Canadian Overseas Petroleum Limited: Completion of Atomic Acquisition

Calgary - Canadian Overseas Petroleum Limited ('COPL' or the 'Company') (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and production company, is pleased to announce its strategic priorities and production growth plan for the enlarged business following the completion of the acquisition by COPL America Inc., an indirect, wholly owned subsidiary of the Company, of all of the membership interests in Atomic Oil and Gas LLC including its wholly owned subsidiary Pipeco LLC and the entire share capital of South Western Production Corp.

Atomic is a private oil and gas company incorporated under the laws of the State of Colorado. Atomic's assets are located in the Powder River Basin in Converse County, Wyoming, USA. Atomic's assets are principally comprised of three federal units: the Barron Flats (Shannon) Unit (58% WI), Barron Flats (Deep) Unit (55.56 % WI) and the Cole Creek Unit (66.7%). The Shannon Unit is a miscible flood unit and the Deep Unit is an exploratory unit. Atomic has two affiliates: Southwestern Production Corp, the operating entity and Pipeco, a midstream company holding the pipeline and facility assets.

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.

Contact:

Mr. Arthur Millholland

Tel: + 1 [phone]

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.

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