Canacol Energy Ltd (CNE.TO) 6.08 $CNE.TO
Canacol Energy Ltd. Announces New Gas Sale Contract, Lifts Forecast Gas Sales to 14,560 BOEPD in 2015 in Colombia
Marketwire - Thu Sep 11, 5:17PM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce the execution of a new gas sales contract for the sale of 30 million standard cubic feet per day ("mmscfpd" (5,263 barrels of oil equivalent per day "boepd" commencing for a 5 year period in December 2015 to an electrical generation company located on the Caribbean coast of Colombia. Under the terms of the sales contract Canacol will receive a sales price of US$ 8.00 / thousand standard cubic feet ("mscf" (US$ 46 per barrel of oil equivalent "boe" escalated at approximately 3% per year during the 5 year term of the contract. The undiscounted before tax value of the contract, after deducting investment capital and operating expenses, is approximately US$ 380 million. As previously announced in January 2014 Canacol executed two gas sales contracts to provide 35 mmscfpd (6,140 boepd) of gas to an electrical generation company located on the Caribbean coast of Colombia commencing in December 2015 for a sales price of US$ 5.40 / mscf (US$ 31 / boe) escalated at approximately 3% per year during the 5 year term of each contract. Canacol currently sells approximately 16 mmscfpd (2,807 boepd) to a local ferronickel producer under a 10 year contract that expires in 2022, and approximately 2 mmscfpd (350 boepd) to local off takers under short term contracts. Gas to supply all of the contracts will be provided by the existing Nelson gas field and the newly discovered Palmer gas field, and will include the drilling of five additional appraisal and development wells within these two fields, subject to the approval of the Agencia Nacional de Hidrocarburos ("ANH" .
Canacol Energy Ltd. Tests 15.5 MMSCFPD at Palmer 1 Gas Discovery, Lower Magdalena Valley, Colombia
Marketwire - Wed Aug 27, 5:34AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce that the first well of its three well gas exploration program, Palmer 1, has tested 15.5 million standard cubic feet per day ("mmscfpd" (2,730 barrels of oil equivalent "boepd" of dry gas. Canacol holds a 100% operated interest in the Esperanza Exploration and Production contract via its 100% owned operating subsidiary Geoproduction Oil and Gas Company which it acquired in 2012. The Corporation's reserve auditor has been engaged to prepare a formal reserves report for the discovery.
Canacol Energy Ltd. Provides Drilling Operations Update
Marketwire - Fri Aug 22, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide the following update concerning its ongoing drilling and testing operations in Colombia.
Canacol Energy Ltd. Provides Production and Operations Update
Marketwire - Tue Aug 05, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide the following update concerning its production and drilling operations in Colombia and Ecuador. Average net production before royalties for the period April 1 to June 30 2014 was 12,212 barrels of oil equivalent per day ("boepd" , which consisted of 9,271 barrels of oil per day ("bopd" and 16.7 million standard cubic feet per day ("mmscfpd" (2,941 boepd) of gas. This reflects an increase of 12% from the previous quarter and an increase of 47 % year over year. Average net production before royalties for the month of July 2014 was 13,274 boepd, which consisted of 10,102 bopd and 18.1 mmscfpd (3,172 boepd) of gas.
Canacol Tests 832 BOPD from Morsa 1 at Oso Pardo Light Oil Discovery on the Santa Isabel Contract, Middle Magdalena Valley of Colombia
Marketwire - Mon Jul 21, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE) (OTCQX: CNNEF) (BVC: CNEC) is pleased to announce the successful appraisal of the Oso Pardo light oil discovery made by Canacol in 2013 with the Morsa 1 well located on its operated Santa Isabel Exploration and Production ("E&P" Contract in the Middle Magdalena Basin of Colombia, which production tested 832 barrels of oil per day gross ("bopd" (832 bopd net) of light oil.
