· Two operated oil fields in Wyoming, USA at start of their 40+ year life
· ROI over 50% with $2.18/bbl acquisition cost vs a value of $7.52/bbl at NPV (10%)
Calgary, Canada; London, United Kingdom; December 16, 2020 - Canadian Overseas Petroleum Limited ( COPL or the Company ) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces that it has agreed to acquire Atomic Oil & Gas LLC ( Atomic ) for a consideration of US$54 million consisting of assumed debt, cash and shares. This strategic acquisition would represent a step change in the capacity and revenue generating opportunities open to the Company. COPL expects to complete the acquisition by January 31, 2021, with a long stop date in the agreement of 90 days from execution. The effective date of the transaction is December 1, 2020.