C & C Energia in Kolumbien - 500 Beiträge pro Seite

[cyberdeath]

Möchte euch auf dieses Unternehmen hier aufmerksam machen:
C & C Energia in Deutschland so gut wie unbekannt.

Ein gut finanziertes Kanadisches Unternehmen das in Kolumbien tätig ist. Wer schon mal was von Pacific Rubiales, Gran Tierra oder Canacol Energy gehört hat sollte weiterlesen:


Aktuelle Präsentation. (Dezember 2010)

http://www.ccenergialtd.com/upload/media_element/10/01/first…

- Historical production and reserve growth
Successful organic growth in production and reserves over the past three
years, with current production of 7,000 bbls/d and 11.8 mmbbls reserves (P+P) as at December 31, 2009.

- Successful exploration track record
77% exploration drilling success over the last three years.

- Strong portfolio of opportunities
A robust inventory of oil prospects over 586,909 net acres (nine blocks,seven operated). The Corporation intends to drill 15 (9.9 net) exploration and 8 (5.2 net) development wells and one water injection well, in 2011.

- Strong Balance Sheet
Cash flow growth of >200% over the past 12 months with $75MM
estimated for 2010. Strong balance sheet with $70MM of working
capital and no debt as at September 30, 2010.

C&C Energia Ltd
Symbol C : CZE
Shares Issued 54,297,518

In meinen Augen der solideste Wert:

Hoher Cash-Bestand: 70 Mio. $
Nur etwa 55 Mio. outstanding Shares
Produktion derzeit: 7,000 bbls/d
Reserven: 11.8 mmbbls reserves (P+P)

[snafur]

Interessanter Wert, obschon gut gelaufen.
Und mit ca $96000 pro produziertem Barrel noch recht niedrig bewertet für ein Kolumbien E&P.
Die produzieren nur Öl, soweit ich weiß. Oder hat die Produktion auch einen Gasanteil?

[cyberdeath]

Nur Öl....
Zu 35% in Eigenbesitzt (C&C INVESTMENT HOLDINGS LLC)

C&C Energia earns $10.46-million (U.S.) in Q2
C&C Energia earns $9.70-million (U.S.) in Q3

Q4 folgt...

[cyberdeath]

Neue Präsentation.

http://www.ccenergialtd.com/upload/media_element/1/10/januar…


2010 exit production of 7,300 bbls/d.

[cyberdeath]

C&C Energia increases proved oil reserves by 19%

2011-02-28 08:56 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD. INCREASES PROVED RESERVES 19% YEAR-OVER-YEAR AND PROVIDES OPERATIONAL UPDATE

C&C Energia Ltd. is providing its 2010 year-end reserves and an update on its 2011 operations.

2010 reserves highlights

(All references to dollars are to United States dollars unless otherwise noted.)

The corporation completed a successful 2010 drilling campaign delivering significant reserves additions, highlighted by the following key reserve metrics:

* Total working interest proved oil reserves (1P), before royalties, increased 19 per cent to 9.2 million barrels;
* Total working interest proved plus probable oil reserves (2P), before royalties, increased 24 per cent to 14.6 million barrels;
* Total working interest proved plus probable plus possible oil reserves (3P), before royalties, increased 60 per cent to 24.3 million barrels;
* Production replacement of 170 per cent on proved reserves and 230 per cent on proved plus probable reserves. Production replacement is calculated as reserve additions divided by total-year production in barrels.

Summary of reserves

The corporation's independent engineering evaluation, effective Dec. 31, 2010, was prepared by the independent engineering firm of Lonquist & Co. LLC in accordance with the definitions set out under National Instrument 51-101 -- Standards of Disclosure for Oil and Gas Activities (NI-51-101) based on forecast prices and costs.

SUMMARY OF RESERVES -- WORKING INTEREST(1) AND NET AFTER ROYALTIES(2)

2010 2010 2009 2009
year-end year-end year-end year-end
C&C Energia C&C Energia C&C Energia C&C Energia
working net after working net after
interest royalty interest royalty
Oil (barrels) reserves reserves reserves reserves

Reserves category (mmbbl) (mmbbl) (mmbbl) (mmbbl)
Proved
Developed producing 5.21 4.45 3.03 2.59
Developed non-producing 1.66 1.45 1.56 1.32
Undeveloped 2.37 2.03 3.15 2.71
Total proved 9.24 7.93 7.74 6.62
Total probable 5.40 4.63 4.08 3.48
Total proved plus
probable 14.64 12.56 11.82 10.10
Total possible(3) 9.64 8.31 3.39 2.94
Total proved plus
probable plus possible 24.28 20.87 15.21 13.04

1) Working interest reserves means C&C Energia's working interest share
(operated and non-operated) before deduction of royalties payable to
third parties.
2) Net after royalty reserves means C&C Energia's working interest share
(operated and non-operated) after deducting royalties payable to third
parties.
3) Possible reserves are those additional reserves that are less certain to
be recovered than probable reserves. There is a 10-per-cent probability
that the quantities actually recovered will equal or exceed the sum of
proved plus probable plus possible reserves.

RECONCILIATION OF WORKING INTEREST RESERVES(1)

Total proved
Total proved plus probable
Total proved plus probable plus possible
Oil (barrels) (mmbbl) (mmbbl) (mmbbl)

Opening, Dec. 31, 2009 7.74 11.82 15.21
Technical revisions 0.10 (0.50) (3.01)
Extensions, infill drilling
and exploration discoveries 3.52 5.43 14.21
Production (2.13) (2.13) (2.13)
Closing Dec. 31, 2010 9.23 14.62 24.28

1) Working interest reserves means C&C Energia's working interest (operated
and non-operated) share before deduction of royalties payable to third
parties.


The increase in all categories of reserves is primarily attributable to the 2010 drilling results. During the year, the corporation drilled 16 gross wells (11.3 net), appraising existing discoveries on the Cravoviejo, Cachicamo and Morpho blocks. Cravoviejo accounted for 85 per cent of the 1P reserve additions and over 97 per cent of the increase in 3P reserves.

"C&C Energia had a successful 2010 operational year," said Richard Walls, president and chief executive officer. "We achieved an average production rate of 5,842 barrels of oil per day for the year ended Dec. 31, 2010, a 60-per-cent increase over the 2009 average daily production, exited the year at approximately 7,300 barrels of oil per day and increased our proved reserves by 19 per cent. Our 2011 investment program is focused on exploiting our existing production areas in Cravoviejo and Cachicamo and testing our high-potential exploration acreage in the Llanos and Putumayo basins."

2011 operational update

C&C has nine blocks (seven operated) in Colombia with a total of 766,514 acres (586,909 net acres). Two of these blocks were awarded to the corporation at the June 22, 2010, bid round and are subject to finalization and execution of definitive agreements with the Agencia Nacional de Hidrocarburos (ANH). The corporation's lands are located in the Llanos basin (four blocks), Middle Magdalena Valley (two blocks) and Putumayo basin (three blocks).

The corporation has approved a capital investment budget for 2011 of between $130-million to $145-million. The corporation plans to invest funds on the following operations:

* Seismic, $5-million;
* Development drilling and completions, approximately $25-million;
* Facilities, workovers and equipping, approximately $40-million;
* Exploratory drilling, approximately $50-million to $65-million;
* $10-million for various other projects.

