Liberia Update

Canadian Overseas Petroleum

LIBERIA UPDATE

Calgary, Canada,

June 2, 2015- Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: TSX-V) & (COPL: LSE); along with its partner, ExxonMobil, remain committed to completing their work program and obligations under the LB-13 amended and restated Production Sharing Contract ("PSC") dated March 31, 2013. NOCAL and ExxonMobil, the operator, continue to meet regularly to discuss operations, Community and Social Responsibility activities and the fulfillment of the LB-13 work program, which has been affected by the Ebola Crisis. The government of Liberia continues to provide its assurances that it will act under the terms of the PSC to provide the Company and ExxonMobil sufficient time to complete their work program, extending the current exploration period if necessary. ExxonMobil continued to support relief organizations in Liberia throughout the crisis, demonstrating their commitment to the region. Now that Liberia has been declared Ebola-free by the WHO, the operator is planning next steps for operations.

For Further Information Please Contact:

Arthur Millholland, President and CEO

Phone: + 1 403 262 5441

Investor and Public Relations

Bell PottingerHenry Lerwill+44 (0) 203 772 2500

North America Toll Free: +1 866 834 8330

CHF Investor Relations

Robin Cook

+1 (416) 868 1079 ext. 228

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