On March 11, 2024, Canadian Overseas Petroleum Limited (COPL) announced that the Alberta Court of King's Bench issued an initial order under the Companies' Creditors Arrangement Act (CCAA). COPL Group executed a restructuring support agreement with the senior lenders of its subsidiary, COPL America, Inc. The senior lenders agreed to support a sale and investment solicitation process (SISP) as a stalking horse bidder to acquire substantially all of COPL Group's business via a credit bid. COPL planned to seek court approval to launch the SISP around March 18, 2024.

KSV Restructuring Inc., the Court-appointed monitor, will provide further details about the CCAA proceedings on their website. Interested parties were directed to contact KSV Restructuring Inc. for participation in the SISP. COPL intended to seek recognition of the CCAA proceedings in the U.S. Bankruptcy Court for the District of Delaware.

COPL requested the suspension of its common shares from trading on the London Stock Exchange, while the Canadian Securities Exchange had not yet determined the request. COPL’s common shares are listed under the symbols "XOP" on the CSE and "COPL" on the LSE.