CUDA Energy Inc., CUDA Oil and Gas Inc., CUDA Energy LLC and Junex Inc.

CUDA Energy Inc., CUDA Oil and Gas Inc., CUDA Energy LLC and Junex Inc. (collectively, "CUDA"), a Calgary, Alberta-based group of oil and gas companies with assets in Alberta and the State of Wyoming, had a receiver appointed on November 18, on application by PwC as receiver of Bridging Finance Inc. ("Bridging"), owed approximately $57 million. Bridging has been providing financing to CUDA since 2018. CUDA has engaged in several formal refinancing processes and asset sale processes since 2019 in an attempt to fund working capital requirements related to its US assets or to refinance the loan agreement. On July 9, the operator of the US assets issued a default letter and filed a lien against CUDA in the amount of approximately US $2 million for a failure to pay unit expenses under the operating agreement. This constitutes an event of default under the loan agreement with Bridging. As a result of the foregoing and various other issues outlined in Bridging's materials, Bridging and PwC as receiver of Bridging had serious concerns about the ability of management to continue the operations of CUDA and develop a plan for the repayment of the outstanding indebtedness. Chapter 15 proceedings will also be commenced in the State of Wyoming. FTI was appointed receiver. Counsel is DLA Piper for PwC as receiver of Bridging Finance Inc.; Blakes for Tallinn Capital Energy Limited Partnership, by its general partner, Tallinn Capital Energy Corp. (a subordinate secured creditor); and Bennett Jones for FTI in it capacity as receiver of CUDA.