Canadian Overseas Petroleum Limited Files Final Short Form Prospectus for Unit Offering

CALGARY, ALBERTA--(Marketwired - June 29, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX VENTURE:XOP)(LSE:COPL) has filed a final short form prospectus with the securities regulatory authorities in all of the provinces of Canada, excluding Québec, (the "Qualifying Provinces"), in connection with the previously announced marketed offering (the "Offering") of units of the Company (the "Units"). Each Unit consists of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.12 per Common Share at any time prior to 4:30 p.m. (Calgary time) on or before the date that is 24 months following the closing date of the Offering. The Common Shares and the Warrants comprising the Units will separate immediately upon closing.

The Company is expecting to raise a minimum of $4,000,050 and up to a maximum of $7,245,000 in aggregate gross proceeds pursuant to the Offering. The Offering is scheduled to close on or about July 9, 2015. The Offering is being led by GMP Securities L.P. and Dundee Securities Ltd. Pursuant to the Offering, the Company will issue a minimum of 44,445,000 and a maximum of 80,500,000 Units at a price of $0.09 per Unit. The Company intends to use the net proceeds from the Offering to fund the ongoing payment obligations in respect of the Company's interests in Namibia and Tanzania and for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale may be unlawful. The Common Shares and Warrants have not been and will not be registered under the 1933 Act or any U.S. state securities laws and may not be offered or sold in the United States absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act and applicable U.S. state securities laws.