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FINWIRES

88 Energy Unit Extends Funding Deadline for Alaskan Oil Project

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-- 88 Energy's (88E.L) Accumulate Energy Alaska agreed to extend Burgundy Xploration's funding milestone timeline under their participation agreement for Project Phoenix, on the North Slope of Alaska, to Sept. 30.

The deadline was moved following the US Securities and Exchange Commission's extended review schedule for Burgundy's planned initial public offering, the oil and gas exploration company said Monday. It added that the new date is "finite and sufficient" for Burgundy to deliver on its funding requirements for the oil project.

As consideration for the extension, Burgundy will pay Accumulate Energy Alaska a $100,000 amendment fee and an additional $300,000 in relation to the outstanding Icewine 3D consideration.

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