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Canacol Energy Ltd. Provides Operations Update

Source: www.gulfoilandgas.com 11/5/2013, Location: South America

Canacol Energy Ltd is pleased to provide the following update on Corporate production and its drilling plans for the Leono 1 exploration well located on the LLA23 Exploration and Production (“E&P”) contract which the Corporation plans to spud next week.

Average net Corporate production before royalties for the month of October 2013 was approximately 9,642 barrels of oil equivalent per day (“boepd”) which consisted of approximately 6,612 barrels of oil per day (“bopd”) and approximately 17.3 mmscfd (3,030 boepd) of gas.

The Corporation plans to spud the Leono 1 exploration well located on the LLA23 E&P contract in the second week of November 2013. Leono 1 will be the second exploration well drilled on the LLA23 E&P contract following the Corporations Labrador oil discovery late in 2012. The Leono prospect is located approximately 12 kilometers to the north of the Labrador oil field, and is situated on the same fault trend that forms both the Rancho Hermoso and Labrador oil fields. The Leono 1 well is anticipated to be drilled to a depth of approximately 11,900 feet measured depth and will take approximately 45 days to drill and production test. Leono 1 is targeting all of the producing reservoirs the Corporation is familiar with at the Rancho Hermoso and Labrador fields located along trend to the south.

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