COEUR D'ALENE, ID, United States, via eTeligis Inc., 06/09/2014 - - JayHawk Energy, Inc. (OTCQB: JYHW) ("JayHawk," the "Company") is pleased to announce 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."
Additional details are provided in the Company's 8-K filing with the SEC.
About JayHawk Energy, Inc.
JayHawk Energy, Inc. is a managed risk, oil and gas exploration/exploitation, development and production company with activities focused on two major projects in the Cherokee Basin, Kansas and the Williston Basin, North Dakota. For more information please visit www.jayhawkenergy.com.
Forward-looking Statements:
This press release contains forward-looking statements concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Forward looking statements in this press release include statements about our drilling development program. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the timing and results of our 2013 drilling and development plan. Additional factors include increased expenses or unanticipated difficulties in drilling wells, actual production being less than our development tests, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with oil and gas operations in the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission including the Company's Annual Report on Form 10-K for the year ended December 31, 2012. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as "probable," "possible," "recoverable" or "potential" reserves among others, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the disclosure in our filings with the SEC.
JayHawk Energy, Inc.
www.jayhawkenergy.com.
208-667-1328
SOURCE: JayHawk Energy, Inc.