COPL Requests Management Cease for Finalization of Annual Financial Statements

Source: 3/17/2021, Location: North America

Canadian Overseas Petroleum Limited ("COPL"), an international oil and gas exploration and development company, announces that is has requested a temporary Management Cease Trade Order (“MCTO”) from the Alberta Securities Commission (“ASC”) in connection with the Company’s filing of its audited annual financial statements and the applicable CEO and CFO certifications in respect of such filings for the financial year ended December 31, 2020 (collectively the “Annual Filings”).

The Company recently completed its acquisition of Atomic Oil and Gas LLC (“Atomic”) and Southwestern Production Corp. (“SWP”), two closely held oil and gas companies with producing oil and gas assets in Wyoming, United States (the “Acquisition”). The Acquisition closed on March 16, 2021 with an effective date of December 1, 2020. As Atomic and SWP were private companies, the Company must undertake significant work to incorporate Atomic and SWP’s financial information into its own and, in many respects, supplement the financial disclosure for these companies to ensure the Company’s annual financial statements are accurate. The Company is requesting the MCTO in order to secure additional time for the Company’s auditors to complete the audit of the financial statements for the year ended December 31, 2020.

Accordingly, the Company has applied to the ASC for the MCTO that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the ASC on this application. The ASC may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion.

The Company notes that:
- The Company is required to file its December 31, 2020 Annual Filings by March 31, 2021 (the “Filing Deadline”), as required pursuant to National Instrument 51-102 – Continuous Disclosure Obligations. At this time the Company is uncertain as to whether it will be able to complete its Annual Filings on or before the Filing Deadline.
- The Company and its auditors are working diligently to prepare and file the Annual Filings, on or before April 30, 2021.
- The Company confirms that, other than as disclosed in prior press releases, there is no material information concerning the affairs of the Company that has not been generally disclosed since the filing on September 30, 2020 of the Company's latest interim financial reports for the three and nine months ended September 30, 2020 and 2019.
- Until the Company has filed the Annual Filings, members of the Company's management and other insiders are subject to an insider trading black-out.

During the period of default and until filing of the Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 Management Cease Trade Orders. About Atomic

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