Calgary, Alberta – Cuda Oil and Gas Inc. (TSXV: CUDA) (“Cuda” or the “Company“) previously announced that it had entered into a Share Purchase Agreement (“Agreement“) to sell all of the shares of Cuda Energy Inc., a wholly-owned subsidiary of the Company that holds its Alberta assets, to an arm’s length private company (“Purchaser“) with a targeted closing date of September 30, 2021. Cuda and the Purchaser have mutually agreed to terminate the Agreement, as a mutual condition precedent was unable to be satisfied before closing. Cuda will continue to engage with its advisors and proceed to review other sales alternatives for the Alberta assets.