Canadian Overseas Petroleum Limited (COPL) has revealed that it has received an independent resource report confirming its deep oil discovery on its affiliate COPL America Inc’s lands in Converse and Natrona counties in Wyoming.
According to COPL, which outlined that the report included conservative estimates complying with Canadian standards, the study confirms that the find has total original oil in place of 993.5 million barrels. The report was commissioned by COPL to supplement its internal assessment of crude oil resources in its discovery disclosed to the market in January 2022.
“This independent report validates what we announced at the start of the year and highlights the significant potential of our fantastic Wyoming asset,” Arthur Millholland, the president and CEO of COPL, said in a company statement.
“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,” Millholland added in the statement.
“Following on from the recent financing and completion of the Cuda Energy acquisition, this report is another step forward as we transform into an oil producer of scale,” he continued.
On January 10, COPL announced a “significant” conventional light oil discovery at its Wyoming asset. At the time, COPL estimated the total reservoir volume of the discovery to be between 1.5 billion to 1.9 billion barrels of oil in place.
“This is a significant oil discovery and the size of the upside at our Wyoming asset was a surprise to us all,” Millholland stated on January 10.
“Conventional light oil discoveries of this magnitude have been rare in continental North America for years if not decades. We control the majority of this discovery as it is coincident with our large contiguous lease block. We will start exploiting the discovery this year,” Millholland added in the statement.
COPL outlined that its acquisition of the U.S. assets of Cuda Energy LLC by COPL America Inc closed near the end of July. In a statement at the time, COPL highlighted that the acquisitions of Atomic Oil & Gas, announced in December 2020, and Cuda have been transformative for the company. COPL now operates four assets within approximately 48,000 contiguous acres of leasehold in the Powder River Basin in the Converse and Natrona Counties in Wyoming, COPL pointed out in the statement.