10:02 AM EST - Canacol Energy Ltd : provided the following update on the recompletion of the Agueda 1 well on its LLA 23 Exploration and Production ("E&P") Contract (80% operated working interest) located in the Llanos Basin of Colombia. The Agueda 1 well was successfully re-entered and tested formation water from two sandstone reservoirs in the C7 reservoir. The Agueda 1 well was drilled in 2007 and bypassed oil pay was identified by the Corporation within the C7 reservoir. Two of the three C7 sandstone reservoirs were perforated between 8,803-17 and 8,886-8,904 ft md and tested in the well, with each zone producing formation water at high rates. The well has been suspended as a potential future water injection well should the Corporation realize exploration success in any of the exploration prospects the Corporation plans to drill on the LLA 23 E&P contract later in 2012. Canacol Energy Ltd
shares T.CNE are trading down $0.04 at $0.94.
