Blast Energy gets $300,000 more in DIP financing

By Reshmi Basu

New York, Dec. 5 - Blast Energy Services, Inc. received an additional $300,000 in debtor-in-possession financing to help the company complete its reorganization amid diminishing liquidity, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, with the additional financing, Blast will have received a total of $800,000 in DIP financing from Berg McAfee Cos. LLC.

Interest will be 8%, and the additional DIP funding will expire on the effective date of Blast Energy's plan of reorganization.

Blast Energy, a Houston-based provider of fabricated mobile drilling rigs to the oil and natural gas sector, filed for bankruptcy on Jan. 19, 2007. Its Chapter 11 case number is 07-30424.

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