Canadian Overseas Petroleum Limited
Reports Second Quarter 2016 Results and Stock Options Grant
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Calgary, Canada, August 12, 2016 - Canadian Overseas Petroleum Limited
("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company
focused on offshore West Africa, announces its second quarter results for the three and six months ended June 30,
2016.
In the second quarter of 2016, the Company continued to identify, evaluate and pursue exploration
and development opportunities in Nigeria, Equatorial Guinea and other West African countries. The Company is focused on offshore
opportunities that its seasoned technical team has strength in evaluating and developing.
Arthur Millholland, President & CEO, commented:
"The Company's strategy is to grow our international oil and gas business offshore sub-Saharan
Africa and elsewhere in the world by farming into, and/or acquiring interests in, exploration, unappraised and/or undeveloped
assets as well as in producing assets using the expertise and experience of our senior management
team.
COPL's short-term operations will focus on working with ExxonMobil to progress the activities on
the future drill locations in Liberia and working towards successfully concluding a variety of new opportunities available to the
Company in sub-Saharan Africa."
The Interim Financial Statements and Management's Discussion and Analysis for the second quarter
can be viewed on the Company's website at www.canoverseas.com or on SEDAR at www.sedar.com under the COPL listing.
The Company also wishes to announce its Board of Directors also approved the granting of 4,400,000
Share Options of the Company effective August 11, 2016. The Share Options were granted under the Company's Share Option plan at a
price of $0.115 per share.
About the Company:
The Company is an international oil and gas exploration and development company focused in
offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator
holding an 83% working interest, where it expects to participate in the drilling of a deep-water exploration well in late 2016.
The Company is also actively pursuing opportunities in Nigeria in partnership with Shoreline Energy as part of its strategy to
generate stable cash flow from secure offshore assets. The Company and Shoreline, through their jointly held affiliated company,
Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan") are currently seeking Government of Nigeria approval
for the acquisition of 80% of a Nigerian corporation holding an attractive oil appraisal and development project in mid water
offshore Nigeria.
ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. To
date, ShoreCan has taken a position in Nigeria, and Namibia. It continues to evaluate a variety of assets in Nigeria, and
Equatorial Guinea.
The Common Shares are listed under the symbol "XOP" on the TSXV and under the symbol "COPL" on the
London Stock Exchange.
The corporate presentation featured at the AGM can be found on the Company website:
www.canoverseas.com. Also check out our Twitter feed: @COPLinvestor.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 231
Email: cathy@chfir.com
Dominic Barretto/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882 / +44 (0) 20 3735 8827
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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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.