REG - Canadian O'Seas Petr - COPL Receives Gas Flaring Approval

Canadian Overseas PetroleumAnnouncement

12/10/2022 07:00

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RNS Number : 5586C  Canadian Overseas Petroleum Ltd  12 October 2022

 

 

COPL Receives Gas Flaring Approval for Barron Flats Shannon Unit

London, United Kingdom; Calgary, Canada: October 12, 2022 - 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 the
Wyoming Oil and Gas Conservation Commission ("WOGCC") at a Hearing (the
"Hearing") held in Casper Wyoming on October 11, 2022 granted the application
by Company's affiliate Southwestern Production to temporarily flare additional
gas volumes at its operated 85% WI Barron Flats Shannon Unit ("BFSU").

 

Arthur Millholland, President and CEO commented "This is a great result as it
will allow the Company to manage increased gas production with associated high
working pressures as the miscible bank moves in the injection patterns. In
addition, our oil production from the Shannon Unit will increase as production
rates have been restricted in certain wells due to these issues. The gas
flaring is temporary, as we plan to  debottleneck the gas gathering system in
the coming months by first tying in two flowing wells directly to our gas
plant followed by staged upgrades to our gas gathering system."

 

Southwestern's submission to the Hearing has been uploaded to COPL's website
and can be viewed via the following link:
https://www.canoverseas.com/wp-content/uploads/2022/10/WOGCC-DOCKET-775-2022-Exhibits.pdf
(https://www.canoverseas.com/wp-content/uploads/2022/10/WOGCC-DOCKET-775-2022-Exhibits.pdf)
.

 

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

 

 

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

 

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.

 

 

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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