Canacol Energy Ltd. says that its Board of Directors has approved the adoption of a shareholder rights plan (the "Rights Plan"), effective Friday, April 19, 2013.

Canacol's Board of Directors and management consider its current market valuation to be in contrast to the advancement of the Corporation and its business at this time. As a result, the Board of Directors undertook a review to consider the need for a shareholder rights plan.

The purpose of the Rights Plan is to provide shareholders and the Board of Directors with adequate time to consider and evaluate any unsolicited take-over bid made for Canacol's common shares, provide the Board of Directors with adequate time to identify, develop and negotiate value-enhancing alternatives, and to encourage the fair treatment of shareholders in order to maximize shareholder value.

Tags: Canacol Energy Inc.