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TIGER OIL RECEIVES $600,000 FINANCING
LAS VEGAS, January 15, 2014 /PRNewswire/ -- Tiger Oil and Energy, Inc. (TGRO-OTCQB) is pleased to announce that it has received the third tranche from an nonrelated source bringing to the Company the $600,000 required to proceed with the drilling plans for the Cowley County KS leases in partnership with TOTO Energy LLC.
Tiger will earn a 30% working interest and a 24.45% Net Royalty Interest in the wells drilled and fracked. Plans call for the first spudding of the wells to begin in late February or early March of 2014 depending on the weather.
As stated in the news release of December 20, 2013, the terms of the agreement call for Tiger to receive three tranches of $200,000 each on a callable convertible note wherein the Company borrows the sum at 5% interest for one year and the investor can elect to continue to receive the interest on the note or have the Company issue the investor shares of common stock of the Company at $0.50 per share to retire the debt.
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