07:22 AM EDT, 09/02/2025 (MT Newswires) -- Gold Reserve ( GDRZF ) , which jumped 23.6% in Canada trading last Friday, said over the holiday weekend that its subsidiary, Dalinar Energy, was not selected to acquire the shares of PDV Holding (PDVH), parent company of U.S.-based Citgo Petroleum.

Amber Energy, which is backed by a group of strategic U.S. energy investors, and which offered $5.9 billion, was named in the Updated Final Recommendation.

Gold Reserve ( GDRZF ) intends to object to the decision, as Amber Energy's bid is lower than Dalinar's revised $7.9 billion price.

Objections are required to be filed on Sept. 6, and will be considered by the Court at the Sale Hearing scheduled to commence Sept. 15, a statement said.

In a separate announcement, Gold Reserve ( GDRZF ) said that on Aug. 29, the U.S. Government filed a Statement of Interest in the pending New York federal court litigation regarding the validity of the 2020 PDVSA bonds, issued by the Venezuelan state oil company.

The key question in the litigation is whether the 2020 PDVSA bonds are invalid under Venezuelan law and, if so, the consequences of this invalidity, a statement said.

Gold Reserve ( GDRZF ) closed $0.68, to $3.56, on the TSX Venture Exchange on Friday.