Canacol Energy Ltd. report that its offer to acquire all of the outstanding shares of Carrao Energy Ltd. has expired with approximately 97% of the Carrao Shareholders tendering.

A total of 115,948,243 Common Shares of Carrao have been validly deposited to the Offer. As all of the conditions of the Offer are expected to be satisfied, Canacol expects to take up and pay for Offer all of the deposited Common Shares in accordance with the Offer on Tuesday November 29, 2011.

As more than 90% of the Common Shares sought were deposited to the Offer, Canacol intends to acquire all of the remaining Carrao Common Shares not deposited under the Offer pursuant to the compulsory acquisition provisions of the Business Corporations Act.

Tags: Canacol Energy Inc.