CALGARY, Aug. 28, 2018 /CNW/ - Cuda Oil and Gas Inc. ("Cuda" or the "Company") (TSXV:CUDA) announces that it has granted 1,455,000 stock options to officers, directors and employees of the Company at an exercise price of $3.71.
The stock options have been granted pursuant to Cuda's stock option plan and will expire seven years from the date of grant. All of the stock options vest as to one third thereof on each of the first, second and third anniversaries of the date of grant. Subsequent to this stock option grant, Cuda has a total of 2,319,258 stock options outstanding, representing 12.24% of its issued and outstanding common shares. The grant of options in excess of 10% of the outstanding common shares is subject to shareholder approval being obtained at the next annual meeting of the Company and the approval of the TSX Venture Exchange.
About Cuda Oil and Gas Inc.
Cuda Oil and Gas Inc. is engaged in the business of exploring for, developing and producing oil and natural gas, and acquiring oil and natural gas properties across North America. The Cuda management team has worked closely together for over 20 years in both private and public company environments and has an established track record of delivering strong shareholder returns. Cuda will continue to implement its proven strategy of exploring, acquiring, and exploiting with a long term focus on large, light oil resource based assets across North America including significant operational experience in the United States. The Cuda management team brings a full spectrum of geotechnical, engineering, negotiating and financial experience to its investment decisions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Cuda Oil and Gas Inc.
For further information: Glenn Dawson, President and Chief Executive Officer, Cuda Oil and Gas Inc., (403) 454-0862