Decklar to Apply for Management Cease Trade Order

CALGARY, Alberta, April 16, 2024 (GLOBE NEWSWIRE) -- Decklar Resources Inc. (TSX-V: DKL) (OTC: DKLRF) (FSE: A1U1) (the “Company” or “Decklar”) announces that it intends to apply to the Alberta Securities Commission, (the “ASC”), under National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”) requesting that a temporary management cease trade order (“MCTO”) be granted in respect of the late filing of the consolidated audited financial statements, management’s discussion & analysis and related officer certifications and its annual filings under National Instrument 51-101 Standards for Oil and Gas Activities for the year ended December 31, 2023 (together, the “Annual Filings”). The Annual Filings are required to be filed on or before April 29, 2024. There is no guarantee that an MCTO will be granted.

The Company, its auditor and its independent reserves engineer require more time to complete the preparation, reviews and audit of the Annual Filings. The delay has been caused due to the Company’s constrained cash flow as a result of operational difficulties in selling its crude oil in Nigeria and the inability to satisfy its accounts payable.

The Company will work closely with its auditor and independent reserve engineer to complete the Annual Filings and expects to file the Annual Filings on or about June 20, 2024.

If an MCTO is granted, the Company's directors and senior officers and other insiders will not be able to trade the Company's securities while the MCTO is in effect. The Company confirms that it will comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as the default remains in effect, including the issuance of bi-weekly default status reports by way of news release.

The Company confirms, as of the date hereof, that: (i) it is not subject to any insolvency proceeding; and (ii) except as set forth below, there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Decklar also announces the immediate resignation of its Chief Financial Officer, David Halpin. David will continue to support and assist Decklar as a consultant in the preparation of the Annual Filings. The Company would like to thank Mr. Halpin for his contribution and wish him well in all his future endeavours. The Company intends to seek a replacement Chief Financial Officer on an interim basis while it searches for a new full-time permanent Chief Financial Officer.