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COPL Canadian Overseas Petroleum Limited

0.0575
0.00 (0.00%)
21 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Canadian Overseas Petroleum Limited LSE:COPL London Ordinary Share CA13643D8008 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0575 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Canadian Overseas Petroleum Ltd Announces Initial CCAA Order Issued

12/03/2024 7:00am

RNS Regulatory News


RNS Number : 4878G
Canadian Overseas Petroleum Ltd
12 March 2024
 

COPL Announces Initial CCAA Order Issued


London, United Kingdom; Calgary, Canada: 11 March, 2024 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE)  announced that the previously disclosed initial order (the "Initial Order") has been issued by the Alberta Court of King's Bench (the "Court") pursuant to the Companies' Creditors Arrangement Act ("CCAA").

In connection with the CCAA proceedings, the COPL Group has executed a restructuring support agreement with the senior lenders to COPL's subsidiary, COPL America, Inc. (the "Senior Lenders"), pursuant to which, among other things, the Senior Lenders have agreed to support a sale and investment solicitation process ("SISP") wherein they will serve as a stalking horse bidder to acquire substantially all of the COPL Group's business by way of a credit bid. In that regard, COPL intends to seek Court approval to launch the SISP on or around March 18, 2024.

Details in respect of the CCAA proceedings will be made available on the following website at www.ksvadvisory.com/experience/case/canadian-overseas-petroleum. Parties with an interest in participating in the SISP are directed to contact KSV Restructuring Inc., the Court appointed monitor, for further information.

The Company intends to seek recognition of the CCAA proceedings in the United States Bankruptcy Court for the district of Delaware.

As requested by the Company, the Company's common shares have been suspended from trading on the London Stock Exchange but the Canadian Securities Exchange has not yet made a determination on the request.

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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