Greenfields Petroleum has signed a Second Amending Agreement that extends the maturity date under the loan agreement dated November 25, 2013 with an arm's length third party until January 31, 2016. According to a company release, the extension is intended to allow the Company time to evaluate refinancing options, including negotiating the restructuring of the loan principal amount of $27 million plus accrued and unpaid interest originally due December 31. Interest will continue to accrue on the principal of the loan at rates ranging from 15% to 20%.

Unpaid interest accrued as of December 31, shall bear interest at a rate of 17.04% until maturity date.