Canadian Overseas Petroleum Limited and its affiliates has received a Resource Report prepared by independent energy consultancy Ryder Scott dated July 29, 2022 confirming its deep oil discovery on its affiliate COPL America Inc.'s lands in Converse and Natrona counties, Wyoming. The Report was commissioned by COPL to supplement its internal assessment of crude oil resources in its Discovery disclosed to the market in January 2022. The Report is compliant to Canadian regulatory requirements pursuant to National Instrument 51-101 ­ Standards of Disclosure for Oil and Gas Activities which stress conservatism to the evaluation.

The geologic interpretations, reservoir determinations and risk assessments are Ryder Scott's, and as such independent of the Company.