CANACOL ENERGY LTD - CNNEF STOCK NEWS

Canacol Energy Ltd. reported its financial results for Q3 and YTD 2022, highlighting a 3% decrease in realized contractual natural gas sales volumes for the quarter, totaling 184.2 MMscfpd. Despite this, total natural gas revenues saw a 3% increase to $67.7 million. Adjusted EBITDAX grew by 4% to $56 million, while adjusted funds from operations rose 1% to $38.7 million. The corporation faced a net loss of $4.5 million for the quarter, attributed to a deferred tax expense of $11.1 million due to currency fluctuations. As of September 30, 2022, it holds $92.5 million in cash and $75.3 million in working capital surplus.

Canacol Energy Ltd. (OTCQX: CNNEF) will release its third quarter 2022 financial results on November 10, 2022, post-market closure. A conference call for discussing these results is scheduled for November 11, 2022, at 9:00 a.m. MT / 11:00 a.m. ET, one hour later than initially announced. The call can be accessed via multiple dial-in options or a webcast, with an opportunity for replay available until November 18, 2022. Canacol is focused on natural gas exploration and production in Colombia.

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.

Canacol Energy Ltd. (CNNEF) will announce its Q3 2022 financial results on November 10, 2022, post-market. A conference call is scheduled for November 11, 2022, at 8:00 a.m. MT, where senior management will discuss these results. Investors can access the call via dial-in or webcast, with details provided for international and toll-free numbers. The third quarter results will be available on the company's website, and a replay of the call will be accessible until November 18, 2022. The press release also includes forward-looking statements about production expectations.

Canacol Energy Ltd. (CNNEF) announced an agreement with Shanghai Engineering and Technology Corp. to construct a 289 km gas pipeline from Jobo gas processing facility to Medellin. The pipeline aims to boost gas sales above 300 MMscfpd by 2025, providing energy security as Ecopetrol's gas fields decline. Notably, Canacol will incur no construction costs, only a fixed fee for gas transportation. The pipeline is scheduled to operate by December 2024. Additionally, a Special Meeting of Shareholders will occur on December 19, 2022, to seek approval for a potential share consolidation.

Canacol Energy Ltd. reported its natural gas sales of 166 MMscfpd in August and 191 MMscfpd in September 2022. The Claxon 1 well, successfully completed, is expected to enhance production alongside the Canaflecha 2 well, which tested 6.5 MMscfpd. The company has initiated a forward exploration drilling program targeting gas-bearing sands, with plans to drill multiple wells in November 2022. Additionally, Canacol completed a 3D seismic survey in the VIM-5 block, identifying prospects for 2023 drilling.

Canacol Energy has declared a dividend of CAD$0.052 per share, payable on October 17, 2022, to shareholders on record as of September 30, 2022. This eligible dividend is significant for Canadian income tax purposes. The dividend will be in Canadian Dollars for TSX traded shares, while for BVC shareholders, the peso equivalency will be based on the certified exchange rate. Shareholders should complete Form NR301 to potentially reduce withholding taxes. The dividend declaration and payment are at the Board's discretion.

Canacol Energy Ltd. reported strong financial results for the six months ended June 30, 2022, with natural gas sales volumes increasing by 10% to 188 MMscfpd and total revenues rising 29% to $67.9 million. The corporation achieved adjusted EBITDAX of $55.2 million, a 24% increase, and net income of $18 million. However, a net loss of $6.4 million was reported for Q2 2022, primarily due to a non-cash deferred tax expense. Canacol is focused on drilling, seismic acquisitions, and enhancing its natural gas supply to support Colombia's energy demands while committing to sustainable practices.

Canacol Energy Ltd. reported an average natural gas sales of 197 MMscfpd for July 2022. The recently completed Cornamusa 1 exploration well tested at 12.4 MMscfd, indicating strong capacity from the Cienaga de Oro sandstone reservoir. Upcoming drilling includes Claxon 1 and Canaflecha 2 wells, anticipated to take four weeks each. The company also repurchased 86,632 shares at an average price of CAD $2.25, totaling 5,394,332 shares this year. Canacol operates primarily in Colombia and trades under CNNEF.