Calgary, Canada & London, United Kingdom, January 8, 2021 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on sub-Sahara Africa, today announces that:
· The Company has paid US $8 million (the "Funds") to Atomic Oil & Gas LLC ("Atomic") as the second payment to Atomic pursuant to the Company's acquisition of Atomic as disclosed in the Company's announcement on December 16, 2020. The Funds will secure the purchase of 15% of Atomic's working interest in all of Atomic's leasehold interests. In the event of non-completion, COPL would retain this interest. · COPL has closed a follow-on non-brokered private placement to raise additional gross proceeds of £3,000,000 (the "Subsequent Fundraise") subsequent to the £6,000,000 placing announced by the Company on December 30, 2020 (the "Fundraise" together with the Subsequent Fundraise being the "Placing"). The Subsequent Fundraise of Units with institutional investors and high net worth private investors was completed on the same terms as the Fundraise outlined in the Company's announcement of December 30, 2020. The total gross proceeds of the non-brokered private placement of Units under the Placing is £9,000,000 (US$12,200,000).