Canadian Overseas Petroleum Ltd Announces Closing of Financing

Rhea-AI Summary

Canadian Overseas Petroleum Limited confirms receipt of US$4m financing

Positive

• COPL received US$4m financing

Negative

• None.

CALGARY, AB / ACCESSWIRE / October 13, 2023 / Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development company with production and development operations focused in Converse and Natrona counties, Wyoming, USA, COPL confirms the receipt of US$4m at 2.6p to conclude the financing announced on October 6, 2023. As part of the Company's liquidity management and in conjunction with the terms of the financing COPL will be settling amounts owed to various creditors in shares over the coming weeks.

About the Company:

COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Wyoming.

The Company operates the Cole Creek Unit 100% WI, Barron Flats Shannon (Miscible) Unit 85% WI and holds Barron Flats Federal (Deep) 85% WI in addition to non-unitized lands 100% WI.

The Company's Wyoming operations are one of the most environmentally responsible with minimal gas flaring and methane emissions combined with electricity sourced from a neighbouring wind farm to power production facilities.

For further information, please contact:

Mr. Tom Richardson, Chairman
Mr. John Cowan, CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441

Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com

Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com

Neil Passmore / Mario Doerflinger
Financial Advisor/Joint Broker
Hannam & Partners
+44 (0) 20 7907 8500
Email: njp@hannam.partners / md@hannam.partners

Peter Krens
Joint Broker
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033

Alex Wood & Keith Dowsing
Joint Broker
Alternative Resource Capital
AW: +44 (0) 7559 910872
KD: +44 (0) 7559 910873

The Common Shares are listed under the symbol "XOP" on the CSE and under the symbol "COPL" on the London Stock Exchange.

All $ figures are United States Dollars unless otherwise noted.

Caution regarding forward looking statements

This news release contains forward-looking statements. The use of any of the words "initial, "scheduled", "can", "will", "prior to", "estimate", "anticipate", "believe", "should", "forecast", "future", "continue", "may", "expect", and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including, but not limited to, the ability to raise the necessary funding for operations, delays or changes in plans with respect to exploration or development projects or capital expenditures. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements since the Company can give no assurance that they will prove to be correct since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Canadian Overseas Petroleum Ltd. For example, the uncertainty of reserve estimates, the uncertainty that the Financing will complete the uncertainty of estimates and projections relating to production, cost overruns, health and safety issues, political and environmental risks, commodity price, interest rate and exchange rate fluctuations, changes in legislation affecting the oil and gas industry could cause actual results to vary materially from those expressed or implied by the forward-looking information. Forward-looking statements contained in this news release are made as of the date hereof and Canadian Overseas Petroleum Ltd. undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Canadian Overseas Petroleum Ltd

View source version on accesswire.com:
https://www.accesswire.com/792648/canadian-overseas-petroleum-ltd-announces-closing-of-financing

FAQ

What is the amount of financing received by COPL?

COPL received US$4m financing.

When was the financing announced?

The financing was announced on October 6, 2023.

How will COPL settle amounts owed to creditors?

COPL will settle amounts owed to creditors in shares over the coming weeks.