COPL
Announces CFO Departure
LONDON and CALGARY,
AB, Feb. 9, 2024 - Canadian Overseas Petroleum Limited
("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, announces that Ryan Gaffney has stepped down as the Chief
Financial Officer of the Company. The board of directors of the
Company will be considering a process to identify qualified
candidates to fill the position of Chief Financial Officer of the
Company amidst ongoing restructuring discussions. While those
discussions take place the Company is being supported by Province,
LLC through the provision of a variety of financial advisory and
operational services.
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 Converse County
Wyoming.
The Common Shares are listed
under the symbol "XOP" on the CSE and under the symbol "COPL" on
the London Stock Exchange.
Caution regarding forward looking
statements
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 appointment of a Chief Financial Officer,
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.
This announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by the
Company (apart from the responsibilities or liabilities that may be
imposed by the Financial Services and Markets Act 2000, or the
regulatory regime established thereunder) or by any of its
affiliates or agents as to, or in relation to, the accuracy or
completeness of this announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
Mr. Tom Richardson,
Chairman, 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
SOURCE: Canadian Overseas Petroleum
Limited