The following just appeared on the Radiant website:
Houston – December 7, 2017 – Radiant Oil and Gas, Inc. (ROGI) announced today it has begun payments leading to elimination
of $480,000 of vendor debt from one of its legacy Joint Ventures utilizing Section 3(a)(10) of the Securities Act. Radiant and its 3(a)
(10) venture participants have negotiated to eliminate its remaining joint venture vendor debt. The result of these negotiations is
expected to lead to a significant reduction, and eventually a total elimination, of Radiant legacy debt. Radiant had previously
announced the settlement of $37 Million of institutional joint venture debt through the sale of assets.
Additionally Radiant is in the process of securing additional equity funding to compliment a $4 million pledge to invest in its common
stock, all subject to pending project funding negotiations. This additional equity funding will support an overall $34,000,000 in
currently being negotiated financing which will initially be used to acquire and develop oil fields in Texas producing ~450 barrels of
oil/day and other producing properties.
“Survival rather than growth has been our mode for several years as our industry weathered the most profound restructuring since the
late 1920’s. The satisfaction of institutional and vendor debt are first steps taken to clean up the balance sheet and re-enter a growth
phase for Radiant. A strengthened balance sheet, current audits and SEC filings, secured financing and a talented technical team will
ensure Radiant’s execution in 2018 and beyond on multiple projects targeted in abandoned and overlooked legacy Gulf Coast fields
that have a long history of enormous production, thereby increasing our asset base and building shareholder wealth. It is our view that
the industry continues to over focus on unconventional fields to their detriment. Radiant and its deeply experienced team have
devoted almost 30 years on average to investing in and developing conventional oil plays which we demonstrate are lower cost and
therefore more profitable than most horizontal shale plays. Using cutting edge 3-D seismic technology and drilling techniques we
expect these legacy fields to yield far more hydrocarbons than has been harvested for all the years of production combined. We
believe that now is the opportune time to take advantage of long ignored low risk conventional oil projects that demonstrate superior
IRR’s and ROI’s all in sync with oil’s projected stability through 2018 and beyond.” said Radiant CEO and Chairman John Jurasin.
