Gold Reserve Provides Update on Court Decision in Citgo Sale Process: Delaware District Court Adopts Special Master's Recommendation of Elliott/Amber Energy $5.9 Billion Bid Over Objections

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[{"type":"text","content":"Gold Reserve Provides Update on Court Decision in Citgo Sale Process: Delaware District Court Adopts Special Master’s Recommendation of Elliott/Amber Energy $5.9 Billion Bid Over Objections\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) announces that today the U.S. District Court for the District of Delaware (the “Delaware court”) issued an Order and Opinion adopting the recommendation of the Special Master that the PDVH shares should be sold to Elliott/Amber Energy despite its bid being $2 billion lower in price than the $7.9 billion, fully-financed bid submitted by Gold Reserve/Dalinar Energy and despite the objections filed by Gold Reserve (which were joined by fellow creditors Siemens Energy, Inc. and Valores Mundiales, S.L. and Consorcio Andino, S.L) and the objections filed by the Venezuela Parties (the Opposition government of the Republic of Venezuela, Petroleos de Venezuela SA, PDVSA Holding Company and CITGO Holding Inc.).\n \n\n The Delaware court also\n \n inter alia\n \n ordered the parties to file a joint status report on November 28, 2025, after which the court indicated it will issue a Final Sale Order on or before December 1, 2025.\n \n\n A copy of the Order and the Opinion can be found\n \n here\n \n .\n \n\n Gold Reserve respectfully disagrees with the court’s decision and maintains its position that its previously-recommended bid should have been selected for the reasons stated in its multiple objections. Gold Reserve also maintains its position that the sale process was plagued with significant conflicts of interest, including the $170 million in fees collected by the Special Master’s advisors from affiliates of Elliott and the 2020 bondholders involved in Elliott’s bid.\n \n\n Gold Reserve intends to evaluate and pursue all available appellate remedies and other avenues for relief to protect its rights.\n \n\n In order to close on its purchase of the PDVH shares, Elliott/Amber Energy must still obtain approval from the U.S. government through a license issued by the Office of Foreign Assets Control (“OFAC”) and obtain other regulatory approvals. The Delaware court, in today’s Order and Opinion...

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