COPL Announces Approval of Application of Management Cease Trade Order

Source: www.gulfoilandgas.com 8/18/2021, Location: North America

Canadian Overseas Petroleum Limited ("COPL"), is pleased to announce that further to its press release dated August 2, 2021, its application to its principal regulator, the Alberta Securities Commission (the "ASC"), for a management cease trade order (the "MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") was granted on August 17, 2021. As previously announced, the application for the MCTO was made by the Company in order to secure additional time for the Company to prepare its unaudited interim financial statements and the applicable CEO and CFO certifications in respect of such filings for the period ended June 30, 2021 (collectively the "Interim Filings"). Under the terms of the MCTO, the Company's Interim Filings, business acquisition report in respect of its acquisition of Atomic Oil and Gas LLC and Southwestern Production Corp. on March 17, 2021 and any other periodic disclosure required to be filed pursuant to section 146 of the Securities Act (Alberta) while the MCTO is in effect (the "Other Disclosure") must be filed on or before August 31, 2021.

The MCTO restricts all trading in securities of the Company by the Chief Executive Officer and the Chief Financial Officer of the Company until two full business days following the date the Company files the Interim Filings and Other Disclosure. The MCTO does not affect the ability of shareholders to trade their securities. However, the applicable Canadian securities regulatory authorities could determine, in their discretion, that it would be appropriate to issue a general cease trade order against the Company affecting all of the securities of the Company. As previously announced, until filing of the Interim Filings and Other Disclosure, the Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12- 203 and will file on SEDAR every two weeks a default status report containing the information described in section 10 of NP 12-203.

Bi-weekly Status Report
The Company confirms that since the date of its submission for the MCTO on August 2, 2021 (the "MCTO Notice"): (i) there has been no material change to the information set out in the MCTO Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company confirms that its directors, officers and insiders cannot trade the Company's securities until the Interim Filings have been made. The Company is working diligently to complete the Interim Filings. The MCTO stipulated that the Interim Filings were to be filed by no later thanAugust 31, 2021 and the Company will be in a position to file the Interim Filings on or before that date. Until filing of the Interim Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by NP 12-203.


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