Canacol Energy Ltd. provide the following update with respect to its ongoing exploration programs in Colombia for the remainder of calendar 2012. The Corporation plans to drill a total of 9 exploration wells targeting conventional light and heavy oil, as well as non-conventional light oil from fractured shales during the remainder of calendar 2012.

Charle Gamba, President and CEO of Canacol, stated "The Corporation is engaged in significant exploratory activity on a number of fronts in Colombia for the remainder of the year. The early results from our 6 well stratigraphic test program in the Caguan-Putumayo Basin are very encouraging, revealing the presence of a functioning heavy oil system on our new Portofino contract via the recently drilled Achote 1 well. The Corporation is also pleased to announce the spud of the Mono Arana well on the VMM2 contract by the ExxonMobil consortium, which will test both a Tertiary conventional sandstone target and more importantly a non-conventional Cretaceous fractured shale target. Finally, the Corporation will also be drilling a light oil prospect, Labrador, located north of our Rancho Hermoso field on the LLA23 contract."

Tags: Canacol Energy Inc.