Calgary, Canada & London, United Kingdom, February 18, 2021 - Canadian Overseas Petroleum Limited ( COPL or the Company ) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces that: · The Company has been notified that its previously announced US$65 million Senior Credit Facility ( Credit Facility or Facility ) was approved by the Investment Committee of the Lender, a US based Global Investment Firm (the Lender ) · This represents a significant positive step in the previously disclosed planned process of obtaining financing and completing the closing of its acquisition of Atomic Oil and Gas LLC ( Atomic ) and its related entities, as announced on December 16, 2020.
Canadian Overseas Petroleum Limited (LSE:COPL) | RNS | Canadian O Seas Petr - Senior Credit Facility for up to US$65 million
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Canadian Overseas Petroleum Ltd says Shoreline venture extends agreement with Essar
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IN BRIEF: Canadian Overseas Petroleum Acquires Atomic Oil & Gas
Wed, 16th Dec 2020 11:49
Canadian Overseas Petroleum Ltd - junior oil and gas company focused in Sub-Saharan Africa - Agrees to acquire Atomic Oil & Gas LLC, which operates in the Powder River Basin area in Wyoming, USA, for USD54 million. Expects the acquisition to complete by January 31, 2021. This includes a USD1 million deposit, an initial debt-financed payment of USD8 million, an assumed debt of USD26 million, total additional debt and cash of USD15 million and Canadian Overseas Petroleum shares to Aromic shareholders priced at USD4 million.
Canadian Overseas Petroleum says this will be a game-changing acquisition for the company, as it will acquire as part of the sale 31.1 million barrel of oil equivalent of proved and probable reserves and two operated oil fields in Wyoming, called Barron Flats Shannon Unit and Cole Creek Unit, at the start of their 40-year life. The opportunity to acquire Atomic arose only as