Conversion
of Bond Payments
London, United Kingdom;
Calgary, Canada: January 30, 2024 -
Canadian Overseas Petroleum Limited and its affiliates ("COPL" or
the "Company") (XOP: CSE)
& (COPL: LSE), an
international oil and gas exploration, production and development
company with operations focused in Converse and Natrona counties,
Wyoming, USA, announces the issuance of 1,012,883,381 common shares
pursuant to the share settlement option exercised by a Bondholder
for settlement of approximately $1.0 million of Conversion Payment
amounts (and related accrued interest) due pursuant to previously
converted 2028 (formerly 2027 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 on February 2, 2024, the Company will have a total of
3,669,486,512 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 3,669,486,512. 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.
For
further information, please contact:
Mr.
Tom Richardson, Chairman
Mr.
Ryan Gaffney, CFO
Canadian Overseas Petroleum
Limited
Tel: + 1 (403) 262 5441
Cathy
Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext.
251
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson
Securities
Tel: +44 (0) 20 7186 9033
Andrew Chubb / Neil Passmore
Advisors/Joint Brokers
Hannam & Partners
+44 (0) 20 7907 8500
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.