Mr. Tom Richardson reports

CANADIAN OVERSEAS PETROLEUM LTD EXTENDS FORBEARANCE AGREEMENT

Canadian Overseas Petroleum Ltd. has agreed with its senior credit facility lender to extend the term of the previously announced forbearance agreement to March 8, 2024.

Under the terms of the forbearance agreement, among other things, the senior credit facility lender has agreed not to enforce certain rights and remedies that it might otherwise have as a result of the company's default(s) under the said senior credit facility.

The company, however, remains in a precarious financial situation with a deteriorating liquidity position as described in the company's recent announcements. The company is continuing to consider strategic alternatives, including some form of formal insolvency protection that may or may not leave value in the company's common shares.

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.

We seek Safe Harbor.