Ofac Publishes Guidance with Respect to Its Authorization of the Process to Be Used to Sell the Shares of Citgo’S Holding Company FOR the Potential Benefit of Certain Creditors of Venezuela Including GOLD Reserve

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NR 23-02

OFAC PUBLISHES GUIDANCE WITH RESPECT TO ITS AUTHORIZATION OF THE

PROCESS TO BE USED TO SELL THE SHARES OF CITGO’S HOLDING COMPANY FOR

THE POTENTIAL BENEFIT OF CERTAIN CREDITORS OF VENEZUELA INCLUDING GOLD

RESERVE

SPOKANE, WASHINGTON, May 3, 2023

Gold Reserve Inc. (TSX.V:GRZ) (OTCQX:GDRZF) (Gold Reserve or the Company) is pleased to

announce that on May 1, 2023 the U.S. Office of Foreign Assets Control (OFAC) published guidance stating

that it will not take enforcement action against individuals or entities participating in the previously

announced sales process for the shares of PDV Holding, Inc. (PDVH), the indirect parent company of

CITGO Petroleum Corp.

The sales process of the PDVH shares is being over seen by the United States District Court for

the District of Delaware (the Delaware Court).

OFAC’s guidance confirmed that a license will be required before any sale of the PDVH shares is

executed but it also stated that it intends to implement a favorable licensing policy in connection with any

sale and that, in making these licensing determinations, it is “committed to fair and equivalent treatment of

potential creditors.”

As previously announced by Gold Reserve, the Company was granted a conditional writ of

attachment fieri facias by the Delaware Court allowing Gold Reserve to be treated the same as certain

Other Creditors (as detailed in the applicable court documents filed with the Delaware Court) of the

Bolivarian Republic of Venezuela (the Republic of Venezuela). On March 23, 2023, the Delaware Court

granted the Other Creditors conditional writs of attachment regarding the shares of PDVH on the basis that

Petroleos de Venezuela, S.A. (also known as PDVSA), the holding company of PDVH, i s the alter ego of

the Republic of Venezuela, and therefore its property is subject to attachment and execution by judgment

creditors of the Republic of Venezuela.

Based on recent OFAC guidance, writs of attachment may now be filed for without prior OFAC

authorization but, as noted above, any sale transactions in the PDVH shares will continue to require OFAC

authorization.

Gold Reserve’s writ of attachment provides it with the opportunity to potentially enforce its

September 2014 arbitral award and corresponding November 2015 U.S. judgement by participating in

proceeds of the potential sale of the PDVH shares.

OFAC’s position concerning the sales process was reported (with additional guidance provided by

OFAC thereafter) in the previously announced status report that was filed by the Special Master on April

30, 2023.

As previously announced, the Company and the Other Creditors have been directed by the

Delaware Court to file a joint status report on May 5, 2023 to include a proposed briefing schedule for

including additional judgements, such as the Company’s, in the existing sales process for the PDVH shares.

PDVSA has filed a notice of appeal in respect of the decision of the Delaware C ourt to grant the

Company, and the Other Creditors, the writs of attachment fieri facias. It is expected that the resolution of

such appeal will take between six to eighteen months, with no assurances as to timing or outcome. PDVSA

filed a motion to stay the Company’s action (and actions of the Other Creditors) during the pendency of this

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appeal, but the Delaware Court denied that motion. PDVSA has now requested the same relief from the

appellate court via an “emergency motion”.

Rockne J. Timm, CEO stated, “With OFAC’s guidance on this matter, we look forward to taking the

next steps to have our Writ of Attachment filed and evaluating and entering the sales process to potentially

enforce our September 2014 arbitral award and corres ponding November 2015 U.S. judgement of

approximately U.S $994 million (inclusive of interest). Also, the Company remains open in compliance with

applicable U.S. and Canadian S anctions, to resolving matters outside of our various legal cases with

respect to the restoration of Siembra Minera’s mining rights, potential new arbitration related thereto and

the collection of amounts owed to the Company.”

Further information on PDVH and CITGO Petroleum Corp.

PDVH is the indirect parent company of CITGO Petroleum Corp. Based on public disclosure,

CITGO Petroleum Corp. operates three refineries in the U.S, and wholly and/or jointly owns 38 active

terminals, six pipelines and three lubricants blending and packaging plants. CITGO Petroleum Corp. ranks

itself as the fifth -largest i ndependent refiner in the U.S. w ith approximately 3,300 employees and a

combined crude capacity of approximately 769,000 barrels-per-day (bpd).

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains “forward- looking statements” within the meaning of applicable U.S. federal

securities laws and “forward-looking information” within the meaning of applicable Canadian provincial and

territorial securities laws and state Gold Reserve’s and its management’s intentions, hopes, beliefs,

expectations or predictions for the future. Forward- looking statements are necessarily based upon a

number of estimates and assumptions that, while considered reaso nable by management at this time, are

inherently subject to significant business, economic and competitive uncertainties and contingencies. We

caution that such forward- looking statements involve known and unknown risks, uncertainties and other

risks that may cause the actual outcomes, financial results, performance, or achievements of Gold Reserve

to be materially different from our estimated outcomes, future results, performance, or achievements

expressed or implied by those forward- looking statements, including without limitation, the completion of

the sales process, whether OFAC will grant an authorization in connection with any potential sale of PDVH

shares and/or whether it changes its decision or guidance regarding the sales process, the ability to enforce

the writ of attachment fieri facias granted to Gold Reserve, that PDVSA has opposed the inclusion of any

additional judgements in the existing sales process and appealed the Delaware Court’s decision to grant

the writs of attachment fieri facias, along with its appeal of the Delaware Court decision to not stay the sale

process pending the foregoing appeal, including the potential time and cost associated with such appeal s

and whether PDVSA will be successful in one or more of these appeals, that the Company will be granted

such order from the Delaware Court such that the Company can formally participate in any sales process

of the PDVH shares, the timing set for various reports will not be met , the ability to otherwise participate in

the potential sales process in connection with the PDVH shares (and related costs associated therewith) ,

the amount, if any, of proceeds associated therewith; the competing claims of certain creditors, the Other

Creditors and the Company, and the proceeds from t he sale of the PDVH shares may not be sufficient to

satisfy the amounts outstanding under the September 2014 arbitral award and/or corresponding November

15, 2015 U.S. judgement in full. This list is not exhaustive of the factors that may affect any of Gol d

Reserve’s forward- looking statements. For a more detailed discussion of the risk factors affecting the

Company’s business, see the Company’s Annual Report on Form 20- F and Management’s Discussion &

Analysis for the year ended December 31, 2022 and other reports that have been filed on SEDAR and are

available under the Company’s profile at www.sedar.com and which have been filed on EDGAR and are

available under the Company’s profile at www.sec.gov/edgar.

Investors are cautioned not to put undue reliance on forward- looking statements. All subsequent

written and oral forward-looking statements attributable to Gold Reserve or persons acting on its behalf are

expressly qualified in their entirety by this notice. Gold Reserve disclaims any intent or obligation to update

publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors,

whether as a result of new information, future events or otherwise, subject to its disclosure obligations under

applicable rules promulgated by the Securities and Exchange Commission and applicable Canadian

provincial and territorial securities laws.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

Gold Reserve Inc. Contact

Jean Charles Potvin

999 W. Riverside Ave., Suite 401

Spokane, WA 99201 USA

Tel: (509) 623-1500

Fax: (509) 623-1634