Canadian Overseas Petroleum Shares Rise as Significant Wyoming Oil Discovery is Confirmed

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By Michael Susin

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Canadian Overseas Petroleum Ltd. shares rose Friday after the company said that the significant oil discovery at its Wyoming asset announced in January has been independently verified.

Shares at 0705 GMT were up 1.5 pence, or 8.3%, at 19.5 pence, having jumped to 20.36 pence at the market opening.

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The oil-and-gas company said the study confirmed that the Wyoming deep discovery has total oil in place of 993.5 million barrels.

In January, Canadian Overseas Petroleum said it estimated the total oil reservoir to have 1.5 billion to 1.9 billion barrels of oil in place, with its lease covering 1.28 billion to 1.64 billion barrels.

“Compiled to Canadian regulatory standards, the report gives a conservative view, and we expect to see further exploration upside in due course once our drilling program gets under way in the coming months,” Chief Executive Arthur Millholland said.

The study was prepared by independent energy consultancy Ryder Scott, it said.

Write to Michael Susin at [email protected]

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Credit: www.marketwatch.com /

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