An anonymous director reports

COPL ANNOUNCES INITIAL CCAA ORDER ISSUED

The previously disclosed initial order has been issued to Canadian Overseas Petroleum Ltd. by the Alberta Court of King's Bench pursuant to the Companies' Creditors Arrangement Act (CCAA).

In connection with the CCAA proceedings, the COPL group has executed a restructuring support agreement with the senior lenders to Canadian Overseas Petroleum's subsidiary, COPL America Inc. (the senior lenders), pursuant to which, among other things, the senior lenders have agreed to support a sale and investment solicitation process (SISP) wherein they will serve as a stalking horse bidder to acquire substantially all of the COPL group's business by way of a credit bid. In that regard, Canadian Overseas Petroleum intends to seek court approval to launch the SISP on or around March 18, 2024.

Details in respect of the CCAA proceedings will be made available on-line. Parties with an interest in participating in the SISP are directed to contact KSV Restructuring Inc., the court-appointed monitor, for further information.

The company intends to seek recognition of the CCAA proceedings in the United States Bankruptcy Court for the district of Delaware.

As requested by the company, the company's common shares have been suspended from trading on the London Stock Exchange but the Canadian Securities Exchange has not yet made a determination on the request. The common shares are listed under the symbol XOP on the CSE and under the symbol COPL on the London Stock Exchange.

We seek Safe Harbor.