Canacol Closes Strategic Acquisition of Additional Interest in LLA23 and Tests 2,898 BOPD From Labrador 4 and Leono 3 Wells
Marketwire - Wed Jun 18, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide the following update concerning the strategic acquisition of an additional 10% working interest from Petromont Colombia S.A. Sucursal Colombia ("Petromont" in its LLA23 Exploration and Production contract located in the Llanos basin and the production test results of the Labrador 4 and Leono 3 wells also located on the LLA23 contract, which tested at a gross combined rate of 2,898 barrels of light oil per day ("bopd" (2,608 bopd net). The Corporation now has a 90% operated working interest in the LLA23 contract, with Petromont holding the remaining 10% interest. Elsewhere on the LLA23 contract the Corporation is currently rigging up on the Maltes 1 exploration well and the Pantro 2 appraisal well, and is about to commence the shooting of 400 square kilometers of 3D seismic data. As a result of the acquisition the Corporation is revising its production guidance from 12,500 to 13,500 boepd net before royalty to 13,000 to 14,000 boepd net before royalty for calendar 2014 with an anticipated exit rate for December 2014 of approximately 18,000 boepd.
Canacol Energy Ltd. Announces Director Resignation
Marketwire - Wed Mar 26, 6:02AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) announces that Mr. Gary Petersen has resigned from its Board of Directors effective March 25, 2014. Mr. Petersen joined the Corporation's Board of Directors in December 2012 in connection with Canacol's acquisition of Shona Energy Company, Inc., and also served as a member of Canacol's Corporate Governance and Compensation Committee. The Corporation has no plans to fill the vacancy at the present time.
Canacol Energy Ltd. to Upsize Senior Secured Term Loan to US$220 Million
Marketwire - Mon Mar 17, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce that it has entered into discussions to upsize its existing senior secured term loan with a syndicate of banks led by Credit Suisse as Lead Arranger, Sole Bookrunner and Administrative Agent.
Canacol Energy Ltd. Tests 590 BOPD From Fractured La Luna Formation Discovery at Mono Arana, Colombia
Marketwire - Thu Mar 06, 5:31AM CST
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide an update of the testing operations from the La Luna Formation in the Mono Arana 1 exploration well pursuant to the VMM2 Exploration and Production ("E&P" Contract covering the Middle Magdalena Basin of Colombia. Canacol has a 20% non-operated working interest in this Contract, with ExxonMobil Exploration Colombia having a 70.1% working interest and Vetra Exploracion y Produccion Colombia having the remaining 9.9%.
Canacol Energy Ltd. Announces 6,140 BOEPD in New Gas Sales Contracts and 44% Increase in 2P Gas Reserves in Colombia
Marketwire - Thu Feb 20, 5:31AM CST
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce the execution of two new gas sales contracts and a related 44% increase in 2P gas reserves at its 100% operated Nelson gas field located on the Esperanza Exploration and Production ("E&P" Contract in the Lower Magdalena Basin of Colombia. The increase in reserves is attributable to increased expected gas sales nominations with the execution of the new gas sales contracts. Under the terms of the two new sales contracts, Canacol will provide 35 million standard cubic feet per day ("mmscfpd" (6,140 barrels of oil equivalent per day) for a 5 year period commencing in December 2015 at a price of US$ 5.40 / million British thermal units ("mmbtu" . Canacol currently sells approximately 18 mmscfpd (3,158 barrels of oil equivalent per day) to a local ferronickel producer under a 10 year contract that expires in 2021. The Nelson field contains sufficient reserves to satisfy both the existing and the new sales contracts for the life of the contracts. The Corporation also announces that it plans to commence a 3 well gas exploration program on the Esperanza E&P contract in June 2014, each of the wells targeting large gas prospects situated close to the Nelson field and existing pipeline and processing infrastructure.
Canacol Energy Ltd. Tests 3,007 BOPD From Barco in Leono 2 Well
Marketwire - Wed Feb 19, 8:12AM CST
Canacol Energy Ltd. ("Canacol" or the "Corporation" (TSX: CNE) (OTCQX: CNNEF) (BVC: CNEC) is pleased to announce the second flow test result from the Leono 2 appraisal well located on the LLA23 Exploration and Production ("E&P" Contract in the Llanos Basin of Colombia. The Corporation has an 80% operated working interest in the LLA23 contract, with Petromont Colombia S.A. Sucursal Colombia holding the remaining 20% interest. As previously reported, the Leono 2 well encountered 121 feet ("ft" of net oil pay in four separate reservoirs, and tested at a gross rate of 1,328 barrels of oil per day ("bopd" (1,062 bopd net) in the C7 reservoir.
