Waldron Energy Corp. announced that it has received a demand notice from its secured subordinated debenture lender, requiring the full repayment of the $6.0 million subordinated debenture plus accrued interest and fees of $0.3 million by the end of business on August 17, 2015. As a result of the demand notice, and in accordance with inter lender and subordination agreements, the demand notice has resulted in a cross default on the corporation's $7.8 million senior credit facility with the National Bank of Canada or NBC.

The maturity date of the corporation's secured subordinated debenture was June 30, and since that date, the corporation has been in constant communication with its Debenture Lender, discussing various maturity date extension scenarios. A key factor in these discussions has been a condition of the Corporation's senior lender, NBC, that interest owing to the debenture lender could not be funded from existing financial resources of the corporation. Without this payment of interest, the debenture lender was unwilling to grant any further extensions and served the corporation with the demand notice.