Canadian Overseas Petroleum Issuance Pursuant to Shares for Debt Agreement

Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX VENTURE:XOP)
announces that it has issued an aggregate of 7,389,781 common shares in the
capital of the Company ("Shares") at a deemed price of $0.245 per Share pursuant
to the previously announced shares for debt agreement (the "Agreement") with a
service provider/creditor (the "Creditor").


The total amount of indebtedness settled by the Agreement is $1,810,496.44. The
Company decided to satisfy this outstanding indebtedness with Shares to preserve
its cash for operations. 


Shares issued to the Creditor are subject to a four-month hold period from the
settlement date.


About the Company 

COPL is an international oil and gas exploration and development company focused
on oil and gas exploration activities offshore of the Republic of Liberia. In
2013, the Company acquired an interest in a production sharing contract from the
government of the Republic of Liberia that includes a world class exploration
project in the West Africa Transform margin and provides the partners the
exclusive right to explore for and develop the resources within. COPL also has
acquired exploration acreage with shale oil potential on the north island of New
Zealand. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Overseas Petroleum Limited
Mr. Arthur Millholland
President and CEO
403.262.5441


Canadian Overseas Petroleum Limited
Rob Elgie
Manager of Investor Relations
403.262.5441