Liberian Ratifies Amended PSC for LB-13 Block

Source: www.gulfoilandgas.com 3/27/2013, Location: Africa

Canadian Overseas Petroleum Limited, is pleased to announce that the Liberian Legislature, consisting of the Senate and the House of Representatives, has voted in favour of ratifying the Restated and Amended Production Sharing Contract for offshore Block LB-13. Closing and completion of the previously announced transactions between the Company’s wholly owned subsidiary Canadian Overseas Petroleum Bermuda Limited (COPLB)first with Peppercoast Petroleum plc, and second with ExxonMobil Exploration and Production Liberia Limited (ExxonMobil) is expected to occur in the next few weeks subject to the satisfaction of certain closing and completion conditions. Once the transactions have closed, COPL will have a 20% working interest in Block LB-13, with ExxonMobil the operator, having an 80% working interest.

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