Canacol Energy Ltd. provide its 2014 capital program and production guidance. The Corporation plans to spend net capex of US$ 150 million in calendar 2014 on drilling, work overs, seismic, production facilities, and pipelines in Colombia and Ecuador, and anticipates net average production before royalties of between 11,500 and 12,500 barrels of oil equivalent per day ("boepd"), which represents a 30% to 40% increase from average 2013 production of 8,796 boepd which consisted of 5,827 barrels of oil per day ("bopd") and 17.2 million standard cubic feet of gas per day ("mmscfpd") (2,969 boepd) gas. The production split for 2014 is expected to be approximately 70% oil and 30% gas.
Average net Corporate production before royalty for the month of December 2013 was 10,550 boepd which consisted of 7,474 bopd oil and 17.8 mmscfpd (3,076 boepd) gas. Average net Corporate production for period October 1 to December 31 2013 was 10,095 boepd, which consisted of 6,998 bopd oil and 18 mmscfpd (3,097 boepd) gas.