November 2017

Two gas projects to nearly triple gas production by Dec 2018(1)

(1) From 85 → 230 MMcf/d, or 2.7x

2

Forward Looking Statements

This presentation may include certain forward looking statements. All statements

other than statements of historical fact, included herein, including, without

limitation, statements regarding future plans and objectives of Canacol Energy

Ltd. Canacol or the Corporation , are forward-looking statements that

involve various risks, assumptions, estimates, and uncertainties. These statements

reflect the current internal projections, expectations or beliefs of Canacol and are

based on information currently available to the Corporation. There can be no

assurance that such statements will prove to be accurate, and actual results and

future events could differ materially from those anticipated in such statements.

All of the forward looking statements contained in this presentation are qualified

by these cautionary statements and the risk factors described above.

Furthermore, all such statements are made as of the date this presentation is

given and Canacol assumes no obligation to update or revise these statements.

Barrels of Oil Equivalent

Barrels of oil equivalent (boe) is calculated using the conversion factor of 5.7 Mcf

(thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes

may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7

Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily

applicable at the burner tip and does not represent a value equivalency at the

wellhead.

Production and Reserves

Production represents net before royalty

Reserves represent 2P reserves and before tax NPV-10 as of December 31, 2016

USD

All dollar amounts are shown in US dollars, unless indicated otherwise

140 280 420 560

Km

S. Pacific Ocean

Natural Gas

Colombia

20 blocks / 2.1 MM net acres

2

Gas deficit

• to realized contract sales

• 85 → 130 MMcf/d

• % gas ~80%

• to realized contract sales

• 130 → 230 MMcf/d

(1) Includes in-the-money options based on CDN $4.20 / share price ~140 MM shares in the float (2) Converted from CDN → USD exchange rate (0.79) as of 12/18/17 (3) As of 9/30/17

The Path To ~$300 MM EBITDA

In MM, except CDN $/share amounts

TSX $/share (12/18/17) CDN $4.20

Fully diluted shares outstanding(1) 178

Market capitalization(2) US $588

Net debt(3) $243

Enterprise value US $831

Insider ownership 22%

3

TSX: CNE | BVC: CNE.C

Strong Track Record Of Asset Optimization Added 314 BCF in 2P reserves over the trailing 4-yrs.

• A conventional gas success story

• Recent 2P NPV-10 $1.2 B(2)

• Gas exploration success 9/10 wells (90%)

• 1P / 2P reserve 166% / replacement 194% y/y

• Avg. F&D cost $0.44 / MCF(3)

• The lowest cost gas operator always wins

In US dollars unless otherwise noted (1) Represents before tax corporate total (oil + natural gas) 2P reserves value as of 12/31/16 Pro forma for the sale of Canacol s assets in Ecuador as of Dec (2) Represents before tax natural gas only 2P reserves value as of 12/31/16 (3) Average over the trailing 2-yr. period (4) Includes $0.26/MCF of transportation expense

+51% CAGR in 2P reserves

Gas

In MMboe(1) oil gas

4

For the 3 months ended 9/30/17

$ / MCF % margin

Natural gas revenues $ 4.96

Royalties $ (0.51) 10%

Production expenses(4) $ (0.62) 12%

Operating netback $ 3.83 77% Oil

17 20

65 72

7 8 11 14

14

19

9

8

'09 '10 '11 '12 '13 '14 '15 '16

80 74

39

31

90% gas

Caribbean Sea

Chuchupa Ballena

La Creciente

Cartagena

Barranquilla

Jobo facility

Sabanas Pipeline Co.

+40 MMcf/d 130 MMcf/d

2018

• Building 6-in. pipeline Jobo → Sincelejo

• Twin Jobo → Sincelejo pipeline

• Construct new pipeline Cartagena→ Barranquilla

+100 MMcf/d 230 MMcf/d

2019

Reficar

1

2

5

Two Gas Projects To Nearly Triple Gas Production By 2019

Canacol gas blocks

Gas pipeline

pipeline

pipeline

New compressor

Compressor

10 km

Gas field

1

8 gas fields 5 blocks 1.1 MM net acres

2

Canacol s Sweet Spot Replacing Chevron s gas supply to the Caribbean

Replacing Chevron as the largest Caribbean supplier of gas(1)

MMcf/d

395

355

300

246

202

75 85

130

230

100

175

250

325

400

475

550

' 1 6 ' 1 7 E ' 1 8 E ' 1 9 E ' 2 0 E

2019

Excess demand

> 100MMcf/d

Not many gas supply options…

Cartagena

Barranquilla

Hocol 30 MMscfpd

Frontera 30 MMscfpd

~80 MMscfpd

~380 MMscfpd LNG > $8/MMbtu

Cero Matosa

Deep Water > 2000m

Canacol

Chevron

(1) Source: Wood Mackenzie and UPME Colombia estimates 6

X

Esperanza

VIM 5

SSJN7

VIM 19

Sincelejo

VIM 21

(1) Gaffney, Cline & Associates GCA prospective conventional natural gas resource report, effective Dec (2) Expected Monetary Value discounted at %, GCA Dec Legend Gas field Prospects Leads Facilities Existing pipeline 1 Sabanas planned pipeline (12/1/17) 2 Promigas planned pipeline (12/1/18) 20 km

