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Canacol Energy Down 3% As Reports Q4 Results

South America-focused oil company Canacol Energy (CNE.TO) 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), Reuters reported.

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

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

The company also 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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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