The Company's personnel are working diligently together with the Company's auditors to complete the Annual Financial Statements, but due to the interruption to financial reporting activities caused by the COVID-19 pandemic and management efforts during this time being focused on the recently announced extension to the Company's credit facilities, the Company does not expect to file the Annual Financial Statements before the 45 day extension period expires on
The Company is in the process of making an application to the Autorite des Marches Financiers, as its principal regulator, and other applicable securities regulators under National Policy 12-203 - Management Cease
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
As previously announced, the Company also relied on the blanket exemptions issued by provincial securities commissions to extend the filing deadline of its statement of reserves data and other oil and gas information (the 'Annual Oil and Gas Filings') and its interim financial statements for the three months ended
The Company confirms that there have not been any material business developments since
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Forward-Looking Information
This news release contains forward-looking information. All statements other than statements of historical fact included in this release are forward-looking statements that involve various risks and uncertainties and are based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. In particular, this news release includes forward-looking information relating to the anticipated timeline for the filing of continuous disclosure documents, the impact of the COVID-19 pandemic on the Company's activities, the application for a MCTO and potential restrictions on trading the Company's securities. Risk factors that could prevent forward-looking statements from being realized include the nature and scope of public health restrictions, the availability of regulatory exemptions, the availability of key personnel, market conditions, third party and regulatory approvals, ongoing permitting requirements, the actual results of current exploration and development activities, operational risks, risks associated with drilling and completions, uncertainty of geological and technical data, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future oil and gas prices. Although Cuda has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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