RE:RE:RE:Canacol 42% Oil & Gas Production (Hedge) Great News Canacol...The Corporation has completed the drilling of the second of three planned gas exploration wells on the Esperanza contract, Corozo-1, in early October 2014, which has been cased and is awaiting production testing with a work over rig. The Corporation plans to drill the third exploration well, Canandonga-1,
Drilling of up to five appraisal and development wells on the block thereafter in order to deliver the 83 MMcfpd of contracted gas by the end of calendar 2015, subject to the approval of the ANH. The Corporation has already executed three new gas sales contracts for a combined 65 MMcfpd which is expected to take Canacol's current daily gas production of approximately 20 MMcfpd (3,509 boepd) to 83 MMcfpd (14,561 boepd) in late calendar 2015. The new contracts each have a five year term, with pricing of $ 5.40/MMbtu escalated at 2% per year for two of the contracts totalling 35 MMcfpd, and $8.00/MMbtu......