XOP Canadian Overseas Petroleum Limited (delisted)

NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.


Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX
VENTURE:XOP)(LSE:COPL) has filed with, and obtained a receipt for, a preliminary
short form prospectus from the securities regulatory authorities in all of the
provinces of Canada (excluding Quebec) (the "Qualifying Provinces"), in
connection with a marketed offering (the "Offering") of units of the Company
(the "Units"). Each Unit consists of one common share ("Common Share") in the
capital of the Company and one Common Share purchase warrant ("Warrant"). Each
Warrant entitles the holder thereof to purchase one Common Share at an exercise
price of $0.40 per Common Share at any time prior to 4:30 p.m. (Calgary time) on
or before the date that is 36 months following the closing date. The Common
Shares and the Warrants comprising the Units will separate immediately upon
closing. 


The Offering will be led by GMP Securities L.P. as lead agent on behalf of a
syndicate of agents including GMP Securities Europe LLP and finnCap Ltd.
(collectively the "Agents"). 


The Company will issue a minimum of 25,000,000 Units at a price of C$0.20 per
Unit for a minimum of C$5,000,000 in aggregate gross proceeds pursuant to the
Offering. The Company intends to use the net proceeds from the Offering to fund
the acquisition and processing of seismic data and for general corporate
purposes.


The Offering is subject to customary conditions and the receipt of required
regulatory approvals, including the approval of the TSX Venture Exchange (the
"TSXV"). The offering is scheduled to close on or about August 15, 2014, or such
other date as the Company and the Agents may agree. The Units will be offered in
all of the Qualifying Provinces and on a private placement basis in the United
States, the United Kingdom and Europe.


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities in the United States, nor shall there be any sale
of the Units in any jurisdiction in which such offer, solicitation or sale may
be unlawful. The Common Shares and Warrants have not been and will not be
registered under the 1933 Act or any U.S. state securities laws and may not be
offered or sold in the United States absent registration under the 1933 Act or
an applicable exemption from the registration requirements of the 1933 Act and
applicable U.S. state securities laws.


About the Company

COPL is an international oil and gas exploration and development company focused
in the offshore West Africa. The Company holds a 17% working interest in Block
LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working
interest. COPL is actively pursuing opportunities in Nigeria as part of its
strategy to generate stable cash flow from secure offshore assets. COPL's Common
Shares are listed under the symbol "XOP" on the TSXV and under the symbol "COPL"
on the London Stock Exchange.


Forward-Looking Statements

This press release may contain forward-looking statements based on COPL's
current expectations and assumptions as to a number of factors including
weather, regulatory approvals and general economic and industry conditions. If
those expectations and assumptions prove to be incorrect, or factors change,
then actual results could differ materially from the forward-looking statements
contained in this press release.


Generally, statements included in this press release that address activities,
events or developments that COPL expects, believes or anticipates will or may
occur in the future are forward-looking statements. Such forward-looking
statements involve substantial known and unknown risks and uncertainties,
certain of which are beyond COPL's control, including: the impact of general
economic conditions in the areas in which COPL operates, civil unrest, industry
conditions, changes in laws and regulations including the adoption of new
environmental laws and regulations and changes in how they are interpreted and
enforced, increased competition, the lack of availability of qualified personnel
or management, fluctuations in commodity prices, foreign exchange or interest
rates, stock market volatility and obtaining required approvals of regulatory
authorities. In addition there are risks and uncertainties associated with the
oil and gas industry, therefore COPL's actual results, performance or
achievement could differ materially from those expressed in, or implied by,
these forward-looking statements will transpire or occur, or if any of them do
so, what benefits, including the amounts of proceeds, which COPL will derive
therefrom. Such statements are based on assumptions made by COPL based on its
experience perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the circumstances.


The forward-looking information contained in this press release is made as of
the date hereof and COPL undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, unless required by applicable securities laws.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Overseas Petroleum Limited
Mr. Arthur Millholland
President and CEO
403.262.5441


Investor and Public Relations
Bell Pottinger
Mark Antelme or Henry Lerwill
North America Toll Free: +1 866 834 8330
+44 (0) 207 861 3800

Canadian Overseas Petroleum (TSXV:XOP)
Historical Stock Chart
From Mar 2024 to Apr 2024

Canadian Overseas Petroleum (TSXV:XOP)
Historical Stock Chart
From Apr 2023 to Apr 2024