Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF), in a brief statement, said its non-binding Cole Creek joint venture letter of intent has been terminated and no further discussions are planned at this stage.
The company added that it will provide a further update before year end, regarding its strategy relating to the development of its Cole Creek and Barron Flats Shannon Units which are located in Wyoming.
Cole Creek comprises some 17 previously drilled oil wells, plus potential for further development drilling.
COPL, on its website, highlights “significant upside” potential through redevelopment using horizontal wells.
Prior modelling of the project suggested a forecast production rate in the range of 3,500 to 4,000 barrels per day, which could be elevated through miscible flood operations.