Strong base production and reserves

3 acquisitions ('12-'14) 96 BCF

Trailing 3-yr. 2P reserve adds 314 BCF

Recent 2p reserves 410 BCF

Gas exploration success 10/11 wells (91%)

Producing wells 17

Large resource upside

Net acres 1.1 MM

Blocks 5

Gross mean unrisked resources 2 TCF (1)

BT EMV-10 US $789 MM (2)

Prospects / leads 44 (2)

7

• Canacol Gas

2

Jobo

Clarinete

Bremen

1

Oboe

A Conventional Natural Gas Success Story 4 discoveries in 2017

1

Palmer Nelson

Toronja

Nispero

Trombon

7 Pandereta-2 (appraisal)

Canahuate

Pandereta-1

3D

3D

3D

Cañandonga-1

7 Gaiteros-1 (exploration)

AVO Reduces Exploration Risk Discovered 10 gas fields over the trailing 4-yrs.

Tubara Marker

Lower Tubara

Mid Miocene / Top CDO

Upper CDO

Mid CDO

Basal CDO

1,200

1,400

1,600

1,800

2,000

2,200

2.400

PANDERETA-1

• Applying AVO technology to gas- charged sandstones

• Gas exploration success 10-for-11 (91%)

• Utilizing AVO 7-for-7 (100%)

• Avg. net pay/well 84 ft. TVD

• Avg. test rate/well 32 MMcf/d

• >2 TCF of running room(1)

The hunt for repeatable anomalies

Fluid Factor (AVO) section (1) Represents gross unrisked mean resources from the Gaffney, Cline & Associates prospective gas resource report, effective Dec

CLARINETE-1

8

Penetration point at Top CDO Reservoir

500 M

PAN-1 PAN-2

Pandereta-2 Appraisal Well AVO seismic attribute section parallel to proposed PAN-2 wellbore trajectory

A

B

• Pandereta-1 tested 29 MMcf/d

• Spud October 25, 2017

• TD & Drill time 9,347 ft md, 15 days

• Petrophysical interpretation (logs)

• Primary target CDO 64 ft tvd net gas pay

• Secondary targets

• Lower Tubara 34 ft tvd net gas pay

• Fractured basement 51 ft tvd gas pay

PAN-2

A B

PAN-1

AVO event at BASEMENT

AVO event at mid CDO

• Pandereta-2

• Objective Investigate AVO seismic attribute in adjacent fault block with view to book additional reserves in CDO reservoir section

• Anticipated spud December 6, 2017

• Anticipated TD & Drill time 10,306 ft md, 20 days

• Primary target CDO

• Secondary targets: Lower Tubara, fractured basement

Depth structure map top reservoir interval tied to PAN-1

9

P-90 P-10

Drilling For Repeatable Anomalies In The Porquero Jun : Toronja-1 exploration well tested 46 MMcf/d

NELSON-5

NELSON-4

NELSON-3

NELSON-8 PALMER-1

2

1

Mid Porquero time structure

1,200

1,400

1,600

1,800

2.000

2,200

2.400

Basement

Intra Porquero

Top CDO

Fluid Factor (AVO) section 1KM

• Tested 46 MMcf/d

• Exploration target Porquero reservoir sandstones

• Well cost 41% below budget

• Tied Toronja into Jobo (3 kms)

• Porosity 20%

NELSON-2

PORQUERO

2 1

NELSON-6 Nov ‘1

TORONJA-1 Jun ‘1

10

Toronja-1 Suggests Much More In Store For The Porquero

• Nov Nelson-6 spelled opportunity

• Net pay 39 ft. TVD

• Tested 23 MMcf/d

• Dec Nelson-5 Porquero recompletion confidence

• Net pay 79 ft. TVD

• Tested 13 MMcf/d

• Jun Toronja-1 says more running room…

• Tested 46 MMcf/d

• Aranadala-1, Breva-1, Carambolo-1 offer 3 follow-up exploration locations

TORONJA-1

BREVA-1

ARANDALA-1

CARAMBOLO-1

1 KM

AVO extraction over Mid Porquero SST marker

NELSON-5

NELSON-6

Nelson-5, Nelson-6 added 25 Bcf from the Porquero Formation(1)

11 Represents P reserves as of Dec reserve report

Active 4Q 2017 Exploration Program

• Gaiteros-1 rig mobilization

• Spud Jan 2018

• Fault dependent closure

• Reservoir target CDO

• Drill & test / Depth $5.5 MM /

~10k ft. MD

• Pandereta-1 tested 29 MMcf/d

• Reservoirs CDO, Tubara

• Net pay 64 ft TVD (CDO)

