Canacol Energy Ltd. Provides Update on Gas Sales and Drilling Programs
Canacol Energy Ltd. reported a strong performance with October 2022 natural gas sales at 186 million standard cubic feet per day. The company is actively advancing its exploration efforts, planning to drill four wells: Saxafon 1, Chimela 1, Natilla 1, and Dividivi 1, commencing in mid-November through early December. Additionally, Canacol repurchased 215,003 shares for an average price of CAD $2.10 during October, totaling 5,609,335 shares repurchased in 2022. These activities reflect Canacol's commitment to growth and shareholder value.
- October gas sales of 186 MMscfpd indicate strong demand.
- Active exploration with four planned wells targets gas resources.
- Share repurchase of 215,003 shares at CAD $2.10 enhances shareholder value.
- None.
CALGARY, Alberta, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its October 2022 natural gas sales along with the exploration drilling plans for the remainder of 2022.
October Gas Sales of 186 MMscfpd
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 186 million standard cubic feet per day for October 2022.
Remaining 2022 Exploration Drilling Program: Saxafon 1, Chimela 1, Natilla 1 and Dividivi 1
The Corporation is mobilizing a rig for the drilling of the Saxafon 1 exploration well located on its
The Corporation is rigging up for the drilling of the Chimela 1 exploration well located on its
The Corporation is preparing to mobilize the rig for the drilling of the Natilla 1 exploration well located on its
The Corporation is preparing the location for the drilling of the Dividivi 1 exploration well located on its
Normal course issuer bid
During October 2022, the Corporation repurchased 215,003 shares at an average price of CAD
About Canacol
Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNEC, respectively.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.
Realized contractual gas sales is defined as gas produced and sold plus gas revenues received from nominated take or pay contracts.
FAQ
What were Canacol Energy's gas sales for October 2022?
What are the exploration drilling plans for Canacol Energy in late 2022?
How many shares did Canacol Energy repurchase in October 2022?