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Article: Canacol Energy Ltd. Announces 347% Increase in Reserves in 2009.

Article from:
Marketwire Canada
Article date:
November 5, 2009
Copyright

CALGARY, ALBERTA, Nov 5, 2009 (Marketwire via COMTEX) -- Canacol Energy Ltd. ("Canacol" or the "Corporation"), (TSX VENTURE:CNE) is pleased to provide the results of its year-end reserves update for its operated Rancho Hermoso and Entrerrios oil fields in Colombia, its non-operated Capella heavy oil discovery in Colombia, and its non-operated oil fields in Brazil.

The Corporation has increased net 2P reserves by 347%, from 1.247 million barrels of oil (mmbo) in 2008 to 4.334 mmbo in 2009, with a corresponding increase in NPV10 of 72% from US$55.817 million in 2008 to US$96.171 million in 2009. Charle Gamba, President and CEO of Canacol, commented " I am pleased ... 







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