Report Confirms Near Billion Barrel Oil Find in Wyoming (Powder River Basin)

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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.

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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.

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