Canacol Energy Ltd. Reports Earnings and Operating Results for the Second Quarter and Six Months Ended December 31, 2014
Feb 12 15
Canacol Energy Ltd. reported earnings and operating results for the second quarter and six months ended December 31, 2014. For the quarter, the company reported petroleum and natural gas revenues, net of royalties of $36,404,000 compared to $42,168,000 a year ago. Cash provided by operating activities was $31,743,000 or $0.29 diluted per share compared to $36,406,000 or $0.41 diluted per share a year ago. Adjusted funds from operations was $22,952,000 or $0.21 basic and diluted per share compared to $16,713,000 or $0.19 basic and diluted per share a year ago. Net loss was $45,970,000 or $0.43 basic and diluted per share compared to $10,412,000 or $0.12 basic and diluted per share a year ago. Capital expenditures, net were $78,403,000 compared to $22,749,000 a year ago.
For the six months period, the company reported petroleum and natural gas revenues, net of royalties of $95,321,000 compared to $90,390,000 a year ago. Cash provided by operating activities was $77,361,000 or $0.71 diluted per share compared to $56,130,000 or $0.64 diluted per share a year ago. Adjusted funds from operations were $60,114,000 or $0.55 diluted per share compared to $41,759,000 or $0.48 diluted per share a year ago. Net loss was $31,860,000 or $0.30 basic and diluted per share compared to $7,431,000 or $0.09 basic and diluted per share a year ago. Capital expenditures, net were $125,925,000 compared to $40,157,000 a year ago.
For the quarter, petroleum production before royalties was 8,586 barrels of oil equivalent per day (boepd) compared to 6,998 boepd a year ago. Natural gas production before royalties was 3,236 boepd compared to 3,097 boepd a year ago.
For the six months, petroleum production before royalties was 9,254 barrels of oil equivalent per day (boepd) compared to 6,555 boepd a year ago. Natural gas production before royalties was 3,285 boepd compared to 3,060 boepd a year ago.
Canacol Energy Ltd Tests 45 MMSCFPD (7,947 BOEPD) from Two Zones at Clarinete 1 Gas Discovery in Colombia
Feb 10 15
Canacol Energy Ltd. announced that Clarinete 1, has tested at a final gross rate of 24.7 million standard cubic feet per day ('mmscfpd') (4,333 barrels of oil equivalent 'boepd') of dry gas with no water from the Upper Cienaga de Oro ('CDO') reservoir in the second of two production tests over two separate reservoir intervals. As previously reported, the Lower CDO tested at a final gross rate of 20.6 mmscfpd (3,606 boepd) of dry gas with no water. The combined gross deliverability of the Clarinete 1 well from both intervals is approximately 45.3 mmscfpd (7,947 boepd). Canacol, through its subsidiary CNE Oil & Gas S.A.S., holds a 100% operated interest in the VIM 5 E&P contract. Both gas sales from Esperanza (currently sold based on the Guajira price index of USD 5.08/mmbtu or USD 28.96/boe) and tariff oil from Ecuador (USD 38.54/bbl), together comprising approximately 42% of production in FQ1 2015, are completely insensitive to world oil prices, offering the Corporation a significant degree of protection from the current effects of falling benchmark oil prices. The total gross productive capacity of Canacol's existing gas wells at its Nelson (Nelson 2, 3, 4 and 5), Palmer (Palmer 1) and Clarinete (Clarinete 1) gas fields is approximately 120 mmscfpd, more than sufficient to satisfy the 83 mmscfpd required to fulfill its contractual sales obligations in late calendar 2015. The Corporation is planning to double the capacity of its operated Jobo gas processing facility from the current level of 50 mmscfpd to 100 mmscfpd by midyear calendar 2015 at a cost of approximately USD 3 million. Canacol is an exploration and production company with operations focused in Colombia and Ecuador.
Canacol Energy Ltd. Appoints Francisco Diaz to its Board of Directors
Jan 16 15
Canacol Energy Ltd. announced the appointment of Mr. Francisco Diaz to the board of directors with immediate effect. Mr. Diaz is an international CEO and General Manager with a proven track record in multinational and private companies across various industries. He is currently a Managing Partner of Evolvere Capital, a Private Equity firm that manages various portfolio companies in Colombia and Latin America, and also serves on the board of several portfolio and publicly traded companies in Latin America. Diaz brings broad experience in industrial and consumer sectors, both locally within Colombia and internationally. From 2004 -2011 he was President and CEO of Organizacion Corona. Prior to his association with Corona, he was with Monsanto Company in St. Louis, MO (1991-2003) where he held various executive positions among them President of the Global Food Ingredients Division, Corporate Vice President of Global Strategy, IL and Vice President and General Manager for Latin America in Buenos Aires, Argentina.