The purchase of Cuda Wyoming Assets by COPL has been Approved by the United States Bankruptcy Court.

Source: www.gulfoilandgas.com 6/6/2022, Location: North America

Canadian Overseas Petroleum Limited ("COPL" or the "Company"), an international oil and gas exploration, production, and development company with production and development operations in Converse and Natrona counties, Wyoming, USA, is pleased to announce that its affiliate COPL America Inc's purchase of Cuda Energy LLC's Wyoming assets has been approved by the United States Bankruptcy Court.

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."


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