REG - Canadian O'Seas Petr - Court Approves Purchase of Cuda Wyoming Assets

Canadian Overseas PetroleumAnnouncement

06/06/2022 07:01

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RNS Number : 6836N  Canadian Overseas Petroleum Ltd  06 June 2022

 

 

COPL Receives United States Bankruptcy Court Approval for Purchase of Cuda
Wyoming Assets

London, United Kingdom; Calgary, Canada: June 6, 2022 - Canadian Overseas
Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an
international oil and gas exploration, production and development company with
production and development operations focused in Converse and Natrona
counties, Wyoming, USA, is pleased to announce that its affiliate COPL America
Inc's purchase of the Wyoming assets of Cuda Energy LLC was approved by the
United States Bankruptcy Court for the District of Wyoming on Friday June
3(rd) , 2022.

 

A copy of the Order: (I) Approving Asset Purchase And Sale Agreement And
Authorizing The Sale Of Substantially All Of Cuda Energy LLC's Assets Under 11
U.S.C. §§ 363(B) And 363(M); (II) Authorizing The Sale Of Assets Free And
Clear Of All Liens, Claims, Rights, Encumbrances And Other Interests Pursuant
To 11 U.S.C. § 363(F); (III) Recognizing And Giving Full Force And Effect To
Order s  Of The Canadian Court Approving The Sales Procedures And The Sale Of
Substantially All Assets, And (Iv) Granting Related Relief, can be found on
the Receiver's website: http://cfcanada.fticonsulting.com/cuda
(http://cfcanada.fticonsulting.com/cuda) .

 

Closing of the acquisition of the assets of Cuda Energy LLC by COPL America
Inc, is anticipated to occur sometime between June 18 and July 18, 2022.

 

Arthur Millholland, President & CEO, commented: "We have achieved the
second step in the Court approval process for the acquisition of the Cuda
assets". The next step is the end of 14 day appeal period, the requisite
assignments and novation's for the interests acquired, and the settlement of
the cash component of the purchase price."

 

About the Company:

 

COPL is an international oil and gas exploration, development and production
company actively pursuing opportunities in the United States with operations
in Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture
company in Nigeria.

 

The Company's Wyoming operations are one of the most environmentally
responsible with minimal gas flaring and methane emissions combined with
electricity sourced from a neighbouring wind farm to power production
facilities.

 

For further information, please contact:

 

Mr. Arthur Millholland, President & CEO

Mr. Ryan Gaffney, CFO

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

 

Cathy Hume

CHF Investor Relations

Tel: +1 (416) 868 1079 ext. 251

Email: cathy@chfir.com

 

Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 77 4778 8221

Email: copl@yellowjerseypr.com

 

Peter Krens

Equity Capital Markets, Tennyson Securities

Tel: +44 (0) 20 7186 9033

 

Alex Wood & Keith Dowsing

Joint Broker

Alternative Resource Capital

AW: +44 (0) 7559 910872

KD: +44 (0) 7559 910873

 

Andrew Chubb / Neil Passmore

Advisors/Joint Brokers

Hannam & Partners

+44 (0) 20 7907 8500

 

The Common Shares are listed under the symbol "XOP" on the CSE and under the
symbol "COPL" on the London Stock Exchange.

 

 

This news release contains forward-looking statements. The use of any of the
words "initial, "scheduled", "can", "will", "prior to", "estimate",
"anticipate", "believe", "should", "forecast", "future", "continue", "may",
"expect", and similar expressions are intended to identify forward-looking
statements. The forward-looking statements contained herein are based on
certain key expectations and assumptions made by the Company, including, but
not limited to, the ability to raise the necessary funding for operations,
delays or changes in plans with respect to exploration or development projects
or capital expenditures. Although the Company believes that the expectations
and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements since the Company can give no assurance that they will prove to be
correct since forward-looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties most of
which are beyond the control of Canadian Overseas Petroleum Ltd. For example,
the uncertainty of reserve estimates, the uncertainty of estimates and
projections relating to production, cost overruns, health and safety issues,
political and environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas industry could
cause actual results to vary materially from those expressed or implied by the
forward-looking information.  Forward-looking statements contained in this
news release are made as of the date hereof and Canadian Overseas Petroleum
undertakes no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future
events or otherwise, unless so required by applicable securities laws.

 

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