Canadian Overseas Petroleum reaches financing deal on favorable terms to close Cuda acquisition

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) chief executive Arthur Millholland joined Proactive’s Stephen Gunnion with the news that the company has signed financing needed to close the acquisition of Cuda Energy, an oil and gas producer currently in receivership.

Millholland told Proactive that it was a vote of confidence that a long-term UK-based institutional shareholder, as well as other institutional investors, anchored the issue of two series of convertible bonds worth a combined $25.2 million.

The Cuda acquisition will result in COPL America becoming the majority owner of its Wyoming Assets with operated interests of 85 – 100% across three oil-producing units in Wyoming.