News

Oryx Petroleum Announces Extension of Filing Deadline and Other Developments

13 May 2020

Calgary, Alberta, May 13, 2020

Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces that, pursuant to the exemption provided in Alberta Securities Commission Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements published on March 23, 2020 and the equivalent substantively harmonized temporary exemptions in other jurisdictions (collectively, the “Filing Relief”), it will postpone the filing of its interim consolidated financial statements and management’s discussion and analysis for the three-month period ended March 31, 2020 (together, the “Interim Documents”).

According to the Filing Relief, a person or company required to make certain filings during the period from March 23, 2020 to June 1, 2020 has an additional 45 days from the deadline otherwise applicable to make the filing. Oryx Petroleum expects to file its Interim Documents no later than June 15, 2020.

The Corporation confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 –  Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, and will be in a black-out period until the end of the second trading day after the Interim Documents have been filed and first quarter 2020 results have been disclosed by way of a news release.

As required by the Filing Relief, Oryx Petroleum discloses the following material business developments since March 12, 2020, the date of release of its annual financial statements for 2019:

• Average gross (100%) oil production of 14,200 bbl/d (working interest 9,300 bbl/d) for Q1 2020 versus 10,800 bbl/d (working interest 7,000 bbl/d) for Q1 2019.
• As contemplated in the Corporation’s news release of March 27, 2020, all production from the Banan field, the least valuable in the Hawler license area in the Kurdistan Region of Iraq, was shut-in on April 2, 2020 and remains shut-in with the concurrence of the Kurdistan Regional Government’s Ministry of Natural Resources.
• Average gross (100%) oil production for April 2020 was 4,300 bbl/d (working interest 2,800 bbl/d).
• During April 2020, the Corporation received full payment in accordance with Production Sharing Contract entitlements for all oil sale deliveries into the Kurdistan Oil Export Pipeline during October 2019 and March 2020.
• Payment for all oil sale deliveries into the Kurdistan Oil Export Pipeline during November 2019 through February 2020 remain outstanding and amount to approximately US$39 million. The Kurdistan Regional Government’s Ministry of Natural Resources has indicated that payment of these outstanding invoices is not expected for at least nine months and has not yet specified any terms or conditions for repayment. The Corporation expects the Ministry of Natural Resources to settle future monthly sales invoices by the fifteenth day of the following month as was the case for March 2020 oil sale deliveries.
• Notwithstanding restrictions related to the COVID-19 pandemic, including the closure of the Corporation’s offices to regular activity, Oryx Petroleum continues to safely operate the Hawler license area in the Kurdistan Region of Iraq.