CALGARY, AB--(Marketwired - May 13, 2016) - Canadian Overseas Petroleum Ltd (TSX VENTURE: XOP) (LSE: COPL)

TSX-V: XOP

Canadian Overseas Petroleum
Appoints CFO, Grants Stock Options to
Officers and Directors, and Reports Q1
2016 Results

Calgary, Canada, May 13, 2016 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (TSX-V: XOP) & (COPL: LSE) and its Board of Directors is pleased to announce the appointment of Aleksandra Owad CPA, CGA, FCCA(UK) as its Chief Financial Officer effective May 12, 2016. Kristin Obreiter, the Company's previous interim CFO, stepped down effective May 10, 2016 for personal reasons due to a forthcoming relocation. Aleksandra previously worked for the Company as CFO until October 2013.

The Company also wishes to announce its Board of Directors also approved the granting of 33,700,000 Share Options to Officers and Directors of the Company effective May 12, 2016. The Share Options were granted under the Company's Share Option plan at a price of $0.10 per share, which is a 43% premium to the closing price of the Company's stock price on the TSX-V on May 11, 2016.

The Company's has filed its results for the first quarter ending March 31, 2016. The results and associated annual regulatory filing documents, including the Financial Statements and the Management's Discussion and Analysis, can be viewed under the Company's name at www.sedar.com or at the Company's website at www.canoverseas.com .

For Further Information Please Contact:
Canadian Overseas Petroleum Limited
Mr. Arthur Millholland President and CEO
Tel: + 1 (403) 262 5441

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.

Click on, or paste the following link into your web browser, to view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/1397Y_1-2016-5-12.pdf