Mr. Arthur Millholland reports

CANADIAN OVERSEAS PETROLEUM LIMITED PROVIDES SECOND BI-WEEKLY STATUS REPORT

Canadian Overseas Petroleum Ltd. is providing this biweekly default status report in accordance with National Policy 12-203 -- Management Cease Trade Orders.

On March 17, 2021, the company disseminated a news release disclosing that it had voluntarily applied to the Alberta Securities Commission for a management cease trade order as it was not able to complete and file its audited annual financial statements, and the applicable chief executive officer and chief financial officer certifications in respect of such filings for the financial year ended Dec. 31, 2020, by the filing deadline of March 31, 2021. On April 1, 2021, the company announced that the ASC granted the MCTO provided that the company issue a biweekly default status report every two weeks, in accordance with NP 12-203, during the period of the MCTO. The company disseminated a news release on April 1, 2021, in which it provided its first biweekly status report.

The company confirms that, since the date of the first biweekly status report, there has been no material change to the information set out in the MCTO notice that has not been generally disclosed, there has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203, there has not been any other specified default by the company under NP 12-203 and there is no other material information concerning the affairs of the company that has not been generally disclosed.

The company confirms that its directors, officers and insiders cannot trade the company's securities until the annual filings have been made. The company is working diligently to complete the audit of the financial statements for the year ended Dec. 31, 2020. The MCTO stipulated that the annual filings were to be filed by no later than April 30, 2021, and the company will be in a position to file the annual filings on or before that date. Until filing of the annual filings, the company intends to satisfy the provisions of the alternative information guidelines as required by NP 12-203.

About Canadian Overseas Petroleum Ltd.

Canadian Overseas Petroleum is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States through the acquisition of Atomic Oil and Gas LLC with operations in Converse county, Wyoming, and in Sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries

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