Canadian Overseas Petroleum Limited is providing this bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders. On May 12, 2021, the Company disseminated a news release disclosing that it had voluntarily applied to the Alberta Securities Commission for a management cease trade order as it was not able to complete and file its unaudited interim financial statements and the applicable CEO and CFO certifications in respect of such filings for the period ended March 31, 2021 by the filing deadline of May 17, 2021. On May 27, 2021 the Company announced that the ASC granted the MCTO on May 18, 2021 provided that the Company issue a bi-weekly default status report every two weeks, in accordance with NP 12-203, during the period of the MCTO. The Company provided its first bi-weekly status report in its May 27, 2021 news release and a second bi-weekly status report on June 10, 2021. Due to further delays in connection with preparing the Interim Filings, the Company applied to the ASC on June 24, 2021 for an extension of the MCTO from June 30, 2021 to July 14, 2021. The Extension Request was granted by the ASC and announced previously by the Company on June 30, 2021. As a result of further delays in connection with preparing the Interim Filings, the Company applied for a second extension of the MCTO from July 14, 2021 to July 26, 2021. As of the date of this press release, the ASC has not yet granted the Second Extension Request. The Company confirms that since the date of the Third Bi-Weekly Status Report and subject to the Second Extension Request: there has been no material change to the information set out in the MCTO Notice that has not been generally disclosed; there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; there has not been any other specified default by the Company under NP 12-203.