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Canacol Energy takes net loss of$2.4 million in Q4 on higher revenue

By The Canadian Press  | February 13, 2012

CALGARY - Canacol Energy Ltd. (TSX:CNE) says it recorded a net loss for the three months ended Dec. 31, 2011 was $2.4 million, compared to a net loss of $14.9 million for the comparable period.

The Calgary-based company says the net loss was primarily driven by the realization of non-cash deferred tax assets during the period.

Total revenues in the quarter increased 227 per cent to $55.2 million from $16.9 million for the comparable period.

In November, Canacol announced it plans to acquire an unnamed private company with exploration assets in Colombia in an all-share deal valued at $69 million.

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