Production for 2011 is expected to range between 6,800 barrels of oil per day and 7,300 barrels of oil per day from the Cravoviejo (100-per-cent working interest) and Cachicamo (30-per-cent working interest) blocks. Management of the corporation expects that the corporation's balance sheet and cash flow from existing operations will provide it with sufficient resources to finance its continuing programs.

The corporation has been actively pursuing its 2011 operational program, including the construction and preparation of civil works for its 2011 drilling program, drilling of two wells at Cravoviejo, testing of the Morpho-1 and Baco-1 exploration wells, procurement and installation work on the centralized production facilities at the Carrizales field on the Cravoviejo block, and the shooting of a 220-kilometre 2-D seismic program on the Andaquies block (90-per-cent working interest).

Llanos basin

All of the corporation's current production is in the Llanos basin on the Cravoviejo block and Cachicamo block. The corporation's production to date in 2011 has been impacted by three factors:

1. A shortage of tanker trucks for transporting crude oil to pipeline terminals;
2. Increasing cycle times for trucks due to delays at most of the loading terminals;
3. A nationwide work stoppage by approximately 180,000 truck drivers in early February.

As a result of these events, the corporation was forced to shut in approximately 29 per cent of its production (approximately 2,000 barrels of oil per day) in January due to high inventories in the field. January's production averaged 5,215 barrels of oil per day.

With increasing production levels in Colombia as a whole, and the Llanos basin in particular, production disruptions have been routinely encountered by many producers due to a lack of tanker trucks to transport product. In addition, some producers have exercised their priority rights at the off-loading terminals forcing those companies with lower-priority positions (including in some instances C&C Energia) to haul longer distances, increasing cycle times, and, in some cases, companies have been unable to off-load oil due to terminal capacity constraints. This has recently resulted in general reductions in production levels. The situation has been further impacted by the Association of Colombian Truckers' (ACC) call for a nationwide trucking stoppage, including oil tankers, on Feb. 2, 2011, to protest the Colombian government's removal of a year-long policy of setting minimum freight prices for trucking. The ACC subsequently agreed to talks with the government and ended the trucking stoppages. C&C Energia is currently in negotiations to enter into long-term trucking contracts to provide a dedicated truck tanker fleet to minimize any future production disruptions. In addition, the corporation's oil storage facilities on the Carrizales field are being expanded from 10,500 barrels to 30,000 barrels. These facilities will be commissioned by mid-year 2011, which the corporation expects will allow it to better manage delivery of its production. While the corporation expects that these disruptions will not have a lasting impact on the corporation's production, there can be no assurance that further trucking availability issues and union issues will not continue to affect the corporation's production in 2011 and thereafter.

The corporation plans at least 11 wells at Cravoviejo and seven wells (2.1 net) at Cachicamo in 2011. These are composed of eight development locations, nine exploration tests and one water injector. Primary oil targets are the C-5, C-7, Gacheta, Ubaque, Mirador and Guadalupe formations. Also, in the central Llanos, the corporation has identified seven or eight structural prospects on 3-D seismic, mostly acquired in 2010, on the Pajaro Pinto (50-per-cent working interest) and Llanos 19 (100-per-cent working interest) blocks. These prospects will begin to be evaluated in 2011 where three exploration tests are planned.

The corporation has drilled two wells at Cravoviejo during the first two months of 2011. Carrizales-14 was a southern step-out well on the down-dip flank of the Carrizales field and both the Gacheta and Ubaque sands tested water and the well was abandoned. The Bastidas South-3 development well encountered poor reservoir quality in the primary target (C5 formation) and was plugged back and sidetracked to a new bottom-hole location. The well has been logged and cased and will be completed and tested in two potential oil-bearing reservoirs in early March.

C&C is currently constructing centralized production facilities at its Carrizales field with start-up anticipated to be mid-year 2011. Construction has commenced and approximately 45 per cent of the contracts, by value, have been awarded, including the procurement of power generator units and disposal pumps. Tank construction for the central storage tanks also began, which will ultimately provide for approximately 30,000 barrels of storage capacity.

Middle Magdalena Valley

On the Morpho block (50-per-cent working interest), the corporation re-entered the Morpho-1 well (originally drilled and tested in 2009) and completed three shallow oil-bearing reservoirs in the Colorado formation at intervals of 4,940 feet to 4,950 feet, 5,560 feet to 5,570 feet and 6,520 feet to 6,530 feet. All three zones were recently fracture stimulated and placed on extended cleanup and testing. The fourth Colorado sand between 4,600 feet and 4,617 feet has also been reopened and commingled with the other three zones. Recently the corporation installed production facilities and the well is currently on an extended production test. The Baco-1 well was drilled and cased to 12,664 feet during third-quarter 2010. The corporation completed two sand intervals, one at 12,125 feet that is approximately 60 feet thick and another at 10,215 feet that is approximately 50 feet thick. Both zones were recently fracture stimulated and placed on cleanup and testing. Both the Morpho-1 and Baco-1 wells will be tested over an extended period to determine sustainable production levels, which will be incorporated into the corporation's longer-term strategy for the block. These tests represent C&C Energia's first attempt at unlocking the oil potential in low-permeability reservoirs within a large structure on the Morpho block. It has not yet been determined as to whether commercial development on this block will proceed.

Putumayo basin

In January, the corporation commenced a 220-kilometre 2-D seismic program on the Andaquies block. Approximately 70 per cent of the program has been shot with expected completion by early March. Preliminary results indicate the presence of two structures, approximately 1,500 acres and 2,750 acres in size, in the northern portion of the block, with well-defined structural closure and potential drilling locations. The corporation plans to drill its first exploration well on the Andaquies block in the fourth quarter of 2011.

We seek Safe Harbor.

[cyberdeath]

In meinen Augen sieht das ziemlich solide aus was die da in Kolumbien machen.
Beschäftige mich schon lange mit Kolubanischen E+P Unternehmen.

- In 2010 etwa 5842 bbl/Tag gefördert.
- Reserven steigen 2011 um fast 20%...
- 7300 bbl/tag für 2011
- 77% exploration drilling success
- Nur 50 mio. Aktien.
- Cash flow growth of >200% over the past 12 months with $75MM
estimated for 2010
- Production growth over 3 years 670%

Habe ich hier was übersehen??

[cyberdeath]

Our interim quarterly statements are filed on SEDAR and our year end financials will be available by mid-March.

Warmest Regards

Deanna Soderquist
C&C Energia Ltd.
555 – 4th Avenue SW | Suite 1250 | Calgary | AB | T2P 3E7
T: 403-262-6046 | F: 403-262-6076
E: [e-mail]

[cyberdeath]

2011-03-14 08:46 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA REPORTS RECORD FOURTH QUARTER AND FULL-YEAR 2010 OPERATING AND FINANCIAL RESULTS

C&C Energia Ltd. has released its operating and financial results for the three and 12 months ended Dec. 31, 2010.

