CANACOL ENERGY LTD - CNNEF STOCK NEWS

Canacol Energy Ltd. reported an average of 174 million standard cubic feet per day (MMscfpd) in natural gas sales for May 2021. The corporation announced a significant new gas discovery at the Aguas Vivas 1 well, which encountered 412 feet of net gas pay within the Cienega de Oro sandstone reservoir. This marks the thickest net pay encountered in Canacol's history. The well will undergo production testing and will be tied into existing infrastructure shortly. Canacol also repurchased 200,000 shares at an average price of $3.28 under its normal course issuer bid.

Canacol Energy Ltd. reports uninterrupted operations despite civil disturbances in Colombia. The company continues its gas sales, averaging 172 million standard cubic feet per day from May 1 to May 17, 2021. Located in the Lower Magdalena basin, Canacol's operations are minimally affected by blockades, contrasting with other oil producers facing major disruptions in different basins. This positioning ensures steady delivery and production of natural gas to clients, providing a stable operational outlook amid regional challenges.

Canacol Energy Ltd. reported its financial results for Q1 2021, highlighting a decrease in natural gas sales and production due to the COVID-19 pandemic. Natural gas revenues fell 17% to $58.2 million, with average production volumes down 11% to 179.5 MMscfpd. Despite a net loss of $3.1 million, an improvement from the previous year's loss of $26 million was noted, mainly due to reduced deferred tax expenses. The company aims to drill twelve wells and expand its pipeline capacity, projecting a bright future as normalization post-pandemic occurs.

Canacol Energy Ltd. (OTCQX: CNNEF) reported an average of 166 MMscfpd in natural gas sales for April 2021. The company is progressing with its drilling program, with the Nelson 9 development well encountering 52 feet of gas pay and expected to be operational by early May 2021. Additionally, the Aguas Vivas 1 exploration well is set to spud before mid-May 2021. Canacol focuses on natural gas exploration and production in Colombia, operating under the ticker symbol CNNEF on OTCQX.

Canacol Energy will release its first quarter 2021 financial results on May 13, 2021, post-market closure. Management will discuss these results during a conference call on May 14, 2021, at 8:00 a.m. MST / 10:00 a.m. ET. Interested parties can access the call via dial-in or webcast. The results will be available on Canacol's website, with a replay accessible until May 21, 2021. Canacol, based in Colombia, focuses on natural gas exploration and production, trading under stock symbols CNE, CNNEF, and CNE.C.

Canacol Energy Ltd. announced the results of an independent prospective resources evaluation of its VMM 2 and VMM 3 blocks, revealing significant potential for unconventional shale oil in Colombia. The report estimates Canacol's risked and un-risked prospective resources, with light and medium crude oil resources amounting up to 22.2 million barrels and unconventional natural gas reaching 545 BCF. With a 20% working interest, Canacol's resource estimates are supported by recent approvals for multi-stage stimulation pilot projects. The evaluation underscores the company's strategy to develop its acreage in the Middle Magdalena Valley Basin.

Canacol Energy Ltd. has disclosed a significant increase in its gross prospective resources of conventional natural gas in Colombia, as per an independent audit by Gaffney, Cline & Associates. As of December 31, 2020, the estimated gross prospective resources stand at 5.7 trillion cubic feet (Bcf) on an un-risked basis and 1.7 trillion Bcf risked. This is an increase from 4.7 trillion Bcf un-risked in 2019. The Corporation plans an extensive exploratory program involving 3D seismic acquisition and drilling activities to further evaluate this potential across its 1,561,665 acres of exploration blocks.

Canacol Energy Ltd. announced a significant update on its natural gas prospective resources in Colombia, based on a new independent audit by Gaffney, Cline & Associates. As of December 31, 2020, the company has an un-risked mean of 5.7 trillion standard cubic feet of gas across its exploration blocks, with a risked mean of 1.7 trillion standard cubic feet. This audit evaluated 189 prospects, emphasizing Canacol's strong exploration track record in both the Lower and Middle Magdalena Valley basins. The company is expanding its exploratory program, including advanced seismic techniques and new block acquisitions.

Canacol Energy Ltd. (CNNEF) reported an average of 173 MMscfpd in natural gas sales for March 2021, with first-quarter sales averaging 177 MMscfpd. The Cañahuate 4 development well is expected to start production by early May 2021, having encountered 72 feet of gas pay. However, the Milano 1 exploration well did not yield commercial gas and was subsequently abandoned. The company plans to drill the Nelson 9 and Aguas Vivas 1 wells, each estimated to take about 5 weeks to complete.