Mr. Tom Richardson reports

CANADIAN OVERSEAS PETROLEUM LTD ANNOUNCES CONVERSION OF BOND PAYMENTS

Canadian Overseas Petroleum Ltd. has issued 5,036,245 common shares pursuant to the share settlement option exercised by a bondholder for settlement of $200,000 of conversion payment amounts (and related accrued interest) due pursuant to previously converted 2027 bonds. The number of shares issued for settlement of these conversion payments is based on the lowest five-day VWAP (volume-weighted average price) following election of the share settlement option for the conversion payments.

Applications will be made for the shares to be admitted to the FCA's (Financial Conduct Authority) official list and to trading on the London Stock Exchange's main market for listed securities within the next 12 months, in accordance with Listing Rule 14.3.4.

Following these issuances of shares, the company has a total of 714,020,561 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 714,020,561. 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.

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) and the Barron Flats Shannon (miscible) unit (85-per-cent working interest) and holds 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.