CALGARY, Alberta, June 03, 2022 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its May 2022 natural gas sales and the results of the Alboka 1 exploration well, along with near term drilling plans.

Gas sales averaged 189 MMscfpd for May 2022

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were approximately 189 million standard cubic feet per day (“MMscfpd”) for May 2022.

Alboka 1 exploration well tests 33 MMscfpd

The Corporation completed the drilling of the Alboka 1 exploration well located on the VIM-5 Block 100% working interest and operated by CNE OIL & GAS S.A.S. Alboka 1 was spud on May 5, 2022 and reached a total depth of 10,155 feet measured depth on May 18, 2022. The well encountered multiple gas filled sandstones between 7,778 and 9,078 feet true vertical depth within the primary Cienaga de Oro (“CDO”) sandstone reservoir target with average porosity of 22 percent.

The well was flowed for a total of 24 hours with an average production rate of 6 MMscfpd during the first 22 hour flow period, 23 MMscfpd production rate during the following 2 hour flow and a final rate of 33 MMscfpd. The well is currently shut in for a pressure build up. The Corporation is commencing the laying of a flow line to tie the well into permanent production.

Forward Drilling Program – Cornamusa 1 exploration well and Toronja 3 development well

The Petro Polar drilling rig is preparing to spud the Cornamusa 1 exploration well located on the Corporations 100% working interest VIM 21 E&P Contract. Cornamusa 1 is targeting gas bearing sands within the CDO sandstone reservoir. The Cornamusa 1 exploration well should take approximately 4 weeks to drill, test, and complete.

The Pioneer drilling rig is being mobilized to drill the Toronja 3 development well located on its 100% working interest VIM 21 E&P contract. Toronja 3 is targeting gas bearing sandstone reservoirs within the Porquero Formation which are productive in the offsetting Toronja 1 and 2 wells. The Corporation anticipates spudding the well in mid June 2022, which is planned to take 3 weeks to drill, complete and tie in to permanent production.

Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur, including without limitation statements relating to estimated production rates from the Corporation's properties and intended work programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward-looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation.

Realized contractual gas sales is defined as gas produced and sold plus gas revenues received from nominated take or pay contracts.

These big names are down — but certainly not out.

The Dow Jones fell on strong jobs data. Tesla stock plunged on an Elon Musk move. Apple stock crumbled. Amazon fell after an executive quit.

In the world of stock legends, Ken Fisher stands out. The legendary investor founded his private financial advisory firm, Fisher Investments, in 1979, with just $250 in seed money. Today, Fisher’s company manages over $195 billion in total assets, and his personal net work exceeds $5 billion. Fisher has cast his eye on current market conditions. In recent published note, Fisher points out the obvious headwinds in the current environment: “Fear of the impact of the tragic, grinding war in Ukraine

Yahoo Finance auto reporter Pras Subramanian breaks down data from a new report indicating depressed U.S. auto sales amid rising inflation and interest rates.

It was a tough day for high-growth stocks, as a hot jobs number stoked inflation fears even as Elon Musk warned about the global economy.

Don’t bail on stocks. Just choose them wisely.

Semiconductor specialist Nvidia (NASDAQ: NVDA) was down as much as 5.5%, iPhone maker Apple (NASDAQ: AAPL) was off by as much as 4.5%, and e-commerce kingpin Amazon (NASDAQ: AMZN) slipped as much as 3.5%. New warnings about the possibility of a recession sent a wide swath of stocks lower today, but there was also company-specific news for each of the technology stalwarts. Tesla CEO Elon Musk joined the chorus of business leaders sounding the alarm about the economy and the possibility of a recession.

Amazon stock is working on its sixth straight daily rally ahead of its 20-for-1 stock split. Here's what the charts say now.

See who joins Nvidia and GOOGL on this screen of Warren Buffett stocks based on the investing strategy of Berkshire Hathaway's CEO.

Brave investors are trying to buy S&P 500 stocks on the dip. But they're not even crazy enough to touch some.

(Bloomberg) -- China has sentenced a former Communist Party city chief and securities regulator to death with a two-year reprieve for bribery and insider trading, state broadcaster CCTV reported.Most Read from BloombergOne-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsTesla Pauses Hiring as Musk Aims for 10% Staff Cut, Reuters SaysElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutApple Plans to Make the iPad More Like a Laptop and Less Like a PhoneU

We feel now is a pretty good time to analyse NIO Inc.'s ( NYSE:NIO ) business as it appears the company may be on the...

One of the most popular real estate investment trusts (REITs) among institutional and retail investors is Realty Income Corp (NYSE: O), and for good reason. The stock has produced a total return of 7.48% over the past 12 months compared to -0.3% for the S&P 500. The company is also one of only a few REITs that pays a monthly dividend and it currently has an attractive yield of 4.34%. How much would that monthly dividend have added up to if you invested $1,000 into Realty Income five years ago? O

(Bloomberg) -- Novavax Inc. slumped 20% on Friday after US regulators raised concerns over the biotech’s much-anticipated Covid-19 vaccine. Most Read from BloombergOne-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey FindsTesla Pauses Hiring as Musk Aims for 10% Staff Cut, Reuters Says‘Most Clever Oligarch’ Severed His $37 Billion Fortune From Russian RootsElon Musk’s Ultimatum to Tesla Execs: Return to the Office or Get OutStocks Resume Weekly Losses as Jobs Fuel Rate Bets:

In this article, we discuss 10 value stocks to buy in 2022 according to Ken Fisher. You can skip our in-depth analysis of Ken Fisher’s 13f portfolio for value stocks and go directly to 5 Value Stocks to Buy in 2022 According to Ken Fisher. Ken Fisher is one of the most well-known investment managers […]

Exxon Mobil, PepsiCo, and JPMorgan Chase are among the biggest payers of dividends in absolute dollars, and they have solid yields to boot. Then there’s Apple and Microsoft.

The Dow Jones Industrial Average dropped after the jobs report. Tesla skidded after Musk said he had a "super bad feeling" about the economy.

While the latest jobs report shows a Over the last two months, a number of technology companies or venture capital–backed firms have announced plans to either freeze hiring, rescind accepted offers, or lay off employees.

What happened American Airlines Group (NASDAQ: AAL) was the opposite of a high-flying stock on Friday. At the close of trading, the big carrier's share price was down by 7.1%. Investors were clearly concerned about updated guidance the company issued earlier in the day.

Some of a flurry of recently announced splits are nearing completion, with potential consequences for the Dow industrials.