C&C Energia reported record results for the fourth quarter of 2010, highlighted by a 46-per-cent increase in average daily production from the fourth quarter of 2009 to 6,386 barrels of oil per day (bopd), exiting the year at approximately 7,300 bopd. Funds flow from operations for the fourth quarter totalled $25-million (U.S.), and net income was $6.6-million (U.S.). The corporation previously reported full-year average daily production for 2010 of 5,842 bopd, a 58-per-cent increase from 2009. C&C Energia has a strong balance sheet with a $80.2-million (U.S.) adjusted working capital surplus (including $86.8-million in cash).

FINANCIAL AND OPERATIONAL HIGHLIGHTS
(in U.S. dollars unless otherwise noted)

Three months ended Twelve months ended
Dec. 31, Dec. 31,
2010 2009 2010 2009
Financial ($000s (U.S.),
except share and
per-share amounts)
Oil revenues (net) $38,797 $23,590 $134,159 $66,322
Funds flow from
operations(1) 25,132 13,280 79,944 39,402
Net income (loss) 6,632 (561) 30,492 (4,994)
Capital expenditures 14,744 11,248 73,138 25,726
Adjusted working capital
surplus(2) 80,209 12,624 80,209 12,624
Operational
Average production(3)
Crude oil (bbl/d) 6,386 4,376 5,842 3,708
Average reference price
WTI ($/bbl) 83.79 75.97 79.01 60.48
Operating netback ($/bbl)(4)
Average realized price(5) 82.15 71.20 74.78 58.68
Royalties 11.21 9.43 10.39 8.49
Production expenses 15.69 17.45 14.23 15.10
Transportation expenses 6.03 2.75 8.55 3.18
Operating netback 49.22 41.57 41.61 31.91

(1) Funds flow from operations before changes in other non-cash items.
Funds flow from operations is not a measure recognized by Canadian
generally accepted accounting principles (GAAP).

(2) Current assets less current liabilities excluding risk management
and future taxes. Funds flow from operations is not a measure recognized
by Canadian GAAP.

(3) Actual production sold for the three and 12 months ended Dec. 31,
2010, was 5,945 bopd and 5,708 bopd, respectively (2009 -- 4,151 bopd
and 3,621 bopd).

(4) Excludes impact of risk management contracts.

(5) Effective Jan. 1, 2010, the corporation began selling its Cravoviejo
block oil production to HOCOL S.A., a subsidiary of Ecopetrol. The sales
agreement with HOCOL differs from previous sales agreements in that title
transfer occurs when the oil is exported through the Covenas terminal,
compared with previous agreements where title transfer occurred when the
oil was delivered to the pipeline-loading station. As a result, the
corporation will report higher revenue and higher transportation expenses
compared with such amounts in periods prior to Jan. 1, 2010.

Highlights:

* The corporation increased average fourth quarter production rates to approximately 6,386 bopd, an increase of 46 per cent from the prior year, and the annual average production increased 58 per cent to 5,842 bopd, with a year-end exit rate of approximately 7,300 bopd.
* Funds flow from operations nearly doubled compared with the fourth quarter of 2009 to $25-million. For the year, funds flow from operations increased by greater than 100 per cent to $80.0-million.
* Year 2010 net income increased by $35.5-million to $30.4-million.
* During the year, the corporation drilled 15 gross wells (10.8 net) -- five exploration and 10 development -- appraising existing discoveries on the Cravoviejo and Cachicamo blocks.
* Total working interest proved oil reserves, before royalties, increased by 19 per cent to 9.2 million barrels.
* Total working interest proved plus probable oil reserves, before royalties, increased by 24 per cent to 14.6 million barrels.
* Total working interest proved plus probable plus possible oil reserves, before royalties, increased by 60 per cent to 24.3 million barrels.
* Production replacement was 170 per cent on proved reserves and 230 per cent on proved plus probable reserves. Production replacement is calculated as reserve additions divided by total year production in barrels.
* Based upon 2010 capital investment in oil and gas exploration and development of $71.1-million (excluding corporate capital of approximately $2.0-million), finding and development (F&D) costs for 2010 were $19.64 per barrel for proved and $14.42 per barrel for proved plus probable reserves. F&D costs, including future development costs, are $25.86 per barrel for proved and $23.73 per barrel for proved plus probable. F&D costs, including future development costs, are calculated in accordance with National Instrument 51-101 as exploration and development costs incurred in the year along with the change in estimated future development costs divided by the applicable reserve additions.
* Operating netbacks of approximately $41.61 resulted in a recycle ratio of 2.1 times on proved reserves and 2.9 times on proved plus probable reserves.
* The corporation completed two major 3-D seismic programs on the Pajaro Pinto and Llanos 19 blocks that have delineated several drilling targets for 2011.
* The corporation commenced construction of the Carrizales centralized production facilities on the Cravoviejo block.
* The corporation received formal approval from the Agencia Nacional de Hidrocarburos on the assignment of the Pajaro Pinto and Andaquies E&P contracts.

Operational review

C&C Energia has nine blocks (seven operated) in Colombia with a total of 766,514 acres (586,909 net acres). Two of these blocks were awarded to the corporation at the June 22, 2010, bid round and are subject to finalization and execution of definitive agreements with the ANH. The corporation's lands are located in the Llanos basin (four blocks), Middle Magdalena Valley (two blocks) and Putumayo basin (three blocks).

During the fourth quarter of 2010, the corporation invested approximately $14.7-million ($73.1-million for the year). Drilling and completion accounted for a significant portion of the capital with approximately $7.2-million ($45.8-million for the year). The corporation also invested approximately $4.3-million ($16.1-million for the year) primarily in facilities on the Cravoviejo and Cachicamo blocks. Seismic programs accounted for $1.9-million ($7.4-million for the year) and related to Llanos 19, Andaquies and the Pajaro Pinto blocks, while $1.3-million ($3.8-million for the year) relates to capitalized general and administration expenses as well as general property.

Capital investment in 2010 was reduced partially as a result of cost savings related to drilling and completion costs as well as by a delay in facility procurement and construction at Carrizales 14, and a delay in the commencement of the Andaquies seismic program. Both of these activities were completed in the first quarter of 2011.

Llanos basin

All of the corporation's current production is on the Cravoviejo block and Cachicamo block, with 95 per cent of current production at the corporation's operated Cravoviejo block. The corporation drilled and completed nine oil wells and one water injection well at Cravoviejo during the year, and six (1.8 net) oil wells at Cachicamo. C&C Energia is currently constructing centralized production facilities at its Carrizales field, with start-up by midyear 2011.

The corporation is planning at least 11 wells at Cravoviejo and seven wells (2.1 net) at Cachicamo in 2011. These comprise one water injection well, eight development locations and nine exploration tests. Primary oil targets are the C-5, C-7, Gacheta, Ubaque, Mirador and Guadalupe formations. In addition, in the central Llanos, the corporation has identified several structural prospects on 3-D seismic on the Pajaro Pinto and Llanos 19 blocks. These prospects will begin to be evaluated in 2011, with up to three exploration tests planned.

With increasing production levels in Colombia as a whole, and the Llanos basin in particular, production disruptions have been routinely encountered by many producers due to a lack of tanker trucks to transport product. The corporation is currently engaged in a variety of activities to allow it to better manage delivery of its production. While the corporation expects that these disruptions will not have a lasting impact on the corporation's production, there can be no assurance that further trucking availability and union issues will not continue to affect the corporation's production in 2011 and thereafter.

