Niko Resources Ltd. announced that Ed Sampson, Chairman, CEO and President of the Company announced his retirement, effective the end of the calendar year. Mr. Sampson will continue in his role as Chairman, CEO and President through year-end to assist with the proposed financing and to transition responsibilities to other members of the management team. Effective January 1, 2014, Frederic F. (Jake) Brace will become interim President of Niko. Jake joined the Company as a senior advisor to take on the task of liability management and to work with management and the Board in concluding the process of addressing immediate liquidity issues. Jake will be moving into the position of interim President to continue that focus and other administrative duties of the office in the fulfillment of the Company's strategy. Bill Hornaday, a Board member and Chief Operating Officer, will have increased responsibility over all aspects of the Company's activities in each of its areas of operation, including asset prioritization strategies, sourcing transactional opportunities, and personnel management.

The company announced proposed credit facility to provide $340 million in funds for the execution of the Company's strategy. The Proposed Credit Facility would provide funds to refinance certain of its existing debt obligations, including the Company's current credit facility and secured loan, to fund the Company's investment in the D6 Block and otherwise for general corporate and working capital purposes. The Proposed Credit Facility would mature on September 30, 2017. The Proposed Credit Facility would provide for a royalty payment to the lenders in the amount of 6% of revenues received from the D6 Block, commencing April 1, 2015 for a term of seven years. The Company has received consent from its current credit facility syndicate banks on a deferral from October 31 to November 29, 2013 for the date of the re-determination of the borrowing base under the facility and from November 29 to December 31, 2013 for the date of any required repayment to reflect the new borrowing base. The $33 million that the Company had placed in escrow for the benefit of its current credit facility lenders will now be applied to reduce the outstanding borrowings and the availability under the current credit facility to $47 million.