07:13 AM EDT, 05/28/2025 (MT Newswires) -- Gold Reserve ( GDRZF ) overnight Tuesday said the Delaware U.S. District Court has ordered the topping period for submitting bids to acquire PDVH, the indirect holding company of Citgo Petroleum, from May 28 until at least June 2, 2025.

Gold Reserve ( GDRZF ), and the Venezuela parties including Citgo Petroleum had requested the extension to the topping period for at least 21 days. Last month, the court accepted the recommendation to select the bid submitted by Red Tree (for US$3.7 billion) as the stalking horse bid for PDVH, despite Gold Reserve ( GDRZF ) and its consortium partners submitting a bid for US$7.1 billion.

The court will decide whether to further extend the topping period beyond June 2, after reviewing further material from the Special Master and other parties this week.