Canada's Canacol Energy reported the discovery of oil at its non-operated Mono Araña 1 exploration well in Colombia's oil-rich Middle Magdalena Valley.

The company made the announcement Wednesday in a filing with the Financial Superintendence, in which it noted that Canacol is not a part of the exploration program for that well that is being carried out by ExxonMobil Exploration Colombia and Vetra Exploracion y Produccion Colombia.

The company, however, is part of that consortium's exploration efforts at other Colombian wells.

Canacol President and CEO Charle Gamba said the company was "very pleased" with the initial results at Mono Araña, saying they "confirmed oil within the shallow conventional Lisama sandstone reservoir."

"This has a very positive implication for our adjacent Santa Isabel contract, which we operate with a 100 percent working interest, where we have mapped 4 similar Lisama prospects on the basis of recently acquired 3D seismic," Gamba added.

The CEO noted that "we plan to drill the largest prospect, Oso Pardo, in the first quarter of 2013 at Santa Isabel."

"Meanwhile, our exploration drilling programs continue elsewhere in Colombia, targeting sizeable conventional heavy oil resources in the Caguan - Putumayo Basin, and smaller light oil conventional resources in the Llanos Basin located adjacent to our Rancho Hermoso field, with results anticipated in November 2012," Gamba said.

Canacol, which has an interest in three oil-producing fields in Colombia, said in September that its reserves in the Andean nation had climbed 33 percent to 12 million barrels.

The company has set a target of producing between 14,000 and 16,000 barrels of oil per day in Colombia this year. The Colombian government, for its part, has established a crude output goal of 1 million barrels per day for 2012. EFE