and President of Indigo-Energy, Inc.
The agreement provides that Indigo-Energy will receive the initial phase of funding within 30 business days following its posting of a Standby Letter of Credit (SBLC) to BJ Petro in the amount of $10 million, which Indigo-Energy expects to deliver by the end of this week. The term of the funding agreement with BJ Petro is 15 years.
The Illinois Basin is a geologic region of approximately 60,000 square miles stretching across three states, with increasing interest for its potential oil and natural gas reserves. Indigo-Energy expects the natural gas and oil resources to be utilized in the United States to contribute to a nationwide effort to reduce the dependency on foreign sources of fuel.
As part of its fiduciary responsibility, the Company and its Board of Directors will continue to pursue additional strategic alternatives that may be in the best interest of its shareholders. Such alternatives include the previously announced funding plan with International Financial Corporation, LLC; a transaction separate from today's announced funding proposal. Indigo-Energy, Inc. (OTCBB: IDGG) is pleased to announce that the Company has signed a Loan Agreement with BJ Petro, Inc., a Nevada corporation. BJ Petro has agreed to provide Indigo-Energy, Inc. with funds totaling $686,400,000, which the Company plans to utilize to complete the purchase of and commence the subsequent development of approximately 135,000 acres located in southern Illinois, southwestern Indiana and western Kentucky.
"With this funding package in place, we are highly optimistic about our company's future. Invested in the execution of our strategic plan, these funds will enable our development of state-of-the-art natural gas and oil production facilities, including the construction of regional pipelines and related infrastructure, within key areas throughout the Illinois Basin. We thank our shareholders for their patience throughout our recent months of funding efforts and believe this investment will allow us to return value to our investors," stated Steve Durdin, CEO and President of Indigo-Energy, Inc.
The agreement provides that Indigo-Energy will receive the initial phase of funding within 30 business days following its posting of a Standby Letter of Credit (SBLC) to BJ Petro in the amount of $10 million, which Indigo-Energy expects to deliver by the end of this week. The term of the funding agreement with BJ Petro is 15 years.
The Illinois Basin is a geologic region of approximately 60,000 square miles stretching across three states, with increasing interest for its potential oil and natural gas reserves. Indigo-Energy expects the natural gas and oil resources to be utilized in the United States to contribute to a nationwide effort to reduce the dependency on foreign sources of fuel.
As part of its fiduciary responsibility, the Company and its Board of Directors will continue to pursue additional strategic alternatives that may be in the best interest of its shareholders. Such alternatives include the previously announced funding plan with International Financial Corporation, LLC; a transaction separate from today's announced funding proposal.
To view the complete details of Indigo Energy, Inc.'s 8-K filing with the SEC, please go to the following link: http://biz.yahoo.com/e/080429/idgg.ob8-k.html.
About Indigo-Energy, Inc.:
Indigo-Energy Inc. is an independent Nevada energy company, engaged in the drilling, development, production and acquisition of certain oil and gas reserves located in the Upper Devonian sand formations in Kentucky, Pennsylvania, and West Virginia. This involves drilling of developmental oil and gas wells at the different program sites on proven reserves. It also includes the purchase of producing oil and gas wells, and existing oil and gas leasehold interests.
Safe Harbor: Statements contained in this press release that are not based upon current or historical fact are forward looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties, and events that may be beyond the control of Indigo-Energy, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to successfully complete drill projects, adapt to changes in technology, and energy competition.
To receive instant updates, press releases, and other information on other Big Apple Consulting companies, please visit www.bigappleconsulting.com/compro.php and download your FREE copy of Big Apple ComPro.
Contact:
For Indigo-Energy, Inc., Henderson
Investor Relations:
Big Apple Consulting
Bob Deakin, 1-866-THE APPL(E)
www.indigo-energy.com
|
