REG - Canadian O'Seas Petr - Announces Initial CCAA Order Issued

Canadian Overseas PetroleumAnnouncement

12/03/2024 07:15

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RNS Number : 4878G  Canadian Overseas Petroleum Ltd  12 March 2024

COPL Announces Initial CCAA Order Issued

London, United Kingdom; Calgary, Canada: 11 March, 2024 - Canadian Overseas
Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE)
announced that the previously disclosed initial order (the "Initial Order")
has been issued by the Alberta Court of King's Bench (the "Court") pursuant to
the Companies' Creditors Arrangement Act ("CCAA").

In connection with the CCAA proceedings, the COPL Group has executed a
restructuring support agreement with the senior lenders to COPL's subsidiary,
COPL America, Inc. (the "Senior Lenders"), pursuant to which, among other
things, the Senior Lenders have agreed to support a sale and investment
solicitation process ("SISP") wherein they will serve as a stalking horse
bidder to acquire substantially all of the COPL Group's business by way of a
credit bid. In that regard, COPL intends to seek Court approval to launch the
SISP on or around March 18, 2024.

Details in respect of the CCAA proceedings will be made available on the
following website at
www.ksvadvisory.com/experience/case/canadian-overseas-petroleum. Parties with
an interest in participating in the SISP are directed to contact KSV
Restructuring Inc., the Court appointed monitor, for further information.

The Company intends to seek recognition of the CCAA proceedings in the United
States Bankruptcy Court for the district of Delaware.

As requested by the Company, the Company's common shares have been suspended
from trading on the London Stock Exchange but the Canadian Securities Exchange
has not yet made a determination on the request.

 

For further information, please contact:

 

Peter Kravitz, Chief Restructuring Officer & Interim Chief Executive
Officer

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

 

 

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

 

Caution regarding forward looking statements

 

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.
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.

 

This announcement has been issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by the Company (apart from the responsibilities or liabilities that
may be imposed by the Financial Services and Markets Act 2000, or the
regulatory regime established thereunder) or by any of its affiliates or
agents as to, or in relation to, the accuracy or completeness of this
announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability
therefore is expressly disclaimed.

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