Middle Magdalena Valley

On the Morpho block (50-per-cent working interest), the corporation re-entered the Morpho-1 well (originally drilled and tested in 2009) and completed three shallow oil-bearing reservoirs in the Colorado formation at intervals of 4,940 feet to 4,950 feet, 5,560 feet to 5,570 feet and 6,520 feet to 6,530 feet. All three zones were recently fracture stimulated then placed on extended cleanup and testing. The fourth Colorado sand between 4,600 feet and 4,617 feet has also been reopened and commingled with the other three zones. The corporation has installed production facilities and placed the well on an extended test. Over the last 20 days, the well has produced an average of 75 barrels of fluid per day at a 20-per-cent water cut (60 bopd).

The Baco-1 well was drilled and cased to 12,664 feet during the third quarter of 2010. The corporation completed two sand intervals: one at 12,125 feet that is approximately 60 feet thick and another at 10,215 feet that is approximately 50 feet thick. Both zones were recently fracture stimulated then placed on cleanup and testing.

Management will evaluate the test results of both the Morpho-1 and Baco-1 wells to determine if they will produce at sustainable commercial levels before determining whether to pursue a development strategy.

Putumayo basin

The corporation is planning at least three (2.5 net) wells, and both 2-D and 3-D seismic programs in 2011 to initially evaluate several prospects identified on three blocks in the Putumayo basin, Coati, Andaquies and Putumayo 8. These blocks comprise 279,715 acres (216,728 net acres).

In January, the corporation commenced a 220-kilometre 2-D seismic program on the Andaquies block that was completed by early March. Preliminary results indicate the presence of two structures -- approximately 1,500 and 2,750 acres in size -- in the northern portion of the block, with well-defined structural closure and potential drilling locations. The corporation plans to drill its first exploration well on the Andaquies block in the fourth quarter of 2011.

Pipeline take-away capacity in Colombia, and particularly in the Llanos basin, has become constrained as the country's production continues to grow. The corporation subscribed for a small participation of up to 0.5 per cent in the new pipeline construction project, the Oleoducto Bicentenario de Colombia (OBC) operated by Ecopetrol, which will link the Llanos basin oil production to the Cano Limon oil pipeline system. Construction on this project at the Banadia oil terminal has been completed; construction on the OBC pipeline is expected to commence in 2011. The corporation's capital commitment is approximately $5.2-million. In addition, the corporation will finance its equity interest in the pipeline's continuing operating costs and be eligible to receive any dividends declared by the board of the project.

Capital and outlook

The corporation has approved a capital investment budget for 2011 of between $130-million and $145-million. The corporation will invest funds on the following operations:

* Seismic, approximately $5-million;
* Development drilling and completions, approximately $25-million;
* Facilities, workovers and equipping, approximately $40-million;
* Exploratory drilling, approximately $50-million to $65-million;
* $10-million for various other projects.

Production for 2011 is expected to range between 7,000 and 7,300 bopd from the Cravoviejo and Cachicamo blocks. First quarter production is expected to be impacted by continuing transportation issues; however, the corporation confirms its production guidance for 2011. With a strong balance sheet and robust cash flow, the corporation has sufficient resources to finance its continuing programs.

We seek Safe Harbor.

[cyberdeath]

C&C Energia Enters Into Agreement to Acquire Oil & Gas Assets in Colombia and Announces a $100,000,000 Bought Deal Equity Offering
CALGARY, ALBERTA--(Marketwire - March 25, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

C&C Energia Ltd. (TSX:CZE) ("C&C" or the "Corporation") is pleased to announce that its indirect wholly owned subsidiary Grupo C&C Energia (Barbados) Ltd. ("Grupo C&C"), has signed a purchase and sale agreement with Ramshorn International Limited ("Ramshorn"), to acquire a company which will hold certain of Ramshorn's oil and gas properties in Colombia (the "Acquisition"). In addition, C&C has entered into an engagement letter agreement with a syndicate of underwriters with respect to a $100 million "bought deal" public offering of subion receipts.

Acquisition

The purchase price of the acquisition is US$89 million (subject to certain customary closing adjustments), payable in cash, with an effective date of January 1, 2011. The oil and gas properties, located in the oil rich Central Llanos Basin, are comprised of a 70% operated interest in the Cachicamo E&P Block comprised of 87,646 acres (61,532 net acres) and a 50% non-operated interest in the Pajaro Pinto Exploration Block comprised of 60,080 acres (30,040 net acres). C&C currently holds the 30% interest in the Cachicamo Block that Ramshorn does not own and is the operator and 50% working interest owner of the Pajaro Pinto Block.

The Cachicamo Block currently produces approximately 1,400 bopd (980 bopd net to the acquired interest) of light oil and is anticipated to average 1,860 bopd (1,300 bopd net to the acquired interest) for 2011. Reserves, evaluated in accordance with NI 51-101 by Lonquist & Company, LLC, effective as of December 31, 2010, are 2.27 million barrels Proven (IP), 2.92 million barrel Proven & Probable (2P) and 3.74 million barrels Proven & Probable & Possible (3P). In addition, C&C anticipates the drilling of three development wells and three exploration wells on the Cachicamo Block in 2011. Cachicamo is covered with an extensive 3-D seismic survey and there are several undrilled exploration targets identified by C&C on this data.

The Pajaro Pinto exploration Block, comprised of 60,080 acres, is located approximately 50 km southwest of the Cachicamo acreage. An extensive 3D seismic survey was completed on these lands in 2010 with C&C as operator. Up to 5 exploration prospects were identified and C&C plans to drill at least two prospects this year with the first well to spud in the second quarter of 2011.

Richard A. Walls, President and CEO of C&C stated that, "the acquisition of these assets is not only accretive to C&C but is also strategic to C&C's holdings in the Llanos Basin of Colombia. Cachicamo is adjacent to C&C's major producing property on the Cravoviejo E&P Block and consolidation of Cachicamo production with C&C's 100% owned Cravoviejo production facilities is expected to result in significant cost and efficiency savings over the life of the property. In addition we have identified several attractive structural prospects with our extensive 3-D seismic on both blocks that we intend to commence drilling on this year."

Closing of the proposed Acquisition is subject to customary closing conditions including the receipt of all necessary regulatory approvals. C&C expects that the transaction will close in late April, 2011.

Bought Deal Equity Offering

C&C has entered into an agreement, on a bought deal basis, with a syndicate of underwriters led by FirstEnergy Capital Corp. and including Canaccord Genuity Corp., Cormark Securities Inc., TD Securities Inc. and CIBC World Markets Inc. for an offering (the "Financing") of 8,300,000 subion receipts ("Subion Receipts") at a price of $12.10 per Subion Receipt to raise gross proceeds of approximately $100 million. C&C will grant the underwriters an option to purchase an additional 1,245,000 Subion Receipts, exercisable at the offering price for a period of 30 days from the closing date for additional gross proceeds of up to $15,064,500.

Closing of the Financing is expected to occur on or about April 21, 2011 and is subject to customary conditions and regulatory approvals, including the approval of the TSX.

