finance.yahoo.com

Expion360 Uses 8% Convertible Debt to Expand Oil and Gas Leases

Expion360 logoExpion360
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Expion360 paid $3.425 million in cash for Eastern Louisiana exploration assets, including about 3,000 net leasehold acres, an existing wellbore, and mineral-title research over roughly 13,000 acres. It raised $8.2 million in net proceeds via 8% convertible debt, expanding the leasing program and aiming to start a mandatory lateral wellbore of at least 4,000 feet by Feb. 15, 2027, despite first-half sales falling 29% to $3.6 million and a $3.0 million net loss. The company plans up to $4 million more and changed its name to Expion Energy.

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