LONDON, UK and CALGARY, AB / ACCESSWIRE / July 19, 2022 / Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), 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 an extension to the previously announced Purchase Agreement ("Agreement") to acquire the United States assets of Cuda Energy LLC the (the "Cuda Acquisition").
The Parties to the Agreement agreed to extend the outside date for closing the Cuda Acquisition to the 25th of July 2022.
This extension is made whilst the Company and its financier conclude definitive documents that will fund the cash component of the Cuda Acquisition.
The Cuda Acquisition will conclude one of the Company's publicly stated strategic objectives soon and on closing the Cuda Acquisition, the Company is positioned with an increased interest in its currently operated United States assets. The Company is progressing its strategic objective of senior debt refinancing by way of a Reserve Based Loan in tandem with the Acquisition process. The Cuda assets are expected to be contributed to the Company's asset-based borrowing base.
Further announcements on the Acquisition will be made upon closing and the Company looks forward to updating its operational objectives following Closing the Acquisition.
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