Mr. Tom Richardson reports

CANADIAN OVERSEAS PETROLEUM LTD ANNOUNCES INTERIM CEO AND CHANGES TO BOARD OF DIRECTORS

Canadian Overseas Petroleum Ltd. has made the following executive and director changes:

• Peter Kravitz has been appointed as interim chief executive officer.
• Mark Wall has joined its board as a non-executive director to replace Atul Gupta, who has stepped down.

Mr. Kravitz is a founding principal of Province LLC, a leading restructuring advisory firm. Mr. Kravitz has an extensive resume of engagements, many of which involve notable brands like Sable Permian, PetSmart, BoardRiders, Samson Resources, Circuit City, RESCAP, Fleetwood, Radio Shack, Aegean Marine Petroleum, Core Media, Sable Permian, Nextpoint Financial, Philadelphia Energy Solutions, Intelsat, 5e Advanced Materials, Claire's and Washington Prime Group, among others.

Mr. Wall has more than 27 years of experience in the mining industry in executive, commercial, operations and sustainability roles. He has operated at various senior levels of publicly listed mining companies, including as the chief executive officer of a Canadian Toronto Stock Exchange listed mining company, the senior vice-president and operations officer for one of the world's largest gold mining companies listed on the TSX and New York Stock Exchange, and the chief commercial officer and lead operations executive for a TSX-listed copper project in the United States, which included the construction of a copper processing facility in Nevada. Mr. Wall holds various degrees and qualifications, including a diploma in minerals processing, a master of business administration, a master of management, a master certificate in risk management and business performance, and a diploma in project management. Mr. Wall is a fellow of the Australasian Institute of Mining and Metallurgy.

The company thanks Mr. Gupta for his service as a non-executive director.

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 Converse county, Wyoming.

We seek Safe Harbor.