Canadian Overseas Petroleum Limited  (COPL) today is updating its shareholders, investors and the market on the Company’s view of the new Presidential Executive Order pertaining to the US Federal Oil and Gas Leases as it relates to COPL’s acquisition of Atomic Oil and Gas LLC  and its related entities announced on December 16, 2020. The Company believes that the Executive Order signed by the President of the United States will have a largely positive effect on COPL’s Atomic acquisition. 

The statement by the President of the United States on signing the Executive Order stated the following: 

• No new US Federal Oil and Gas Leases will be issued offshore, or onshore through the Bureau of Land Management an arm of the US Department of the Interior.
• There will be a review of existing leases and permitting for oil and gas operations conducted on Federal lands.
• There will be no ban on Hydraulic Fracking (“Fracking”).
• Legacy suspended wells on Federal Leasehold are to be abandoned to reduce methane emissions.
• Operations on Federal lands shall be conducted with regards to the nation’s climate objectives. 

Arthur Millholland, President and CEO, commented: 
"The issues surrounding Federal Oil and Gas Leases enacted today by the President of the United States are complicated politically and possibly legislatively. However, we have done enough due diligence on Atomic and can safely say that the policy enacted today will have no undue influence on Atomic and its assets going forward and have therefore not hindered our resolve to complete the acquisition. The Atomic producing assets are some of the most environmentally responsible oil and gas assets in the industry. We see no issues with complying to the policies set forth today by the President, and as such, look forward to be at the forefront of an environmentally responsible participant in the oil and gas industry today and in the future.”

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