SOURCE: Canadian Overseas Petroleum Ltd

February 18, 2016 03:13 ET

Canadian Overseas Petroleum Ltd: Directors Dealing

CALGARY, AB--(Marketwired - Feb 18, 2016) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

TSX-V: XOP; LSE: COPL

Canadian Overseas Petroleum Limited

Directors Dealing

Calgary, Canada, February 18, 2016 - Canadian Overseas Petroleum Limited (TSX-V: XOP; LSE: COPL), received notice on 17 February 2016 that Arthur Millholland, President and CEO, purchased 1,100,000 common shares at $0.04 per share on the 17th February 2016. Following this transaction Mr. Millholland's beneficial holding in the Company amounts to 12,961,657 common shares representing approximately 2.7% of the issued share capital of the Company.

About COPL

COPL is an international oil and gas exploration and development company focused in the offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest. COPL is actively pursuing opportunities in Nigeria in partnership with Shoreline Energy as part of its strategy to generate stable cash flow from secure offshore assets. The Company and Shoreline through their jointly held affiliated company, Shoreline Canadian Overseas Petroleum Development Corporation ("Shorecan") are currently seeking Government of Nigeria approval for the acquisition of 80% of a Nigerian corporation holding an attractive oil appraisal and development project in mid water offshore Nigeria.

ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. To date, ShoreCan has taken a position in Nigeria, Namibia and an option to take a position in Tanzania. It continues to evaluate a variety of assets in Nigeria, Equatorial Guinea.

COPL's Common Shares are listed under the symbol "XOP" on the TSXV and under the symbol "COPL" on the London Stock Exchange.

For further information on Canadian Overseas Petroleum, please link here: http://canoverseas.com/

For further information about Shoreline Energy, please link here:
 http://www.shoreline-group.com/

For Further Information Please Contact:

Arthur Millholland, President and CEO
Phone: + 1 403 262 5441
Investor and Public Relations

Bell Pottinger   CHF Investor Relations
Henry Lerwill   Cathy Hume
+44 (0) 203 772 2570   +1 (416) 868 1079 ext. 231
North America Toll Free: +1 866 834 8330   Toll Free: +1 877 838 1079

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information