CALGARY, CANADA–(Marketwired – June 7, 2016) – Canadian Overseas Petroleum Limited (“COPL” or the “Company“) (TSX VENTURE:XOP)(LSE:COPL), is pleased to announce that at its annual general and special meeting of shareholders held on June 6, 2016, COPL’s shareholders approved the resolutions outlined in the Notice of Meeting and Information Circular dated April 16, 2016.
During business proceedings at the meeting, shareholders approved the following resolutions:
1. Election of Directors
| Name of Nominee | Votes For | Percentage | Votes Withheld | Percentage | ||
| Arthur S. Millholland | 135,361,565 | 84.42 | % | 24,980,467 | 15.58 | % |
| Massimo C. Carello | 140,831,532 | 87.83 | % | 19,510,500 | 12.17 | % |
| Harald H. Ludwig | 140,814,009 | 87.82 | % | 19,528,023 | 12.18 | % |
| John F. Cowan | 140,812,565 | 87.82 | % | 19,529,467 | 12.18 | % |
| Viscount William Astor | 140,603,009 | 87.69 | % | 19,739,023 | 12.31 | % |
2. Appointment of Auditors
By resolution passed by a show of hands, Deloitte LLP was appointed as auditor of COPL for the ensuing year and the directors were authorized to fix the auditor’s remuneration.
3. Approval of Stock Option Plan
The Stock Option Plan of the Company was approved by a vote, conducted by ballot, of 66.71% for and 33.29% against.
4. Approval of Consolidation of Shares
The Board also announces that the Share Consolidation received 90.56% shareholder votes in favor, 9.44% votes against. Please refer to the Information Circular for the details of the Share Consolidation. The timing for the Share Consolidation will be determined by the Board of Directors of COPL.
About the Company
The Company is an international oil and gas exploration and development company focused in offshore West Africa. The Company holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest, where it expects to participate in the drilling of a deep water exploration well in late 2016. The Company is also actively pursuing opportunities in Nigeria in partnership with Shoreline Energy as part of its strategy to generate stable cash flow from secure offshore assets. The Company and Shoreline, through their jointly held affiliated company, Shoreline Canadian Overseas Petroleum Development Corporation (“ShoreCan”) are currently seeking Government of Nigeria approval for the acquisition of 80% of a Nigerian corporation holding an attractive oil appraisal and development project in mid water offshore Nigeria.
ShoreCan is building a portfolio of exploration and development assets in sub-Saharan Africa. To date, ShoreCan has taken a position in Nigeria, and Namibia. It continues to evaluate a variety of assets in Nigeria, and Equatorial Guinea.
The Common Shares are listed under the symbol “XOP” on the TSXV and under the symbol “COPL” on the London Stock Exchange.
For further information on the Company including the corporate presentation featured at the AGM can be found on the Company website: http://canoverseas.com/. Also check out our tweeter feed @COPLinvestor.
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
+ 1 (403) 262 5441
Investor and Public Relations
CHF Investor Relations
Cathy Hume
+1 (416) 868 1079 ext. 231
Toll Free: +1 877 838 1079
Bell Pottinger
Henry Lerwill
North America Toll Free: +1 866 834 8330
+44 (0) 203 772 2500
Broker: London Stock Exchange
Shore Capital Stockbrokers Limited
Edward Mansfield
+44 (0)20 7468 7906