Mr. John Cowan reports

CANADIAN OVERSEAS PETROLEUM LTD ANNOUNCES CONVERSION OF BONDS & SHARE ISSUANCES

Canadian Overseas Petroleum Ltd. has issued 63,091,482 common shares pursuant to a conversion of bonds.

A total of 63,091,482 common shares have been issued at a price of 3.17 U.S. cents per share pursuant to the conversion of $800,000 principal of 2027 bonds and $1.2-million principal of 2028 bonds by a bondholder. Following these conversions, Canadian Overseas's outstanding bonds include:

2027 bonds principal outstanding: $11.6-million (58 bonds)

2027 bondholders: Four

2028 bonds principal outstanding: $10.8-million (54 bonds)

2028 bondholders: Three

Following the issuance of common shares, the company has a total of 954,064,955 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 954,064,955. 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 12 months, in accordance with Listing Rule 14.3.4.

About Canadian Overseas Petroleum Ltd.

Canadian Overseas is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Wyoming.

We seek Safe Harbor.