Cordy Oilfield Services Inc. (Cordy) announced that it has borrowed $900,000 from Lyncorp International Ltd. In addition, Cordy entered into a settlement agreement with Lyncorp pursuant to which a promissory note in the amount of $940,264.63 was issued to Lyncorp in settlement of $940,264.63 owed to Lyncorp. This represents the sum of the balance of the purchase price of $587,574.25 remaining payable by Cordy for heavy equipment purchased from Lyncorp as disclosed in a news release dated July 11, 2014, plus the outstanding rent owing to Lyncorp in the amount of $352,690.38. The sum of the Loan Amount and the Debt Settlement Amount of $1,840,264.63 is due and payable on March 31, 2015 and bear interest at the rate of 15% per annum.

Cordy granted a security interest in its accounts receivable in order to secure the repayment of $1,840,264.63. Cordy Environmental Inc., Cordy Manufacturing Inc., and Cordy Construction Inc., each a wholly-owned subsidiary of Cordy, have provided guarantees and security interests in their accounts receivable in support of the repayment of $1,840,264.63. Cordy will use the proceeds of the Loan to repay part of the Corporation's current indebtedness and for general working capital purposes.