Canadian Overseas Petroleum : July 14, 2020 – Canadian Overseas Petroleum Limited Admission to Trading for Shares for Debt

Canadian Overseas Petroleum Limited

Admission to Trading for Shares for Debt

Calgary, Canada; London, United Kingdom: July 14, 2020 - 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, is pleased to announce that application has been made to the United Kingdom's Financial Conduct Authority (the "FCA") for 268,512,217 common shares of nil par value (the "New Shares") at 0.3 Pence per common share (the "Placing Price") to be admitted to the standard listing segment of the Official List maintained by the FCA, and to the London Stock Exchange plc (the "London Stock Exchange") for such New Shares to be admitted to trading on the London Stock Exchange's main market for listed securities ("New Shares Admission").

The New Shares were issued pursuant to (i) debt arrangements and (ii) a finder's fee (16,000,000 common shares) as outlined in the Company's Prospectus approved by the FCA on 26 June 2020. The Company has reserved a total of 411,326,189 common shares in the capital of the Company to be allocated for the settlement of debts to its unsecured creditors, accrued unpaid wages to its employees, and the secured Promissory Note due to its CEO at the Placing Price. It is expected that the New Shares Admission will become effective and that unconditional dealings in the New Shares will commence at 8:00 am (London time) on the 15th of July 2020. Following the New Shares Admission, the Company will have a total of 4,200,734,680 common shares of nil par value issued and outstanding.

The Prospectus approved by the FCA on 26 June 2020, can be viewed under the Company's name at www.sedar.comor on the Company's website at www.canoverseas.com.

About the Company:

The Company is actively pursuing opportunities in Nigeria and sub-Saharan Africa in partnership with Shoreline Energy International Limited ("Shoreline") as part of its strategy to generate stable cash flow from secure offshore and onshore assets. The Company and Shoreline, through their jointly held affiliated company Shoreline Canadian Overseas Petroleum Development Corporation ("ShoreCan"), currently hold 80% of the share capital and have taken over the management of Essar Exploration and Production Limited (Nigeria) ("Nigerian Affiliate" or the "Affiliate"). On June 4, 2020 the Company announced that the shareholders of the Nigerian Affiliate had reached an agreement in principle to resolve their disputes. Completion of the agreement is ongoing and when completed ShoreCan's shareholding in the Affiliate will change in accordance to the terms outlined in the Press Release. The Affiliate holds an attractive oil appraisal and development project in shallow to mid-water offshore Nigeria on its 100% holding in OPL 226. In other ventures, ShoreCan has been indicatively awarded an exploration license onshore Mozambique in the 5th Licensing Round adjacent to the producing Pande-Temane Gas and light oil field complex.

For further information, please contact:

Mr. Arthur Millholland, President & CEO

Canadian Overseas Petroleum Limited

Tel: + 1 [phone]

Cathy Hume

CHF Investor Relations

Tel: [phone] ext. 231

Email: [e-mail]

Charles Goodwin

Yellow Jersey PR Limited

Tel: [phone]

Email: [e-mail]

Damon Heath

Shard Capital Partners LLP

Tel: [phone]

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 continued 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.

Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.