The net proceeds of the Financing will be used to fund the cash purchase price payable by Grupo C&C pursuant to the Acquisition, with any amounts in excess of the cash purchase price to be used for C&C's 2011 exploration and development program and for general working capital purposes. The Subion Receipts will be issued pursuant to a short form prospectus to be filed by C&C in each of the provinces of Canada and will also be offered for sale internationally pursuant to applicable registration or prospectus exemptions as permitted.

The gross proceeds of the Financing will be held in escrow pending the completion of the Acquisition. If the Acquisition is completed on or before July 1 2011, the net proceeds will be released to C&C and each Subion Receipt will be exchanged for one common share of C&C for no additional consideration. If the Acquisition is not completed on or before July 1, 2011, if the Acquisition Agreement is terminated at an earlier time, or if C&C advises the Underwriters or announces to public that it is not proceeding with the Acquisition, the holders of Subion Receipts will receive a cash payment equal to the offering price of the Subion Receipts and any interest that was earned thereon during the term of the escrow.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of C&C in the United States. The Subion Receipts described in this news release (and any common shares of C&C issued upon the exercise of the Subion Receipts) have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States absent an exemption from registration.

ABOUT C&C ENERGIA LTD.

The Corporation, through its subsidiary Grupo C&C Energia (Barbados) Ltd., is engaged in the exploration for, the development and production of, oil resources in Colombia. Its strategy is to develop producing oil assets by appraising and developing existing discoveries and exploring in areas assessed by management to be of low to moderate risk.

Cautionary Statement Regarding Forward-Looking Information

The information and statements in this news release contains certain forward-looking information. This forward looking information relates to future events or C&C's future performance. In particular, this document contains forward-looking information and statements regarding: (i) the completion of the Financing and the issuance of the Subion Receipts, (ii) the issuance of common shares of C&C on the exercise of the Subion Receipts, (iii) the use of proceeds of the Financing, (iv) the expected completion of the Acquisition, including the ability of C&C to satisfy all necessary conditions to the closing of the Acquisition, (v) crude oil reserve volumes associated with the properties to be acquired, and (vi) expected production from the properties to be acquired. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking information. The outcome and timing of the proposed Acquisition and Financing, as well as C&C's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information and, accordingly, no assurances can be given that any of the events anticipated by the forward looking information will transpire or occur or, if any of them do, what benefits that C&C will derive from them. C&C's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, C&C undertakes no obligation to publicly update or revise any forward-looking.

[cyberdeath]

C&C Energia names Bertram and Yanovich as directors

2011-03-31 18:04 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD. ANNOUNCES FILING OF ITS 2010 RESERVE DISCLOSURE AND THE APPOINTMENT OF TWO NEW DIRECTORS

C&C Energia Ltd. has filed its annual information form, which includes C&C's statement of reserves data and other oil and gas information for the year ended Dec. 31, 2010, as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. A copy of C&C's 2010 annual information form may be obtained on C&C's profile at SEDAR or on request to the corporation.

Two new directors, James Bertram and Isaac Yanovich, have been also been appointed to serve on the board of directors of the corporation.

Mr. Bertram is the president and chief executive officer of Keyera Corp., positions he has held since that business was formed in 1998. Previously, Mr. Bertram was employed at Gulf Canada as vice-president of marketing for Gulf Canada's worldwide operations. Prior to joining Gulf Canada, he was vice-president of marketing of Amerada Hess Canada Ltd. for seven years. Mr. Bertram has over 30 years experience in the oil and gas industry.

Mr. Yanovich is an independent consultant and corporate director resident in Colombia. Mr. Yanovich was the president of Ecopetrol SA from 2002 to 2006. During his tenure at Ecopetrol, he oversaw the creation of the Agencia Nacional de Hidrocarburos, an agency of the Colombian government and the Colombian hydrocarbons regulator, and the transition of Ecopetrol to a private oil and gas company.

[cyberdeath]

C&C Energia cases, tests three Llanos basin wells

2011-04-07 09:43 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD. PROVIDES OPERATIONAL UPDATE

C&C Energia Ltd. is providing an update on its 2011 operations.

Llanos basin

The Zopilote-1 exploration well in the Cravoviejo block (100% working interest) has been successfully drilled, cased and 2 zones have been tested. The Gacheta formation showed 20 ft. of net pay and the sands over the interval of 8,762 - 8,766 ft. were perforated and tested. Swabbing results yielded a flow rate of 800 bopd at a 0.2% BSW with an API of 17.3 degrees. A second test, of the Carbonera C5 formation, showed 37ft. of net pay and the sands over the interval of 7,927 - 7,934 ft. were perforated and tested. Natural flow at 355 psi on a 16/64 choke yielded a rate of 1,003 bopd at a 0.3% BSW with an API of 32.7 degrees. The well is currently being equipped to be a Carbonera C5 producer.

"The Zopilote well is very encouraging," said Richard Walls, President & CEO. "The well is the first exploratory test on the west side of Cravoviejo and there are 3 additional undrilled structures along the same fault system that we hope to test later this year and in 2012."

The Guacharaca-1 exploration well in the Cachicamo block (30% working interest, subject to increase to 100% if the previously announced acquisition of the remaining 70% interest in the Cachicamo block is completed) has been successfully drilled, cased and 2 zones have been tested. The Gacheta formation showed 15 ft. of net pay and the sands over the interval of 8,129 - 8,134 ft. were perforated and tested. Jet pump testing yielded a flow rate of 114 bopd at a 43% BSW with an API of 27.7 degrees. A second test, of the Carbonera C7, formation showed 11 ft. of net pay and the sands over the interval of 7,242 - 7,252 ft. were perforated and tested. Jet pump testing yielded a flow rate 990 bopd at a 40.5% BSW with an API of 27.7 degrees. The well is currently being equipped to be a Carbonera C7 producer.

The Hoatzin Norte-3 appraisal well in the Cachicamo Block has been successfully drilled, cased and tested in the Carbonera C7 formation. The Carbonera C7 formation showed 22 ft. of net pay and the sands over the interval of 5,953 - 5,959 ft. and 5,962 - 5,966 ft. were perforated and tested. Natural flow yielded a rate of 530 bopd at a 5.0% BSW with an API of 26.3 degrees. The well is currently on production as a Carbonera C7 producer.

The Corporation has received all of its permits and plans to spud a well on the Asmodeo-1 prospect on the Pajaro Pinto Block (50% working interest, subject to increase to 100% if the previously announced acquisition of the remaining 50% interest in the Pajaro Pinto block is completed) during the week of April 11, 2011. The well will take approximately 22 days to reach TD of approximately 9,800 ft. C&C holds a 50% working interest and is the operator.

Middle Magdalena Valley

The Baco-1 exploration well on the Morpho block (50% working interest) in the Middle Magdalena Valley has been suspended after a long term production test. Testing of the 2 sand formations found in the well yielded formation water. Pressure data has been acquired and the wellbore is currently suspended pending further evaluation. C&C holds a 50% working interest and is the operator.

