Canadian Overseas Petroleum (COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, has announced that the acquisition of the United States assets of Cuda Energy LLC by its affiliate, COPL America Inc., will close today.
Acquisition immediately transformative:
This news follows COPL’s announcement on Friday 22 July of a Convertible Bond which provided proceeds of $19.7 million used to finance the cash component of the Cuda acquisition and which also allows for the implementation of a planned RBL facility. The Convertible Bond is anchored by the Company’s largest institutional shareholder which is a UK based fund.
Arthur Millholland, President & CEO, commented:
“I am delighted we have finally completed this acquisition. The market continues to misunderstand the full potential of our Wyoming assets. In my near forty years within the oil industry I have seldom come across assets with such prolific oil and gas potential. We now have full ownership which we have secured when the assets are at an early stage in development with everything to play for. With the financing arrangements we also now have in place we look to the future with confidence.”
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