Canadian Overseas Petroleum Announces the Resignation of CEO John Cowan

Canadian Overseas Petroleum Ltd announced the resignation of CEO John Cowan after a brief four-month tenure. Despite the news, COPL shares saw a 15% surge in London during Wednesday morning trading. However, the stock has remained 63% lower over the past week.

No specific reason was provided for Cowan’s resignation, though the company mentioned his continued presence on the board while a successor is sought. Cowan, a director since 2015, assumed the CEO role in September.

The company faced challenges in the lead-up to Christmas, starting with the termination of its non-binding Cole Creek joint venture letter of intent with an established energy firm, followed by revelations that its affiliate, Canadian Overseas’ America, encountered resistance from its senior lender to revise terms on its senior credit facility. COPL anticipates the need for additional financing in January, with uncertainties about securing funds. It cautioned about the possibility of seeking creditor protection if capital isn’t successfully raised.

The company, operating in oil and gas exploration, development, and production, is headquartered in London and Calgary, Canada, with operations in Converse and Natrona counties in Wyoming, USA.

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