REG - Canadian O'Seas Petr - COPL Announces Cole Creek JV Letter of Intent

Canadian Overseas PetroleumAnnouncement

24/07/2023 07:00

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RNS Number : 8786G  Canadian Overseas Petroleum Ltd  24 July 2023

COPL Announces Cole Creek JV Letter of Intent

 

London, United Kingdom; Calgary, Canada: July 24, 2023 - Canadian Overseas
Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP: CSE)
& (COPL: LSE), an international oil and gas exploration, production and
development company with production and development operations focused in
Converse and Natrona counties, Wyoming, USA, is pleased to announce its COPL
America Inc. ("COPLA") affiliate has signed a Non-Binding Letter of Intent
("LOI") for a Joint Venture with an established energy company to develop and
exploit its oil reserves and resources at its Cole Creek project in Converse
and Natrona Counties Wyoming.

 

COPL and an established energy company ("JVCo") have entered into an LOI for
the negotiation of definitive agreement(s) for a Joint Venture (the "JV") to
develop and exploit its oil reserves and resources at its Cole Creek project
in Converse and Natrona Counties Wyoming. The LOI grants exclusivity to JVCo
for a period of time to allow for the negotiation of terms, and structure of
the JV to be agreed, which include the consents required by COPLA. The LOI is
subject to confidentiality provisions in a Confidentiality Agreement entered
into by COPLA and JVCo in October 2022. These confidentiality provisions will
terminate concurrently with the exclusivity termination, and other contractual
conditions. The contemplated JV does not include the Company's Barron Flats
Shannon miscible flood EOR project.

 

Arthur Millholland, President and CEO commented: "We have been working on this
project for some time. We first identified the potential at Cole Creek before
completion of our Atomic acquisition in March 2021. Our acquisition of the
complimentary assets of Cuda in July 2022 gave our Company full control of the
Cole Creek project. This LOI is the first step completed in a process
initiated in October of last year after the Cuda acquisition. The company that
has entered into the LOI with us is the best partner we could have of the ones
we have considered. Our Company brings considerable experience and
understanding of Cole Creek, including operating the early stage enriched gas
miscible EOR project at the neighboring Barron Flats Shannon Unit. This EOR
experience can be directly applied to Cole Creek as they have many similar
reservoir characteristics. We look forward to updating our stakeholders when
able as the process proceeds."

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 two production Units: Cole Creek 100% WI, Barron Flats
Shannon (Miscible) 85% WI and in addition to 85%-100% WI non-unitized lands
between the production Unit boundaries.

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. Arthur Millholland, President & 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 (mailto:cathy@chfir.com)

 

Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 77 4778 8221

Email: copl@yellowjerseypr.com (mailto:copl@yellowjerseypr.com)

 

Peter Krens

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

 

Andrew Chubb / Neil Passmore

Advisors/Joint Brokers

Hannam & Partners

+44 (0) 20 7907 8500

 

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

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 of estimates and
projections relating to production, cost overruns, health and safety issues,
political and environmental risks, commodity price 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
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.

 

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