Canacol Cases Potential Oil Discovery in Colombia

Canacol Energy has cased the Recio 1 exploration well in Colombia as a potential oil discovery, the first of three exploration wells the Corporation plans to drill in 2010. The Recio 1 well is located on the Sierra Exploration and Production Contract in the Middle Magdalena Basin of Colombia. The Sierra E&P Contract was awarded to the Corporation in 2007 by the Agencia Nacional de Hidrocarburos, and the Corporation is the operator of the contract with a 25.5% working interest.

The Recio 1 well targeted the Lower Tertiary Honda Formation, which is a prolific oil producer within the Middle Magdalena Basin of Colombia. The Recio 1 exploration well was spud on March 15, 2010 and reached total depth of 1,812 feet measured depth on March 22, 2010. The well encountered approximately 10 feet of potential oil pay within a sandstone of the Middle Honda Formation at 1,548 to 1,558 feet measured depth, with good oil and gas shows while drilling. The well also encountered approximately 27 feet of potential oil pay within a sandstone of the Lower Honda Formation at 1,608 to 1,635 feet measured depth, also with good oil and gas shows while drilling. The Corporation plans to test both zones, and will report the results when available.

The Recio 1 well is the first of 15 wells that the Corporation plans to drill in 2010.

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