In February 2012, Canacol announced participation in a joint venture company established by Tecpetrol (Operator), Schlumberger, and Sertecpet. The joint venture company was awarded a 15-year incremental production contract by the national oil company of Ecuador for the Libertador and Atacapi mature fields in Northern Ecuador. The Corporation has a non-operated 25% equity participation in the contract.

Libertador and Atacapi mature oil fields
Location Northern Ecuador ~ 175 kilometers northeast of capital city of Ecuador (Quito)
Gross / net acres 60,170 / 15,043
First production '78
Cumulative production 405 million barrels(1)
2P reserves plus deemed volumes 5 million barrels
Insensitive to oil prices JV receives fixed price tariff of US $38.54 per barrel above the negotiated base curve and the State pays all operating expenses.

(1) DeGolyer and MacNaugton reserve report effective Dec '16

Map of Ecuador