August 9, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Sun River Energy, Inc. (OTCBB: SNRV) said that on August 5 it converted an aggregate of $1,416,340.76 of principal and accrued but unpaid interest due on various promissory notes into equity.

As a result of the conversion, the company issued an aggregate 1,530,597 shares of its common stock, par value $0.0001 per share. The conversion rate ranged from $0.25 per share to $1.50 per share based on the original terms of the promissory notes.

Donal R. Schmidt, Jr., Sun River’s CEO, said that his management team was able to work with the company's creditors to convert around 54% of its outstanding debt into equity.

As a result of the conversions, Sun River said its debt has been reduced from around $2.6 million down to $1.2 million exclusive of the one-year convertible term noted issued in connection with its acquisition of assets from FTP Oil & Gas LP.

Texas-based Sun River Energy is an oil and gas exploration company focusing its efforts on North America, specifically oil and natural gas in the Rocky Mountain region.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [olgssglo] [fnncngj] [ftrdnwswnd]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.