Canacol Energy announces results of DeGolyer and MacNaughton audit

Canacol Energy (CNNEF) announces that DeGolyer and MacNaughton has performed an audit of the extent and value of the estimated proved developed producing, proved developed, and total proved gas reserves of certain properties located in the Esperanza, VIM-5, and VIM-21 Blocks in Colombia in which Canacol holds an interest. In comparing the detailed net proved developed producing, proved developed, total proved reserves estimates prepared by DeGolyer and MacNaughton and by BGEC, negative differences have been found, resulting in aggregate differences of 2.2 percent for the proved developed producing reserves, 7.6 percent for the proved developed reserves, and 7.7 percent for the total proved reserves. It is DeGolyer and MacNaughton’s opinion that the proved developed producing, proved developed, and total proved reserves estimates prepared by Canacol on the properties reviewed and referred to above, when compared on the basis of net reserves, in aggregate, do not differ significantly from those prepared by DeGolyer and MacNaughton.