Canadian Overseas Petroleum Set to Complete Atomic Oil and Gas Aacquisition

Source: www.gulfoilandgas.com 3/16/2021, Location: North America

Canadian Overseas Petroleum (COPL) has announced that, following previous announcements by the Company on December 16, 2020 and more recently on March 9, 2021 regarding the proposed acquisition of Atomic Oil and Gas, it has now agreed all final terms in relation to the Proposed Acquisition and it is anticipated that the Proposed Acquisition will complete after the market closes today (Tuesday).

As previously announced, the Proposed Transaction amounts to a reverse takeover under the Listing Rules. The Company is currently finalising various detailed financial due diligence on the Target and it has requested the Financial Conduct Authority ('FCA') to suspend its listing conditional upon the Proposed Transaction becoming wholly unconditional. Listing of the Company's common shares will remain suspended until such time as the Company either publishes a prospectus relating to the Proposed Transaction or submits a restoration request for approval by the FCA.

The Company will continue to update the market as and when appropriate.

About Atomic

Atomic is currently a closely-held private oil and gas company incorporated under the laws of the State of Colorado. COPL will acquire 100% of the shares of Atomic on closing of the acquisition. Atomicís assets are located in the Powder River Basin in Converse County,Wyoming, USA where it holds operated interests in 58,552 acres (gross) of contiguous leasehold. There are two oil production Units within the lease block: the Barron Flats Shannon Miscible Flood Unit (57.7% WI) and the Cole Creek Unit (66.7%), as well as one unitized exploration area -the Barron Flats Federal Unit (deep). Atomic has two affiliates: The Southwestern Production Corp, the operating entity; and Pipeco, a midstream company holding the pipeline and facility assets.


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