COPL president purchases 1.1 million common shares of company's stock

Canadian Overseas Petroleum Limited (COPL) President and CEO Arthur Millholland purchased more than 1.1 million common shares of the company on Monday.

Interests of COPL, an international oil and gas exploration and development company, are focused in West Africa. One of its major projects is Block LB-13, where it has a partnership with ExxonMobil in offshore Liberia and holds a 17 percent working interest.

The company is also pursuing oil projects in Nigeria with Shoreline Energy. Presently, the company is waiting for approval from the Nigerian government to acquire 80 percent interest in a Nigerian company conducting an oil appraisal and development project in offshore Nigeria. COPL projects are also underway in Namibia, Tanzania and Equatorial Guinea.

Millholland paid $0.0449 per share for the COPL shares; with the purchase, he holds more than 11.8 million common shares or about 2.5 percent of the company's shared capital.