Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in Canada’s Western Sedimentary Basin. Since its inception, Arcan has focused on production while building infrastructure for long term sustainability. Arcan has implemented and continues to expand water flood enhanced oil recovery throughout its asset base. Arcan currently holds an extensive multi-year inventory of low risk drilling opportunities targeting 40 API sweet crude.
Arcan’s Transaction to Recapitalize Its Covertible Debentures
On December 19th, 2014 Arcan announced a restructuring arrangement in which an exchange of Arcan’s $86.25 million 6.25% convertible unsecured subordinated debentures due February 28, 2016 and $85.0 million 6.50% convertible unsecured subordinated debentures due October 31, 2018 into equity at an exchange price of $0.15 per share. This was approved by 85.1% of votes cast on February 2, 2015 and was effective on February 13, 2015. For full details please review the Information Circular.
Arcan does not use e-mails to acquire services and products. If in doubt please contact an Arcan representative directly through our main phone line at (403) 262-0321.