COPL Regulatory News (COPL)

1.

Name of the issuer

CANADIAN OVERSEAS PETROLEUM LIMITED

2.

State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance WITH LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

(i) A TRANSACTION NOTIFIED IN ACCORDANCE WITH DTR 3.1.2R

3.

Name of person discharging managerial

responsibilities/director

HARALD LUDWIG

4.

State whether notification relates to a person connected with a person discharging managerial responsibilities / director named in 3 and identify the connected person

TRANSFER OF SHARES FROM HARALD LUDWIG (IN TRUST FOR HIS SON) TO HARALD LUDWIG

5.

Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a nonbeneficial interest 1

PERSONS REFERRED TO IN 4 ABOVE

6.

Description of shares (including class), debentures or derivatives or financial instruments relating to shares

COMMON SHARES OF NO PAR VALUE EACH

7.

Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

HARALD LUDWIG (IN TRUST FOR ALEXANDER LUDWIG)

8.

State the nature of the transaction

TRANSFER OF SHARES FROM HARALD LUDWIG (IN TRUST FOR ALEXANDER LUDWIG) TO HARALD LUDWIG

9.

Number of shares, debentures or financial instruments relating to shares acquired

50,000

10.

Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

0.01%

11.

Number of shares, debentures or financial instruments relating to shares disposed

50,000

12.

Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

0.01%

13.

Price per share or value of transaction

VALUE OF TRANSACTION - C$ 4,750.00

14.

Date and place of transaction

20 MAY 2015, TORONTO STOCK EXCHANGE

15.

Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

16.

Date issuer informed of transaction

21 MAY 2015

17.

Date of grant

18.

Period during which or date on which exercisable

19.

Total amount paid (if any) for grant of the option

20.

Description of shares or debentures involved (class and number)

21.

Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

22.

Total number of shares or debentures over which options held following notification

23.

Any additional information

24.

Name of contact and telephone number for queries

Name of authorised official of issuer responsible for making notification

Arthur Millholland

President and Chief Executive Officer

Date of notification: 22 MAY 2015