CALGARY, AB--(Marketwired - May 25, 2017) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

XOP (LSE: COPL)

Canadian Overseas Petroleum Limited

Common Share Offering

Calgary, Canada, 25 May 2017- Canadian Overseas Petroleum Limited (the "Company") XOP (LSE: COPL), is pleased to announce a Common Share offering to raise gross proceeds of £3.25 million (the "Placing"), pursuant to which the Company will issue 650,000,000 new common shares ("Placing Shares") at a price of 0.5 pence per Placing Share. Management, including Arthur Millholland, President & CEO, representing approximately 3% of the existing share capital of the Company, and certain existing shareholders, plan to participate in the Placing for an amount approximately equal to their proportionate current holdings in the Company.

Full details of the Placing will be included in the Prospectus filed with the UK Listing Authority, which is expected to be published later today and be available on SEDAR and the Company's website, http://canoverseas.com (subject to certain access restrictions), shortly thereafter.

The Company intends to use the net proceeds of the Placing to fund the Company's on-going general and administrative expenses which principally covers a full technical team including geologists, a geophysicist, reservoir engineers, a drilling engineer and in-house Counsel, which are approximately US$385,000 per month, as the Company seeks to progress its projects in West Africa.

Mr. Arthur Millholland, President & CEO

Canadian Overseas Petroleum Limited

Tel: + 1 (403) 262 5441

Cathy Hume

CHF Investor Relations

Tel: +1 (416) 868 1079 ext. 231

Email: cathy@chfir.com

Harriet Jackson/Charles Goodwin

Yellow Jersey PR Limited

Tel: +44 (0) 75 4427 5882

Email: copl@yellowjerseypr.com

Broker: London Stock Exchange

Shore Capital Stockbrokers Limited

Edward Mansfield / Mark Percy

Phone: T: +44 20 7408 4090

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http://www.rns-pdf.londonstockexchange.com/rns/1771G_1-2017-5-25.pdf

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