Production Update

As reported in the Corporation's February 28, 2011 press release, production in January and February 2011 was impacted by trucking and terminal offloading issues. As a result of these events, the Corporation was forced to shut-in approximately 29% of its production (approximately 2,000 bopd) in January and February due to high inventories in the field. C&C Energia has placed considerable attention to ensure production volumes move unabated. C&C has contracted additional trucks dedicated to move the Corporation's oil production to offloading points. As a result the disruptions experienced in January and February have been significantly reduced. Offloading terminals remain congested resulting in trucking standby charges and increased trucking distances but have had minimal impact on daily production volumes during March. C&C continues to monitor the situation to ensure any possibility of future disruptions and impacts are minimized. The Corporation is currently producing at approximately 7,100 bopd.

We seek Safe Harbor.

[cyberdeath]

C&C Energia closes $100.43-million receipt offering

2011-04-21 08:59 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD. ANNOUNCES CLOSING OF $100,430,000 BOUGHT DEAL EQUITY OFFERING

C&C Energia Ltd. has closed its previously announced bought deal public offering of subion receipts at a price of $12.10 per subion receipt for gross proceeds of $100.43-million. The offering was underwritten by a syndicate of underwriters led by FirstEnergy Capital Corp. and included Canaccord Genuity Corp., Cormark Securities Inc., TD Securities Inc. and CIBC World Markets Inc.

The corporation has granted the underwriters an option to purchase up to an additional 1,245,000 subion receipts, exercisable at the offering price for a period of 30 days from closing. The overallotment option has not been exercised. If the overallotment option is exercised in full, the gross proceeds of the financing will be $115,494,500

The net proceeds of the financing will be used to finance the cash purchase price payable by the corporation's indirect wholly owned subsidiary, Grupo C&C Energia (Barbados) Ltd., for the previously announced acquisition of certain oil and gas properties in Colombia. The purchase price of the acquisition is $89-million (U.S.) (subject to certain customary closing adjustments), payable in cash, with an effective date of Jan. 1, 2011. Any amounts in excess of the cash purchase price will be used for C&C's 2011 exploration and development program and for general working capital purposes.

Closing of the proposed acquisition is subject to customary closing conditions including the receipt of all necessary regulatory approvals. C&C expects that the transaction will close in late April, 2011.

The gross proceeds of the financing will be held in escrow pending the completion of the acquisition. If the acquisition is completed on or before July 1, 2011, the net proceeds will be released to C&C and each subion receipt will be exchanged for one common share of C&C for no additional consideration. If the acquisition is not completed on or before July 1, 2011, if the acquisition agreement is terminated at an earlier time, or if C&C advises the underwriters or announces to the public that it is not proceeding with the acquisition, the holders of subion receipts will receive a cash payment equal to the offering price of the subion receipts and any interest that was earned thereon during the term of the escrow.

We seek Safe Harbor.

[Kurzvormsee]

wir sind wohl wieder auf Kurs?!

[cyberdeath]

Capital and outlook

The corporation had approved a previously announced capital investment budget for 2011 of between $130-million and $145-million. The corporation will invest funds on the following operations: seismic -- approximately $5-million; development drilling and completions -- approximately $25-million; facilities, workovers and equipping -- approximately $40-million; exploratory drilling -- approximately $50-million to $65-million; and $10-million for various other projects. Following the acquisition, the corporation is reviewing its capital investment budget, and it is anticipated to increase the 2011 budget by approximately $30-million to $35-million. As a result of the acquisition, average production for 2011 is expected to range between 8,400 and 8,700 bopd. With a strong balance sheet and robust cash flow, the corporation has sufficient resources to finance its continuing programs.

[cyberdeath]

http://jetslides.tv/lobby/448

[cyberdeath]

C&C Energia farms out Coati, Andaquies to Canacol

2011-05-30 08:11 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD. PROVIDES OPERATIONAL UPDATE

C&C Energia Ltd. has provided an operations update on its current activities in Colombia.

Llanos basin

The corporation in the past 60 days has completed drilling of five wells in the Llanos basin, two development wells and three exploration wells. The corporation currently produces 9,500 barrels of oil per day (bopd) on two of its Llanos basin blocks (Cravoviejo and Cachicamo).

On the Cravoviejo block (100-per-cent working interest), the corporation has recently completed the drilling and testing of the Carrizales-15 development well and the Cucaracha-1 and Heredia-1 exploration wells. The Carrizales-15 well was drilled to a measured depth of approximately 8,600 feet and encountered oil-bearing sands in the Gacheta and Ubaque formations. The Carrizales-15 well is currently being tested in the Gacheta at 8,139 feet with the Ubaque sands to be tested at a later date. Pending successful testing and tie-in, the corporation expects that the well will be brought on production within two weeks. The Cucaracha-1 exploration well was drilled to a measured depth of 8,929 feet. The well tested oil in the Ubaque formation at 8,632 feet and the well is currently undergoing a remedial cement workover due to inadequate cement over the oil bearing interval and the underlying water-bearing sandstone. The corporation anticipates the well will be retested over the next two weeks to establish accurate production rates. The Heredia-1 exploration well, located in the northwest portion of the Cravoviejo block, recently reached a total measured depth of 9,811 feet and was tested in several reservoirs utilizing a modular formation tester (MDT). Fluids and pressures were collected from the Ubaque, Gacheta and Carbonera formations in eight separate tests. Oil was recovered from two tests in the upper (8,370 feet) and middle (8,504 feet) C-5 sandstone reservoirs while the remaining tests recovered formation waters. The well is being cased and the corporation anticipates that it will be completed in the two oil-bearing C-5 sandstones over the next few weeks.

The Hoatzin-4 development well on the Cachicamo block (100-per-cent working interest) was drilled to a measured depth of 6,634 feet and encountered two oil-bearing reservoirs in the C7 (Carbonera formation). The uppermost sand at 5,896 feet was completed and recently placed on production at 175 bopd of 26-degree American Petroleum Institute (API) oil.

On the Pajaro Pinto block (100-per-cent working interest), the corporation's first exploration well, Asmodeo-1 was drilled to a measured depth of 10,529 feet and encountered good reservoir development with oil shows in the Mirador, Gacheta and Ubaque formations. However, it was determined that none of the intervals contained sufficient commercial quantities of oil and the well was plugged and abandoned. The corporation has four remaining prospects on the Pajaro Pinto block and plans to drill at least two of these prospects in early 2012.

Putumayo basin

The corporation has entered into a binding term sheet, subject to the finalization of definitive farm-out agreement and joint operating agreements, for the farm-out of a portion of its working interest in the Coati and Andaquies blocks in the Putumayo basin in Colombia to Canacol Energy Ltd. The corporation has agreed to farm-out a portion of its working interest in the Andaquies block in return for the farmee paying the defined cost of acquiring additional 2-D and/or 3-D seismic and drilling one well on the block. Upon the farmee meeting its obligations to pay 72 per cent of the cost associated with acquiring seismic and drilling one exploration well it will earn a 36-per-cent working interest in the Andaquies block and the corporation's working interest will be reduced from 90 per cent to 54 per cent. The corporation has also agreed to farm-out a portion of its working interest in the Coati block in return for the farmee paying the defined cost of acquiring additional 2-D and/or 3-D seismic and drilling one well on the block. Upon the farmee meeting its obligations to pay 80 per cent of the cost associated with acquiring seismic and drilling one exploration well it will earn a 40-per-cent working interest in the Coati block and the corporation's working interest will be reduced from 100 per cent to 60 per cent. C&C Energia will be the operator on both blocks. Pending receipt of drilling permits and necessary regulatory approvals, C&C Energia intends to drill the initial test wells on these blocks in the fourth quarter of 2011.

