Canadian Overseas Petroleum gets U.S. recognition of foreign proceedings

By Sarah Lizee

Olympia, Wash., April 8 – Canadian Overseas Petroleum Ltd. received U.S. recognition of its Canadian proceedings on Monday from the U.S. Bankruptcy Court for the District of Delaware, according to an order.

As previously reported, the company made the Chapter 15 filing in March 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.

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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