Canadian Overseas Petrol... Share Discussion Threads

[greatfull dead] 14/5/2021 12:38

phurley,

I believe COPL checked Atomic financials. I am assuming these were not audited financials done by accountants that do them for public listed companies and they would not meet those that a public listed company would do. Atomic were a private company when purchased by COPL, hence the delay. You can be sure they are being worked on. Timeframe for their completion I have no idea.

ATB,
GD

[abeygale] 14/5/2021 11:42

Shareholders choose to stay holding knowing these will end up suspended. If they did not have a choice then it be a bad sign.

[phurley] 14/5/2021 11:03

Ed - I am not sure how you can defend the ineptitude. How the hell did they purchase Atomic without audited financials???

[phurley] 14/5/2021 09:43

Shocking from Arthur and CoAre they scamming us again???

[nasarsaddique] 13/5/2021 17:03

Canadian Overseas Petroleum Limited Requests Management Cease Trade Order to Allow for Additional Time to Prepare Interim Financial Statements for the Period Ending March 31, 2021Wednesday, May 12, 2021 7:35 PMShare this article now Topic: Company UpdateCALGARY, AB / ACCESSWIRE / May 12, 2021 / Canadian Overseas Petroleum Limited (the "Company") (CSE:XOP)(LSE:COPL), an international oil and gas exploration and development company, today announces that is has requested a temporary Management Cease Trade Order ("MCTO") from the Alberta Securities Commission ("ASC") in connection with the Company's filing of its unaudited interim financial statements and the applicable CEO and CFO certifications in respect of such filings for the period ended March 31, 2021 (collectively the "Interim Filings").The Company recently completed its acquisition of Atomic Oil and Gas LLC ("Atomic") and Southwestern Production Corp. ("SWP"), two closely held oil and gas companies with producing oil and gas assets in Wyoming, United States (the "Acquisition"). The Acquisition closed on March 16, 2021 with an effective date of December 1, 2020. The Company has not yet received the audited financial statements of Atomic and SWP for the year ended December 31, 2020, which are required to complete the Interim Filings because of the effective date of the Acquisition. Therefore, the Company will now be further delayed in respect of preparing the Interim Filings. The Company is requesting the MCTO in order to secure additional time for the Company to prepare the interim financial statements for the period ended March 31, 2021.Accordingly, the Company has applied to the ASC for the MCTO that will prohibit the management of the Company from trading in the securities of the Company until such time as the Interim Filings are filed. No decision has yet been made by the ASC on this application. The ASC may grant the application and issue the MCTO or it may impose an issuer cease trade order if the Interim Filings are not filed in a timely fashion.The Company notes that:The Company is required to file its Interim Filings by May 15, 2021 (the "Filing Deadline"), as required pursuant to National Instrument 51-102 - Continuous Disclosure Obligations. At this time the Company is uncertain as to whether it will be able to complete its Interim Filings on or before the Filing Deadline.The Company and its auditors are working diligently to prepare and file the Interim Filings, on or before June 30, 2021.The Company confirms that, other than as disclosed in prior press releases, there is no material information concerning the affairs of the Company that has not been generally disclosed since the filing on April 28, 2021 of the Company's latest annual financial reports for the years ended December 31, 2020 and 2019.Until the Company has filed the Interim Filings, members of the Company's management and other insiders are subject to an insider trading black-out.During the period of default and until filing of the Interim Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 Management Cease Trade Orders.

[blueblood] 11/5/2021 10:43

This is AM and he doesn't generally understand timescales lol! What he does understand us how to ramp up production from wells and everyday that goes by should see our wealth increasing. Expecting prospectus in next couple of weeks and relist in mid June.

[thehitman1] 11/5/2021 10:15

Still now news?.

[edgein] 04/5/2021 10:00

Sport,

Yeah that's a good bit from the financials as it shows the near term upside from low cost activities, i.e. continued gas flood from BFU but also well recompletions on the CCU.

MD&A.

Page 7:

OUTLOOK *The Company’s strategy is to increase production at its USA assets in Wyoming, initially through increased gas injection at Barron Flats Shannon, followed by further drilling and development at the Barron Flats Unit and Cole Creek Unit,and to grow its international oil and gas business in Sub-Saharan Africa and elsewhere in the world by farming into, and/or acquiring interests in, exploration, unappraised and/or undeveloped assets as well as in producing assets using the expertise and experience of its senior management team.

