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Canacol's Oil Drilling on Hiatus, Gas Drilling Continues
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Canacol Energy Ltd. has reported its reserves and financial results for the year ended June 30, 2015. Dollar amounts are expressed in United States dollars, except as otherwise noted.
OutlookCalendar 2015 has been a transformational year for Canacol on both a financial and operational front.
Operationally, like many of its peers, Canacol entered calendar 2015 heavily levered to world oil prices. By the quarter ended June 30, 2015, by continuing to market its growing gas production base and its success in Ecuador, the Corporation's revenues are now 57% insensitive to world oil prices. For the remainder of calendar 2015 and into 2016, Canacol is squarely focused on being in a position to further monetize its significant gas position in Colombia's Lower Magdalena basin.
To this end:
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