Petrosearch Energy Corporation on Repayment of All Convertible Debt

Petrosearch Energy Corporation on Repayment of All Convertible Debt

Petrosearch Energy Corporation told the press that the company has used part of the proceeds from the sale of its 5.54455% limited partnership interest in DDJET Limited LLP to repay all of the $18,775,000 outstanding Convertible Notes (“Notes”). The repayment of the Notes leaves the Company with a strong balance sheet; including a significant cash balance, no debt obligations (other than current trade payables) and positive stockholders equity. The Company also has proved oil and gas reserves of approximately 1.8 million Boe net to the Company and probable and possible reserves of approximately 5.4 million Boe net to the Company.

President and CEO of Petrosearch Richard Dole stated, “We are pleased with the financial condition of the Company after the sale of our Barnett Shale project and the repayment of our outstanding debt. We believe we are in an excellent position to commence the development of our waterflood project while we continue to pursue strategic alternatives for the Company.”

Petrosearch Energy Corporation, a Nevada corporation with executive offices in Houston, Texas, is a resource based energy company with activities focused on a water flood project in the Anadarko basin of the North Texas Panhandle.

Contact:

Petrosearch Energy Corporation Investor Relations, 713-334-5123 IRC@petrosearch.com or Piedmont IR, LLC Keith Fetter or Darren Bankston, 678-455-3696

info@piedmontir.com

Source: Petrosearch Energy Corporation

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