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COPL acquires assets of Cuda Energy LLC for US$25M

Date Closed

July 26, 2022

Lead Office

London, UK


25.00 Million USD

On July 26, 2022, Canadian Overseas Petroleum Limited ("COPL") and its affiliates completed the acquisition of the assets of Cuda Energy LLC ("Cuda"), in the State of Wyoming for US$25 million. This news follows COPL’s announcement of a Convertible Bond which provided proceeds of US$19.7 million used to finance the cash component of the Cuda acquisition and which also allows for the implementation of a planned RBL facility. The Convertible Bond is anchored by the Company’s largest institutional shareholder which is a UK based fund.  COPL becomes the majority owner of its Wyoming assets with increased operated interests of 85–100% across three oil producing units.

COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in
Converse County Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries.

McCarthy Tétrault assisted COPL with a team led by Robert Brant that included Ashwin Sathyamoorthy, Jesslyn Chong and Adina Chis (Business).