Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD)’s chief executive and president Arthur Millholland has snapped up US$385,700 of shares in the company.
In an “in-market” purchase, Millholland bought 665,000 shares of the US-based oil and gas producer at a price of US$0.58 per share.
"I had planned to purchase more but came up against a blackout period today which extends to the filing of our annual results on 30 March,” he said.
It was bought via the facilities of the CSE, with the settlement of the purchases have already occurred between 25 January and 28 January.
“This share purchase shows my confidence in the company's recently announced deep discovery and the performance of our miscible flood at our Barron Flats project in Wyoming."
"Insiders have limited opportunities to purchase their company shares in the market due to the timing of regulatory blackout periods and unannounced market-sensitive information.
“Fortunately for me a quiet period end of January allowed me to conduct these share purchases," he added.