CALGARY, AB / ACCESSWIRE / Aug. 5, 2022 / Canadian Overseas Petroleum Limited and its affiliates (“COPL” or the “Company”) (CSE:XOP)(LSE:COPL), an international oil and gas exploration, production and development company with production and development operations in Converse and Natrona counties, Wyoming, USA, has received a resource report (the “Report”) prepared by independent energy consultancy Ryder Scott on April 29, 2018. July 01, 2022 and confirms its deep oil discovery (the “Discovery”) on the properties of its subsidiary COPL America Inc in Converse and Natrona counties, Wyoming.

The report was commissioned by COPL to supplement its internal assessment of the crude oil resources in its discovery, which was announced to the market in January 2022.

The report complies with Canadian regulatory requirements per National Instrument 51-101 – Disclosure Standards for Oil and Gas Activities (“NI 51-101”), which emphasize the conservatism of the assessment. The geological interpretations, deposit definitions and risk assessments are by Ryder Scott and as such are independent of the Company.

highlights

• Confirms total Wyoming deep discovery initially contains 993.5 million barrels of oil
• It is an independent review of the oil discovery announced in January 2022
• These are conservative estimates consistent with Canadian standards
• The report:
  • Supports the Company’s conclusion that the Frontier 2 and Dakota discoveries are large stratigraphic oil swarms encompassing the reserves of the Company’s 100% WI Cole Creek field;
  • Outlines 118 horizontal drill sites to exploit identified Frontier 2 and Dakota reserves and resources
• COPL plans to drill one Frontier 1 horizontal well and two Frontier 2 horizontal wells as part of its 2022-23 drilling campaign commencing in Q4 2022, with two of the horizontal wells completing the 14th well drilled in Q3 2021 Offset -30V detection hole.

Arthur Millholland, President and CEO commented: “This independent report…