07:10 AM EDT, 06/02/2025 (MT Newswires) -- Gold Reserve ( GDRZF ) over the weekend said the Delaware District Court has further extended the topping period for submitting bids to acquire PDVH, the indirect holding company of Citgo Petroleum, to June 18.

Last week, Gold Reserve ( GDRZF ) had said that the court was deciding whether to extend the topping period from June 2 "after reviewing further material." The court also confirmed additional deadlines for the sale process of Citgo Petroleum including for the Special Master to submit his final recommendation by June 27.

In April, 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.