REG - Canadian O'Seas Petr - CCAA Application and Suspension of Trading

Canadian Overseas PetroleumAnnouncement

11/03/2024 07:00

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RNS Number : 3124G  Canadian Overseas Petroleum Ltd  11 March 2024

COPL Announces CCAA Application and

Suspension of Trading in the Company's Shares

London, United Kingdom; Calgary, Canada: 11 March, 2024 - Canadian Overseas
Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE)
announced that, after extensive consideration and review of the Company's
current financial situation, COPL and its subsidiaries (collectively, the
"COPL Group ") have applied for an initial order (the "Initial Order") from
the Alberta Court of King's Bench (the "Court") pursuant to the Companies'
Creditors Arrangement Act ("CCAA").

The Initial Order would provide for, among other things, a stay of proceedings
in favour of the COPL Group, approval of debtor-in-possession financing ("DIP
Financing") and the appointment of KSV Restructuring Inc. to serve as monitor
of the COPL Group (in such capacity, the "Monitor").

In light of the application for the Initial Order, the Company has requested a
suspension of trading in the Company's common shares on both the London Stock
Exchange and the Canadian Securities Exchange with immediate effect.

The COPL Group will continue its day-to-day operations as usual and intends to
continue paying its critical suppliers in the ordinary course during the CCAA
proceedings. The forbearance agreement with the Company's senior lenders has
now expired.

The Company believes there is little prospect for a return to shareholders or
bond holders.

Additional Information

Osler, Hoskin & Harcourt LLP and Potter Anderson LLP are serving as
restructuring counsel to the Company in Canada and the U.S., respectively, and
McCarthy Tétrault LLP is serving as securities counsel to the Company. As
previously announced, Peter Kravitz of Province Fiduciary Services is serving
as COPL's Chief Restructuring Officer.

 

About the Company:

 

COPL is an international oil and gas exploration, development and production
company headquartered in Calgary, Alberta.

 

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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