Canacol Energy Ltd. announces a decision in domestic arbitration proceedings with VP Ingenergía S.A.S. E.S.P. over terminated natural gas supply contracts. Canacol found to be in the right regarding guarantees and gas sale proceeds, but must pay approximately USD $22 million. Canacol is reviewing the decision in light of unpaid invoices from VP Ingenergía and pursuing further claims in an international arbitral tribunal. The domestic decision will also impact criminal actions against VP Ingenergía’s directors and shareholders. Canacol plans to rely on the Colombian justice system moving forward.

Read more at GlobeNewswire: Canacol Energy Ltd Provides Information on Arbitration