Seaway Energy Services Inc.

Seaway Energy Services Inc.

April 07, 2010 09:30 ET

Seaway Energy Services Inc. Announces Repayment and Extension of Convertible Debentures

CALGARY, ALBERTA--(Marketwire - April 7, 2010) - SEAWAY ENERGY SERVICES INC., ("Seaway" or the "Company") (TSX VENTURE:SEW) is pleased to announce that it has repaid in full outstanding 12% unsecured convertible debentures (the "Debentures") in the aggregate principal amount of $175,000.

In addition, it has agreed to extend the maturity date of Debentures in the principal amount of $275,000 owing to Mr. Jerry Budziak, President, Chief Executive Officer and a Director of Seaway by one further year, maturing on April 4, 2011. The interest rate on the Budziak Debentures has also been reduced to 9% per annum, with all other terms remaining the same. The Debentures bear interest payable quarterly and will be convertible at any time after their issuance into Common Shares at the holder's option at $0.15 per Common Share.

Seaway is a Calgary-based corporation providing environmental consulting services to the oil and gas industry. These services include managing the construction of oil and gas leases and access roads, cleanup of leases and roads following drilling activity and reclamation of leases following drilling and production.

Seaway is listed on the TSX Venture Exchange under the symbol "SEW".

Certain statements contained in this document are "forward-looking statements". The projections, estimates and beliefs contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results or events to differ materially from those anticipated in any forward-looking statements. Seaway believes the expectations reflected in those forward-looking statements are reasonable; however Seaway cannot provide any assurance that these expectations will prove to be correct.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Seaway Energy Services Inc.
    Jerry Budziak
    President and CEO
    (403) 235-4486
    (403) 266-1181 (FAX)
    Seaway Energy Services Inc.
    Suite 504, 200 LaCaille Place SW
    Calgary, Alberta, Canada T2P 5E2