This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Canacol Energy reserves at 4.33 million boe P+P in 2009 2009-11-06 02:59 ET - News Release Mr. Mark Teare reports CANACOL ENERGY LTD. ANNOUNCES 347% INCREASE IN RESERVES IN 2009 Canacol Energy Ltd. has provided the results of its year-end reserves update for its operated Rancho Hermoso and Entrerrios oil fields in Colombia, its non-operated Capella heavy oil discovery in Colombia, and its non-operated oil fields in Brazil. The corporation has increased net proved-plus-probable reserves by 347 per cent, from 1,247,000 barrels of oil in 2008 to 4,334,000 barrels of oil in 2009, with a corresponding increase in NPV10 of 72 per cent from $55,817,000 (U.S.) in 2008 to $96,171,000 (U.S.) in 2009. Charle Gamba, president and chief executive officer of Canacol, commented: "I am pleased to report that in 2009 we have significantly increased our reserves base and the value of those reserves, mainly through exploration success in Colombia. The corporation anticipates adding additional reserves to its base with continued appraisal and development drilling activity at its Capella heavy oil discovery in Colombia throughout 2010. The corporation has also established a significant conventional oil exploration position with interests in 15 exploration contracts covering over 2.4 million net acres. The execution of our exploration programs in 2010 and 2011 has the potential to add significantly to our existing production and reserves base." The remainder is available to Stockwatch subscribers.
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