PetroBakken lowers conversion price for 3.125% convertibles due 2016

By Tali Rackner

Norfolk, Va., Dec. 11 – PetroBakken Energy Ltd. lowered the conversion price for its 3.125% senior unsecured convertible bond issue due 2016, according to a notice from trustee Nordic Trustee ASA.

The new conversion price is $26.789 as of Dec. 1, adjusted from $27.1779 in November.

The conversion price was adjusted due to monthly dividend payments of C$0.08 per share made from January 2010 to the end of November 2013 and C$0.04 per share after that to the end of November.

PetroBakken is an oil and gas exploration and production company based in Calgary, Alta.

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