Shona Energy Today Profitable and Growing Fast, Cash Flow and Revenue, plus Reserves also Growing Very Fast, with 50,000,000 barrels reserves after 103 sq k of 3D Seismic on Esperanza Block. "We are very pleased with our third quarter results as our production increased 22% and EBITDA increased 43% over the second quarter of this year. The Letter of Intent with Altenesol and the Arrangement Agreement with Canacol which were signed subsequent to quarter end are reflective of our key initiatives to monetize our gas assets and pursue opportunities for mutually beneficial business combinations," said James L. Payne, Chairman and CEO of Shona Energy. "Shona is also planning a four- to five-well drilling program in 2013 on the Esperanza Block which is intended to establish significant additional reserves that will allow the Altenesol contract to be expanded and provide uncommitted reserves for new gas sales." Canacol Energy takesover Shona energy on Dec. 20th/ 2012.