RE: Paying off debtThis was mentioned late 2006
"Arapahoe has plans divest its entire 65% of the Campbell prospect for $8 million, the proceeds from which will be used to reduce the working capital deficit. We anticipate this sale to be completed by January 31, 2007. Arapahoe plans to raise additional equity capital in 2007 to meet its capital requirements."
JAN 9 2007
Credit Facility
The Corporation entered into a forbearance agreement with its principal lender on January 8, 2007 pursuant to which the principle lender has agreed to forbear, until January 31, 2007, from exercising certain of its rights and remedies under the credit agreement ensuing from certain defaults by the Corporation under such credit agreement. The forbearance period may be extended by the principle lender provided that it is satisfied with the Corporation's efforts to sell certain of its assets, refinance or recapitalize its operations, the effect of which is to cure such defaults in a timeframe satisfactory to the principle lender.
It is Arapahoe's intention to: a.) sell all or a portion of its interests in the Campbell project, or; b.) sell all or a portion of it's interests in the Saskatchewan properties in order to satisfy this requirement.
obviously, if they have to unload a property it will effect their existing 500 boed of production
Later
always wanted to buy BKL at 5 cents....and here we are, frickin tragic