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.

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Canacol Energy Ltd (Alberta)

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Post by I1thedave2oo6on Sep 03, 2015 1:18pm

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Post# 24075863

CANACOL ENERGY GETS MONEY$$$4

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Canacol Energy Ltd. ("Canacol" or the "Corporation") (CNE.TO) (CNNEF) (BVC:CNEC) is pleased to announce that Cavengas Holdings S.R.L., a Barbados company ("Cavengas") has made a strategic equity investment (the "Investment") of C$78,975,000 (the "Investment Amount") in Canacol for consideration including the issuance of 17,590,000 subscription receipts of Canacol (a "Subscription Receipt") issued at $2.50 per Subscription Receipt and convertible into 17,590,000 common shares of the Corporation ("Common Shares") upon certain Release Conditions (as such term is defined below), together with the issuance of 14,000,00 Common Shares at a price of $2.50 per Common Share, which represents a 5 % premium to yesterday's closing price of $2.39. Upon the conversion of the Subscription Receipts to Common Shares (the "Conversion"), together with the issuance of the Common Shares, Cavengas will hold a 19.9% ownership stake in the Corporation on a non-diluted basis.