NOCAL Approves Revised Production Sharing Contract for Block LB-13 Offshore Liberia; Canadian Overseas Petroleum Revises

NOCAL Approves Revised Production Sharing Contract for Block LB-13 Offshore 
Liberia; Canadian Overseas Petroleum Revises Agreements with Peppercoast 
Petroleum and ExxonMobil 
CALGARY, March 8, 2013 /CNW/ - Canadian Overseas Petroleum Limited ("COPL" or 
"the Company") (TSX-V: XOP), and its wholly owned subsidiary, Canadian 
Overseas Petroleum Bermuda Limited ("COPL Bermuda"), is pleased to announce 
that a Restated and Amended Production Sharing Contract ("PSC") for Block 
LB-13 offshore Liberia has been agreed with ExxonMobil Exploration and 
Production Liberia Limited ("ExxonMobil") and the National Oil Company of 
Liberia ("NOCAL"). The President of Liberia, Mrs. Ellen Johnson Sirleaf, has 
approved and signed the appropriate paperwork related to the PSC so that it 
can be sent to the Liberian Legislature for a ratification vote. The terms of 
the PSC will take effect once ratification has occurred and the PSC is enacted 
into law. Completion of the transactions contemplated is expected to occur 
shortly after ratification and remain subject to a number of conditions. 
In addition, certain terms of the previously announced purchase agreements 
between COPL, COPL Bermuda, and Peppercoast Petroleum plc ("Peppercoast"), and 
between COPL Bermuda andExxonMobil have been amended. COPL Bermuda and 
ExxonMobil have amended the Asset Purchase Agreement announced November 16, 
2011 such that COPL Bermuda will now have a 20% working interest in Block 
LB-13 and ExxonMobil as operator will have an 80% working interest. ExxonMobil 
will continue to pay COPL Bermuda's working interest portion of drilling 
expenses for the first $120 million of gross drilling costs committed under 
the PSC, and COPL Bermuda's share of joint venture costs up to the completion 
of those operations. As part of the new arrangements, the payment terms as 
between COPL Bermuda and Peppercoast have also changed from the agreement 
announced in May 2011. 
The new arrangements call for the completion of the acquisition of the 
original Production Sharing Contract by COPL Bermuda to be funded by NOCAL 
such that NOCAL shall pay the obligations of COPL Bermuda to Peppercoast. 
Following that transfer, the ExxonMobil affiliate will pay to NOCAL (1) all 
funds previously owed to COPL Bermuda under the Asset Purchase Agreement, and 
(2) on behalf of COPL Bermuda and the ExxonMobil affiliate, all amounts owed 
by COPL Bermuda and the ExxonMobil affiliate to the Government of Liberia on 
account of the issuance of the PSC. Upon that payment, the PSC shall be 
owned 20% by COPL Bermuda and 80% by the ExxonMobil affiliate. All payments 
will follow the approval by the Legislature of the Republic of Liberia of 
these arrangements to assure transparency and compliance with law. 
As a result of these changes, COPL will no longer issue any shares to 
Peppercoast to complete the transaction. Further, other than legal costs, 
usual closing costs and on-going fees under the PSC, COPL and COPL Bermuda 
will have no net cash outlay or cost in connection with the closings other 
than forgiveness of accounts receivable related to the $15 million 3D seismic 
license fee owing by Peppercoast to COPL and other inter-company amounts and 
$7 million of fees payable to the Government of Liberia. 
Mr. Arthur Millholland, President and CEO of COPL commented, "We are very 
pleased to have been able to reach agreement with representatives from the 
Government of Liberia, NOCAL and ExxonMobil for an amended PSC for Block 
LB-13, and believe that this represents a great opportunity for our 
shareholders and the citizens of Liberia. The revised Sale and Purchase 
Agreement with Peppercoast and the revised Asset Purchase Agreement with 
ExxonMobil provide a low risk method for our involvement in Block LB-13. We 
look forward to working with ExxonMobil to begin planning exploration 
activities offshore Liberia." 
About the Company 
COPL is an oil and gas exploration company focused on oil prospects in the 
offshore West African continental margin and shale oil prospects onshore New 
Zealand. COPL's Common Shares are listed under the symbol "XOP" on the TSX 
Venture Exchange. 
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 
weather, regulatory approvals and general economic and industry conditions. 
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: the fact that the 
completion of the transactions with Peppercoast and ExxonMobil are subject to 
conditions that may not be satisfied or waived, the impact of general economic 
conditions in the areas in which COPL operates, civil unrest, industry 
conditions, changes in laws and regulations including the adoption of new 
environmental laws and regulations and changes in how they are interpreted and 
enforced, increased competition, the lack of availability of qualified 
personnel or management, fluctuations in commodity prices, foreign exchange or 
interest rates, stock market volatility 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, including the amounts of proceeds, which 
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. 
Mr. Arthur Millholland, President and CEO 
Phone: 403.262.5441 
Or, 
Rob Elgie, Manager of Investor Relations 
Phone: 403.262.5441 
Or 
Pelham Bell Pottinger Public Relations James Henderson, Managing Director or 
Mark Antelme 
Phone: +44 (0) 207 861 3160 
SOURCE: Canadian Overseas Petroleum Limited 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/March2013/08/c3551.html 
CO: Canadian Overseas Petroleum Limited
ST: Alberta
NI: OIL ORDER  
-0- Mar/08/2013 18:35 GMT
 
 
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