With Canadian Overseas Petroleum Acquisition of Atomic Oil & Gas LLC, we took the opportunity to speak with Arthur Millholland, President & CEO of COPL to listen to his overview on the new update.

Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (XOP: CSE) & (COPL: LSE), announces that it has agreed to acquire Atomic Oil & Gas LLC (“Atomic”) for a consideration of US$54 million consisting of assumed debt, cash and shares. This strategic acquisition would represent a step-change in the capacity and revenue-generating opportunities open to the Company. COPL expects to complete the acquisition by January 31, 2021, with a long stop date in the agreement of 90 days from execution. The effective date of the transaction is December 1, 2020.

Arthur Millholland, President and CEO, commented: “This is a game-changing acquisition which will materially reposition COPL as a production company with assets that have a long-term lifecycle and rapid production opportunity.

Oil production assets of this quality, having an incline curve rather than a decline curve, are rarely available for purchase. Circumstances surrounding the Covid-19 situation created this favourable opportunity for COPL. With this acquisition, in addition to the substantial upside potential already present in our Nigerian offshore project, the Company is now strategically well placed to deliver enhanced value and returns to shareholders.”

https://www.share-talk.com/arthur-millholland-president-ceo-of-canadian-oseas-petr-copl-l-interview/