Armada Oil, Inc. provided an update on its current financing initiative.
The Company's executive management team is continuing to work diligently to complete an all-inclusive financing package that would not only allow for significant new development in the Company's south Louisiana fields but would also provide capital to initiate additional acquisition and/or drilling activities in its other project areas.
As part of this package, the Company has received convertible bridge financing of $600,000 to enable it to proceed with important workover activity on two of its wells in the Lake Hermitage Field.
This work is underway, is expected to be completed this month and should result in increases in both production and reserves. The overall financing transaction is now expected to close on or before December 31, 2013.