34 ft TVD (Tubara)

• Porosity 21% (CDO)

15% (Tubara)

• Pandereta-2 spud on December 3rd

• Cañandonga-1

• Reservoir CDO

• Net pay 32 ft TVD

• Porosity 18%

• Well test with workover rig 2018

13

VIM 5 block

Canaflecha

Nispero-1

Sucre Castor

Palmer-1

Toronja-1

Trombon-1

Jobo Station

VIM 21 & Esperanza blocks

Katana

3D

3D

3D

3D

Oboe-1

Clarinete-1

Prospect Flow line

Lead Gas well

Canacol fields 5 km

Mature fields

7 Pandereta-2 (appraisal)

Gaiteros-1

Pandereta-1

Arianna

Nelson Field 193 BCF

Cañandonga-1

14

Path to 130 MMscfpd

• 20 MMscfpd of initial transport capacity on Dec 1, 2017

• 40 MMscfpd of transport capacity in mid January 2018

• 195 MMscfpd of productive capacity

• 200 MMscfpd of gas processing capacity

La Union Station

San Luis Station

Bremen Station

20 m

VIM 19

SSJN 7

VIM 21

Esperanza

VIM 5

Pro

mig

as

Jobo Facility

Aim To Deliver 230 MMcf/d By 2018 Exit Only $30 MM to maintain 230 MMcf/d

15

• US $85 MM to increase gas production from 130 → 230 MMscfpd in Dec

• 9 average sales price of ~ $ /MMbtu

• 80 MMscfpd of new productive capacity

• $50 MM for 10 new wells and tie ins

• 100 MMscfpd of new processing capacity

• $35 MM in modular expansion of existing facility at Jobo

• 100 MMscfpd of new transport capacity

• US $ 0 for second expansion of the Promigas pipeline

Construction of the new Sabanas pipeline project

16

Outlook 85 → 130 → 230 MMcf/d

+49% CAGR in gas production

MMcf/d

70 85

130

230

'16 '17 '17 exit '18 exit

forecast

• For the remainder of 2017e:

• 2 gas exploration wells

• Sabanas flow line

'16 '19e

$135

~$300

Substantial liquidity enables execution US $ in MM

Q 7 net debt $243 MM

9e ebitda ~$300 MM

• Senior secured term loan

• Credit Suisse + syndicate / L+5.50%

• No re-determination if oil prices fall

• Mar 9 → Mar ~$24 MM of principal

payments for 13 consecutive quarters

• > 2.3 trillion oil barrels in S.A. has La Luna source rock • Source: 2010 Journal of Petroleum Geology

• 1.7 M acres of La Luna fairway in Colombia • Source: 2013 U.S. EIA study • Canacol blocks 5 • Gross / net acres 625k / 371k

• Canacol s VMM and VMM offer over pressured, Tier acreage in the La Luna fairway • Gross/net acres 159k / 32k • Operating partner ConocoPhillips • Solid results from multiple fracs in the latest well (Pico Plata)

• Potential prize: 1.9 B barrels of net mean OOIP(1)

• Source: DeGolyer & McNaughton unconventional oil prospective resource report, Oct

17

Canacol s Acreage Is Colombia s Shale Oil Sweet Spot

VMM 2

VMM 3

(1) Pro forma for the relinquishment of the Santa Isabel block DeGolyer & McNaughton D&M Resource Report as of / / . D&M provided mean estimates of Original Oil In Place (OOIP). These estimates have not been adjusted for the probability of geologic success.

10 km

Wells

Oil fields

Canacol wells

Mono Araña

Normal pressure

Over pressured

Tier 1 % Vro 0.6-1.2

Mono Capuchino

Pico Plata

Tier 2 % Vro >0.6

PicoPlata-1 Vertical Unconventional Well

• Operated By Conoco • VMM3 gross acres 83k

• Canacol WI 20%

• La Luna shales • Gross thickness 1369 ft.

• Net pay 866 ft.

• Avg. porosity 10%

• Jan 2017, 3 successful fracs • Highly over pressured

• All fracture treatment successfully placed

• Induced fractures grow in height (125 - 200 ft.)

• Variable flow rates 60 – 500 bopd (no water)

• 31 ̊ API gravity oil

18

Frac #3

SA

LAD

A A

G

ALE

MB

O D

-1

GA

LEM

BO

C

Frac #2

Frac #1

Contact

Carolina Orozco Director, Investor Relations

44 (0) 755.537.3873 corozco@canacolenergy.com

Kevin Flick VP, Investor Relations

214.235.4798 kflick@canacolenergy.com

Phil Heinrich Investor Relations Manager

403.561.1648 pheinrich@canacolenergy.com

18