Canacol Energy Ltd. says that due to the recently announced acquisition of the VIM 5 and 19 Exploration and Production contracts in Colombia, and most especially due to the significant gas discovery made at the Clarinete 1 exploration well on the VIM 5 contract, the Corporation plans to release its calendar 2015 budget and production guidance after the Clarinete 1 well has been production tested, which is anticipated to occur during late January 2015.

The Corporation anticipates issuing production and capital guidance for calendar 2015 during the first half of February 2015. Both gas sales from Esperanza (currently sold based on the Guajira price index of US$5.08/MMbtu or US$28.96/boe) and tariff oil from Ecuador (US$38.54/bbl), together comprising approximately 42% of production in FQ1 2015, are completely insensitive to world oil prices, offering the Corporation a significant degree of protection from the current effects of falling benchmark oil prices.

Tags: Canacol Energy Inc.