Canacol Energy Ltd. Announces New Gas Sale Contract, Lifts Forecast Gas Sales to 14,560 BOEPD in 2015 in Colombia
Marketwire - Thu Sep 11, 5:17PM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce the execution of a new gas sales contract for the sale of 30 million standard cubic feet per day ("mmscfpd" (5,263 barrels of oil equivalent per day "boepd" commencing for a 5 year period in December 2015 to an electrical generation company located on the Caribbean coast of Colombia. Under the terms of the sales contract Canacol will receive a sales price of US$ 8.00 / thousand standard cubic feet ("mscf" (US$ 46 per barrel of oil equivalent "boe" escalated at approximately 3% per year during the 5 year term of the contract. The undiscounted before tax value of the contract, after deducting investment capital and operating expenses, is approximately US$ 380 million. As previously announced in January 2014 Canacol executed two gas sales contracts to provide 35 mmscfpd (6,140 boepd) of gas to an electrical generation company located on the Caribbean coast of Colombia commencing in December 2015 for a sales price of US$ 5.40 / mscf (US$ 31 / boe) escalated at approximately 3% per year during the 5 year term of each contract. Canacol currently sells approximately 16 mmscfpd (2,807 boepd) to a local ferronickel producer under a 10 year contract that expires in 2022, and approximately 2 mmscfpd (350 boepd) to local off takers under short term contracts. Gas to supply all of the contracts will be provided by the existing Nelson gas field and the newly discovered Palmer gas field, and will include the drilling of five additional appraisal and development wells within these two fields, subject to the approval of the Agencia Nacional de Hidrocarburos ("ANH" . Canacol Energy Ltd. Tests 15.5 MMSCFPD at Palmer 1 Gas Discovery, Lower Magdalena Valley, Colombia
Marketwire - Wed Aug 27, 5:34AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce that the first well of its three well gas exploration program, Palmer 1, has tested 15.5 million standard cubic feet per day ("mmscfpd" (2,730 barrels of oil equivalent "boepd" of dry gas. Canacol holds a 100% operated interest in the Esperanza Exploration and Production contract via its 100% owned operating subsidiary Geoproduction Oil and Gas Company which it acquired in 2012. The Corporation's reserve auditor has been engaged to prepare a formal reserves report for the discovery. Canacol Energy Ltd. Provides Drilling Operations Update
Marketwire - Fri Aug 22, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide the following update concerning its ongoing drilling and testing operations in Colombia. Canacol Energy Ltd. Provides Production and Operations Update
Marketwire - Tue Aug 05, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide the following update concerning its production and drilling operations in Colombia and Ecuador. Average net production before royalties for the period April 1 to June 30 2014 was 12,212 barrels of oil equivalent per day ("boepd" , which consisted of 9,271 barrels of oil per day ("bopd" and 16.7 million standard cubic feet per day ("mmscfpd" (2,941 boepd) of gas. This reflects an increase of 12% from the previous quarter and an increase of 47 % year over year. Average net production before royalties for the month of July 2014 was 13,274 boepd, which consisted of 10,102 bopd and 18.1 mmscfpd (3,172 boepd) of gas. Canacol Tests 832 BOPD from Morsa 1 at Oso Pardo Light Oil Discovery on the Santa Isabel Contract, Middle Magdalena Valley of Colombia
Marketwire - Mon Jul 21, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE) (OTCQX: CNNEF) (BVC: CNEC) is pleased to announce the successful appraisal of the Oso Pardo light oil discovery made by Canacol in 2013 with the Morsa 1 well located on its operated Santa Isabel Exploration and Production ("E&P" Contract in the Middle Magdalena Basin of Colombia, which production tested 832 barrels of oil per day gross ("bopd" (832 bopd net) of light oil. Canacol Closes Strategic Acquisition of Additional Interest in LLA23 and Tests 2,898 BOPD From Labrador 4 and Leono 3 Wells
