Impressive financing. Going to have to do some DD here but that kind of money could really improve production and reserves. American Petro-Hunter Announces $10 Million Credit Facility Jul 9, 2012 10:50:00 AM SCOTTSDALE, AZ -- (Marketwire) -- 07/09/12 -- American Petro-Hunter, Inc. (OTCBB: AAPH) ("American Petro-Hunter" or the "Company") is pleased to announce that the Company entered into a three-year credit facility with ASYM Energy Partners LLC and its affiliates ("ASYM"), a private investment firm focused on the energy industry. The credit facility, in the amount of $10 million, is secured by all of the Company's assets. Proceeds from the loan will be utilized to fund the development drilling of oil properties located in central Oklahoma as well as acquisitions, repayment of certain accounts payable, and working capital. As part of the transaction, ASYM will advise the Company in the areas of operational, technical, engineering and financial matters. In addition, a total of approximately $2.7 million of liabilities were either forgiven or exchanged for common stock in the Company. This included the forgiveness of the Royalty Interest Payable, the exchange of equity for accounts payable that reduced the balance to approximately $0.3 million, and the amendment of the convertible debentures which extended the maturity date to six months after the maturity of the credit facility, and removed all liens and security interests. Also as part of the transaction, the 6% overriding royalty interest held by certain convertible debenture holders was contributed to the Company. The Company intends to utilize the credit facility to initially fund the development drilling of the Company's North and South Oklahoma oil focused horizontal drilling program, primarily targeting the Mississippi Lime and the Woodford Shale. The credit facility will also allow the Company to participate for its full working interest participation and accelerate production as well as allow the Company to consider acquisitions of projects, production and leases. Company President Robert McIntosh states, "We are extremely pleased to have closed this milestone funding arrangement with ASYM and are expecting outstanding upside for the development of our projects, especially with the welcome inclusion of added expertise bolstering our financial and engineering strengths. We have aggressive growth plans ahead and look forward to our new funding partner's active engagement that we expect will allow the Company to gain the necessary scale through significant production and cash flow growth. As we meet our business objectives, we should be in a position to migrate to an exchange like the NYSE AMEX or NASDAQ with the goal of providing increased liquidity to our shareholders." About American Petro-Hunter, Inc. (OTCBB: AAPH) The Company is an exploration and production (E&P) Company focused on the acquisition and horizontal development of the Mississippi Lime and Woodford oil formations located in Oklahoma and Kansas. The Company operates from its offices in Wichita, Kansas. Visit us at: www.americanpetrohunter.com