TIDMCOPL
RNS Number : 3064K
Canadian Overseas Petroleum Ltd
01 September 2021
Canadian Overseas Petroleum
Reports Q2 2021 Results and Operations Update
London, United Kingdom; Calgary, Canada: September 1, 2021 -
Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP:
CSE) & (COPL: LSE), an international oil and gas exploration,
production and development company with production and development
operations focused in Converse County, Wyoming, USA, announces its
results as at and for the three months ending June 30, 2021 and an
operations update as of August 31, 2021.
Operating Highlights at August 31, 2021 from the August 17, 2021
Update
-- COPL's Wyoming assets continue to perform significantly ahead of expectation
o Current Oil Production at August 31(st) is 2,720 bbl./d
(gross), 1,604 bbl./d (net) a 24% increase from the operations
update on August 17(th) , and an increase of 123% from 1,220bbl/d
(gross), 706 bbl./d (net) at April 1(st)
o Successful recompletion of the 3(rd) marginal/shut-in oil well
of 12 at Cole Creek
o Oil discovery at the 100% working interest Barron Flats
Federal Unit (Deep) exploratory well expected to open new field
developments. Six (6) oil bearing sands totalling 246' (net porous
sand)/282' (gross sand) intersected. Production casing is currently
being set to total depth of 9,220'.
-- Strong outlook for COPL year end
o Oil production at the Barron Flats Shannon Unit will continue
to increase due to strong gas injection response
o Oil production at the Cole Creek Unit will continue to
increase through the recompletion of marginal and shut-in wells
o Barron Flats Federal (Deep) 100% oil discovery to be tested
through casing. The testing program will lead to initial production
and define a further exploration/appraisal and an exploitation
strategy for the targeted reservoirs
-- Reviewing other value enhancing asset acquisitions in Wyoming
Arthur Millholland, President & CEO, commented:
"Our Wyoming assets continue to perform well beyond our initial
expectations as I indicated in the August 17(th) operating update.
Crude oil production has increased 123% from April 1(st) , and
continues to increase weekly. In fact, crude oil production has
increased by 24% from our last update just two weeks ago. The
increase in crude oil production is due to the ongoing enhanced gas
injection program, commencing on April 1(st) . As such, oil
production will continue to increase as the surface well site
production facilities are enhanced to handle the increased oil
production rates and associated higher working pressures.
"We are excited about our 100% owned Barron Flats Federal (Deep)
oil discovery announced today. Our next task is to test all six of
the sand intervals through casing over the next several weeks. This
well is a testament to our team which identified substantial upside
below the Barron Flats Shannon Unit, further demonstrating the
value of the Atomic acquisition to COPL. The Company's enviable
block of leasehold as well as its production facilities will allow
for additional significant oil production growth. Associated gas
production from these reservoirs will be utilized in our miscible
operations thus continuing with the Company's net zero gas flaring
production operations."
"With the oil price and our assets performing well ahead of
expectation, the Company is in a very good position for the short,
medium and long term. We continue to review other value enhancing
potential acquisitions in Wyoming as we look to build a material
exploration and production company."
Financial Highlights: Q2 2021 to June 30, 2021
The Wyoming assets contributed oil sales revenue of $3.9 million
to June 30 since closing the Atomic Acquisition on March 16(th) .
COPL's realized Operating Netback during the second quarter was
$30.62/bbl. on average production of 796 bbl./d (net) for the
period. Revenue consists of petroleum sales of $0.5 million and
$3.4 million for the first and second quarters of 2021,
respectively offset by $0.2 million of realized loss on crude
commodity derivative contracts incurred in second quarter of 2021.
US related operating costs, production taxes, depletion,
depreciation and amortization, and general and administrative
expenses total $0.4 million and $2.8 million incurred in the first
and second quarter of 2021, respectively.
The Q2 2021 results and associated annual regulatory filing
documents, including the Financial Statements, Management's
Discussion and Analysis, for the quarter ending June 30, 2021, can
be viewed under the Company's name at www.sedar.com or at the
Company's website at www.canoverseas.com .
About the Company:
COPL is an international oil and gas exploration, development
and production company actively pursuing opportunities in the
United States with operations in Converse County Wyoming, and in
sub-Saharan Africa through its ShoreCan joint venture company in
Nigeria, and independently in other countries.
For further information, please contact:
Mr. Arthur Millholland, President & CEO
Mr. Ryan Gaffney, CFO
Canadian Overseas Petroleum Limited
Tel: + 1 (403) 262 5441
Cathy Hume
CHF Investor Relations
Tel: +1 (416) 868 1079 ext. 251
Email: cathy@chfir.com
Charles Goodwin
Yellow Jersey PR Limited
Tel: +44 (0) 7747788221
Email: copl@yellowjerseypr.com
Peter Krens
Equity Capital Markets, Tennyson Securities
Tel: +44 (0) 20 7186 9033
Email: peter.krens@tennysonsecurities.co.uk
The Common Shares are listed under the symbol "XOP" on the CSE
and under the symbol "COPL" on the London Stock Exchange.
This news release contains forward-looking statements. The use
of any of the words "initial, "scheduled", "can", "will", "prior
to", "estimate", "anticipate", "believe", "should", "forecast",
"future", "continue", "may", "expect", and similar expressions are
intended to identify forward-looking statements. The
forward-looking statements contained herein are based on certain
key expectations and assumptions made by the Company, including,
but not limited to, the ability to raise the necessary funding for
operations, delays or changes in plans with respect to exploration
or development projects or capital expenditures. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements since the
Company can give no assurance that they will prove to be correct
since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties most of which are beyond the control of Canadian
Overseas Petroleum Ltd. For example, the uncertainty of reserve
estimates, the uncertainty of estimates and projections relating to
production, cost overruns, health and safety issues, political and
environmental risks, commodity price and exchange rate
fluctuations, changes in legislation affecting the oil and gas
industry could cause actual results to vary materially from those
expressed or implied by the forward-looking information.
Forward-looking statements contained in this news release are made
as of the date hereof and Canadian Overseas Petroleum undertakes no
obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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