Canacol Energy Ltd. provides the results of its year-end reserves update for its operated Rancho Hermoso and Entrerrios oil fields in Colombia, its non-operated Capella heavy oil discovery in Colombia, and its non-operated oil fields in Brazil. The Corporation has increased net 2P reserves by 347%, from 1.247 million barrels of oil (mmbo) in 2008 to 4.334 mmbo in 2009, with a corresponding increase in NPV10 of 72% from US$55.817 million in 2008 to US$96.171 million in 2009.

Charle Gamba, President and CEO of Canacol, said, “I am pleased to report that in 2009 we have significantly increased our reserves base and the value of those reserves, mainly through exploration success in Colombia. The Corporation anticipates adding additional reserves to its base with continued appraisal and development drilling activity at its Capella heavy oil discovery in Colombia throughout 2010. The Corporation has also established a significant conventional oil exploration position with interests in 15 exploration contracts covering over 2.4 million net acres. The execution of our exploration programs in 2010 and 2011 has the potential to add significantly to our existing production and reserves base.”

Tags: Canacol Energy Inc.