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Canacol Energy Ltd. Provides Operations Update

Source: www.gulfoilandgas.com 10/23/2013, Location: South America

Canacol Energy Ltd is pleased to announce the results of its Labrador 5 well at the Labrador discovery located on the LLA23 Exploration and Production (“E&P”) Contract, along with a general Corporate production update. The Corporation, through its subsidiary Canacol Energy Colombia S.A., has an 80% operated working interest in the LLA23 contract, with Petrolera Monterrico S.A. Sucursal Colombia holding the remaining 20% interest.

The Labrador 5 well is the fourth well drilled into the Labrador discovery. Based upon the results of the Labrador 5 well, a fifth well, Labrador 4, is planned to be drilled in the first quarter of calendar 2014. The Corporation also announces that the drilling rig used to drill Labrador 5 is currently being mobilized to the northern part of the LLA23 contract to spud the Leono 1 exploration well, which is anticipated to occur prior to mid November 2013.

The Labrador 5 well was spud on September 10, 2013 and reached a total depth of 10,972 feet measure depth (“ft md”) on September 24, 2013. The well encountered 55 feet (“ft”) of net oil pay in the following reservoirs: 13 ft of net pay within the C7 with an average porosity of 18% and 42 ft of net oil pay within the Middle and Lower Gacheta reservoirs with an average porosity of 16%. On October 16, 2013 the Middle Gacheta reservoir was perforated from 10,514 – 10,522 ft md and flowed at a stable gross rate of 778 barrels of oil per day (“bopd”) (622 bopd net) of 33o API oil with 10% water cut using a jet pump. Water cut continued to fall during the course of the test, and management believes that the produced water is related to fluids introduced into the reservoir during the drilling and completion process, as the offsetting producing wells in the Gacheta reservoir all have water cuts currently less than 1 %. The well was placed immediately on production and will remain on long term production test subject to approval from the ANH.

For the months of July, August and September 2013, average net Corporate production before royalties was approximately 9,271 barrels of oil equivalent per day (“boepd”) which consisted of approximately 6,259 bopd of crude oil and approximately 17.2 million standard cubic feet per day (“mmscfd”) (3,012 boepd) of gas. Average net Corporate production before royalties for the period October 1 to October 21 2013 inclusive was approximately 9,483 boepd which consisted of approximately 6,604 bopd of crude oil and approximately 16.4 mmscfd (2,879 boepd) of gas, which does not include any significant production from the Labrador 5 well. Production from the Nelson gas field in Colombia was impacted by social unrest affecting the buyers operation which resulted in a shortfall of approximately 0.8 mmscfd (140 boepd) in gas sales for the first half of October 2013. The situation has since returned to normal and gas sales have averaged approximately 18.0 mmscfd (3,150 boepd) over the course of the last week.

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