Canadian Overseas Petroleum Ltd Announces Conversion of Bonds & Share Issuances

LONDON, UK and CALGARY, AB / ACCESSWIRE / December 13, 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 operations focused in Converse and Natrona counties, Wyoming, USA, announces the issuance of 84,706,864 common shares pursuant to a conversion of Bonds and share settlement of Conversion Payment amounts.

31,545,741 common shares have been issued at a price of US$0.0317 per share pursuant to the conversion of $1.0 million principal of 2027 Bonds by a Bondholder. Following these conversions, COPL's outstanding bonds include:

2027 Bonds principal outstanding: $10.6 million (53 bonds)
2027 Bondholders: 3

2028 Bonds principal outstanding: $10.8 million (54 bonds)
2028 Bondholders: 3

The Company has also issued 53,161,123 common shares pursuant to the share settlement option exercised by a Bondholder for settlement of $1.2 million of Conversion Payment amounts (and related accrued interest) due pursuant to previously converted 2027 Bonds and 2028 Bonds. The number of common shares issued for settlement of these Conversion Payments is based on the lowest 5-day VWAP following election of the share settlement option for the Conversion Payments.

Following these issuances of common shares, the Company has a total of 1,038,771,819 common shares issued and outstanding. There are no common shares held in treasury and therefore the total number of voting rights in the Company is 1,038,771,819. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Applications will be made for the Shares to be admitted to the FCA's Official List and to trading on the London Stock Exchange's main market for listed securities within the next twelve months, in accordance with Listing Rule 14.3.4.

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 Wyoming.

The Company operates the Cole Creek Unit 100% WI, Barron Flats Shannon (Miscible) Unit 85% WI and holds Barron Flats Federal (Deep) 85% WI in addition to non-unitized lands 100% WI.

The Company's Wyoming operations are one of the most environmentally responsible with minimal gas flaring and methane emissions combined with electricity sourced from a neighbouring wind farm to power production facilities.