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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: The Osprey who wrote (11500)2/26/2003 1:24:10 PM
From: Al Collard   of 11802
 
OEL-v...in the news:

Osprey makes arrangements to convert debts

Wed 26 Feb 2003

News Release

Mr. Bernard Robichaux reports

Osprey has signed a letter of intent by Mako Megbiz K.F.T. of Bridgetown,
Barbados, in which it agrees to convert an outstanding $1.65-million debt
to a four-year convertible debenture, maturing on Feb. 26, 2007. It will
bear interest at a rate of 10 per cent per year.
The debenture will be convertible into Osprey common shares at a rate of 65
cents per share in year one, 75 cents per share in year two, 85 cents in
year three and 95 cents in year four. The lender will also receive one-half
of a share purchase warrant for each share converted. Each full warrant
will have an exercise price to purchase Osprey common shares at 75 cents
per share in year one, 85 cents per share in year two, 95 cents in year
three and $1.05 in year four.
The company also announces that BPR Energy Ltd. agrees to convert an
outstanding $180,000 debt with Osprey Energy to a two-year convertible
debenture with interest at 6 per cent per year. The debenture will be
convertible into Osprey common shares at a rate of 65 cents per share in
year one and 75 cents per share in year two. BPR will also receive one-half
of a share purchase warrant for each share converted. Each full warrant
will have an exercise price to purchase Osprey common shares at 75 cents
per share in year one and 85 cents per share in year two.
The $180,000 debt was part of Osprey's consideration for the purchase of a
25-per-cent interest in the Woodlawn property in Southwest Louisiana. On
Monday the company announced the successful drilling of a natural gas well
in that Hackberry trend prospect. A completion rig will be on site over the
next several weeks to make preparations for bringing the well into
production.
Bernard Robichaux, the president of Osprey Energy, is also the president of
BPR Energy.
The agreements are subject to regulatory approval.
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