UPDATE: Canacol Energy Records Loss in Q3 Vs. Year-Ago Profit; Sets $67 Mln Capital Budget; Stock Falls 2%

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Canacol Energy Ltd. (CNE.TO) reported third quarter 2013 net loss of US$628,000, or US$0.01 per share, compared to a net income of US$3.7 million, or US$0.06 per share, in the same period last year.

Petroleum and natural gas revenues for the quarter totaled US$36.7 million, compared to US$48.6 million in the prior-year period.

The company plans to spend capital expenditures of US$67 million (US$53 million, net of dispositions) in calendar 2013 on drilling, workovers, seismic, production facilities, and pipelines in Colombia and Ecuador, and anticipates net average production before royalties of between 7,500 and 8,500 boepd over the period.

CNE was down nearly 2% to $2.64, trading close to 52-week low $2.31.



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