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  • Canadian Overseas Petroleum Limited (XOP) has extended its purchase agreement period to acquire the assets of Cuda Energy LLC
  • The parties agreed to extend the closing date of the Cuda acquisition to July 25th
  • This is so Canadian Overseas can consult its financier regarding the US$20 million cash amount of the acquisition
  • Cuda is a private oil and gas company based in Wyoming and has declared bankruptcy
  • Canadian Overseas Petroleum Limited (XOP) is up 14.04 per cent and is trading at $0.32 per share as of 11:50 a.m. ET

Canadian Overseas Petroleum Limited (XOP) has extended its purchase agreement period to acquire the assets of Cuda Energy LLC.

According to Canadian Overseas, an oil and gas company, the parties agreed to extend the Cuda acquisition’s closing date to July 25th.

The company stated the extension has been made so that it can consult its financier to finish definitive documents to help fund the US$20 million cash amount of the acquisition.

The Cuda acquisition will conclude one of Canadian Overseas previously announced strategic objectives. Once the purchase has closed, the company stated it will be positioned with an increased interest in its actively operated U.S. assets.

Cuda is a private oil and gas company based in Wyoming and has declared bankruptcy in Canada. Cuda’s sole assets are a non-operating interest in the Barron Flats Shannon Unit, Barron Flats Federal Unit, and the Cole Creek Unit.

Canadian Overseas shared that it is also progressing its goal of senior debt refinancing through a reserve-based loan along with this acquisition process. The Cuda assets are expected to be contributed to Canadian Overseas asset-based borrowing base.

Canadian Overseas Petroleum Limited (XOP) is up 14.04 per cent and is trading at $0.32 per share as of 11:50 a.m. ET.

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