REG - Canadian O'Seas Petr - Increased Oil Production at Barron Flats

Canadian Overseas PetroleumAnnouncement

22/11/2021 07:05

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RNS Number : 0462T  Canadian Overseas Petroleum Ltd  22 November 2021

 

 

Canadian Overseas Petroleum

Announces Increased Oil Production at Barron Flats

London, United Kingdom; Calgary, Canada: November 22, 2021 - Canadian
Overseas Petroleum Limited ("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 County,
Wyoming, USA, is pleased to announce increased oil production at its operated
Barron Flats Shannon Unit.

 

Crude oil production from the Shannon Unit has increased by approximately 700
bbl./d, a 35% increase from the oil production reported in the Company's Press
Release dated November 15, 2021. The increase in oil production is due to the
commissioning of facilities to reduce the surface working pressures on the
most capable producing well in the field. This well, a horizontal well
previously producing at a restricted rate of 150 bbl./d, has exhibited
exceptional response to the miscible flood scheme and was responsible for the
peak in field oil production in August.

 

Barron Flats Federal (Deep) Unit Oil Discovery

 

Completion of the Barron Flats Federal (Deep) Unit oil discovery for oil
production from the Dakota Sand has been delayed for a week or two due to
issues isolating the perforated Frontier Sands from the well bore. Remedial
cementing operations will be conducted this coming week, and if successful
allowing for Dakota completion in the following week.

 

Arthur Millholland, President & CEO, commented:

 

"We continue to move forward with our program. As I indicated a week ago, the
Shannon field is performing beyond our expectations. This well surprised us in
August with its response to gas injection. The return to stable gas injection
volumes in the field caused flowing pressures of the well to increase to 1150
psi this past week, much higher than those observed in August. The upgraded
surface facility has permitted reduced well head flowing pressures allowing
for separated produced gas to enter our gas gathering system for compression
and reinjection. With this strong response, upgraded facilities and continuing
stable injection volumes we expect increased oil production, from this well
and additional wells in the field, in accordance with increases predicted in
our recent reservoir simulation."

 

 

 

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 Converse County, Wyoming, and in sub-Saharan Africa through its ShoreCan
joint venture company in Nigeria, and independently in other countries.

 

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) 7747788221

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

 

Peter Krens

Equity Capital Markets, Tennyson Securities

Tel: +44 (0) 20 7186 9033

Email: peter.krens@tennysonsecurities.co.uk
(mailto:peter.krens@tennysonsecurities.co.uk)

 

 

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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