Canadian Overseas Petroleum chair steps down, interim hired

Canadian Overseas Petroleum Ltd is an oil and gas company based in Calgary, with operations mainly in Wyoming, United States. Its chairperson, Harald Ludwig, has resigned from his position on the board with immediate effect. In his place, John Cowan will serve as the interim chair. Another board director, Massimo Carello, has also left the company, resulting in the board now having only three non-executive directors and one executive director. Canadian Overseas Petroleum has stated that they currently have no intentions of replacing the departing board members with new appointments.

Additionally, it has been reported that they have decreased their recurring yearly administrative expenses by over one million dollars, which corresponds with their declaration made on March 20th. They stated, "We are implementing cost-cutting measures and will consistently assess them throughout the entirety of COPL's operations, in order to match the company's resources with its emphasis on its oil development and production projects located in Wyoming."

The current value of the stocks is 3.30 pence, indicating a decrease of 2.2% from the previous value.

The decrease over a period of one year is 82%.

Greg Rosenvinge, a journalist for Alliance News, wrote this blog.

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