Cuda Oil and Gas Inc. Announces Late Filing of Annual Financial Statements
Calgary, Alberta--(Newsfile Corp. - May 29, 2020) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") announces that it does not expect to file its annual financial statements for the year ended December 31, 2019 and related management's discussion and analysis (collectively, the "Annual Financial Statements") within the 45 day extension period provided by blanket exemptions issued by provincial securities commissions due to the COVID-19 pandemic. The Company's personnel are working diligently together with the Company's auditors to complete the Annual Financial Statements, but due to the interruption to financial reporting activities caused by the COVID-19 pandemic and management efforts during this time being focused on the recently announced extension to the Company's credit facilities, the Company does not expect to file the Annual Financial Statements before the 45 day extension period expires on June 13, 2020. The Company currently expects to file the Annual Financial Statements by not later than June 30, 2020.
The Company is in the process of making an application to the Autorité des Marchés Financiers, as its principal regulator, and other applicable securities regulators under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") requesting that a management cease trade order (the "MCTO") be imposed in respect of the late filing of the Annual Financial Statements. There is no guarantee that a MCTO will be granted. If the MCTO is granted, the MCTO will prohibit the chief executive officer, the chief financial officer, and possibly the directors, other officers and other insiders of the Company from trading in securities of the Company for so long as the Annual Financial Statements are not filed. The issuance of a MCTO would not generally affect the ability of persons who are not directors, officers or other insiders of the Company to trade in the Company's securities.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
As previously announced, the Company also relied on the blanket exemptions issued by provincial securities commissions to extend the filing deadline of its statement of reserves data and other oil and gas information (the "Annual Oil and Gas Filings") and its interim financial statements for the three months ended March 31, 2020 and related management's discussion and analysis (collectively, the "Interim Filings"). The Company still expects to file the Annual Oil and Gas Filings and the Interim Filings within the 45 day extension granted pursuant to the blanket exemptions, with the Annual Oil and Gas Filings to be filed on or about June 12, 2020 and the Interim Filings to be filed on or about July 14, 2020.
The Company confirms that there have not been any material business developments since April 28, 2020, the date the Company announced it was relying on the blanket exemptions, other than as disclosed in the Company's previous news releases.
About Cuda Oil and Gas Inc.
Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long-term focus on large, light oil resource- based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.
For further information please contact:
President and Chief Executive Officer
Cuda Oil and Gas Inc.
This news release contains forward-looking information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to the anticipated timeline for the filing of continuous disclosure documents, the impact of the COVID-19 pandemic on the Company's activities, the application for a MCTO and potential restrictions on trading the Company's securities. Risk factors that could prevent forward-looking statements from being realized include the nature and scope of public health restrictions, the availability of regulatory exemptions, the availability of key personnel, market conditions, third party and regulatory approvals, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
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