RE: News Release - RH 12Looks like a great NR. RH production is booming now. 2 more wells to drill and CNE is well above it's forcast exit production rates. A nice highlight:
We encountered a new Los Cuervos-Barco channel sandstone reservoir within the northern part of the field at apparently virgin reservoir conditions, an outcome that was not anticipated in this part of the field. The production results from the well are significantly better than we had forecast and will ensure that Canacol has a strong finish to calendar 2011 in terms of net revenue production, with an anticipated exit rate in excess of 14,000 bopd.
With that being said, I'm cautiously optimistic that we will once again be setting up for a brief rally into the low 70s, followed by a prgrammed walk-down back tot eh 60s.
I'm getting a little furstrated (?) with the action here. CNE has had some great NRs in the last few weeks, oil is in the $90-95 range, and yet we're stuck in the mud.