Article content
PEMBROKE, BERMUDA — Gold Reserve Ltd. announces… (TSX.V: GRZ) (BSX: GRZ.BH) (OTCQX: GDRZF) (“Gold Reserve” or the “Company”) today announced that the U.S. District Court for the District of Delaware (“Delaware Court”) issued an order and opinion adopting the Special Master’s recommendation that PDVH shares should be sold to Elliott/Amber Energy. Although its offer price is $2 billion lower than the $7.9 billion fully funded offer submitted by Gold Reserve/Dalinar Energy and despite objections by Gold Reserve (joined by fellow creditors Siemens Energy, Inc., Valores Mundiales, SL, and Consorcio Andino, SL) and objections by the Venezuelan parties (the opposition Government of the Republic of Venezuela, Petroleos de Venezuela SA, Inc. PDVSA Holding, and CITGO Holding Inc.).
Article content
Article content
Delaware court as well Among other things It ordered the parties to submit a joint status report on November 28, 2025, after which the court indicated that it would issue a final sale order on or before December 1, 2025.
Article content
Article content
Most important stories
Article content
A copy of the order and opinion may be viewed here.
Article content
Gold Reserve respectfully disagrees with the court’s decision and maintains its position that its previously recommended offer should have been selected for the reasons stated in its multiple objections. Gold Reserve also maintains its position that the sale had significant conflicts of interest, including the $170 million fee collected by Special Masters advisors from Elliott affiliates and 2020 noteholders participating in Elliott’s bid.
Article content
Gold Reserve intends to evaluate and pursue all available remedies and other relief to protect its rights.
Article content
In order to complete the purchase of 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 ruling and opinion, stayed the closing of Elliott/Amber Energy “until no later than seven (7) days after the special master has inserted a notice indicating that OFAC has granted such authorization, all regulatory and other necessary approvals have been obtained, and the sale transaction is ready to close.” This provides the parties “adequate time to seek a stay of execution pending appeal from the Third Circuit,” the Delaware court stated.
Article content
A complete description of the sale proceedings in Delaware can be found on the court’s public access electronic records system in Crystallex International Corporation v. Bolivarian Republic of Venezuela, 1:17-mc-00151-LPS (D. Del.) and related proceedings.
Article content
Cautionary statement regarding forward-looking statements
Article content
This release contains “forward-looking statements” within the meaning of applicable U.S. federal securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and territorial securities laws and the intentions, hopes, beliefs, expectations or forecasts of Gold Reserve and its management for the future. Forward-looking statements are necessarily based on a number of estimates and assumptions that, although considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. They are often characterized by words such as “anticipates”, “plans”, “continue”, “expects”, “plans”, “intends”, “believes”, “anticipates”, “estimates”, “may”, “will”, “potential”, “proposed”, “position” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements in this press release include, but are not limited to, statements regarding any offer by the Company to purchase PDVH shares (“Offer”).
Article content
Article content
We caution that such forward-looking statements involve known and unknown risks, uncertainties and hazards that could cause Gold Reserve’s actual events, outcomes or outcomes to differ materially from our estimated results, results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to: The proceeds of the Elliott/Amber Energy Offering, if closed, will not satisfy any amounts owed under the Company’s September 2014 arbitration award and/or the corresponding November 15, 2014 U.S. Arbitration Award. 2015; Gold Reserve may be unsuccessful in any appeal or appeal of the court’s November 25, 2025 order and opinion approving the Special Master’s recommendation regarding the Elliott/Amber Energy Bid and dismissing objections thereto, including the objections filed by Gold Reserve; that the sale may not result in the sale of PDVH shares to any person, including Elliott/Amber Energy or any other buyer recommended by the Special Manager or approved by the court; that the Company may forfeit any cash deposited due to failure to complete the Offer or otherwise; The ability to enforce a lien order granted to the Company; The timeliness of various reports and/or other matters relating to the sale process may not be met; the Company’s ability to otherwise participate in the sale process (and the relevant costs associated therewith); The amount of proceeds associated with the sale, if any; the competing claims of other creditors of Venezuela, PDVSA and the Company, including any interest on the judgments of such creditors and any priority granted thereto; uncertainty regarding potential settlements between Venezuela and other creditors and the impact of any such settlements on the amount of funds that may be available under the sale; and the implications of bankruptcy in connection with the sale and/or the Company’s claims, including the result of priority of other claims. This list is not exhaustive of factors that may affect any of the Company’s forward-looking statements. For a more detailed discussion of the risk factors affecting the Company’s business, see the Company’s Management’s Discussion and Analysis for the period ending September 30, 2025 and other reports filed on SEDAR+ and available under the Company’s profile at
The post 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 first appeared on Investorempires.com.
