CALGARY, AB / ACCESSWIRE / August 18, 2021 / Canadian Overseas Petroleum Limited (the "Company") (CSE:XOP)(LSE:COPL), is pleased to announce that further to its press release dated August 2, 2021, its application to its principal regulator, the Alberta Securities Commission (the "ASC"), for a management cease trade order (the "MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") was granted on August 17, 2021. As previously announced, the application for the MCTO was made by the Company in order to secure additional time for the Company to prepare its unaudited interim financial statements and the applicable CEO and CFO certifications in respect of such filings for the period ended June 30, 2021 (collectively the "Interim Filings"). Under the terms of the MCTO, the Company's Interim Filings, business acquisition report in respect of its acquisition of Atomic Oil and Gas LLC and Southwestern Production Corp. on March 17, 2021 and any other periodic disclosure required to be filed pursuant to section 146 of the Securities Act (Alberta) while the MCTO is in effect (the "Other Disclosure") must be filed on or before August 31, 2021.

The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and the Chief Financial Officer of the Company until two full business days following the date the Company files the Interim Filings and Other Disclosure. The MCTO does not affect the ability of shareholders to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company. As previously announced, until filing of the Interim Filings and Other Disclosure, the Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12- 203 and will file on SEDAR every two weeks a default status report containing the information described in section 10 of NP 12-203.

Bi-weekly Status Report

The Company confirms that since the date of its submission for the MCTO on August 2, 2021 (the "MCTO Notice"): (i) there has been no material change to the information set out in the MCTO Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company confirms that its directors, officers and insiders cannot trade the Company's securities until the Interim Filings have been made. The Company is working diligently to complete the Interim Filings. The MCTO stipulated that the Interim Filings were to be filed by no later thanAugust 31, 2021 and the Company will be in a position to file the Interim Filings on or before that date. Until filing of the Interim Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by NP 12-203.

About the Company

COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Converse County Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries.

For further information, please contact:

Mr. Arthur Millholland, President & CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441

Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com

Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 77 4778 8221
Email: copl@yellowjerseypr.com

Forward-looking statements

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements contained in this press release include, without limitation, statements relating to the timing for completion of the Interim Filings and other statements that are not historical facts. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. The securities of the company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

SOURCE: Canadian Overseas Petroleum Limited

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