Canacol Energy Ltd.

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What it is

Canacol Energy is a Canada-based natural gas exploration and production company with operations focused on Colombia. It supplies roughly 17% of the country’s gas needs and more than 50% of the Caribbean Coast’s gas demand, with its fields connected to a central processing facility via more than 169 kilometres of flow lines.

The company operates over 1.5 million net acres across 11 exploration and production gas contracts in Colombia, located in the Lower and Middle Magdalena Basins. A small crude-oil position in the Rancho Hermoso block rounds out the portfolio.

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Who owns it

As of March 31, 2025, Canacol had 34,119,987 common shares outstanding; the precise breakdown between institutional investors, mutual funds, and individual shareholders is not readily disclosed in public summaries. The company has no single identified controlling family or state owner; the share register is widely held.

Charle Gamba — the founder, President, and CEO — was a key anchor shareholder and executive. He directly owned 0.52% of the company’s shares.

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Who runs it

Charle Gamba founded the company and held the role of President and CEO from 2008. In February 2026, however, as restructuring deepened, CFO Jason Bednar and COO Ravi Sharma were named interim co-Chief Executives, and Gamba departed immediately.

Jason Bednar has been with Canacol since 2008, first as a founding director and audit committee chair, then as CFO from 2015. The management team also includes Anthony Zaidi as VP of Business Development & General Counsel, William Satterfield as SVP of Exploration, and Carolina Orozco as VP of Investor Relations.

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The money, in plain words

In 2024, Canacol brought in USD 375.9M in gross revenues — growth of 19% over 2023 (our calculation). After royalties and transport costs, net revenues rose 16% to USD 352.3M for the full year, driven by higher gas prices.

Despite that top-line strength, Canacol posted a net loss of USD 32.7M — a net margin of –8.7% (our calculation) — because a large non-cash deferred income tax charge of USD 77.2M hit the bottom line, even as operating earnings before that charge reached a record USD 296M. In other words: the business generated real cash, but an accounting tax charge wiped the reported profit.

At December 31, 2024, the company held USD 79.2M in cash and a USD 45.5M working capital surplus. That cash was not shared with investors: the quarterly dividend was suspended in early 2024 to strengthen the balance sheet.

The debt load tells the harder story. The 2024 Annual Information Form discloses USD 500M in 5.75% senior notes due 2028, a USD 200M revolving credit facility, and a USD 75M secured term loan with Macquarie — a total debt pile that ultimately proved unsustainable as gas volumes fell.

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What it is doing now

In November 2025, Canacol and its subsidiaries filed for creditor protection and subsequently sought relief under Chapter 15 of the U.S. Bankruptcy Code. The process is a cross-border insolvency mechanism that requires simultaneous approvals from courts in Canada and recognition in Colombia.

In June 2026, the Court of King’s Bench of Alberta authorised Canacol to terminate gas supply and transportation contracts in Colombia as part of the restructuring. Industry association Naturgas has warned that a suspension of contracts could affect roughly 7.5% of Colombia’s national gas demand.

The Superintendencia de Sociedades of Colombia has verified that affiliated companies under reorganisation hold assets of approximately USD 1.848B as of December 2025, with secured obligations — including DIP financing — of around USD 166M, or 9% of assets.

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What to watch

• Debt restructuring outcome: The restructuring process risks tipping into liquidation if creditors reject a proposed settlement — something lenders have already begun to contest.
• Colombian government and regulator stance: Final decisions rest with Colombian authorities, particularly the Superintendencia de Sociedades, whose recognition of Canadian court orders is not guaranteed.
• Gas supply continuity: The company’s ability to keep delivering natural gas depends on counterparties in unregulated markets agreeing to restructured, viable contracts.
• Bolivia expansion: Canacol signed four contracts with Bolivia’s state oil company YPFB, a diversification move now frozen amid the restructuring.

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This is news, not investment advice.