This presentation may include certain forward looking statements. All statements other than

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2 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. 2

3 Paid Value created Proven oil & gas finders in Colombia and Ecuador Exploration 16-for-25 wells (64%) OIL Development 53-for-55 wells (96%) Gas 362 BCF (64 MMboe) $958 MM(2) Oil 16 MMbls $269 MM(2) Total Production GAS +59% CAGR in 2P gas reserves Large natural gas reserve base until oil rebounds 2P reserves(1) ~$230 MM >$1.2 B(1) Longest reserve life in Colombia Gas 80% 64 of total MMboe $1.2b(2) Sep 10,727 boepd(3) average: Contracted gas 14,200 boepd Oil TBD in budget '09 '10 11 '11 (1) As of Jun reserve reports (2) Represents pre-tax NPV-10 Oil 16 '12 '13 '14 '15 (3) Sales for the 3 months ended 9/30/15 3

4 % of CNE s total production Oil Tariff Gas Gas and tariff oil focus 52% insensitive, as of Sep Gas 3,455 boepd (32%) Tariff 2,156 (20%) 52% 40% Reduce exposure to oil price volatility For, up to ~ % of corporate production is insensitive to global oil pricing Jun '14 Sep '14 Dec '14 Mar '15 Jun '15 Sep '15 $ / boe Dec '14 Sep '15 $19.17 Lean machine LLA 23 Demobilized rental equipment -61% Recently completed centralized process facility -34% Reducing water costs via reinjection $7.52 $ % $4.91 $3.04 G&A LLA 23 $2.04 Esperanza OPEX 4

5 $8 MM E&D budget for 1 ~63% development Light oil Oriente $8 MM Llanos $33 MM Dry gas Lower Magdalena $43 MM 49% For 2016: Ĺ production from 20 ĺ 81 MMcf/d Ĺ gas ebitda from $30 ĺ $135 MM 1 gas well left in mid-nov 1 Dry gas Oboe-1 appraisal well Pipeline to Jobo Light oil Firm-up exploration leads Multiple prospects on new 3D 5

6 Colombia s gas demand is set to increase ~3x faster than world demand Demand for gas in Canacol s target market (Caribbean coast) is set to accelerate ~3x faster than country demand MMcf/d +6% % Thermoelectricity +10% CAGR % -2% % % Bogota +2% 50 0 '14 '15 '16 Residential Commercial Industrial Ecopetrol (1) Transport Thermoelectric '17 '18 Petrochemical Source UPME s Caribbean Coastal region forecast as of Jul (1) Excludes 100 MMcf/d of demand from the Reficar refinery starting in mid and beyond 6

7 primary gas fields supply Colombia s Caribbean Coast Ballena, Chuchupa, and La Creciente supply (estimate) 476 MMcf/d(1) 340 MMcf/d(2,3) 18 projected demand 510 MMcf/d(1,3) (actual) SHORTFALL Simply backfilling declines nearly doubles Canacol s gas business(4) Chuchupa Ballena -170 MMcf/d Riohacha (now offline) Over the trailing 2 years, gas supply to the Caribbean Coast has declined by -70 MMcf/d per year(4) Barranquilla Caribbean Sea Cartagena Post pipeline completion, Canacol is the new supplier 2 discoveries tripled 2P reserves y/y to 362 BCF >3 TCF gross unrisked prospective resources(5) Gas field Compressor Promigas pipeline La Creciente Canacol set to 4x gas production to 81 MMcf/d Unique market commands special fixed-price gas contracts Clarinete ACP Colombia as of Mar. Represents demand from the Caribbean coast only. Ministry of Mines & Energy as of Jun 15 Excludes 100 MMcf/d of demand from the Reficar refinery starting in mid and beyond Measured by taking the average decline (70 MMcf/d) for the trailing 2 periods compared to Canacol s 2016 projected average gas sales volumes of 81 MMcf/d (5) Management s estimate (1) (2) (3) (4) Palmer 4 blocks, ~785k net acres Nelson Cerro Matoso 7

8 Cartagena Oct 7 gas fired power plants Finish 15 km flow line, tie Clarinete to Jobo Nov Upgrade Jobo facilities 50ĺ140 MMcf/d 2016 Quadruple gas production 20 ĺ 81 MMcf/d Expand gas ebitda $30 ĺ $135 MM Finish ~ km pipeline From 120 to 185 MMcf/d Filadelphia La Creciente Sincelejo MMcf/d of new capacity Gas field Compressor Promigas pipeline Jobo Pipeline loop between Sincelejo and Cartagena Clarinete Palmer Nelson New compression at Filadelphia 25 MMcf/d going south 8

9 60,000 Remarkable gas platform 50,000 40,000 9 gas sales agreements insensitive to world prices Customers (yrs.) 5-15 Gas sales price estimate (/MMbtu) $5.51 $6.28 Price escalation (/yr.) 2-3% 30,000 20,000 10,000 Avg. 0 boepd '15e '16e '17e '18e '15e '16e '17e '18e '19e '20e ~80% operating margin per MMcf/d Netback (/MMbtu) $4.54 $1,600 $1,400 4x gas production gas production (boepd) Gas EBITDA (MM) $1,200 14,200 $135 $1,000 $800 $600 The least capital-intensive E&P business in Colombia(1) 5-yr cumulative gas CAPEX (MM) 5-yr cumulative gas EBITDA (MM) $400 $200 $280 $1,500 (1) Represents cumulative risked EBITDA and cumulative risked capex for $ MM $eĺ e '19e '20e 9

