Canacol Energy Ltd (Alberta) T.CNE

Alternate Symbol(s): CNNEF

Energy Oil & Gas E&P

Canacol Energy Ltd. is a Canada-based natural gas exploration and production company with operations focused on Colombia. The Company’s production primarily consists of natural gas from the Esperanza, VIM-5, VIM-21 and VIM-33 blocks located in the Lower Magdalena Valley basin in Colombia. Its production also included crude oil from its Rancho Hermoso block in Colombia (Colombia oil). It supplies approximately 17% of the country’s gas needs and more than 50% of the Caribbean Coast’s gas demand. Its gas fields which produce from the Cienaga de Oro and Porquero proven reservoirs are connected to its central Jobo gas processing and treatment facility through more than 169 kilometers of flow lines, mainly flexible steel flow lines. The Company operates over 1.5 million net acres in 11 exploration and production gas contracts in Colombia, located in the Lower & Middle Magdalena Basins. Its natural gas processing and treatment facilities consist of three plants.

TSX:CNE - Post by User

Canacol Energy Ltd (Alberta)

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Comment by yoplaiton Jul 25, 2012 5:52am

441 Views

Post# 20149296

RE: RE: PACIFIC RUBIALES & Canacol today

PRE aquired the 40 % from Monterrico NOT CNE as stated in the nr.....

Pacific Rubiales Energy Corp. (TSX:PRE) (BVC:PREC) (BOVESPA:PREB) has executed a binding agreement with Petrolera Monterrico Sucursal Colombia, whereby it has agreed to acquire from them a 40% net participating interest in the Portofino E&P contract located in the Caguan-Putumayo basin of Colombia.

CNE is only relinquishing their operator status AFTER they drop in 4 exploration wells as previously announced.

My bet has always been a takeover of CNE by PRE, you are now seeing the first steps toward this eventuality.

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