March 18, 2021

On March 18, 2021, Canadian Overseas Petroleum Limited (“COPL”), an international oil and gas exploration and production company, announced its strategic acquisition, by COPL America Inc. (“COPL America”), a wholly owned subsidiary of COPL, of all of the interests in Atomic Oil and Gas LLC (“Atomic”) including the entire share capital of Southwestern Production Corp (“SWP”) and its wholly owned subsidiary Pipeco LLC in a corporate transaction. Atomic is a private oil and gas company incorporated under the laws of the State of Colorado. Atomic’s assets are located in the Powder River Basin in Converse County, Wyoming, USA. Atomic’s assets are comprised of three federal units: the Barron Flats (Shannon) Unit (58.04% WI), Barron Flats (Deep) Unit (55.56 % WI) and the Cole Creek Unit (66.7%). The operator of these three units is SWP. The Barron Flats (Shannon) Unit is a miscible flood unit and the Barron Flats (Deep) Unit is the site of a recent, deeper oil discovery that will be delineated over the next 2 years. COPL’s wholly owned subsidiary, Atomic, has two affiliates: Southwestern Production Corp, the operating entity; and Pipeco, a midstream company holding the pipeline and facility assets.

Southwestern Production Corp is an oil and gas exploration and production company located in Lakewood, Colorado. Our main area of operation is the Powder River Basin in Wyoming. Southwestern’s technical staff has over 100 years of cumulative industry experience across the United States and has become one of the industry leaders in miscible gas injection EOR projects in the Rockies. Southwestern’s mission is to develop our high-quality crude oil assets through continued innovation and best industry practices in an environmentally responsible manner.

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3200, 715 – 5th Avenue SW Calgary,
Alberta Canada T2P 2X6
Email: info@canoverseas.com
Phone: +1.403.262.5441

Stock price

Find out more on the Investor page

COPL Reserve Summary Tables

at December 31, 2021 and July 31, 2022

Investor Presentation

October 2022

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Firm

Alternative Resource Capital Hannam & Partners
Tennyson Securities

Location

London, UK
London, UK
London, UK

Barron Flats Unit

  • Current production c.1,450 bbl/d (gross) with a forecast rise to 5,000 bbl/d in 2023 (based on 2P reserves forecast predictions).  Reservoir simulation work suggests that additional production rates may be obtained through increased gas injection rates, proper miscible flood management and a successful development drilling program.

 

  • Federal Unit (Deep) (55.56% WI): 24,650 gross acres – significant upside in deeper horizons with horizontal wells

Cole Creek Unit

  • Initially, up to 17 cased oil wells (many currently suspended) will be re-completed and put back on to production in the second half of 2021.

 

  • Field limits will be defined by development drilling.  A miscible flood project is to tentatively start when Barron Flats flood has plateaued in production.

 

  • Significant upside in unit redevelopment with horizontal production wells and miscible flooding

 

  • Third-party reserves auditor forecast gross production rate plateau of c.3,500 bbl/d to 4,000 bbl/d under the 2P reserves case starting in 2026.  Additional production increases from a miscible flood project would be in addition to this.

17 cased oil wells

4,000 bbl/d

Barron Flats Unit

  • Current production c.1,450 bbl/d (gross) with a forecast rise to 5,000 bbl/d in 2023 (based on 2P reserves forecast predictions).  Reservoir simulation work suggests that additional production rates may be obtained through increased gas injection rates, proper miscible flood management and a successful development drilling program.

 

  • Federal Unit (Deep) (55.56% WI): 24,650 gross acres – significant upside in deeper horizons with horizontal wells

Firm

Alternative Resource Capital Hannam & Partners
Tennyson Securities

Location

London, UK
London, UK
London, UK