Canadian Overseas Petroleum Reports Third Quarter Results

CALGARY, Nov. 18, 2011 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) announces its third quarter results for the three and nine months ended September 30, 2011.

Company highlights for the quarter contained in the report include the following:

  • The oil discovery at the Esperanza exploration prospect subsequent to the end of the quarter.
  • The Asset Acquisition Agreement signed subsequent to the end of the quarter with ExxonMobil for a 70% equity interest in Block LB-13 offshore Liberia.
  • The receipt of an independent Gross Prospective Oil Resources report identifying a PMean 2.489  billion barrels for a number of targets combined in Block LB-13 offshore Liberia.
  • The oil discovery at the Fulla exploration prospect in the West of Shetlands region of the UK Atlantic Margin.
  • Cash and cash equivalents of $88.3 million as at September 30, 2011.

The Interim Financial Statements and Management's Discussion and Analysis for the third quarter can be viewed on the Company's website at or on SEDAR at under the COPL listing.

About the Company
COPL is an oil and gas exploration company focused in the UK North Sea and the offshore Liberian continental margin.  COPL's Common Shares are listed under the symbol "XOP" on the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Canadian Overseas Petroleum Limited

For further information:

Mr. Arthur Millholland, President and CEO

Phone: 403.262.5441


Rob Elgie, Manager of Investor Relations

Phone: 403.262.5441


Pelham Bell Pottinger Public Relations
James Henderson, Managing Director or Mark Antelme

Phone: +44 (0) 207 861 3160

Profil de l'entreprise

Canadian Overseas Petroleum Limited

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