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VELXF / Canadian Overseas Petroleum tumbles on covenant warning

Canadian Overseas Petroleum Ltd (COPL) has warned it needs to raise new funds by the end of March after disruption to its Wyoming and Barron Flats Shannon unit (BFSU) operations hit production at the start of 2023. BFSU production only re-started on 30 January 2023 and COPL said a result of the interruption its US affiliate might not meet the upcoming covenants on to its senior credit facility unless new financing is secured. Read More

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Overseas

Petroleum

Tumbles

Covenant

Warning

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VELXF

Posted: Feb 1 2023, 11:50

Author Name: Proactive Investors

VELXF News

By Proactive Investors
October 6, 2023

COPL raises $4mln of new funds and ‘unlocks cashflow' for the coming year

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) has raised $4 million of new equity funding and has refinanced other existing facil

By Proactive Investors
September 6, 2023

COPL secures $3.5m equity injection, appoints new CEO

Canadian Overseas Petroleum Ltd appointed a new chief executive and said it is fully financed in to the first quarter of 2024 after securing a US$3.5

By Proactive Investors
August 15, 2023

Canadian Overseas Petroleum increases crude oil sales in the second quarter

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) (COPL), an international oil and gas exploration firm with operations in the US, in

By Proactive Investors
July 24, 2023

Canadian Overseas Petroleum advances partnering process for Cole Creek project

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) has advanced a partnering process that promises to trigger the development of its C

By Proactive Investors
July 6, 2023

Canadian Overseas Petroleum reports progress on all fronts as key project nears completion

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) told investors it averaged a production rate of 1,250 barrels per day in the second

By Proactive Investors
June 20, 2023

Canadian Overseas Petroleum announces board shake-up and cost reductions

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) (COPL) and its affiliates have undergone a shake-up of their board of directors alo

By Proactive Investors
April 20, 2023

Canadian Overseas Petroleum prepares for production-boosting Barron Flats upgrades

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) is advancing towards the construction for a key upgrade to the Barron Flats Shannon Unit (BFSU

By Proactive Investors
April 3, 2023

Canadian Overseas Petroleum quarterlies highlight “significant progress”

Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) chief executive Arthur Millholland described “significant progress” as the company continu

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