Canacol Energy Granted Creditor Protection to Pursue Restructuring

Core Points - Canacol Energy Ltd. has obtained an initial order for creditor protection under the Companies' Creditors Arrangement Act (CCAA) from the Court of King's Bench of Alberta, allowing for a 10-day stay of creditor actions [1][2] - The decision to initiate CCAA proceedings was made by the Board of Directors after thorough evaluation of the company's financial situation and consultation with advisors, concluding that restructuring is the best option [2] - The company has filed petitions in the U.S. Bankruptcy Court for recognition of the CCAA proceedings under Chapter 15 of the U.S. Bankruptcy Code and in Colombia under applicable Colombian law [3] - The board of directors and management will continue to oversee daily operations under the supervision of KPMG Inc., appointed as the Monitor [4] - Trading of the company's shares has been suspended on the Toronto Stock Exchange, with a meeting scheduled for November 27, 2025, to discuss potential delisting [5] Company Overview - Canacol Energy is a natural gas exploration and production company primarily operating in Colombia, with shares traded on multiple exchanges including the Toronto Stock Exchange [6]