RE: CPR12 Jan 2022 14:50
Note Regarding Cuda Energy LLC Bankruptcy
Cuda Energy LLC ("Cuda") was placed into Receivership along with its parent Cuda Oil and Gas Inc on November 18, 2021. Ongoing operations on the assets held jointly with Cuda have not been materially impacted, and continue as normal. Cuda is currently in operating arrears to COPL's affiliate Southwestern Production Corp ("Southwestern") for $3,080,187 to the end of the November 2021 operating month. Southwestern continues to take Cuda's operating net revenue through set off or "net billing" to reduce the arrears over time. As such, Cuda's working interest share of the oil production and expenses in the Barron Flats Shannon Unit accrues to the account of Southwestern as the field operator, and creditor, until the arrears are satisfied. Shareholders are encouraged to view the Cuda Receiver's website http://cfcanada.fticonsulting.com/cuda for updates to the Cuda Receivership process.