AED plans to add put dates, lower conversion price of 9% convertibles

By Angela McDaniels

Tacoma, Wash., Jan. 4 - AED Oil Ltd. plans to grant two new put options to the holders of its $21,217,500 of 9% convertible notes due July 2012 and lower the exercise price by 10% to A$0.55, according to a company news release.

The convertibles are putable on Feb. 23, 2011. The additional put dates would be July 10, 2011 and Jan. 10, 2012.

The new put dates will give noteholders a chance to see the results of the company's upcoming testing program at Block L in Brunei and other expected corporate developments before deciding whether to put back their convertibles, the release noted.

AED said it will work with the note trustee to make these amendments as soon as possible. Noteholders can direct questions to chief financial officer Richard Little at +61 3 9656 7800.

The issuer is a Melbourne, Australia-based oil company.

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