July 16, 2021: Canadian Overseas Petroleum Limited Announces Management Cease Trade Order has been extended to July 26, 2021

Canadian Overseas Petroleum Limited Announces

Management Cease Trade Order has been extended to July

1426, 2021

June 30July 16, 2021, Calgary, Alberta - Canadian Overseas Petroleum Limited (the "Company") (XOP: CSE) & (COPL: LSE), announces its application for an extension to the management cease trade order (the "MCTO") originally granted by the Alberta Securities Commission on May 18, 2021 has been accepted. The MCTO is in respect of the Company's unaudited interim financial statements and the applicable CEO and CFO certifications in respect of such filings for the period ended March 31, 2021.

The MCTO will now expire on July 1426, 2021. Under the terms of the MCTO and in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), the Company will continue to provide bi-weekly status reports while the MCTO is in effect.

About the Company

COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States through the acquisition of Atomic Oil and Gas LLC with operations in Converse County Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries.

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. 251

Email: [e-mail]

Charles Goodwin

Yellow Jersey PR Limited

Tel: [phone]

Email: [e-mail]

Forward-looking statements

This press release contains statements that constitute "forward-looking information" (collectively, "forward-lookingstatements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are

forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In making the forward-looking statements contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. The securities of the company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

MTDOCS 42038765

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