Canadian Overseas Petroleum Ltd. London Listing, Prospectus Offering, Corporate and Operational Update

Canadian Overseas Petroleum Limited ("COPL" or "the Company") (TSX
VENTURE:XOP)(LSE:COPL), the offshore West Africa focussed oil and gas
exploration and development company, is pleased to provide a corporate and
operational update.


London Listing

COPL has today received approval from the UK Listing Authority for the
publication of a prospectus relating to its admission to the standard listing
segment of the Official List, and to trading on the main market for listed
securities of the London Stock Exchange. The Company issued 17,777,777 Common
shares at a price of GBP 0.135 for gross proceeds of GBP 2,400,000 


It is anticipated that admission to trading and first day of dealings on the
London Stock Exchange will occur on Friday 4th April 2014. The prospectus
relating to the London listing is available on COPL's SEDAR page and the UK
National Storage Mechanism.


Proceeds from this fundraising will be used for general working capital purposes. 

High Impact Drilling 

Liberia LB-13 

COPL and its partner, expect to commence their drilling campaign this year, as a
drilling rig and support services become available. COPL was presented and has
approved a budget for the comprehensive drilling campaign in 2014. As previously
announced, COPL's share of all joint venture costs and the gross drilling costs
up to US$120 million is carried by Exxon Mobil.


In addition, COPL understands, based on third party sources, that a major IOC
operator has commenced a multi-well drilling program in Liberia adjacent to
Block LB-13. The company understands the Seadrill "West Telus", has been
mobilised and is in country for this drilling campaign. 


Expansion of West Africa Portfolio

As part of COPL's stated strategy to expand its interests in West Africa in
order to generate stable cash flow from secure offshore assets, the Company has
been assessing opportunities in Nigeria. As part of this process, the Company
has evaluated assets and held talks with partners and government representatives
in country.


As a result of this process, COPL has entered into a non-binding option
agreement in principle relating to the potential acquisition of an interest in
OPL 2010 in the Niger Delta. 


OPL 2010 is located 50 km offshore Nigeria in between 100 and 400 feet of water
and covers an area of 329 sq. km. To date there have been four discoveries made
on the block, consisting of three oil discoveries and one gas. As part of the
agreement, COPL has access to historic seismic and well data on the block.


OPL 2010 is surrounded by accessible production facilities and offshore
infrastructure, with producing fields and discoveries not yet in production
surrounding the block. The block was created as the result of an IOC
relinquishment on commencement of production and is subject to indigenous
partner tax status. There is no requirement for Nigerian National Petroleum
Corporation participation.


In addition to this significant opportunity COPL continues to evaluate other
offshore assets in Nigeria and is in close discussions regarding future
commitments. Further updates will be proved as COPL concludes negotiations in
the near future.


Mr. Arthur Millholland, President and CEO of COPL commented, 

"We are extremely pleased to have been admitted, with a standard listing, to the
Main Market of the London Stock Exchange. In addition to the TSX-V, our new
listing in London will provide a series of new investors access to the COPL
story. We are very encouraged by the reception we have received from the
investment community in London.


"We are embarking upon high impact exploration on Block LB-13 in Liberia where
we will be targeting over 2 billion barrels of prospective resources. We are
very pleased to have ExxonMobil as a partner on the block. Their involvement
brings COPL not only financial and technical support, but is also a strong
endorsement of this acreage. 


"Our entry into Nigeria through the option agreement on OPL 2010 in Nigeria is
another significant step forward in the growth of COPL as we look to create a
balanced portfolio encompassing stable cash flow from secure offshore assets.


"With a proven technical team in place, and a number of funding options open to
us, we look forward to providing further updates on COPL's progress over the
coming months."


About the Company 

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 evaluating opportunities in Nigeria as part of its
strategy to generate stable cash flow from secure offshore assets. COPL also
holds 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
Arthur Millholland
President and CEO
[phone]


Canadian Overseas Petroleum Limited
Rob Elgie
Investor Relations
[phone]


Bell Pottinger, Public Relations
Mark Antelme or Henry Lerwill
[phone]


GMP Securities Europe
Financial Advisor and Joint Broker
[phone]


finnCap
Joint Broker
[phone]