REG-Canadian Overseas Petroleum Limited: COPL Announces CEO Resignation

Canadian Overseas PetroleumAnnouncement

27/12/2023 07:15

COPL Announces CEO Resignation

LONDON and CALGARY, AB, Dec. 22, 2023 -- Canadian Overseas Petroleum Limited
("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,
announces that John Cowan has resigned as the Chief Executive Officer of the
Company but will remain on the board of directors of the Company for the time
being while a replacement is found.

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.

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

Market Abuse Regulation disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended ("MAR") encompassing information relating to
the Placing described above, and is disclosed in accordance with the Company's
obligations under Article 17 of MAR. In addition, market soundings (as defined
in MAR) were taken in respect of the Placing with the result that certain
persons became aware of inside information (as defined in MAR), as permitted
by MAR. This inside information is set out in this Announcement. Therefore,
upon publication of this announcement, those persons that received such inside
information in a market sounding are no longer in possession of such inside
information relating to the Company and its securities.

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 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.

This announcement has been issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by the Company (apart from the responsibilities or liabilities that
may be imposed by the Financial Services and Markets Act 2000, or the
regulatory regime established thereunder) or by any of its affiliates or
agents as to, or in relation to, the accuracy or completeness of this
announcement or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any liability
therefore is expressly disclaimed.

Mr. Tom Richardson, Chairman, 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



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