Canadian Overseas Petroleum’s U.S. recognition hearing set for April 9

By Sarah Lizee

Olympia, Wash., March 14 – Canadian Overseas Petroleum Ltd.’s hearing on U.S. recognition of its Canadian proceedings has been scheduled for April 9, according to a minute entry filed with the U.S. Bankruptcy Court for the District of Delaware.

The company made the Chapter 15 filing on Monday after announcing that the group has executed a restructuring support agreement under the Companies' Creditors Arrangement Act with the senior lenders to subsidiary COPL America, Inc.

The lenders have agreed to support a sale and investment solicitation process where they will serve as a stalking horse bidder to buy all of COPL Group’s business by way of a credit bid.

The company intends to seek court approval to launch the sale solicitation process on or around March 18.

Canadian Overseas Petroleum is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Converse and Natrona counties in Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries. Headquarters are in Calgary, Alta. The Chapter 15 case number is 24-10376.

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