We seek Safe Harbor.

[cyberdeath]

C&C Energia gives up VMM-21 block in Colombia
C&C Energia gives up VMM-21 block in Colombia

2011-06-10 08:12 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD. PROVIDES AN UPDATE ON VMM-21 BLOCK IN COLOMBIA

The National Agency of Hydrocarbons (the ANH) in Colombia has agreed to C&C Energia Ltd.'s request to rescind the awarding of the VMM-21 block in the Middle Magdalena basin in central Colombia.

The corporation completed an environmental study of the approximately 119,000-acre block early in 2011. During the study, several national ecological reserves were identified within the block boundaries, which would have materially restricted access and operations on the block. The results of the environmental study were submitted to the ANH together with a request that the award be rescinded and any and all prior commitments of the company therein be cancelled. The corporation has now received formal notice and confirmation from the ANH that the award of VMM-21 has been rescinded and the company's commitments have been cancelled.

The corporation has also updated its corporate presentation, which can be accessed on its website.

[cyberdeath]

C&C Energia earns $23.3-million (U.S.) in Q2 2011

2011-08-12 09:11 ET - News Release

Mr. Richard Walls reports

C&C ENERGIA LTD.: SECOND QUARTER 2011 OPERATING AND FINANCIAL RESULTS

C&C Energia Ltd. has released its unaudited interim operating and financial results for the three and six months ended June 30, 2011.

C&C Energia reported strong results for the second quarter 2011 highlighted by a 49% increase in average daily production from the second quarter 2010 to 8,259 barrels of oil per day ("bbls/d"). Production continues to increase with current production rates of approximately 9,200 bbls/d despite the effect of restricted access to offloading terminals and available pipeline capacity. Operating cash flow for the second quarter 2011 was US$46.0 million.

During the quarter, the Corporation drilled seven wells (gross and net) resulting in six oil wells of which four are in the Cravoviejo block, two in the Cachicamo block, with one well plugged and abandoned in the Pajaro Pinto block.

C&C Energia has a strong balance sheet with a US$66.4 million adjusted working capital surplus (including US$75.2 million in cash) and no debt at the end of the second quarter. On May 9, 2011, the Corporation closed a previously announced acquisition (the "Acquisition") of certain oil and gas properties in Colombia, (the "Acquired Assets"). As a result of the Acquisition, the Corporation's Proven reserves and Proven plus Probable reserves (as of year-end 2010) increased to 11.47 million barrels and 17.52 million barrels, respectively.

The following table provides a summary of the Corporation's operating and financial results for the three and six months ended June 30, 2011 and 2010. Consolidated financial statements with Management's Discussion and Analysis will be available on the SEDAR website at www.sedar.com.

FINANCIAL and OPERATIONAL HIGHLIGHTS

(All references to $ are to thousands of United States dollars unless otherwise noted.)


Three months ended Six months ended
June 30, June 30,
(unaudited) 2011 2010 2011 2010
----------------------------------------------------------------------------


Operating

Operating cash flow (1) 46,016 21,144 72,117 31,677

Average crude oil volumes
(before royalties)
Production (bbls/d) 8,259 5,561 6,851 5,069
Sales (bbls/d) 8,093 5,617 6,835 4,526

Average reference price
WTI ($ per bbl) 102.06 77.25 98.27 78.03

Operating netback ($ per bbl)
(4)
Average realized price (4) 111.60 74.83 105.29 73.21
Royalties 14.68 10.16 14.03 10.51
Production expenses 17.26 13.42 17.44 13.67
Transportation expenses 15.60 9.15 13.21 8.78
----------------------------------------------------------------------------
Operating netback 64.06 42.10 60.61 40.25
----------------------------------------------------------------------------

Financial
Oil revenues (net of royalties) 71,374 33,054 112,893 51,362
Funds flow from operations (2) 26,453 20,938 50,094 20,938
Per share - basic ($) 0.44 0.44 0.88 0.66
Per share - diluted ($) 0.43 0.44 0.85 0.66

Net income 23,309 8,920 22,266 11,759
Per share - basic ($) 0.39 0.19 0.39 0.26
Per share - diluted ($) 0.38 0.19 0.38 0.26

Capital expenditures (5)
Total assets 44,540 24,467 78,737 40,557
Total long-term financial 476,734 256,501 476,734 256,501
liabilities 17,611 6,811 17,611 6,811
Adjusted working capital surplus
(3) 66,389 62,360 66,389 62,360

Common shares outstanding
Basic 63,842,503 54,297,503 63,842,503 54,297,503
Diluted 69,364,172 55,096,437 69,364,172 55,096,437
Weighted average common shares
outstanding
Basic 59,692,503 47,560,019 57,039,713 45,367,206
Diluted 61,249,283 47,674,298 58,756,361 45,424,661


----------------------------------------------------------------------------
Notes:

(1) Operating cash flow is oil revenues less royalties, operating
expenses, transportation expenses and administration expenses.
Operating cash flow is not a measure recognized by GAAP (as defined
herein). See "GAAP and Non-GAAP Measures" below
(2) Funds flow from operations is cash flow from operating activities
before changes in other non-cash items. Funds flow from operations is
not a measure recognized by GAAP. See "GAAP and Non-GAAP Measures"
below.
(3) Adjusted working capital surplus includes current assets less current
liabilities excluding risk management contracts (unrealized gains
(losses) on commodity swaps) and deferred taxes. Adjusted working
capital surplus is not a measure recognized by GAAP. See "GAAP and
Non-GAAP Measures" below.
(4) Excludes impact of risk management contracts. See "GAAP and Non-GAAP
Measures" below.
(5) Excludes acquisition costs.


Highlights:

* Successful drilling results, increased operational efficiencies and the previously announced acquisition of an additional 70% interest in the Corporation's Cachicamo block increased production for the three months ended June 30, 2011 to 8,259 bbls/d, a 49% increase from the comparative period in 2010.
* During the quarter, the Corporation drilled seven wells (gross and net) resulting in six oil wells of which four are in the Cravoviejo block, two in the Cachicamo block with one plugged and abandoned in the Pajaro Pinto block.
* On May 9, 2011, the Corporation closed the previously announced acquisition of certain oil and gas assets in Colombia's Llanos Basin for a purchase price of $89.0 million (with an additional interim closing adjustment of $2.4 million) with an effective date of January 1, 2011. The oil and gas properties are comprised of a 70% operated interest in the Cachicamo block and a 50% non-operated interest in the Pajaro Pinto block. The Acquisition brings the Corporation's ownership to 100% in each block, as it already held a 30% interest in the Cachicamo block and a 50% operating interest in the Pajaro Pinto block.
* Operating netbacks during the quarter were $64.06 per barrel, an increase of 50% as compared to the second quarter of 2010 as a result of higher oil prices, partially offset by higher transportation expenses.
* Current production is approximately 9,200 bbls/d. Production remains affected by restricted access to offloading terminals and available pipeline capacity, but despite these challenges, the Corporation expects production to average approximately 9,400 bbls/d in the second half of 2011.
* Construction of the central production facilities at the Carrizales field (Cravoviejo block) is nearly complete and the Corporation anticipates that this facility will add 120,000 bbls/d total fluid handling capacity and 35,000 barrels of oil storage this year.
* Capital expenditures for the three months ended June 30, 2011 were $44.5 million ($78.7 for the six month period ended June 30, 2011) and are estimated at $80 to $85 million for the second half of the year.
* The Corporation plans nine (eight net) wells for the balance of the year of which five (four net) are new exploratory locations.

