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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added 55 cents to $43.18 on the New York Merc, while Brent for June lost $1.27 to $44.53 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.85 to WTI ($29.33), up from a discount of $13.90. Natural gas for May lost 0.1 cent to $2.068. The TSX energy index added a fraction to close at 184.63.

Colombia-focused Canacol Energy Ltd. (CNE) added two cents to $3.99 on 3.32 million shares, after announcing the achievement of a long-held goal: to boost its Colombian gas production to 90 million cubic feet a day, five times the 18 million cubic feet a day it was producing in the fall of 2014, when it first started to publicly plan its gassy expansion. Originally it hoped to achieve production of 83 million cubic feet a day in December, 2015, supported by sales contracts to protect it from fluctuating gas prices. It later bumped the production goal to 90 million cubic feet a day, but pushed the timeline out into 2016 because of pipeline delays. Canacol's expectation this year was that the pipeline would be fully ready by March 31. It ended up taking a few extra weeks, but now it is finished, as is another gas infrastructure project, the expansion of the Canacol-operated Jobo plant's capacity to over 180 million cubic feet a day from 80 million (something that was also scheduled to be done in March but apparently ran slightly behind schedule). Canacol patted itself on the back this morning and trumpeted the $153-million (U.S.) in gross revenues it expects to receive this year. (Nowhere was the back-thumping heard more loudly than in its new on-line presentation, which praises "pathfinding" "leader" for "Solving Colombia's [Epic] gas supply deficit" through "Advantage Canacology.") Of course, much of this morning's news had already been priced into Canacol's stock, which at $3.99 has added 70 cents in the last two weeks alone. The company will have to work hard over the rest of the year to keep investors this happy. Its plans, as stated by its president and chief executive officer, Dr. Charle Gamba, include drilling two more gas wells of a three-well program and releasing a reserve report for the first well of that program, Oboe-1. The report is scheduled to be released in June.

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