Shoreline Energy pays down C$3.44 million under forbearance agreement

By Susanna Moon

Chicago, Oct. 16 – Shoreline Energy Corp. said it entered into amendment agreements extending its previously expired forbearance agreements with some senior lenders.

Under the forbearance, Shoreline paid down C$3,441,000 of the aggregate amount owed to these lenders, with about C$5,439,000 of debt left after that.

The forbearance is effective until Dec. 31 and is subject to various milestones and repayment of all the debt, according to a company press release.

The forbearance will allow Shoreline to complete its strategic alternatives process, coordinated by its adviser RBC Capital Markets, the company said.

The company said there is no assurance that the ongoing strategic alternatives process will result in additional transactions, that the terms or timing of any transactions would be satisfactory to stakeholders or that the conditions of the forbearance will be met to the satisfaction of the lenders.

Shoreline is a junior crude oil and natural gas exploration and production company in Calgary, Alta.

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