Canadian Overseas Petroleum Ltd Announces Notice of Default from Affiliate's Senior Lender
COPL Announces Notice of Default from Affiliate's Senior LenderLONDON, UK and CALGARY, AB / ACCESSWIRE / December 20, 2023 / Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP:CSE)(COPL:LSE), an international oil …
COPL Announces Notice of Default from Affiliate's Senior Lender
LONDON, UK and CALGARY, AB / ACCESSWIRE / December 20, 2023 / Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP:CSE)(COPL:LSE), an international oil and gas exploration, production and development company with operations focused in Converse and Natrona counties, Wyoming, USA, provides an update on its Senior Credit Facility.
The Company's indirect affiliate, COPL America, Inc., received a Notice of Default that indicated, among other things, the senior lender is unwilling to further amend or waive the terms of its Senior Credit Facility. Without an amendment or waiver from the Senior Credit Facility Lender, the Company's indirect affiliate, COPL America, Inc., will be in breach of the terms of the Senior Credit Facility on or before January 1, 2024.
The Company anticipates that it will require additional financing in January 2024. Should the Company be unsuccessful in raising the required capital, it would have to seek some form of creditor protection. There can be no assurances that financing will be found, or that the Company will not be able to avoid a creditor protection process in its principal jurisdiction of incorporation.
The Company is considering all of its options in relation to its future.
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.
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For further information, please contact:
Mr. Tom Richardson, Chairman
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) 20 3004 9512
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033
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.
Market Abuse Regulation disclosure
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended ("MAR") encompassing information relating to the Placing described above, and is disclosed in accordance with the Company's obligations under Article 17 of MAR. In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, upon publication of this announcement, those persons that received such inside information in a market sounding are no longer in possession of such inside information relating to the Company and its securities.