The Company’s short-term operations will focus on:
•continuing production in the Barron Flats Unit and the Cole Creek Unit;
•increasing gas injection at the Barron Flats Unit;
•re-completing up to 17 existing cased wells in the Cole Creek pool to increase oil production;
•drill two to four new wells in the Cole Creek pool;
•drilling of horizontal proven unproducing development (PUD) locations in both the Dakota sand and Frontier 2 sand that was mapped at Cole Creek;
•progressing the OPL 226 project in Nigeria; and
•evaluating new opportunities available in Africa and in other jurisdictions.

(interesting that they have PUD reserves in the Dakota and Frontier as these are clearly not expo targets. Also worth noting that a well drilled just to the north of COPLs licence flowed circa 1300bopd from a Frontier horizontal.)

But there's more of particular interest:

Page 10:

Pre-license Costs

The Company recognized $39,000as pre-license costs for the year ended December 31, 2020 that related to an anticipated new project. No pre-license costs were incurred in 2019. The $0.5 million of pre-license costs in 2018 related to an anticipated project in Ontario, Canada.

Come on Art spill the beans! Are they still hunting projects in Canada like they were back in 2018? Were those pre-licence costs in Q4 2020 for a Nigerian marginal? :) All in due course, he likes to keep his cards close to his chest like announcing Atomic at the very last minute.

Regards,
Ed.

[sportbilly1976] 04/5/2021 09:28

From the Annual Report uploaded on Sedar.com (dated 30th April), page 23:

"The Barron Flats Shannon reservoir was discovered by Chesapeake Energy. Original drive was limited to solution gas expansion. Primary production was increased to about 1,300 BOPD to create voidage for miscible injection. The additional producing wells to achieve this were drilled by Atomic Oil and Gas LLC. Construction of the gas plant/injection facility commenced in late 2018. The plant was commissioned in October 2019. Gas injection commenced in November 2019 through a single injection
well. Currently there are 8 injection wells, the last of which was placed online in December 2020. The original plan was to inject gas (60% methane, 40% propane and butane) at 3.5 MMCF/D stepping up to 5 MMCF/D. This was based on the original (pre-injection) simulation.

The forecast increase in oil production was from 4,000 to 5,000 BOPD. However, field observations of the response to the miscible flood were exceeding those predicted from the initial simulation. This first became apparent when COPL commissioned Ryder Scott for a reserves report, dated October 1, 2020"


Page 35:

The total assets acquired following completion of the Atomic Acquisition include 24.7 million barrels of oil or equivalent of 2P reserves in the Powder River Basin in the State of Wyoming. This includes a 58% operated working interest in the Barron Flats Shannon Unit and a 67% operated working interest in the
Cole Creek Unit. In December 2019, natural gas and propane miscible flooding commenced on the Barron Flats Shannon Unit. Additionally, between 2017 and September 2020, production increased from 200 bbls/d to 1,400 bbls/d with a forecasted 2P production rate plateau of 5,000 bbls/d in 2022.
With respect to the Cole Creek Unit, a program to re-complete up to 17 suspended, cased wells is being initiated in June 2021. Additionally, miscible flooding is expected to commence upon production plateauing at the Barron Flats Shannon Unit. Forecasted production from this field is 3,500 bbls/d under the 2P reserve case in 2026.
These producing oil assets are at the beginning of their 40+ year life with increasing production to a future production plateau. For the combined fields of Cole Creek and Barron Flats, the current production rate of 1,324 bbls/d (gross) is expected to rise to 5,000 bbls/d (gross) in 2023 and about 7,000 bbls/d

- 36 -

(gross) in 2026 (2P reserve case, Ryder Scott Report). The produced crude oil is light (40°API) and sweet.

[dandadandan] 03/5/2021 11:05

Shannon Flood Unit began at start of April.
Combined Cole Creek and Shannon could now reach 10,000 Bopd..

The Atomic deal was 'as good as it gets'.

Oil price heading upwards and onwards.

Just now waiting for an operating update and COPL to relist.

DDDD.

[ride daice] 30/4/2021 16:22

I must admit that when I look at the company website together with Sedar I feel that I've been transported back to the internet of the 1990's.

At one point I nearly got the US Robotics 56K modem out to do a search on Alta Vista.

