Canadian Overseas Petroleum updates on Q1 senior debt refinancing

Chicago, Dec. 21 – Canadian Overseas Petroleum Ltd. provided an update on preparations for the company’s senior debt refinancing in the first quarter of 2023, according to a press release.

The company has approached five U.S. lending institutions who are actively lending to the upstream oil and gas industry.

Evaluation of the company’s proposed facility is in process and is in various stages across these institutions.

The company expects term sheets from at least two of the institutions in the near term.

The company describes the process as normal, with acceleration post-filing of the company’s third-quarter results which include the July 26, 2022 acquisition of the Cuda assets.

The company is seeking to refinance its American entity’s $42 million senior credit facility and close the remaining outstanding hedges.

In addition, the company is seeking funding through a new loan facility to fund the installation of a high-pressure gas gathering system at its Barren Flats Shannon unit to augment its current low pressure gas gathering system.

The company 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.

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