Canadian Overseas Petroleum Shares for Debt Agreement

Canadian Overseas Petroleum Limited ("COPL" or "the Company") (TSX VENTURE:XOP)
announces that it has entered into a shares for debt agreement (the "Agreement")
with a service provider/creditor (the "Creditor").


Pursuant to the Agreement, and subject to TSX Venture Exchange approval, the
Company will issue to the Creditor an aggregate of 7,389,781 common shares in
the capital of the Company ("Shares") at a deemed price of $0.245 per Share. The
total amount to be settled by the Agreement is $1,810,496.44 at the date of the
Agreement. The Company decided to satisfy this outstanding indebtedness with
Shares to preserve its cash for operations. 


Shares issued to the Creditor will be 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. 


Forward Looking Statements 

This press release may contain forward-looking statements based on COPL's
current expectations and assumptions as to a number of factors including
regulatory approval. If those expectations and assumptions prove to be
incorrect, or factors change, then actual results could differ materially from
the forward-looking statements contained in this press release.


Generally, statements included in this press release that address activities,
events or developments that COPL expects, believes or anticipates will or may
occur in the future are forward-looking statements. Such forward-looking
statements involve substantial known and unknown risks and uncertainties,
certain of which are beyond COPL's control, including changes in laws and
regulations including changes in how they are interpreted and enforced, and
obtaining required approvals of regulatory authorities. In addition there are
risks and uncertainties associated with the oil and gas industry, therefore
COPL's actual results, performance or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements will
transpire or occur, or if any of them do so, what benefits, COPL will derive
therefrom. Such statements are based on assumptions made by COPL based on its
experience perception of historical trends, current conditions, expected future
developments and other factors it believes are appropriate in the circumstances.


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