Hemoglobin equilibrium - effect of increased carbon dioxide and lactic acid

The binding of oxygen by haemoglobin giving oxy-haemoglobin is partially regulated by the concentration of $\ce{H3O+}$ and dissolved in $\ce{CO2}$ in blood
$$\ce{HbO2 + H3O+ +CO2<=>H+.Hb.CO2 + O2 + H2O}$$ 
If there is production of lactic acid and $\ce{CO2}$ in a muscle during excretion then is more oxygen released or is more $\ce{HbO2}$ formed?


