LONDON, UK: Canadian Overseas Petroleum Limited (COPL), an international oil and gas company with operations in Wyoming, USA, has announced that it has signed a non-binding letter of intent (LOI) for a joint venture with an established energy company to develop its Cole Creek project in Wyoming.
The project involves the exploitation of oil reserves and resources using enhanced oil recovery (EOR) techniques.
The LOI grants exclusivity to the energy company for a period of time to negotiate the terms and structure of the joint venture, which will require the consents of COPL’s affiliate COPL America Inc. (COPLA). The LOI is subject to confidentiality provisions that will expire with the exclusivity period. The joint venture does not include COPL’s Barron Flats Shannon EOR project, which is adjacent to Cole Creek.
COPL’s President and CEO Arthur Millholland said that the company had identified the potential of Cole Creek before acquiring the assets of Atomic and Cuda in 2021, which gave COPL full control of the project. He said that the energy company was the best partner for the joint venture, as COPL had considerable experience and understanding of EOR in the area. He said that he would update the stakeholders as the process proceeds.