Canadian Overseas Petroleum Ltd Announces Cole Creek JV Letter of Intent

LONDON, UK and CALGARY, AB / ACCESSWIRE / July 24, 2023 / Canadian Overseas Petroleum Limited and its affiliates ("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, is pleased to announce its COPL America Inc. ("COPLA") affiliate has signed a Non-Binding Letter of Intent ("LOI") for a Joint Venture with an established energy company to develop and exploit its oil reserves and resources at its Cole Creek project in Converse and Natrona Counties Wyoming.

COPL and an established energy company ("JVCo") have entered into an LOI for the negotiation of definitive agreement(s) for a Joint Venture (the "JV") to develop and exploit its oil reserves and resources at its Cole Creek project in Converse and Natrona Counties Wyoming. The LOI grants exclusivity to JVCo for a period of time to allow for the negotiation of terms, and structure of the JV to be agreed, which include the consents required by COPLA. The LOI is subject to confidentiality provisions in a Confidentiality Agreement entered into by COPLA and JVCo in October 2022. These confidentiality provisions will terminate concurrently with the exclusivity termination, and other contractual conditions. The contemplated JV does not include the Company's Barron Flats Shannon miscible flood EOR project.

Arthur Millholland, President and CEO commented: "We have been working on this project for some time. We first identified the potential at Cole Creek before completion of our Atomic acquisition in March 2021. Our acquisition of the complimentary assets of Cuda in July 2022 gave our Company full control of the Cole Creek project. This LOI is the first step completed in a process initiated in October of last year after the Cuda acquisition. The company that has entered into the LOI with us is the best partner we could have of the ones we have considered. Our Company brings considerable experience and understanding of Cole Creek, including operating the early stage enriched gas miscible EOR project at the neighboring Barron Flats Shannon Unit. This EOR experience can be directly applied to Cole Creek as they have many similar reservoir characteristics. We look forward to updating our stakeholders when able as the process proceeds."