[sportbilly1976] 30/4/2021 15:55

Page 4

Risk Management Contracts

Effective March 15, 2021, in anticipation of the Closing of the Atomic Group acquisition and satisfying conditions attached to the Senior Credit Facility, the Company entered into a master risk management agreement with a counter party. These risk management contracts are not entered into for trading nor speculative purposes. The following risk management contracts were entered into subsequent to December 31, 2020:


Product SWAP contract
Total notional
quantity
(Gallon (GAL);
Barrel (BBL)) Term
Contract
price per
GAL or
BBP/Monthly
Gas
Fixed price - Normal Butane
(NC4) 7,766,022 GAL
April 1, 2021 to December 31,
2021 $0.930
Gas
Fixed price - Normal Butane
(NC4) 11,110,302 GAL
January 1, 2022 to December 31,
2022 $0.768
Gas
Fixed price - Normal Butane
(NC4) 9,921,552 GAL
January 1, 2023 to February 29,
2024 $0.670
Oil Fixed price - WTI Futures 207,123 BBL
April 1, 2021 to December 31,
2021 $61.28
Oil Fixed price - WTI Futures 384,187 BBL
January 1, 2022 to December 31,
2022 $56.58
Oil Fixed price - WTI Futures 416,772 BBL
January 1, 2023 to February 29,
2024 $52.87

(1) WTI refers to West Texas Intermediate, a grade of light sweet crude oil used as benchmark pricing in the United States.
(2) Floating Price of the Gas contracts for each contract month is equal to the arithmetic average of the OPIS Mt. Belvieu Butane (non-LDH)
for each business day during the contract month. Floating Price of the Oil contracts
(3) Floating Price of the Oil contracts for each contract month is equal to the arithmetic average of the NYMEX Light Sweet Crude Oil
Futures first nearby contract settlement price for each business day that it is determined during the contract month.

[sportbilly1976] 30/4/2021 15:50

From the "MD&A - English" released yesterday

"OUTLOOK *

The Company’s strategy is to increase production at its US Assets in Wyoming, initially through increased gas injection at Barron Flats Shannon, followed by further drilling and development at the Barron Flats Unit and Cole Creek Unit, and to grow its international oil and gas business in Sub-Saharan Africa and elsewhere in the world by farming into, and/or acquiring interests in, exploration, unappraised and/or undeveloped assets as well as in producing assets using the expertise and experience of its senior management team.

The Company’s short-term operations will focus on:

• continuing production in the Barron Flats Unit and the Cole Creek Unit;
• increasing gas injection at the Barron Flats Unit;
• re-completing up to 17 existing cased wells in the Cole Creek pool to increase oil production;
• drill two to four new wells in the Cole Creek pool;
• drilling of horizontal proven unproducing development (PUD) locations in both the Dakota sand and
Frontier 2 sand that was mapped at Cole Creek;
• progressing the OPL 226 project in Nigeria; and
• evaluating new opportunities available in Africa and in other jurisdictions.


From pg 7

[edgein] 30/4/2021 15:27

New article on COPL, just basically a summary of the results and plans:



Although as far as I'm aware the production target is 7000bopd with the increased gas injection rate rather than 5,000bopd.

Really looking forward to the Q1 to read about the plans for the Atomic assets as hinted at in today's release.

Regards,
Ed.

[abeygale] 29/4/2021 22:19

Hopefully enough for COPL to come back at over a penny.

[saint in exile] 29/4/2021 22:05

Just convert any of the first four letters to a capital to make a link

[asm5] 29/4/2021 05:35

hxxps://essarenp.com/operations/nigeria

[blueblood] 28/4/2021 21:05

Link from other bb sitehttps://webfiles.thecse.com/Canadian_Overseas_F1_Form_AIF_2020_FINAL.pdf?DVGmdQaXfWyuboyxs8i29AjIpUddT6fr

[edgein] 26/4/2021 10:55

Sport,

Lets hope so, would be great to be free carried on 226 through the Essar agreement while operating and growing the US production base. I guess too we should be on for getting the Q1 results in around our estimated relist time.

Regards,
Ed.

[sportbilly1976] 22/4/2021 13:51

@NNPCgroup
, #SEEPCO, both partners in the Oil Mining Lease (OML) 143 have signed a Gas Development Agreement (GDA) at the #NNPCTowers today.

#DecadeOfGas


Things moving in Nigeria....fingers crossed we are near the front of the queue also

[edgein] 20/4/2021 08:37

Thanks to ASM for pointing this one out to me, just released yesterday:



Very active drilling plans from 2021-23.

Horizontals plus workovers targeting the Dakota and Frontier formations of CC field this year!

Multiple horizontals to the Dakota and Frontier formations in CCU next year and 37 wells into the BFU vertical targeting the shallow Shannon formation between 2022-23.

So definitely hitting the ground running in 2021, be interesting to see if the little NOP can keep pace with COPL the operator.

Add to this the negotiations over 226 and the possibility of a new west African EOR project and things get real interesting real fast.

Regards,
Ed.

[phurley] 19/4/2021 14:22

I think Nigeria is dead for COPL. Thats why there was so much desperation for the new assets. COPL is very difficult to value right now. Provided it does come back, and the gas treatment works, could easily add a penny to the share price