Mr. Arthur Millholland reports

CANADIAN OVERSEAS PETROLEUM LTD ANNOUNCES BOARD CHANGES & COST REDUCTION MILESTONE

Canadian Overseas Petroleum Ltd. and its affiliates have provided an update on changes to its board of directors and a $1-million reduction in annual general and administrative costs.

Canadian Overseas Petroleum confirms that it has reduced its continuing annual general and administrative costs by more than $1-million, as per the company's undertaking announced on March 20, 2023. Cost reductions are being implemented and will continue to be evaluated across Canadian Overseas Petroleum's business to align the company's resources with its focus on its oil production and development operations in Wyoming, United States.

Canadian Overseas Petroleum's chairman, Harald Ludwig, and fellow board director, Massimo Carello, have stepped down from the board with immediate effect. The company wishes to thank Mr. Ludwig and Mr. Carello for their long-term service and contribution to the company. John Cowan will take on the role of chairman of the board on an interim basis, with the board now consisting of three non-executive directors and one executive director, all of whom are engaged with the company's key stakeholders. There are currently no plans to appoint new directors.

Arthur Millholland, president and chief executive officer, commented: "I would like to thank Harald and Massimo for their 13 years of service on the board of COPL. They have both helped to guide the company to where it is today and particularly through the process of acquiring our exceptional assets in Wyoming. With the company now focused on increasing oil production and the development of the assets, they both feel the time is now right to step down and move on to new projects."

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 with operations in Wyoming.

The company operates the Cole Creek unit (100-per-cent working interest), the Barron Flats Shannon (Miscible) unit (85-per-cent working interest) and Barron Flats Federal (Deep) (85-per-cent working interest), in addition to non-unitized lands (100-per-cent working interest).

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.

We seek Safe Harbor.