Canacol Energy Ltd. Distributes US$20 Million of Arrow Exploration Corp. Shares to Shareholders

Source Press Release
Company Canacol Energy Ltd.Arrow Exploration Corp. 
Tags Financial & Operating Data
Date November 07, 2018

Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to announce that the distribution to the shareholders of the Corporation (“Shareholders”) of the 22,598,870 of  Arrow Exploration Corp. Shares (“Arrow Shares”) by way of a return of capital (the “Return of Capital”) valued at US$20 million (US$0.885 cents per Arrow Share received) was effective on November 6, 2018.

Mr. Charle Gamba, President and CEO of the Corporation, commented: “The Board of Directors of Canacol is pleased to be making this special dividend, which is a return of capital equivalent to US$20 million, to our shareholders, related to the recent sale of our conventional oil assets to Arrow Exploration.  Arrow is currently drilling the Danes-1 exploration well on the LLA-23 block, and plans a number of work overs on existing wells to increase production by year end.  Canacol shareholders who choose to keep the Arrow shares that they have received may stand to realize the potential upside associated with Arrow´s current and future exploration and production activities”.

Through the Return of Capital, the registered shareholders of Canacol received 0.12720671913 Arrow Shares per each share of Canacol owned on the record date, October 3, 2018. No fractional shares were distributed, nor were paid in cash. The Arrow Shares are traded on the TSX Venture Exchange (“TSX-V”). Shareholders who hold their shares through Depósito Centralizado de Valores de Colombia (“Deceval”) should note that Arrow Shares are neither listed on the Bolsa de Valores de Colombia (“BVC”), nor will be held by Deceval.

The shareholders were not required to pay for the Arrow Shares they received by way of Return of Capital, to tender or surrender their Canacol shares, or to take any other action in connection with the Return of Capital. Canacol Energy Ltd shares will continue trading in the TSX and BVC.

Additional information can be found in previous press releases published by the Corporation.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd