Unique Opportunity To Bid For COPL's Outstanding Oil & Gas Assets

993.5+ million

Barrels of Oil in Place

40+ years

Reserve Life (BFSU Only)

2700+ bopd

Peak Production

THE COMPANY

Canadian Overseas Petroleum Limited

Canadian Overseas Petroleum Limited (“COPL”) is a US‐focused oil producer operating, through its affiliate COPL America Inc (via their subsidiary, Southwestern Production Corp), three Wyoming Powder River Basin assets.

Asset 1

Barron Flats Shannon Unit (“BFSU”)

85% Working Interest

BFSU is a productive oil field. The oil in the BFSU is extracted using a mixed flood process where purchased gas (NGL) is injected under pressure into the reservoir, forcing the oil out. The field is currently producing a fraction of its designed capacity.

BFSU is COPLs producing asset. It features a brand-new gas gathering system (GGS) infrastructure that is yet to be run to its full potential due to management’s failure to get sufficient levels of NGL. The last time the BFSU ran at a high NGL level was in 2021/22 when production peaked approximately 2,700 barrels of oil per day. Unstimulated, BFSU is currently producing around 1,000 BOPD. According to COPL XXYYZZ the potential production at BFSU is X barrels per day. The field is estimated to have a 40 year life span and a present value of $492 million (see RNS).

Asset 2

Cole Creek Unit (“CCU”)

100% Working Interest

Former operator General Petroleum Corp. first identified light oil in the Frontier 1 at Cole Creek in 1943. Cole Creek has been a much-neglected field in COPL's portfolio.

The results from the successful Frontier 1 11-27 recompletion was a game changer for COPL as the defined oil-bearing reservoir covers a large area at CC with evidence it extends further down dip on the east flank of the anticline.

Asset 3

Barron Flats Federal (Deep) Unit (“BFFDU”)

85% Working Interest

In 2022, COPL announced a discovery of BFFDU and this was subsequently corroborated by Ryder Scott (see RNS) that it contained nearly a billion barrels of oil.

BFFDU is considered to be one of the largest onshore oil and gas discoveries in the US in recent decades. CC is probably the same size.

CARBON CAPTure OPPORTUNITY

Carbon Capture

Wyoming is one of the largest emerging hubs for CO2 pipeline infrastructure.

COPL's oil fields are approximately 20 miles from a major CO2 pipeline, which is wholly owned by Exxon Mobil.

Exxon Mobil own this pipeline by virtue of their takeover of Denbury in 2023 (see RNS below).

There's an opportunity to replace NGL with CO2 for EOR and utilise the new wells with carbon capture, valuable tax relief (Federal 45Q Tax Credit) is possible.

RNS: ExxonMobil completes acquisition of Denbury.

Arthur Millholland

Former CEO and President

"The updated reserves of the Company and the significant increase in COPL's 2P NPV 10% to $492 million illustrate the benefit of the timing of our acquisition of the Cuda assets in a high oil price environment. We purchased these assets for $19.15 million with the incremental reserves acquired at a cost of $2.20 per barrel. This is a remarkable metric to the comparative valuation of the 2P Reserves of $15.70 per barrel as at July 31, 2022. We will continue to release updates to the market as we work through our plan as presented earlier this year."

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