Marketwire - Wed Jun 18, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide the following update concerning the strategic acquisition of an additional 10% working interest from Petromont Colombia S.A. Sucursal Colombia ("Petromont" in its LLA23 Exploration and Production contract located in the Llanos basin and the production test results of the Labrador 4 and Leono 3 wells also located on the LLA23 contract, which tested at a gross combined rate of 2,898 barrels of light oil per day ("bopd" (2,608 bopd net). The Corporation now has a 90% operated working interest in the LLA23 contract, with Petromont holding the remaining 10% interest. Elsewhere on the LLA23 contract the Corporation is currently rigging up on the Maltes 1 exploration well and the Pantro 2 appraisal well, and is about to commence the shooting of 400 square kilometers of 3D seismic data. As a result of the acquisition the Corporation is revising its production guidance from 12,500 to 13,500 boepd net before royalty to 13,000 to 14,000 boepd net before royalty for calendar 2014 with an anticipated exit rate for December 2014 of approximately 18,000 boepd. Canacol Energy Ltd. Announces Director Resignation
Marketwire - Wed Mar 26, 6:02AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) announces that Mr. Gary Petersen has resigned from its Board of Directors effective March 25, 2014. Mr. Petersen joined the Corporation's Board of Directors in December 2012 in connection with Canacol's acquisition of Shona Energy Company, Inc., and also served as a member of Canacol's Corporate Governance and Compensation Committee. The Corporation has no plans to fill the vacancy at the present time. Canacol Energy Ltd. to Upsize Senior Secured Term Loan to US$220 Million
Marketwire - Mon Mar 17, 5:31AM CDT
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce that it has entered into discussions to upsize its existing senior secured term loan with a syndicate of banks led by Credit Suisse as Lead Arranger, Sole Bookrunner and Administrative Agent. Canacol Energy Ltd. Tests 590 BOPD From Fractured La Luna Formation Discovery at Mono Arana, Colombia
Marketwire - Thu Mar 06, 5:31AM CST
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to provide an update of the testing operations from the La Luna Formation in the Mono Arana 1 exploration well pursuant to the VMM2 Exploration and Production ("E&P" Contract covering the Middle Magdalena Basin of Colombia. Canacol has a 20% non-operated working interest in this Contract, with ExxonMobil Exploration Colombia having a 70.1% working interest and Vetra Exploracion y Produccion Colombia having the remaining 9.9%. Canacol Energy Ltd. Announces 6,140 BOEPD in New Gas Sales Contracts and 44% Increase in 2P Gas Reserves in Colombia
Marketwire - Thu Feb 20, 5:31AM CST
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE)(OTCQX: CNNEF)(BVC: CNEC) is pleased to announce the execution of two new gas sales contracts and a related 44% increase in 2P gas reserves at its 100% operated Nelson gas field located on the Esperanza Exploration and Production ("E&P" Contract in the Lower Magdalena Basin of Colombia. The increase in reserves is attributable to increased expected gas sales nominations with the execution of the new gas sales contracts. Under the terms of the two new sales contracts, Canacol will provide 35 million standard cubic feet per day ("mmscfpd" (6,140 barrels of oil equivalent per day) for a 5 year period commencing in December 2015 at a price of US$ 5.40 / million British thermal units ("mmbtu" . Canacol currently sells approximately 18 mmscfpd (3,158 barrels of oil equivalent per day) to a local ferronickel producer under a 10 year contract that expires in 2021. The Nelson field contains sufficient reserves to satisfy both the existing and the new sales contracts for the life of the contracts. The Corporation also announces that it plans to commence a 3 well gas exploration program on the Esperanza E&P contract in June 2014, each of the wells targeting large gas prospects situated close to the Nelson field and existing pipeline and processing infrastructure. Canacol Energy Ltd. Tests 3,007 BOPD From Barco in Leono 2 Well
Marketwire - Wed Feb 19, 8:12AM CST
Canacol Energy Ltd. ("Canacol" or the "Corporation"
(TSX: CNE) (OTCQX: CNNEF) (BVC: CNEC) is pleased to announce the second flow test result from the Leono 2 appraisal well located on the LLA23 Exploration and Production ("E&P" Contract in the Llanos Basin of Colombia. The Corporation has an 80% operated working interest in the LLA23 contract, with Petromont Colombia S.A. Sucursal Colombia holding the remaining 20% interest. As previously reported, the Leono 2 well encountered 121 feet ("ft" of net oil pay in four separate reservoirs, and tested at a gross rate of 1,328 barrels of oil per day ("bopd" (1,062 bopd net) in the C7 reservoir. 
