Canadian Overseas Petroleum Ltd Announces Operations and Production Update - Seite 2

"The Company is progressing on all fronts outlined in our last Operations Update. We are pleased with the progress on the construction of our Gas Gathering System Upgrades and are fortunate to have been able to acquire the necessary high-pressure production equipment we require here in Alberta, avoiding supply chain and long lead times in the United States. The results from our first well conversion have so far exceeded our expectations. Production from the converted wells takes time to settle down to design and implement a well specific paraffin treatment regime. We are active on all fronts and will continue to update the market."

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 three Units: Cole Creek 100% WI, Barron Flats Shannon (Miscible) 85% WI and the 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.

For further information, please contact:

Mr. Arthur Millholland, President & CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 [phone]

Cathy Hume
CHF Investor Relations
Tel: [phone] ext. 251
Email: [e-mail]

Charles Goodwin
Yellow Jersey PR Limited
Tel: [phone]
Email: [e-mail]

Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: [phone]

Alex Wood & Keith Dowsing
Joint Broker
Alternative Resource Capital
AW: [phone]
KD: [phone]

Andrew Chubb / Neil Passmore
Advisors/Joint Brokers
Hannam & Partners
[phone]

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.