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Message: Cuda Oil and Gas Inc. provides update regarding IOLD order and financial statement filings
Calgary, Alberta - (Newsfile Corp. - June 29, 2020) - Cuda Pétroles et Gaz Inc. (TSXV: CUDA) (" Cuda " or the " Company ") provides an update regarding the prohibition order executive transactions previously announced (“ IOLD ”) and issued by the Company's principal regulatory body, the Autorité des Marchés Financiers, on June 12, 2020. The IOLD order was issued in connection with the late filing of the States Annual financial statements of the company for the year ended December 31, 2019 and related management reports (collectively, the “ Annual Financial Statements ”).
The management and staff of the Company continue to work in close collaboration with the Company's auditors to finalize the Annual Financial Statements as quickly as possible. The Company encountered significant interruptions and delays in its reporting process due to the COVID-19 pandemic. The company currently plans to file the Annual Financial Statements on or around July 3, 2020, rather than the previously indicated filing date of June 30, 2020.
In addition, as previously announced, the Corporation has availed itself of general exemptions issued by the provincial securities commissions due to the COVID-19 pandemic to extend the deadline for filing its interim financial statements for the quarter ended March 31, March 2020 and related management reports (collectively, the “ Intermediate Financial Statements ”). The company no longer plans to file the Interim Financial Statements before the expiration of the 45-day extension provided for in the general exemptions, ie July 14, 2020. The company currently plans to file the Interim Financial Statements on or around July 17, 2020.
The Company provides this update of the situation in accordance with the general instruction 12-203 relating to the prohibitions of operations limited to managers (" IG 12-203"). The Company intends to follow the provisions of the alternative reporting guidelines under GI 12-203, including the publication of bi-weekly status reports in the form of press releases, for as long as that the Company remains in default. The Company confirms that as of the date of this press release, with the exception of what is indicated above, there has been no material change in the information contained in the last situation report published on June 12 2020 and that there has been no material change in business development related to the Company since that date which has not been publicly disclosed.
About Cuda Pétrole et Gaz Inc.
Cuda Pétrole et Gaz Inc. is engaged in the exploration, development and production of petroleum and natural gas, as well as in the acquisition of oil and gas properties throughout North America. The members of Cuda's management team have worked closely for over 20 years in private and public companies and have already proven themselves in terms of shareholder return excellence. Cuda will continue to execute on its proven exploration, acquisition and exploitation strategy with a long-term focus on its assets of North America's vast light oil resources, including its vast operating experience in the United States. Cuda's management team has
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President and Chief Executive Officer
Cuda Oil and Gas Inc.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements". All statements other than statements of fact made in this press release are forward-looking statements that involve certain risks and uncertainties and are based on forecasts of future operating or financial results, estimates of amounts which cannot be made. at present and management's assumptions. In particular, the forward-looking statements in this press release relate to the time frame for filing continuous disclosure documents. Risk factors that could cause the expected results of these forward-looking statements to be realized include the nature and extent of public health restrictions, availability of regulatory waivers, availability of key personnel, prevailing market conditions, regulatory and third party approvals, ongoing permit requirements, actual results from ongoing exploration and development activities, operational risks, risks associated with drilling and well completions, uncertainty of technical and geological data, conclusions of economic evaluations and changes to project parameters as plans continue to be refined, as well as future oil and natural gas prices. While Cuda has attempted to identify important factors that could cause the actual results to differ significantly from those expected, estimated or desired, other factors could also play a role. However, there can be no assurance that these forward-looking statements will prove to be correct, since actual results and future events could differ materially from those predicted by these statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and obligation to update or revise any forward-looking statement, whether due to new information, future events or other factors, unless applicable law requires it. since actual results and future events may differ materially from those predicted by these statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and obligation to update or revise any forward-looking statement, whether due to new information, future events or other factors, unless applicable law requires it. since actual results and future events may differ materially from those predicted by these statements. Therefore, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention and obligation to update or revise any forward-looking statement, whether due to new information, future events or other factors, unless applicable law requires it.
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