Gold Reserve Chosen As Final Bidder for CITGO at US$7.382B


   
Dawn Gallagher
DTN Energy Reporter

   OAKHURST, N.J. (DTN) --- Gold Reserve Ltd. announced today that its U.S. 
acquisition subsidiary, Dalinar Energy Corporation, is the final recommended 
bidder for the purchase of shares of PDV Holding, Inc., the indirect parent 
company of CITGO Petroleum Corp. The bid's stated net purchase price is 
US$7.382 billion.

   Dalinar's bid is supported by a consortium that includes judgment creditors 
Rusoro Mining Ltd., Koch Minerals Sarl and Koch Nitrogen International Sarl, 
and Siemens Energy, Inc.

   The selection of the U.S.-based Dalinar was made public today in the Notice 
of Final Recommendation filed by the Special Master appointed by the U.S. 
District Court for the District of Delaware, which is overseeing the sale 
prices. The Delaware Court is scheduled to hold a Sale Hearing on Aug. 18, 2025.

   "We are thankful for all of the efforts of the Special Master and his 
advisors to reach today's final US$7.382 billion bid recommendation. We believe 
the recommendation acknowledges the strength of Dalinar's bid," said Paul 
Rivett, Gold Reserve's executive vice chairman.

   "Our bid satisfies creditors further down the waterfall than was ever 
contemplated by any prior bid since the inception of the Delaware sale process. 
Gold Reserve is thankful to our consortium partners, financial counterparties, 
and other stakeholders who steadfastly supported us through the years and made 
today's bid recommendation possible. Above all, we are very grateful to the 
team members that worked tirelessly to achieve this outcome, and to Gold 
Reserve's supportive shareholders who kept the faith and believed in us through 
tough times, some for many thankless decades. We look forward to the Court's 
decision in August and getting closer to finally closing this chapter in Gold 
Reserve's long history."

   At closing, Gold Reserve will own approximately 44% of Dalinar's common 
equity, representing 85% of the voting shares. In addition, Gold Reserve will 
hold at least $150 million of $1.5 billion of preferred equity securities in 
Dalinar or one of its subsidiaries.

   The Dalinar bid includes a combination of equity and debt financing. A 
consortium of lenders, led by J.P. Morgan and TD Bank and including Sumitomo 
Mitsui Banking Corporation, have provided commitments for the full amount of 
the anticipated debt financing.




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