Baseline Oil extends maturity on $2.375 million in 10% convertibles

By Sheri Kasprzak

New York, June 6 - Baseline Oil & Gas Corp. has received an extension on the maturity of $2.375 million in 10% convertible promissory notes.

The notes will now be due Nov. 15, 2008, pushed back from Nov. 15, 2007.

For the extension, the company agreed to increase the coupon to 12% and issue 380,000 shares to the holders of the notes.

Houston-based Baseline is an oil and natural gas exploration company.

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