Cuda Oil and Gas Inc. Provides Update Regarding MCTO and Financial Statement Filings
Calgary, Alberta--(Newsfile Corp. - June 26, 2020) - Cuda Oil and Gas Inc. (TSXV: CUDA) ("Cuda" or the "Company") provides an update with respect to the previously announced management cease trade order (the "MCTO") issued by the Company's principal regulator, the Autorité des Marchés Financiers, on June 12, 2020. The MCTO was issued in connection with the late filing of the Company's annual financial statements for the year ended December 31, 2019 and related management's discussion and analysis (collectively, the "Annual Financial Statements").
The Company's management and personnel continue to work closely with the Company's auditor to finalize the Annual Financial Statements as expeditiously as possible. The Company has encountered significant interruptions and delays to its reporting process due to the COVID-19 pandemic. The Company currently expects to file the Annual Financial Statements on or about July 3, 2020, rather than the previously indicated filing date of June 30, 2020.
In addition, as previously announced, the Company is relying on the blanket exemptions issued by provincial securities commissions due to the COVID-19 pandemic to extend the date of filing its interim financial statements for the three months ended March 31, 2020 and related management's discussion and analysis (collectively, the "Interim Financial Statements"). The Company no longer expects to file the Interim Financial Statements before the 45 day extension provided by the blanket exemptions expires on July 14, 2020. The Company currently expects to file the Interim Financial Statements on or about July 17, 2020.
The Company is providing this status update in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that, other than as set forth above, there has been no material change in the information contained in the most recent default status report issued on June 12, 2020 and there have not been any material business developments relating to the Company since that date that have not been generally disclosed.
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. 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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