COPL

COPL Announces Initial CCAA Order Issued

Retrieved on: 
Monday, March 11, 2024
Indian stock exchange, COPL, AB, Financial services, London Stock Exchange, Sale, News, CCAA, Public expenditure, XOP, United States bankruptcy court, Bankruptcy, Court, Petroleum

LONDON and CALGARY, AB, March 11, 2024 /CNW/ - 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").

Key Points: 
  • LONDON and CALGARY, AB, March 11, 2024 /CNW/ - 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 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 .
  • The Company intends to seek recognition of the CCAA proceedings in the United States Bankruptcy Court for the district of Delaware.

COPL Announces CCAA Application and Suspension of Trading in the Company's Shares

Retrieved on: 
Monday, March 11, 2024
Province, COPL, AB, London Stock Exchange, LLP, CCAA, DIP, XOP, Security (finance)

The Initial Order would provide for, among other things, a stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing ("DIP Financing") and the appointment of KSV Restructuring Inc. to serve as monitor of the COPL Group (in such capacity, the "Monitor").

Key Points: 
  • The Initial Order would provide for, among other things, a stay of proceedings in favour of the COPL Group, approval of debtor-in-possession financing ("DIP Financing") and the appointment of KSV Restructuring Inc. to serve as monitor of the COPL Group (in such capacity, the "Monitor").
  • In light of the application for the Initial Order, the Company has requested a suspension of trading in the Company's common shares on both the London Stock Exchange and the Canadian Securities Exchange with immediate effect.
  • The COPL Group will continue its day-to-day operations as usual and intends to continue paying its critical suppliers in the ordinary course during the CCAA proceedings.
  • As previously announced, Peter Kravitz of Province Fiduciary Services is serving as COPL's Chief Restructuring Officer.

COPL Announces CFO Departure

Retrieved on: 
Friday, February 9, 2024
AB, COPL, XOP

LONDON and CALGARY, AB, Feb. 9, 2024 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE: XOP) & (LSE: COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, announces that Ryan Gaffney has stepped down as the Chief Financial Officer of the Company.

Key Points: 
  • LONDON and CALGARY, AB, Feb. 9, 2024 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE: XOP) & (LSE: COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, announces that Ryan Gaffney has stepped down as the Chief Financial Officer of the Company.
  • The board of directors of the Company will be considering a process to identify qualified candidates to fill the position of Chief Financial Officer of the Company amidst ongoing restructuring discussions.
  • While those discussions take place the Company is being supported by Province, LLC through the provision of a variety of financial advisory and operational services.

COPL Announces US$2.5 Million Equity Financing, Execution of Forbearance Agreement with Senior Lender and Appointment of Chief Restructuring Officer

Retrieved on: 
Friday, December 29, 2023
AB, Funding, Sale, Indian stock exchange, NGL, Financial Conduct Authority, COPL, XOP, Province, Treasury, Subscription business model, Forbearance, Minority, Parity, Exercise, Security (finance)

Other terms of the Financing include:

Key Points: 
  • Other terms of the Financing include:
    Completion of the Financing is expected by January 15, 2024 and is intended to be used for working capital purposes.
  • The conversion price of the Bonds will be amended to the Subscription Price per conversion share.
  • The Company will appoint one additional independent non-executive director to be nominated by the Purchaser by no later than 31 March 2024.
  • In concert with the Financing, COPL and its affiliates entered into a Forbearance Agreement with its existing Senior Credit Facility Lender and appointed Peter Kravitz of Province Fiduciary Services as Chief Restructuring Officer.

COPL Announces CEO Resignation

Retrieved on: 
Friday, December 22, 2023
COPL, AB, XOP

LONDON and CALGARY, AB, Dec. 22, 2023 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE: XOP) & (LSE: COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, announces that John Cowan has resigned as the Chief Executive Officer of the Company but will remain on the board of directors of the Company for the time being while a replacement is found.

Key Points: 
  • LONDON and CALGARY, AB, Dec. 22, 2023 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE: XOP) & (LSE: COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, announces that John Cowan has resigned as the Chief Executive Officer of the Company but will remain on the board of directors of the Company for the time being while a replacement is found.