Cordy Oilfield Services buys back 10% notes

By Devika Patel

Knoxville, Tenn., Oct. 2 - Cordy Oilfield Services Inc. announced that it has redeemed C$17,738,000 of its 10% debentures.

In December 2005 Cordy issued C$12.8 million of 10% debentures which mature in December 2007 and C$2.2 million of debentures which mature in February 2008. In March 2006, Cordy issued C$4 million of 10% debentures which mature in March 2008.

Cordy redeemed C$6.2 million of the notes due to mature in 2008 on Sept. 30. In addition, holders of C$11.538 million of the notes maturing in December 2007 have accepted the corporation's redemption offer. Of these, C$10.538 million were redeemed on Sept. 30, and C$1 million were redeemed on Oct. 1.

Following these redemptions, Cordy has C$1.262 million of the notes outstanding, all of which will mature on Dec. 22, 2007.

Based in Calgary, Alta., Cordy provides services to oil and natural gas exploration companies.

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