TIDMCOPL
RNS Number : 9789J
Canadian Overseas Petroleum Ltd
03 May 2022
COPL Receives Canadian Court Approval for Purchase of Cuda
Wyoming Assets
London, United Kingdom; Calgary, Canada: May 3, 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 in
Canada by the Court of Queens Bench of Alberta at a hearing held in
Calgary on Friday April 29, 2022.
At the hearing held at the Court of Queen's Bench of Alberta in
Calgary on April 29, 2022, The Honourable Justice D.B. Nixon issued
an Approval and Vesting Order (the "AVO") for the sale of the
assets of Cuda Energy LLC by its Court Appointed Receiver and
Manager to COPL America Inc. In addition, The Honourable Justice
D.B. Nixon issued an Order Restricting Court Access ("ORCA") to the
terms of the AVO until closing of the transaction, or a further
order of the Court. A copy of the AVO and the ORCA with other
associated orders and motion documents can be found on the
Receiver's website: http://cfcanada.fticonsulting.com/cuda .
Final approval of the sale of the assets of Cuda Energy LLC by
its Court Appointed Receiver to COPL America Inc is subject to the
approval of the United States Bankruptcy Court for the District of
Wyoming. On April 22, 2022, in furtherance of obtaining such
approval, the Court Appointed Receiver and Manager for Cuda Energy
LLC filed with the United States Bankruptcy Court for the District
of Wyoming (the "US Court") the following:
1. Notice Of Motion For Entry Of 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 And Opportunity To Object;
and a
2. Motion For Entry Of 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 (the "US Sale Motion").
A hearing before the US Court to consider and issue an order
(the "Sale Order") approving the US Sale Motion is scheduled for
May 26, 2022. The Sale Order by the US Court becomes final and
non-appealable 14 days after issuance. Closing of the acquisition
of the assets of Cuda Energy LLC by COPL America Inc, assuming the
Sale Order becomes final, is anticipated to occur sometime between
June 10 and July 10, 2022.
Arthur Millholland, President & CEO, commented: "We have
achieved the first step in the Court approval process for the
acquisition of the Cuda assets. The next step is the process
mandated by Chapter 15 of the United States Bankruptcy Code as it
pertains to Cuda Energy LLC. Though the timelines appear lengthy,
they are part of the process as mandated by the bankruptcy laws in
Canada and the United States that allows for the acquisition of the
assets free and clear of liens and claims."
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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END
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