An anonymous director reports

COPL ANNOUNCES CFO DEPARTURE

Ryan Gaffney has stepped down as the chief financial officer of Canadian Overseas Petroleum Ltd. The board of directors of the company will be considering a process to identify qualified candidates to fill the position of chief financial officer of the company amidst continuing restructuring discussions. While those discussions take place, the company is being supported by Province LLC through the provision of a variety of financial advisory and operational services.

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 Converse county, Wyoming.

The common shares are listed under the symbol XOP on the Canadian Securities Exchange and under the symbol COPL on the London Stock Exchange.

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