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Canadian Overseas Petroleum Limited (COPL) is an international oil and gas exploration, production, and development company with a focus on operations in Converse and Natrona counties, Wyoming, USA. COPL recently issued common shares in response to a notice of default from its affiliate's senior lender. The company is actively pursuing financing options to address its liquidity concerns and secure its future operations. Despite facing financial difficulties, COPL continues to explore strategic alternatives and engage in various financing arrangements to support its ongoing activities.
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COPL Announces Q3-2023 Operational and Financial Results. Canadian Overseas Petroleum Limited and its affiliates (COPL) (CSE:XOP)(LSE:COPL) released its Q3-2023 operational and financial results, highlighting a decrease in crude oil sales, upgrades to the gas gathering system, and increased NGL injection. Financially, there was a rise in petroleum sales, net of royalties, and a net realized hedging loss of $2.2 million on crude oil and butane hedge contracts. The company also incurred G&A reductions and had a cash position of $2.2 million as of September 30, 2023.
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Canadian Overseas Petroleum Limited (COPL) announces the issuance of 42,504,744 common shares at a price of US$0.0317 per share, following the conversion of Bonds and share settlement of Conversion Payment amounts. COPL's outstanding Bonds include $12.4 million principal of 2027 Bonds and $12.0 million principal of 2028 Bonds. The Company will also issue 10,959,003 common shares on 9 November 2023. After these issuances, the total number of common shares issued and outstanding will be 890,973,473.
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Canadian Overseas Petroleum Limited (COPL) announces changes to its Board of Directors. Mr. Atul Gupta has been appointed as a Non-Executive Director, assuming the role of chairman of the Nomination and Reserves committees. Mr. Gupta has over 40 years of experience in the oil and gas sector. Additionally, Mr. Robert Chenery has stepped down from his role as director after 19 months on the Board.
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Canadian Overseas Petroleum Limited announces the issuance of 8,265,203 common shares to settle payables. The Company now has a total of 848,468,729 common shares issued and outstanding.
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Canadian Overseas Petroleum Limited confirms receipt of US$4m financing
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Canadian Overseas Petroleum Limited (COPL) announces $4 million equity financing and debt restructuring to enhance financial strength and liquidity. The funding fully supports the company through Q1-2024 and reduces liabilities by over $13.5 million. COPL's group now has more than $17 million in investment support from its largest stakeholders.
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COPL announces Q3-2023 covenant waivers and financing update. The company has entered into an amendment to its Senior Credit Facility providing a waiver of its covenant tests as of September 30, 2023. The financing has been extended to October 6, 2023. The company is on track to close the financing prior to October 6, 2023.
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COPL issues 5,036,245 common shares for settlement of $0.2 million of Conversion Payment amounts. Total common shares issued and outstanding now 714,020,561.
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COPL issues 9,995,428 common shares for settlement of $0.5 million of Conversion Payment amounts. Total common shares issued and outstanding now 708,984,316.
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COPL Announces $3.5m Equity Financing, WTI Swap Unwind and Certain Management/Board Changes
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FAQ
What is the market cap of Canadian Overseas Petroleum (VELXF)?
The market cap of Canadian Overseas Petroleum (VELXF) is approximately 14.9M.
What is Canadian Overseas Petroleum Limited (COPL)?
COPL is an international oil and gas exploration, production, and development company with operations in Converse and Natrona counties, Wyoming, USA.
Why did COPL issue common shares recently?
COPL issued common shares in response to a notice of default from its affiliate's senior lender, indicating financial difficulties and the need for additional financing.
What is COPL doing to address its liquidity concerns?
COPL is actively pursuing financing options and engaging in strategic alternatives to secure funding for its ongoing operations and future activities.
What are the key areas of focus for COPL?
COPL is focused on exploring oil and gas reserves, production, and development projects, particularly in Wyoming, USA.
How is COPL planning to secure its future operations?
COPL is exploring various financing arrangements, strategic alternatives, and engaging in equity placements to address liquidity concerns and support its future activities.
Canadian Overseas Petroleum Limited