Valuation of COPL's Assets

The Company's assets are very attractive and provide an opportunity for the acquirer to generate billions of dollars in revenue.

Canadian Overseas Petroleum
Significantly Increases Reserves and Values

RNS Number : 0179Z Canadian Overseas Petroleum Ltd 12 September 2022

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.

INDEPENDENT ANALYSIS

Ryder Scott Report

Canadian Overseas Petroleum Limited has received a Resource Report prepared by independent energy consultancy Ryder Scott dated July 29, 2022 confirming its deep oil discovery on its affiliate COPL America Inc's lands in Converse and Natrona counties, Wyoming.

Discovery

Confirms the Wyoming deep discovery has total Original Oil in Place of 993.5 million barrels.

These are conservative estimates complying with Canadian standards

Independent

Ryder Scott analysis provided independent verification of the oil Discovery announced in January 2022.

"This independent Report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset."