Canacol Energy (TSX:CNE) highlighted its growing success with gas resources in Colombia in its fourth quarter 2014 (2QFY2015) results. However the firm was still hit by the devaluation of the Colombian peso and drop in the price of oil, and posted a US$46M net loss. We want to focus on the larger issue of what we can see in Canacol’s results that has implications for the broader industry