TIDMCOPL
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 .
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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END
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