CANACOL: resultados financieros del primer trimestre.

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HIGHLIGHTS
Selected results outlined below should be read in conjunction with the Corporation's Financial Statements and related MD&A.
For the quarter ended March 31, 2011, the Corporation achieved:

• $18.0 million of cash flow from operating activities, before changes in non-cash working capital, up from $1.8 million in the previous quarter.
• $32.3 million in revenue for the quarter, up 378% from the same period in 2010.
• 10,187 barrels of oil per day average daily production, up from 3,423 in the previous quarter and 2,407 in the same period in 2010.
• Completed listing on the Toronto Stock Exchange on May 3, 2011. Canacol shares continue to be listed under the symbol "CNE", and Canacol debentures continue to be listed under the symbol "CNE.DB"
• Received formal approval from Agencia Nacional de Hidrocaburos ("ANH") on three new Exploration and Production ("E&P") contracts (Sangretoro, COR 11 and COR 39).
  • Sangretoro was previously part of the Pacarana Technical Evaluation Area ("TEA"), and the conversion of this prospective heavy oil area of the TEA into the Sangretoro E&P contract allows the Corporation to move ahead with plans for drilling on this block.
  • The COR 11 and COR 39 E&P contracts establish a new core area for the Corporation in the Upper Magdalena Valley in close proximity to the Guando and Abanico producing oil fields.
• Announced that net working interest proved plus probable ("2P") oil reserves increased by 69% for the Rancho Hermoso oil field as per its December 2010 reserves report. Net 2P reserves increased to 2.219 million barrels of oil, with 2P reserves replacement at 276%. The before tax NPV10 increased 182% to $144.2 million.
• Closed a C$57.6 million (net proceeds of C$54.7 million) bought deal common share financing through the issuance of 41,745,000 common shares at a price of C$1.38.
• Funded a 0.5% participation in the new pipeline construction project, the Oleoducto Bicenteario de Colombia (the "OBC") at a cost of approximately US$5 million.
• Production guidance for calendar 2011 was revised upwards to a new target of 10,500 to 11,500 bopd based primarily on the strong performance of recently drilled wells in the Canacol operated Rancho Hermoso Field in Colombia 

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