MCTO3 Aug 2021 15:46
August 2, 2021 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (CSE: XOP) & (LSE: COPL), an international oil and gas exploration and development company, today announces that is has requested a temporary Management Cease Trade Order ("MCTO") from the Alberta Securities Commission ("ASC") in connection with the Company's filing of its unaudited interim financial statements and the applicable CEO and CFO certifications in respect of such filings for the period ended June 30, 2021 (collectively the "Interim Filings").
The Company completed its acquisition of Atomic Oil and Gas LLC ("Atomic") and Southwestern Production Corp. on March 16, 2021 (the "Acquisition"). The Company is working to file a prospectus with the London Stock Exchange detailing the Acquisition, which constituted a reverse takeover pursuant to the United Kingdom Listing Rules, in advance of the Interim Filings. Due to the foregoing proceedings, the Company will be delayed in respect of preparing the Interim Filings. The Company is requesting the MCTO in order to secure additional time for the Company to prepare the interim financial statements for the period ended June 30, 2021.
Accordingly, the Company has applied to the ASC for the MCTO that will prohibit the management of the Company from trading in the securities of the Company until such time as the Interim Filings are filed. No decision has yet been made by the ASC on this application. The ASC may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Interim Filings are not filed in a timely fashion.
The Company notes that:
The Company is required to file its Interim Filings by August 16, 2021 (the "Filing Deadline"), as required pursuant to National Instrument 51-102 - Continuous Disclosure Obligations. At this time the Company is uncertain as to whether it will be able to complete its Interim Filings on or before the Filing Deadline.
The Company is working diligently to prepare and file the Interim Filings, on or before August 31, 2021.
The Company confirms that, other than as disclosed in prior press releases, there is no material information concerning the affairs of the Company that has not been generally disclosed since the filing on July 23, 2021 of the Company's latest interim financial reports for the period ended March 31, 2021.
Until the Company has filed the Interim Filings, members of the Company's management and other insiders are subject to an insider trading black-out.
During the period of default and until filing of the Interim Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 Management Cease Trade Orders.
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