10 VIM 5 3D Upper Zone -6,410 ft subsea Oboe-1 appraisal Oboe-1 in mid-nov 1 Opportunity 209 BCF(2) ~3,000 acres 3km (1) Reserve report as of Jun, pre-tax NPV-10 (2) Resource report as of Jun. Represents best case unrisked resources and risked pre-tax NPV-10. Clarinete-2 ST 127 ft of pay 23% porosity Tested 30MMcf/d Subcrop edge Clarinete ft of pay 26% porosity Tested 44MMcf/d 10

11 Geography La Creciente Fastest growing gas market in Colombia 3D World >> Colombia >> Colombia s Caribbean Coast +1% +3% +6% per yr. VIM 19 Geology 100% Repeatability from Cienaga de Oro reservoir Nelson Palmer Clarinete pipeline VIM 5 100% Gas Growth platform 362 BCF(1) + >3 TCF upside(2) 50 prospects/leads Blocks 4 Gross acres ~785k, ~15% of basin 3D Clarinete VIM 21 Locked-in growth for x production 20 ĺ 81 MMcf/d Expand gas ebitda $30 ĺ $135 MM 100% ESPERANZA 100% (1) Reserve reports as of Jun (2) Management s estimate of gross unrisked prospective gas resources Cienaga de Oro time structure map 0 Palmer Nelson 5 10 km Prospects and leads Fields and discoveries 11

12 Las Maracas ~12 MMbls 27 MMbls oil trend(1) 08ĺ present Blocks Net acres / oil fields Success Remaining 2P reserves Leono Jaga Pantro Tigro Rancho Hermoso (100%) and LLA 23 (90%) 112k / 6 LLA 23 93% (27/29 wells) 5 MMbls(2) Cravo S ~9 MMbls Cravo E ~8 MMbls Strong netbacks despite a gloomy pricing environment Sep Production 4,301 bopd Realized price / netback $34.01 / $19.75 per barrel Padrote Chitara New 3D Macarenas ~6 MMbls Pumara 3D Danes N 1 activities Firm-up future exploration leads Multiple prospects on new 3D Danes Maltes Pointer CPF Labrador Assuming oil exploration success on parallel trends Rancho Hermoso Potential for ~40 MMbls of remaining prospective resources(3) Pointer CPF and 28 km flow line offer rapid tie-in for future discoveries and appraisal wells (1) Gross barrels produced from Aug to Oct (2) Reserve report as of Jun (3) Management s estimate of net unrisked recoverable prospective resources 27 MMbls oil trend(1) Fault Oil fields Lead Flow line Prospect 12

13 VMM Santa Isabel 750k net acres Shell N 2 VMM 3 Shell Ecopetrol CNOOC D&M Report reveals large upside present for Canacol(1) Covers only 3 of 7 prospective shale oil blocks S Exxon COR COR 4 Exxon 6 7 (1) Represents DeGolyer & MacNaugton resource report mean estimate for Canacol s gross working prospective oil resources and potential NPV- respectively, effective Jun N COR 11 COR 12 S 13

14 Prove up >280 MMboe(3) Gas focus until oil rebounds Production Sep 16 average: Contracted gas Oil 14,200 boepd TBD in budget 2P reserves Dry gas Light oil 362 BCF (64 MMboe)(1) 16 MMbls(1) 10,727 boepd(1) 1 e 20e, exploit a diverse portfolio 2P reserves production +21% CAGR, 11kĺ35k boepd Exploration resource upside from >280 MMboe(2) ĺ33k boepd (1) Sales for the 3 months ended 9/30/15 (2) Reserve reports effective Jun. Represents pre-tax NPV-10. (2) Management s estimate of net risked prospective resources 14

15 TSX (CNE), BVC (CNEC), OTCQX (CNNEF) BNP Paribas, new long-term credit agreement In MM FD shares outstanding (MM) Market capitalization 160(1) US $365(2) $200 MM, $180 MM drawn Replaces existing senior credit agreement Bank debt Working capital surplus Net debt $255 ($50) $205(3) Matures Sep Enterprise value $570 Interest payable quarterly at LIBOR % Cash Restricted cash Cash from Cavengas $49(3) $61(3) +$33(4) Relaxed financial covenants No principal payments until Dec Apollo, senior notes $100 MM, $75 MM drawn Diversified ownership Matures Dec 15% Mgmt. & Board 25% Interest payable quarterly at LIBOR % 18% 23% 19% (1) As of 11/9/15. Includes 1.6 million options that are in-the-money based on CDN 3.03/share. (2) Converted using CDN ĺ USD exchange rate (0.75) as of 11/15/15 (3) As of 9/30/15 (4) Post 9/30/15, represents cash from new strategic equity investor, Cavengas Holdings S.R.L. 15

16 Clarinete Discovery, Dec 14