September 29, 2011 / 11:04 AM / in 7 years

UPDATE 1-Canacol Energy Q4 revenue jumps six fold

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Sept 29 (Reuters) - South America-focused oil company Canacol Energy posted a six-fold rise in fourth-quarter revenue and said it expects to exit the year with production of about 14,000 net barrels of oil per day (bopd).

Calgary, Alberta-based Canacol’s revenue for the April-June quarter was $47.9 million, up from $7.4 million, a year ago.

Capital expenditure rose four times to $24.7 million, mostly due to increased spending at Canacol’s Colombian operations.

The company reaffirmed its production outlook of 10,500-11,500 net average bopd for the year.

Canacol, which also has operations in Guyana and Brazil, said it had about $115 million in cash, as of June 2011, and remained fully funded to carry out exploration programs through 2012. (Reporting by Gowri Jayakumar in Bangalore; Editing by Sayantani Ghosh)

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