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Canadian Overseas Petroleum Files Q3 2017 Results

ACCESSWIRE

CALGARY, AB / ACCESSWIRE / November 10, 2017 / Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP; LSE: COPL), an international oil and gas exploration and development company focused on offshore West Africa, today announced the filing of the third quarter ended September 30, 2017.

During the period, COPL and its partner in block LB-13, offshore Liberia, both have elected not to enter into third exploration period and accordingly, surrendered their rights to the LB-13 license, resulting in the expiration of LB-13 production sharing contract on September 25, 2017. Accordingly, the Company recognized an impairment of its exploration and evaluation assets of $15.6 million that related to Liberia project.

Subsequent to the end of Q3, the Company raised £2.5 million of additional equity in London England to strengthen COPL's balance sheet.

Meanwhile, the Company continued to work with its investment bankers to source funds for its appraisal/development project at OPL 226, offshore Nigeria, held through COPL's partnership with Shoreline Energy. In addition, the Company held numerous discussions with potential contractors and suppliers to drill an appraisal well in early 2018.

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/2536W_1-2017-11-13.pdf

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: cathy@chfir.com

Harriet Jackson/Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 75 4427 5882
Email: copl@yellowjerseypr.com

Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Edward Mansfield
Phone: T: +44 20 7468 7906

SOURCE: Canadian Overseas Petroleum Limited