HOUSTON, Sept 19 (Reuters) - Canadian miner Gold Reserve ( GDRZF )

said on Thursday it has dropped out of a U.S.

court-organized bidding for shares in oil refiner Citgo

Petroleum's parent, citing court delays, and uncertainty over

the sales process.

Houston-based Citgo is the crown jewel of Venezuela's

companies overseas and has been the target of creditors seeking

compensation for late President Hugo Chavez' nationalization

wave and President Nicolas Maduro's failed debt payments.

Gold Reserve ( GDRZF ) said in a statement it was concerned by the

recent stay motion filed by Venezuela and PDV Holding given the

three extensions to naming a winner to date.

"We have worked with many great partners during this

prolonged process but now, given the elapsed time, uncertainty

and lack of visibility on the outcome, we are on our own and

outside of the bidding," said Paul Rivett, executive vice chair,

in a statement.

He said the company hopes the court officer overseeing

the bidding "will recommend a fair deal to the court and

judgment creditors soon."

The court officer overseeing the auction "has not

disclosed any specifics concerning the status of the

negotiations" with the remaining bidders, Gold Reserve ( GDRZF ) said. The

court also has not provided "any specifics concerning the

procedures for other potential bidders to submit topping bids

after the sales motion is filed," it added.

A U.S. District court in Delaware found Citgo parent PDV

Holding liable for Venezuela's debts and ordered the auction to

satisfy claims for debt defaults and expropriations. The

decision opened the door to oil producers, mining firms,

bondholders and industrial conglomerates seeking compensation.

Gold had submitted a bid on June 11 for shares in PDV

Holding, a Citgo parent that was found liable for Venezuela's

debt defaults and expropriations.