Operational review

C&C Energia has eight blocks (seven operated) in Colombia with a total of 647,514 acres (559,301 net acres). The Corporation's lands are located in the Llanos Basin (four blocks), Middle Magdalena Valley (one block), and Putumayo Basin (three blocks). Working interests for Coati and Andaquies (Putumayo Basin) will be reduced from 100% and 90% respectively to 60% and 54% (after earning) pursuant to a recent farm-out agreement with Canacol Energy Ltd.

During the second quarter of 2011, the Corporation invested approximately $44.5 million on property, plant and equipment. Drilling and completion accounted for the majority of the capital invested at approximately $34.1 million.

All of the Corporation's current production is on the Cravoviejo and Cachicamo blocks in the Llanos Basin with approximately 76% of current production at the Corporation's Cravoviejo block. In the second quarter of 2011, the Corporation drilled and completed six oil wells at Cravoviejo and Cachicamo and one plugged and abandoned well at Pajaro Pinto. C&C Energia has nearly completed construction of centralized production facilities at its Carrizales field which the Corporation expects will add 35,000 barrels of oil storage and 120,000 bbls/d of fluid capacity.

As part of the exploratory program in the second half of 2011, the Corporation plans, subject to well permit approval, to drill three (1.7 net) exploratory wells in the Putumayo Basin on the Andaquies and Coati blocks. As well, both 2-D and 3-D seismic programs will be conducted on all of the Corporation's blocks in the Putumayo Basin which are currently comprised of 279,715 acres (216,728 net acres). The remaining two (gross and net) exploratory tests are in the Cravoviejo and Llanos 19 blocks.

Capital & outlook

The Corporation had previously announced a capital investment budget for 2011 of between $160 and $180 million. The Corporation will invest funds on the following operations: seismic, approximately $5 million; development drilling and completions, approximately $50 million; facilities, workovers and equipping, approximately $40 million; exploratory drilling, approximately $55 to $75 million and; $10 million for various other projects. The Corporation invested $78.7 million for the six month period ended June 30, 2011 and anticipated capital expenditures are estimated at $80 to $85 million for the second half of 2011. With a strong balance sheet and robust cash flow, the Corporation has sufficient resources to fund its ongoing programs.

We seek Safe Harbor.

[Wellaflex]

C&C Energia produces 11,270 bopd average in June

2012-07-10 08:40 ET - News Release

Mr. Ken Hillier reports

C&C ENERGIA LTD. PROVIDES OPERATIONAL UPDATE

C&C Energia Ltd. has provided an operations update on its current activities in Colombia.

The company continues to add shareholder value by consistently delivering production growth and finding new commercial accumulations of oil through exploratory and development drilling.

Production in June averaged approximately 11,270 barrels of oil per day, bringing average production rates for the second quarter 2012 and year to date 2012 to approximately 10,500 bopd and 10,450, respectively. Current production levels are approximately 11,500 bopd. Year-to-date average production of approximately 10,500 bopd represents a year-on-year increase of 52 per cent versus the first half of 2011. The performance increase is primarily attributable to the Zopilote development drilling program and the Saimiri discovery on the Cravoviejo block as well as several well workovers providing lift optimization and sand control. Production forecast average for the full year remains unchanged at 10,500 bopd versus average production for 2011 of 8,400 bopd.

On the Cravoviejo block (100-per-cent working interest), the corporation continues to develop the Zopilote field. Zopilote was one of the most significant light oil discoveries in Colombia in 2011. To date, C&C has drilled a total of seven wells at Zopilote bringing total production capability to over 4,000 bopd. The previously announced Zopilote-11 development well reached a total depth of 9,131 feet and was cased. Zopilote-11 has now been tested and completed in both the Gacheta and C5 formations. The Gacheta was swab tested at 490 bopd with a 5-per-cent water cut and the C5 tested on natural flow 340 bopd at a 0.2-per-cent water cut. The well has been placed on production from the Gacheta formation and tied into the Bastidas facilities. The well is currently undergoing a remedial gravel pack operation from which it will be returned to production.

On the Cachicamo block (100-per-cent working interest) the long-term contracted Caroil-16 drilling rig has been moved on to the block where it will drill at least five more exploratory wells over the remainder of 2012. With the acquisition in May, 2011, of Ramshorn's 70-per-cent working interest and taking over operatorship of the Cachicamo block, C&C elected to defer drilling operations in Cachicamo until 2012. Over the last year, the corporation has shot additional 3-D seismic and reprocessed prior 3-D seismic to define and high-grade drilling locations for its 2012 drilling campaign. As a result, the first of a series of exploratory wells has been drilled and tested. C&C is pleased to announce the discovery of the Greta Oto field in the northwestern area of the Cachicamo block. The well was drilled to a total depth of 8,670 feet and encountered 10 feet of pay in the C5 formation. Greta Oto-1 was perforated and produced 730 bopd of 26-degree-API oil with no water on an 18/64ths-inch choke on natural flow. The well is now being readied with permanent production equipment and will be placed on-line. C&C is currently analyzing seismic data and will monitor production to determine a follow-up appraisal drilling location, which could be drilled prior to year-end.

The Monarca-1 exploration well, also located in the northwestern part of the Cachicamo block, was spudded on July 4, 2012, and is targeting the C5 formation. The well is anticipated to reach total depth and be tested in the early part of August.

On the Llanos-19 block (100-per-cent working interest), the previously announced Tormento-1 well was drilled to a total measured depth of 15,166 feet and has been completed successfully in the Gacheta and Mirador formations. The well initially tested oil at rates from the Gacheta and Mirador formations of 700 bopd with a 0.1-per-cent water cut and 670 bopd with a 0.4-per-cent water cut, respectively. Long-term testing on the Mirador formation will commence the week of July 9, 2012, and results of the long-term test, together with the initial Gacheta test results, will be used to determine the follow-on appraisal drilling program. Tormento-1 is a significant dual zone discovery in a new area for C&C providing for an extensive appraisal and development program in 2012.

In the Putumayo-8 block (50-per-cent working interest) the topography for the acquisition of the 95-square-kilometre 3-D seismic survey continues. An exploratory well is planned on this block for late in the fourth quarter 2012 or first quarter 2013, pending seismic processing results and receipt of drilling permits. The Putumayo-8 block is immediately adjacent to the Platanillo field, with a recently announced significant oil discovery.

Inventory levels at the end of June increased approximately 75,000 barrels from March 31, 2012, as a result of reduced export volumes during the month of June. The corporation continues to manage its sales options to reduce future inventory levels.

The Carrizales to Araguaney oil transport pipeline continues to progress on schedule. Pipeline routing has been determined and the necessary preapplication work continues on the engineering and environmental fronts.

We seek Safe Harbor.