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Third Quarter 2022 Financial Results & Update

London, United Kingdom; Calgary, Canada: November 15, 2022 - Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration, production and development company, with production and development operations focused in Converse and Natrona Counties, Wyoming, USA, is pleased to announce its financial results for the three month period ending September 30, 2022 and update its financing and operations objectives:



Financial Highlights for Q3-2022:



· On July 26, 2022, the Company's affiliate, COPL America Inc. closed the acquisition of the assets of Cuda Energy LLC ("Cuda") with the court-appointed receiver for Cuda for cash consideration of $19.1 million plus the assumption of Cuda's operating arrears owed to the Company of $1.6 million and acquisition costs of $0.1 million for a total cost of $20.9 million.

· The Cuda asset acquisition was financed with $19.7 million of proceeds from the issuance of convertible bonds which are initially unsecured and structured to accommodate COPL's current Senior Credit Facility and the implementation of new senior debt.

· Net average crude oil sales before royalties averaged 1,107 bbls/d as compared to 961 bbls/d in the second quarter of 2022. The increase in oil production in the third quarter is due closing the acquisition of assets from Cuda Energy partially offset by operational interruptions at certain high impact wells. The interruptions were as a consequence of the miscible flood program, which involves the injection of high-pressure solvent which both raises the reservoir pressure and mobilizes the oil in place. The arrival of the high-pressure miscible bank at producing wells generated higher pressure conditions at the wellhead. This circumstance led to the requirement to shut in the wells for a period of time and modify the well configuration by removing the low- pressure pumping equipment and replacing it with a high-pressure flowing configuration.

· Petroleum sales, net of royalties were $7.1 million as compared to $7.1 million in the second quarter of 2022. Petroleum sales remained consistent as a decrease in commodity prices offset the increase in oil production.

· In aggregate the Company incurred a net realized hedging loss of $2.3 million as compared to loss of $2.6 million in the second quarter of 2022. Specifically, it realized a loss of $3.4 million on crude oil hedge contracts as compared to a loss of $4.7 million in the second quarter of 2022, which was offset by a realized a gain of $1.1 million on butane hedge contracts as compared to a gain of $2.1 million in the second quarter of 2022. The butane hedges were put in place to protect the liquid purchases required for the miscible flood injection program.

· The operating netback was $38.26/bbl, before the net realized gain on crude oil and butane commodities contracts as compared

Aren't we still waiting for Q3 to be released? Isn't there a legal timeframe when they are to be released by? GLA .... Come on ART some news would be nice around now..... even just a progress update would be something.

Wonder if we will receive any news this week on anything? GLA

Nada...... Very disappointing on all fronts I have to say. GLA

Bolton, yeah been a long time coming my friend. Just a little longer to wait I hope and then we can all sit back and have that well deserved drink and move on to better things. As we both know JV's don't happen overnight and although CEOs on both sides have a clear avenue on what they want from each other..... its the legal and lawyers side that takes the time and until such time as both sign on the dotted line, we have to wait...... GLA

As my understanding is:
Shareholders usually have the same basic rights regardless of whether the company is private or public. Shareholders' rights depend on the rights or limitations attaching to their shares under the company's articles. Different shareholders can enjoy different rights, or be subject to different limitations, and this is usually effected by a company having different classes of shares. These rights are usually provided in the company's articles. There is no limit on the number of different classes of shares a company can have.
Shareholders' rights can include special rights, including:
Rights relating to the appointment of directors.
A right to be consulted or informed before the company takes a particular action.
Weighted voting rights.
Limitations can include having restricted voted rights on certain types of resolutions or not having a right to receive a dividend.
Subject to class rights, shareholders' rights can be limited, modified or waived. However, shareholders cannot be financially liable for more than the amount unpaid on their shares. Shareholders can agree with the company and/or between themselves that their rights are restricted. For example, a share may be non-voting (that is, the holder cannot vote at a meeting of the company) or may not entitle the holder to payment of a dividend. The company's articles may entrench certain rights so that, for example, a set percentage of the shareholders must vote in favour of varying a right. Entrenched provisions in a company's articles can be amended by agreement of all the company's shareholders.
If a company has more than one class of shares, the articles often contain a provision to the effect that the rights of that class cannot be varied by changing the rights of another class without the consent of the holders of the first class of shares.
Variations of rights are usually provided in the company's articles, although they can be included in a shareholders' agreement if the variation only applies between two or more shareholders.

First Monday of December, come on Art, give us some news to get our teeth into. GLA

Think we will be dot watching for a few more days yet lol..... GLA

Is it today, we get some news? Any news would be better than silence. GLA

Come on Art, give us some good news today, to get our teeth into. GLA.

Bolton, hope are well my friend? Yep ditto, I added a few more.. silly but WE will be smiling in time.... Just how much time...lol..... too many years waiting but I am hanging on in their to the bitter end or until I see 50p or more ...... GLA

Maybe tomorrow Bolton mate, or more likely Monday... who knows :)

HOLD..... don't give the MMs your shares, unless of course you need the cash. GLA

Simply excellent news. GLA

Bolton, lets hope so mate. We have waited this many years, another 6-12 months, I can wait (just lol)

Bolton, it certainly has been mate!! Yeah all good thanks, same to you. For sure our time will come, we have waited all this time LOL.

Throw us a Blinder. GLA.

15 mins and we will know Bolton :) GLA

Bolton, In the upper 20s. so cant complain........... waiting for the SP to boil like all of us.

Here's hopefully to a good week and moving forward and to see us LTH being kindly rewarded.