Canadian Overseas Petroleum granted covenant waiver through March 22

Chicago, March 15 – Canadian Overseas Petroleum Ltd. announced that affiliate COPL America received continued support from its senior lender in the form of a covenant waiver pursuant to which the measurement date of its Feb. 28, 2033 liquidity covenant has been extended to March 22, according to a press release.

The lender granted the waiver in response to the progress in securing funding with the main bondholder for the July 2022 bonds offering, the company said.

The company needed the waiver as it restores production levels and makes up oil sales at its Wyoming assets, following winter closures in January and February.

The company is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States with operations in Converse and Natrona counties in Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries. Headquarters are in Calgary, Alta.

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