Canacol Energy files for relief under Chapter 15 of the U.S. Bankruptcy Code

Canacol Energy (CNNEF) announces that the Company and certain of its subsidiaries filed for relief under Chapter 15 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. The petitions for relief seek recognition of the Company’s Canadian proceeding commenced under the Companies’ Creditors Arrangement Act, or CCAA, in the Court of King’s Bench of Alberta as a foreign main proceeding. Relief under Chapter 15 of the U.S. Bankruptcy Code is intended to safeguard a company’s U.S.-based assets and facilitate cooperation between U.S. courts and foreign judicial proceedings. In conjunction with the petitions, the foreign representative sought provisional relief and a stay of proceedings to prevent creditor actions while it develops a plan of arrangement pursuant to the restructuring provisions of the CCAA. At a hearing held on November 20, 2025, the U.S. Bankruptcy Court granted the provisional relief requested by the foreign representative on an unopposed basis and scheduled the hearing on the foreign representative’s recognition motion for December 11, 2025, at 11:00 a.m. ET. KPMG Inc. is serving as the authorized foreign representative in the Chapter 15 cases. The foreign representative is represented by the U.S. firm Pachulski Stang Ziehl & Jones LLP.