Canadian Overseas Petroleum Ltd - Director/PDMR Shareholding

CALGARY, AB--(Marketwired - Dec 23, 2015) - Canadian Overseas Petroleum Limited (TSX VENTURE: XOP) (LSE: COPL)

Annex DTR3

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

Please complete all relevant boxes should in block capital letters

1.	Name of the issuer CANADIAN OVERSEAS PETROLEUM LIMITED		2.	State whether the notification relates to (i) a transaction notified in accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006). (i)
3.	Name of person discharging managerial responsibilities/director MR ARTHUR MILLHOLLAND		4.	State whether notification relates to a person connected with a person discharging managerial responsibilities/ director named in 3 and identify the connected person N/A
5.	Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest1 HOLDING IN RESPECT OF 3. ABOVE		6.	Description of shares (including class), debentures or derivatives or financial instruments relating to shares COMMON SHARES
7.	Name of registered shareholders(s) and, if more than one, the number of shares held by each of them MR ARTHUR MILLHOLLAND		8.	State the nature of the transaction PURCHASE OF SHARES
9.	Number of shares, debentures or financial instruments relating to shares acquired 5,000,000		10.	Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) 1.037%
11.	Number of shares, debentures or financial instruments relating to shares disposed -		12.	Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage) -
13.	Price per share or value of transaction C$0.0318 PER SHARE		14.	Date and place of transaction   21 DECEMBER 2015 AND 22 DECEMBER 2015  , CALGARY, CANADA
15.	Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 10,739,657 REPRESENTING 2.3%		16.	Date issuer informed of transaction   22 DECEMBER 2015

If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

17.	Date of grant -		18.	Period during which or date on which exercisable -
19.	Total amount paid (if any) for grant of the option -		20.	Description of shares or debentures involved (class and number) -
21.	Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise -		22.	Total number of shares or debentures over which options held following notification -
23.	Any additional information -		24.	Name of contact and telephone number for queries HENRY LERWILL, +44 (0) 203 772 2570

Name of authorised official of issuer responsible for making notification Arthur Millholland, President and CEO Date of notification       22 DECEMBER 2015

This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1). (1)

(1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24.

(2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8, 13, 14, 16, 23 and 24.

(3) An issuer making a notification in respect of options granted to a director/person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24.

(4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24.