Oil and Gas

Canacol Energy Ltd. (TSX VENTURE:CNE)reported that the company has closed the over-allotment option on its previously announced bought deal equity financing.

Canacol Energy Ltd. (TSX VENTURE:CNE)reported that the company has closed the over-allotment option on its previously announced bought deal equity financing.

The press release is quoted as saying:

The net proceeds from this Offering will be used to fund seismic acquisition and drilling of exploration wells on the Corporation’s heavy oil blocks in Colombia, including the newly acquired Cedrela E&P contract, the drilling of a second onshore Guyana exploration well on the Corporation’s Takutu block, the acquisition of new exploration blocks in the June 2010 Colombia bid round, the repayment of a portion or all of the Corporation’s debt, and general corporate purposes.

Click here to access the entire press release

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