Canacol Energy Ltd. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported petroleum and natural gas revenues, net of royalties of $27.4 million compared to $55.2 million a year ago. Funds from operations were $2.94 million or $0.05 per basic and diluted share compared to funds from operations of $24.5 million or $0.45 per basic and diluted share a year ago. Net income was $3.13 million or $0.05 per basic and diluted share compared to net loss of $2.42 million or $0.04 per basic and diluted share a year ago. Capital expenditures, excluding business acquisition were $22.7 million compared to $62.43 million a year ago.

For the six months, the company reported petroleum and natural gas revenues, net of royalties of $69.15 million compared to $90.6 million a year ago. Funds from operations were $17.03 million or $0.27 per basic and diluted share compared to funds from operations of $42.24 million or $0.78 per basic and diluted share a year ago. Net loss was $3.1 million or $0.05 per diluted share compared to net income of $11.1 million or $0.20 per diluted share a year ago. Capital expenditures, excluding business acquisition were $41.6 million compared to $93.8 million a year ago.

For the quarter, the company reported total petroleum and natural gas production of 5,354 boepd compared to 13,837 boepd a year ago. Total petroleum and natural gas sales were 5,134 boepd compared to 14,155 boepd a year ago.

For the six months, the company reported total petroleum and natural gas production of 5,687 boepd compared to 11,935 boepd a year ago. Total petroleum and natural gas sales were 6,228 boepd compared to 12,182 boepd a year ago.

Average daily net production for the month of January 2013, was approximately 7,800 boepd, which consisted of approximately 4,650 bopd of crude oil and natural gas liquids and 3,150 boepd of natural gas.

Average daily net production from February 1 to February 10, 2013 was approximately 8,000 boepd, which consisted of 4,700 bopd of crude oil and natural gas liquids and 3,300 boepd of natural gas.

The company announced the appointment of two former Shona directors, Mr. Gary R. Petersen and Mr. Gregory D. Elliot, to its Board of Directors. Mr. Petersen is a Managing Partner and co-founder of EnCap Investments LP. Mr. Elliot founded Workstrings LLC in 1997. Mr. Elliot continues as President of Workstrings International. The corporation also announced the retirement of Mr. Alvaro Barrera from its board of directors. Mr. Barrera will remain on the Advisory Board of Canacol.

The company plans to spend capital expenditures of $67 million 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.