Gold Reserve notes court order for PDVH share sale
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The most recent news release, dated 2025-12-01, states that the U.S. District Court for the District of Delaware has entered a final sale order for the sale of PDV Holding Inc. (PDVH) shares to Elliott/Amber Energy. The closing of this sale is subject to a stay until at least seven days after the Special Master files notice that Elliott/Amber Energy has obtained all necessary OFAC and other regulatory approvals.
This news formalizes the outcome of the Citgo sale process, which had been previously announced as a negative development for Gold Reserve. On 2025-11-25, Gold Reserve disclosed that the Delaware District Court adopted the Special Master's recommendation of Elliott/Amber Energy's $5.9 billion bid, rejecting Gold Reserve's higher $7.9 billion bid. Gold Reserve had expressed respectful disagreement with that decision.
The final sale order means that Gold Reserve's strategic objective of acquiring PDVH shares through its subsidiary, Dalinar Energy Corp., will not materialize. This closes off a significant and potentially expedited avenue for Gold Reserve to recover its arbitration award against Venezuela. While Gold Reserve remains a judgment creditor in the Citgo sale process waterfall, it will no longer participate as a buyer, removing the potential for a larger, more direct recovery associated with controlling the asset. The company's focus will now definitively shift towards its other, more protracted, legal enforcement efforts. This event confirms the previously identified negative trajectory for Gold Reserve in the Citgo sale process rather than introducing new, unforeseen negative information.
Gold Reserve Ltd. (GRZ) is a Bermuda-based company engaged in the recovery of an arbitration award against the Bolivarian Republic of Venezuela. Its primary value proposition is tied to the successful enforcement of these legal claims rather than traditional mineral exploration and production.
- Flagship Initiative: The company's central focus revolves around the collection of a $713 million arbitration award (plus substantial interest, totaling over $1.1 billion) against Venezuela. This award stems from Venezuela's expropriation of the company's mining rights related to the Las Brisas gold-copper project.
- Citgo Sale Process: Gold Reserve participated in the U.S. District Court for the District of Delaware's court-supervised sale process for shares of PDV Holding Inc. (PDVH), the indirect parent company of Citgo Petroleum Corp. Gold Reserve, through its subsidiary Dalinar Energy Corp., formed a consortium and submitted multiple topping bids (culminating in a $7.9 billion proposal) to acquire PDVH. This effort was ultimately unsuccessful, with the court selecting a lower $5.9 billion bid from Elliott/Amber Energy. Gold Reserve remains a judgment creditor in the process, awaiting recovery through the waterfall distribution.
- Portugal Enforcement: Concurrently, Gold Reserve has been pursuing enforcement of its arbitration award in Portugal. The Lisbon Court of Appeal and subsequently the Supreme Court of Justice have upheld the award's recognition. The company has secured attachment orders on bank accounts holding over $1.4 billion and is actively working towards obtaining judgments to execute against these funds.
- Siembra Minera Arbitration: Separately, GR Mining (Barbados) Inc., a subsidiary of Gold Reserve, initiated a new arbitration under the ICSID Additional Facility Rules against Venezuela. This arbitration seeks over $7 billion in damages related to Venezuela's alleged arbitrary and unlawful measures that deprived GR Mining of its rights and investment in the Siembra Minera mining project. This is a separate, long-term legal process.