REG - Canadian O'Seas Petr - COPL Extends Forbearance Agreement

Canadian Overseas PetroleumAnnouncement

29/02/2024 08:00

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RNS Number : 9392E  Canadian Overseas Petroleum Ltd  29 February 2024

COPL Extends Forbearance Agreement

London, United Kingdom; Calgary, Canada: 29 February, 2024 - Canadian
Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL:
LSE, announces that it has agreed with its senior credit facility lender to
extend the term of the previously announced Forbearance Agreement to March
 8, 2024.

 

Under the terms of the Forbearance Agreement, among other things, the senior
credit facility lender has agreed not to enforce certain rights and remedies
that it might otherwise have as a result of the Company's default(s) under the
said senior credit facility.

 

The Company, however, remains in a precarious financial situation with a
deteriorating liquidity position as described in the Company's recent
announcements. The Company is continuing to consider strategic alternatives,
including some form of formal insolvency protection that may or may not leave
value in the Company's common shares.

 

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.

 

For further information, please contact:

 

Mr. Tom Richardson, Chairman

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

 

Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 77 4778 8221

Email: copl@yellowjerseypr.com

 

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

 

 

 

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 initiation of proceedings under the
Companies' Creditors Arrangement Act, 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
Limited 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.

 

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