The top of the Lisama Formation was penetrated at a depth of approximately 4,800 ft md. Based on Canacol's petrophysical analysis of the openhole logs run across the interval, the Lisama contains approximately 85 ft of potential net oil pay with an average porosity of 21% in 3 main zones.
The Upper Lisama was perforated between 5,392 - 5,408 ft md and yielded an average of 340 and 409 bopd of 20 API with a final water cut of 2% over two separate 24 hour tests. The Lower Lisama was perforated between 5,509 - 5,540 ft md and yielded an average of 523 and 833 bopd of 21 API with a final water cut of 0.5% over two separate 24 hour tests.
La Luna Results
The top of the La Luna was encountered at a depth of 9,180 ft md. Good oil and gas shows were encountered across the gross drilled interval of approximately 760 ft md, with the La Luna exhibiting high overpressure of up to 16.5 ppg throughout the entire interval. The La Luna was cored between 9,925 and 9,942 ft md. Upon completion of the coring, the operator cased the well to ensure well integrity.
Based on Canacol's petrophysical analysis of the openhole logs run across the interval, the part of the La Luna penetrated in the well contains approximately 230 ft of potential net oil pay with an average porosity of 14%.
Plans to re-enter the well and either proceed to drill the remainder of the La Luna Formation or to not drill any further and test that portion of the La Luna that has already been penetrated, is yet to be decided. This operation is anticipated to occur late in the second quarter of 2013.
Canacol Energy is an exploration and production corporation with operations focused in Colombia and Ecuador. The Corporation's common stock trades on the Toronto Stock Exchange and the Colombia Stock Exchange under ticker symbol CNE and CNE.C, respectively.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.
Canacol Energy Ltd.
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