Canacol’s Proven Reserves Plus Deemed Volumes See 98 Percent Increase

Canacol Energy Ltd. (TSX:CNE) announced that for the fiscal year ended June 30, 2012, total proven reserves plus deemed volumes at its Colombian and Ecuadorian assets increased to 10.5 million barrels, 98 percent more than the previous year.

As quoted in the press release:

In the same period, [total corporate proved reserves (1P)] plus [deemed volumes (DV)] pre-tax NPV-10 increased 55% from US $199.2 million to US $308.4 million. Total corporate proved plus probable reserves (“2P”) plus DV increased to 16.1 MMbbls for the fiscal year ended June 30, 2012. In the same period, 2P plus DV pre-tax NPV-10 increased to US $492.1 million. The Corporation’s 2P plus DV represents 94% oil and 6% gas liquids.

Charle Gamba, Canacol’s president and CEO, commented:

In 2012 the Corporation significantly grew its reserves and deemed volumes base and the corresponding value of those reserves and volumes. In fact 2P volumes have increased by approximately 80% year over year, and this after our best year in terms of production volumes lifted. Aside from the ambitious development plans we have for our producing assets in Colombia and Ecuador in 2013, the Corporation has also established over 80 leads and prospects across 19 exploration contracts representing 3 million net acres of conventional and unconventional oil opportunities.

Click here to read the full Canacol Energy Ltd. (TSX:CNE) press release.