Canadian Overseas Petroleum Limited: 2016 Year End Results

March 29, 2017

CALGARY, AB–(Marketwired – Mar 29, 2017) – Canadian Overseas Petroleum Limited (TSX VENTURE: XOP) (LSE: COPL)

XOP: TSX-V & COPL: LSE

Canadian Overseas Petroleum
Reports 2016 Year End Results

Calgary, Canada, March 29, 2017 – Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (XOP: TSX-V) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore West Africa, announces its results for the year ending December 31, 2016.

The Company remains committed, along with its Liberia operating partner, ExxonMobil, to interpreting the data collected from the drill at LB-13, in December 2016. Meanwhile, through COPL’s partnership with Shoreline Energy, the Company continues to source funds for the first drill at OPL 226, offshore Nigeria. COPL remains confident that it will meet the target drilling of an appraisal well in late 2017.

Arthur Millholland, President & CEO, commented:
“Whilst we were disappointed with the initial drill results from the Mesurado-1 well, we have been re-evaluting alternative leads as we believe there remains upside potential.

In addition to this, we remain focused on developing an attractive oil appraisal in OPL 226, offshore Nigeria, which is a highly prospective area in our opinion. We look forward to updating the market on the progress made at OPL 226 over the summer months.”

The results and associated annual regulatory filing documents, including the Financial Statements and the Management’s Discussion and Analysis, can be viewed under the Company’s name at www.sedar.com or at the Company’s website at www.canoverseas.com.

For further information, please contact:

Mr. Arthur Millholland, President & CEO

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

Cathy Hume

CHF Investor Relations

Tel: +1 (416) 868 1079 ext. 231

Email: [email protected]

Harriet Jackson/Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 75 4427 5882

Email: [email protected]