Cuda Oil and Gas Inc. Announces Appointment of Receiver, Resignation of Directors and Officers

Calgary, Alberta--(Newsfile Corp. - November 18, 2021) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") announces that the Court of Queens Bench of Alberta has granted the application from the Company's senior and subordinate secured lenders, to appoint FTI Consulting Canada Inc. (the "Receiver") as receiver and manager over the assets, undertakings and property of Cuda and its subsidiaries. Cuda had previously announced on November 5, 2021, the Company had been served demand letters by each lender for payment of outstanding credit facility balances and Notices of Intention to Enforce Security by November 15, 2021.

Effective upon the appointment of the Receiver, the remaining four directors of the Company have resigned as directors of the Company and its subsidiaries and the officers of the Company have resigned. The common shares of the Company, at the discretion of the TSX Venture Exchange, have been immediately halted from trading.

The Receiver is charged with managing the day to day operations of the Company during the period of its appointment and should be contacted with respect to any questions concerning the assets and liabilities of Cuda and its subsidiaries.

For further information, please contact:

Glenn Dawson
President and Chief Executive Officer
Cuda Oil and Gas Inc.
(403) 454-0862

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104261