The TSX Venture Exchange has accepted for filing documentation pertaining to the sale and purchase agreement dated June 14, 2023, amending agreement to the sale and purchase agreement dated Oct. 6, 2023, and second amending agreement to the sale and purchase agreement dated Dec. 18, 2023, whereby Criterium Energy Ltd. has acquired all the issued and outstanding shares of Mont D'Or Petroleum Ltd. (MOPL) for consideration of $1 (U.S.) and issued 10,821,273 common shares to a major shareholder of MOPL as a success fee for successfully negotiating existing MOPL debt. In conjunction with the consideration being paid, the agreements includes the following to a group of existing MOPL lenders: i) firm writedown of $500,000 (U.S.) and potentially up to $4.3-million (U.S.) in writedowns of existing MOPL debt, and ii) the reduction of existing MOPL debt by making an aggregate cash payment of $4.06-million (U.S.), issuance of 22,235,055 common shares of the company at closing to a certain lender, and issuance of a convertible note to common shares of the company valued at approximately $3-million (U.S.) with maturity date of Dec. 31, 2025. Each common share issued to the lender is subject to one contingency payment right that entitles the lender to a cash payment from company on the third anniversary of the common shares issuance date equal to the sum of the market price at the time of issuance plus the product of the issuance price multiplied by 15 per cent per annum from the issuance date, the total payout amount is dependent to the remaining number of common shares held by the lender at the date of maturity. The company paid a non-refundable deposit of $200,000 (U.S.) to the shareholders of MOPL. Upon closing of the transaction, MOPL will become a wholly owned subsidiary of the company. The transaction is arm's length in nature. MOPL holds 100-per-cent interest in the Tungkal PSC and West Salawati PSC located in Indonesia, which are producing oil and gas assets.

For further details, please refer to the company's news releases dated Sept. 22, 2023, Oct. 5, 2023, Oct. 21, 2023, Nov. 7, 2023, Dec. 18, 2023, Jan. 4, 2024, and April 26, 2024.