Calgary - Canadian Overseas Petroleum Limited ('COPL' or the 'Company') (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on offshore Africa, is pleased to announce that its 50% owned joint venture company, Shoreline CanOverseas Petroleum Development Corporation Limited ('ShoreCan'), has executed definitive agreements with Essar Exploration & Production Limited to resolve their disputes as outlined in the agreement in principal announced by the Company on June 4th 2020.

ShoreCan and Essar Mauritius have entered into a Sale and Purchase Agreement, and other agreements, with each other concerning, among other things, their respective obligations under the Essar Exploration and Production Limited (Nigeria) ('Essar Nigeria') Shareholders Agreement (the 'Shareholders Agreement').

Arthur Millholland, President and CEO, commented: 'The execution of these definitive agreements is the first step in the transformation of the Company. This is a tremendous asset and our interest in it is appropriate for this time in the business cycle. Going forward there are opportunities available to COPL at low entry costs as a result of the drop in oil prices due the COVID-19 pandemic. We are evaluating these with the view of adding opportunities which offer near term production and cash flow with good economics during this period of low oil prices.'

The Common Shares are listed under the symbol 'XOP' on the CSE and under the symbol 'COPL' on the London Stock Exchange.

Contact:

Mr. Arthur Millholland

Tel: + 1 (403) 262 5441

Email: copl@yellowjerseypr.com

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 conclude definitive legal documentation in relation to the dispute referred to above, 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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