TSX Energy Stock on the Move: Canacol Energy (TSX:CNE) Gains over 14% on News of Increased Proven Reserves

New York, New York - September 20, 2012 (Investorideas.com Energy Stocks Newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector for independent investors issues a trading alert for Canacol Energy (TSX:CNE.TO), trading at $0.51, gaining 0.0650 or 14.61% as of 10:54AM EDT on over 5.5 Million shares, making it one of the top traders on the TSX in morning trading . The stock traded as high as $.54 on news of an increased of 98% in proven reserves.

The Company reported "Total corporate proved reserves ("1P") plus deemed volumes ("DV") for the fiscal year ended June 30, 2012 increased 98% to 10.5 million barrels ("MMbbls") from 5.3 MMbbls for the fiscal year ended June 30, 2011, with a corresponding 1P reserve replacement of 121%(i). In the same period, 1P plus DV pre-tax NPV-10 increased 55% from US $199.2 million to US $308.4 million. Total corporate proved plus probable reserves ("2P") plus DV increased to 16.1 MMbbls for the fiscal year ended June 30, 2012. In the same period, 2P plus DV pre-tax NPV-10 increased to US $492.1 million. The Corporation's 2P plus DV represents 94% oil and 6% gas liquids.”
Canacol Energy is an exploration and production company with operations focused in Colombia and Ecuador.
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