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Canadian oil company Canacol discovered a new oil reservoir on Wednesday in their production field, which helped increase stock prices after an 11-month low.
Bloomberg news reported that Canacol shares rose 2.6 percent at 12:05PM, after gaining more than 3.1% earlier Wednesday.
According to a news release on the Canacol Energy Ltd. website, the new reservoir is located in a field near the Llanos basin of Colombia. After 1 week of testing, the average flow of oil from the reservoir is 1,786 barrels of oil per day.
Canacol plans to commence a four-well development drilling program at the reservoir in July 2011.
