CALGARY, Alberta, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCID:CNNEQ; BVC:CNEC) announces that DeGolyer and MacNaughton has performed an audit of the extent and value of the estimated proved developed producing, proved developed, and total proved gas reserves of certain properties located in the Esperanza, VIM-5, and VIM-21 Blocks in Colombia in which Canacol holds an interest. Canacol has represented that the estimated reserves attributable to the r ...

Q3 2025 Highlights - Production averaged 48 MBoe/D [12] - EBITDAX reached $140 million [12] - Capital expenditures decreased by over 30% from Q2, totaling $86.6 million [12] - Lease operating expenses (LOE) remained consistent with the first half of 2025 at $657 per Boe [12] - Liquidity increased by over $170 million due to extended debt maturities [12] Operational Updates - A second rig was added in mid-October [12] - A second successful simul-frac completion was implemented, resulting in an estimated savings of $25 million [12, 33] Financial Position (as of September 30, 2025) - Cash and cash equivalents stood at $165 million [36] - Total debt amounted to $12 billion [36] - Net debt was $1035 billion [36, 47] - Total liquidity, including RBL availability and cash, was $265 million [37] Hedging - 4Q25 average oil hedged is 177 MBO/d [39]

Financial Performance & Credit Profile - HighPeak Energy reported Q2 2025 production of 486 thousand Boe/d [14] - The company's Q2 2025 unhedged EBITDAX per BOE was $3358 [14] - Q2 2025 EBITDAX reached $156 million [14] - As of June 30, 2025, the company's total net debt was $1032 million [16] - Total Proved PV-10 was $3529 million [16] - Total liquidity stood at $268 million, including $168 million in cash and cash equivalents [16] - The company's Net Debt / TTM EBITDAX ratio is 14x [16] Debt & Hedging - HighPeak Energy extended Term Loan and Revolving Credit Facility maturities to September 2028 [21] - The Term Loan was upsized to $12 billion [21] - Approximately 53% of 2H25 oil volumes are hedged [25] - Approximately 89% of 2H25 gas volumes are hedged [25] Operational Efficiency & Cost Savings - Simulfrac operations saved approximately $400000 per well [29] - The company achieved solar savings of $809487 from June to December 2024 [34] - Completion costs decreased by 3-5% due to simulfrac savings of 10% [30]

Financial Performance - Natural gas and oil sales were $344 million[6] - Operating cash flow was $210 million, or $0.71 per diluted share[6] - Adjusted EBITDAX for the quarter was $260 million[6] - Adjusted net income was $40 million, or $0.13 per diluted share[6] Operational Highlights - Five Western Haynesville wells were turned to sales in the second quarter with an average lateral length of 10,897 feet and an average per well initial production rate of 36 MMcf per day[6] - 21 wells were turned to sales to date in 2025 in the Legacy Haynesville area with an average lateral length of 11,803 feet and a per well initial production rate of 25 MMcf per day[6] - The company drilled and completed wells at an average cost of $2,647 per completed lateral foot in the Western Haynesville[6,57] Drilling Program - For the six months of 2025, the company drilled 19 gross wells (17.5 net) and turned 24 gross wells (20.3 net) to sales[16] - The average lateral length for operated wells turned to sales was 11,137 feet in the Haynesville and 11,684 feet in the Bossier[16] - The average initial production rate for operated wells turned to sales was 27 MMcf per day in the Haynesville and 26 MMcf per day in the Bossier[16] Capitalization and Liquidity - As of June 30, 2025, the company had $26 million in cash and cash equivalents[21] - The company's total debt was $3064 million, including $475 million outstanding on the revolving credit facility[21] - The company has strong financial liquidity of $10 billion[59]

Financial Performance & Operational Efficiency - HighPeak Energy reported Q1 2025 EBITDAX of $197.3 million[13,41] - Q1 2025 Unhedged EBITDAX per BOE was $41.90[13,35] - Q1 2025 total daily sales volumes were 53.1 MBoe/d, with oil accounting for 72% of production[13,41] - The company achieved faster drilling pace translating to ~33 wells drilled/year/rig[15] Capital Expenditure & Drilling Plan - Total capital expenditure for Q1 2025 was $179.8 million, excluding acquisitions[41] - The company is revising its rig plan, dropping one rig from May through August and planning to return the second rig in September, with no change to 2025 guided TILs and Capex budget[25] Reserves & Profitability - HighPeak Energy has >143,000 net acres and >1,000 sub $50/Bbl break-even locations in primary zones[13,35] - The company highlights a 3-year reserve replacement ratio of >400% driven by drill bit reserve additions[27] - HighPeak Energy emphasizes profitable development at $60/Bbl (WTI)[28] Hedging - The company has hedged a portion of its oil and gas production for 2025 and 2026 using swaps, puts, and collars, with average prices detailed in the hedge profile summary[40]