Canacol Energy Ltd
			Symbol			CNE
			Shares Issued			325,277,584
			Close 2009-10-29			C$ 0.34
			Recent Sedar Documents

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Canacol Energy loses $21.79-million in 2009

2009-10-30 14:15 ET - News Release

Mr. Brian Hearst reports

CANACOL ENERGY LTD. RELEASES YEAR ENDED RESULTS

Canacol Energy Ltd. (formerly Brazalta Resources Corp.) has filed its audited financial statements for the year ended June 30, 2009, and its accompanying management discussion and analysis (MD&A). Copies of the filed documents may be obtained via SEDAR.

Message from the president and chief executive officer

Charle Gamba, president and CEO of Canacol Energy, commented: "In the last 12 months, the corporation has consolidated a significant oil production and exploration position in its focus areas of Colombia, Brazil and Guyana, with interests in seven producing conventional oil fields and 15 exploration contracts covering 2.3 million net acres. For the remainder of 2009, the corporation is focused on executing its development drilling and work over programs on its operated oil producing assets in Colombia to increase near-term base oil production and cash flow, as well as continuing the ongoing appraisal activity on its non-operated Capella heavy oil discovery in Colombia to further quantify the potential of this significant oil discovery. In 2010, the corporation will focus on executing its high-impact oil exploration programs, which includes the drilling of the Karanambo exploration well in Guyana, the drilling of one exploration well on its Sierra E&P contract in Colombia and the drilling of up to two exploration wells in Brazil. In 2010, the corporation will also continue its appraisal and development drilling activity on its non-operated Capella heavy oil discovery in Colombia to capture mid- to long-term production and reserves growth. With the recent closing of a $40-million private placement, the corporation is fully funded to execute its 2009 and 2010 programs. With the reverse takeover of Brazalta Resources Corp. now completely behind us, the corporation is focused on executing its considerable portfolio of development and exploration opportunities to deliver value to its shareholders."

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