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From Twitter...
March 17, 2021 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), 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 audited annual financial statements and the applicable CEO and CFO certifications in respect of such filings for the financial year ended December 31, 2020 (collectively the “Annual Filings”).
The Company recently completed its acquisition of Atomic Oil and Gas LLC (“Atomic”) and Southwestern Production Corp. (“SWP”), two closely held oil and gas companies with producing oil and gas assets in Wyoming, United States (the “Acquisition”). The Acquisition closed on March 16, 2021 with an effective date of December 1, 2020. As Atomic and SWP were private companies, the Company must undertake significant work to incorporate Atomic and SWP’s financial information into its own and, in many respects, supplement the financial disclosure for these companies to ensure the Company’s annual financial statements are accurate. The Company is requesting the MCTO in order to secure additional time for the Company’s auditors to complete the audit of the financial statements for the year ended December 31, 2020.
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 Annual 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 Annual Filings are not filed in a timely fashion.
The Company notes that:
The Company is required to file its December 31, 2020 Annual Filings by March 31, 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 Annual Filings on or before the Filing Deadline.
The Company and its auditors are working diligently to prepare and file the Annual Filings, on or before April 30, 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 September 30, 2020 of the Company's latest interim financial reports for the three and nine months ended September 30, 2020 and 2019.
Until the Company has filed the Annual 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 Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 Management Cease Trade O
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Pivotal moment and expected market share increase
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This district-scale grassroots licence package was identified as having significant potential to host orogenic-type gold mineralisation. Key geological attributes of the district include suitable host rock geology, a favourable structural location covering deep crustal structures, and historic evidence of gold mineralisation.
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The best performing stocks of 2020 - Shares MagazineToday 06:19
The best performing stocks of 2020
Shares Magazine
After an extraordinary year we look back at some of the top performers in different size categories from the heavyweights all the way down to sub £100 million market cap stocks at the bottom of the market and examine what has driven them higher in 2020. We have excluded investment trusts...
Trinidad oil and gas play Touchstone Exploration (TXP:AIM) is an outlier in a sector which has been ravaged by oil price volatility as Covid-19 decimated demand.
The reason for its stellar run is a string of positive updates on Ortoire block located onshore on the Caribbean island. The company has discovered large quantities of natural gas with a willing buyer for this resource in the form of the National Gas Company of Trinidad and Tobago.
The company has identified 21 additional drilling prospects to go after on Ortoire and should bring some of the discovered gas on stream in 2021 having secured a sales agreement with the state operator.
https://www.sharesmagazine.co.uk/article/the-best-performing-stocks-of-2020