Canacol Energy Ltd. Announces US$ 106 Million Capital Program for 2011

Canacol Energy Ltd. (TSXV:CNE) announces a US$ 106 million capital budget in 2011 for exploration and development activities in Colombia, Guyana, and Brazil.

The press release is quoted as saying:

The budget includes the drilling of 39 gross wells (13 net wells), which include 6 exploration wells and 33 appraisal and development wells. The budget also includes the acquisition of 650 kilometers (“km”) of 2D exploration seismic, the building of an early production facility at the Capella discovery, the continued expansion of its operated Rancho Hermoso production facilities, and funding of the Corporations share of the OBC pipeline project in Colombia.

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