Amber Energy

Gold Reserve Ltd. clarified that Amber Energy’s bid in Venezuelan asset legal proceedings does *not* include a $500 million cash payment to Gold Reserve, contrary to recent speculation. The offer proposes only a 15% recovery on a potential $500 million claim, subject to court and company approvals. Gold Reserve emphasized that any suggestion of a $500 million cash payment is misleading. The company cautioned investors regarding forward-looking statements and uncertainties impacting potential outcomes. This clarification highlights the importance of scrutinizing details in complex financial proposals.

Gold Reserve Ltd. is embroiled in a legal battle over the sale of PDV Holding, Inc. (PDVH), parent of CITGO. After a recommendation for Gold Reserve’s subsidiary to acquire PDVH for $7.382 billion, Red Tree Investments introduced a competing bid from Amber Energy. The Special Master paused proceedings, citing unauthorized disclosure, to reassess. Gold Reserve argues the Amber Energy bid is deficient and violates bidding procedures. The Court rescheduled a status conference amid the ongoing disputes, anticipating further arguments requiring judicial resolution.