Gold Reserve Provides Update in CITGO Sale Process: Multiple Parties Appeal Final Sale Order

Core Viewpoint - Gold Reserve Ltd. has filed an appeal against the final sale order by the U.S. District Court for the District of Delaware, which authorized the sale of PDVH Shares to Elliott/Amber Energy despite Gold Reserve's higher bid of $2 billion [1][12]. Group 1: Appeal Process - The appeal was filed with the U.S. Court of Appeals for the Third Circuit, contesting the final sale order from November 29, 2025 [1]. - The Venezuela Parties, including the Bolivarian Republic of Venezuela and CITGO Petroleum Corporation, have also filed notices of appeal and a motion to stay the final sale order pending the outcome of their appeals [2]. Group 2: Sale Order Details - The Delaware court's final order allows the sale of PDVH Shares to Elliott/Amber Energy, which submitted a bid of $5.9 billion, despite Gold Reserve's bid of $7.9 billion being fully financed [12]. - The court has stayed the closing of the sale until at least seven days after the Special Master files necessary documents [11]. Group 3: Background Information - A complete description of the Delaware sale proceedings can be accessed through the Public Access to Court Electronic Records system, specifically in the case of Crystallex International Corporation v. Bolivarian Republic of Venezuela [3].