Canadian Overseas Petroleum Limited and its affiliates ("COPL" or the "Company"), an international oil and gas exploration, production and development company with operations focused in Converse and Natrona counties, Wyoming, USA, announces that its non-binding Cole Creek JV Letter of Intent has been terminated and no further discussions are planned at this stage. The Company will provide a further update before year end regarding its strategy relating to the development of its Cole Creek and Barron Flats Shannon Units.