Canadian O’Seas Petr (COPL.L) President and CEO Stock Purchase

London, United Kingdom; Calgary, Canada: February 1, 2022 – Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company with operations focused in Wyoming, USA, is pleased to announce “in market” share purchases by Arthur Millholland, President and CEO.

Arthur Millholland, President and CEO has advised the Company of the purchase of 665,000 shares of the Company through the facilities of the CSE at an average price of $0.58/share, with settlement of the purchases occurring between January 25th and January 28th, 2022.

Arthur Millholland, President & CEO of COPL, commented:

“I am more than happy to purchase shares in the Company in the market when I can. In fact, I had planned to purchase more but came up against a blackout period today which extends to the filing of our annual results on March 30th. This share purchase shows my confidence in the Company’s recently announced deep discovery, and the performance of our miscible flood at our Barron Flats project in Wyoming.”

“Insiders have limited opportunities to purchase their company shares in the market due to the timing of regulatory blackout periods and unannounced market sensitive information. Fortunately for me a quiet period end of January allowed me to conduct these share purchases.”

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.

The Company’s Wyoming operations are one of the most environmentally responsible with minimal gas flaring and methane emissions combined with electricity sourced from a neighbouring wind farm to power production facilities.

For further information, please contact:

Mr. Arthur Millholland, President & CEO

Mr. Ryan Gaffney, CFO

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

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