June 2017

2 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.

Acres

Acres represents gross acres

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

3

Ecuador

140 280 420 560

Km

S. Pacific Ocean

Natural Gas

Supply-scarce Caribbean coast natural gas market

Colombia

Canacol Dual-listed on TSX and BVC

in MM, except /share amounts

TSX share price (5/30/17) CDN $4.00

FD shares outstanding(1) 177

Market capitalization(2) US $524

Net debt(3) $212

Enterprise value US $736

Ownership by insiders ~21%

22 blocks / 3.7 MM gross acres

(1) Includes in-the-money options based on CDN $4.00 / share price (2) Converted from CDN → USD exchange rate (0.74) as of 5/30/17 (3) As of 3/31/17

• ‘17 corporate production guidance

• ↑ gas production 85 → 130 MMcf/d (Dec ’17)

• Capex $89 MM

• Production 18-19k boepd

• % gas 81%

• ‘18 gas production guidance

• ↑ gas production 130 → 230 MMcf/d (Dec ’18)

4

3

• Colombia • Top 3 E&P regulatory regimes (Accenture Consulting, 2016)

• South America’s oldest and most stable democracy

• 2016: Signed Peace Process

• Over 50 billion boe of prospective resources left in Colombia

• Management • Combined 50+ years operating history

• 61% exploration success since corporate launch in 2008 (19/31 wells)

• Created $1 billion+ 2P NPV-10 from 5 key acquisitions + drill bit success

• Gas production growth: 3x current production by the end of 2018 • Competitors’ supply declining by 20%/yr and demand growing 2-3%

• 2-step growth from 90(1) → 130 → 230 MMcf/d to exit 2018

• LT fixed-priced take-or-pay contracts $5/Mcf

• Canacol’s gas business profitability • 80% gas operating margins with breakeven gas well economics of less than US $1.30/Mcf

• 2P gas reserves of 410 BCF with high RLI offers a decade+ of opportunity

• By 2019, Canacol aims to generate >$300 MM EBITDAX/yr. (more than double $135 MM in 2016)

4 (1) Average for 2017e is 85 MMcfd

Caribbean Sea

8 gas fields 1.1 MM net acres

Chuchupa Ballena

Canacol gas blocks

Gas pipeline

New gas pipeline

Gas field

Compressor

10 km

(1) Average annual decline for each of the trailing 3 years

La Creciente

477

432

381

337

299

265

25 75

85 138

230 230

67 74

36 87

0

200

400

600

'15 '16 '17e '18e '19e '20e

• Gas supply decline 20%/yr. or 100 MMcf/d from 3 mature gas fields(1)

• Chuchupa, Ballena and La Creciente

• Gas demand +3% through 2025e(2)

• Thermoelectric, refining and industrial customers driving demand

Supply shortfall

Cartagena

Barranquilla

Sincelejo

Jobo facility

In MMcf/d

Canacol’s Sweet Spot

3 mature historically producing fields

5

6

Caribbean Sea

8 gas fields 1.1 MM net acres

La Creciente

Chuchupa Ballena

Canacol gas blocks

Gas pipeline

New gas pipeline

Compressor

Gas field

10 km

Two New Gas Pipelines To Nearly Triple Canacol’s Gas Business To 230 MMcf/d

SPV Pipeline Co.

+40 MMcf/d = 130 MMcf/d

Dec ‘17

• Build 6-in. pipeline Jobo → Sincelejo

• Add 2 compressor stations

• Twin Jobo → Sincelejo pipeline

• Construct new pipeline Cartagena→ Baranquilla

• ↑ power at Filadelfia and Paiva compressor stations

Pipeline Co.

+100 MMcf/d = 230 MMcf/d

Dec ‘18

90 MMcf/d Jan → Nov ‘17

Filadelfia

Paiva

Caracoli

6

A Productive Future

Canacol’s production forecast

7

In boepd Fixed priced gas contracts offer stable cash flows Production mix

14,900

22,800

40,350

3,600

'17e '17e exit '18e exit

Projected 65% CAGR in gas production growth Oil optionality to dial

18,500

Fixed price gas contracts

~25,000 >85% of

revenues are insensitive to

oil pricing

Light oil

Fixed netback light oil

(1) Measured from June 2008 to December 2016 or 2.0 MMbls of 2P reserves to 85 MMbls 2P reserves as of 12/31/16 (2) Trailing 2-year period

+52% CAGR in 2P reserves(1)

2P reserves in MMboe oil gas

85% gas

35

43

17 20

65 72

7 8 11 18

18

23

14

13

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

79

85

8

• 2P Corporate Reserves 85 MMboe

• BT NPV-10 $1.3b

CDN $8.79 / share

• 1P/2P reserve 166% /

replacement 194% y/y

• Avg. gas F&D cost $2.52 / boe or

$0.44/mcf(2)

• Natural Gas

• ‘14 → present 7 discoveries

88% success

314 BCF (55 MMboe)

• 2P reserves 410 BCF

• Oil Optionality

• At $55/Bbl Engage light oil

Large Gas Reserve Base Underpin A Decade+ Of Production

$89 MM Plan For 2017e

• 53% gas production growth

• Drill 4 exploration wells

• ‘17e avg. 85 MMcf/d (guidance)

‘17e exit 130 MMcf/d

Nat

ura

l Gas

O

il

WI Block Q1 Q2 Q3 Q4

Cańahuate-1 100% Esperanza Tested 28 MMcf/d

Toronja-1 100% VIM 21

Pandereta-1 100% VIM 5

Other projects:

Guacharaca 155 km2 3D seismic VIM 5

Optimize Jobo plant Esperanza

18 km flowline Nispero to Jobo Esperanza

3.5 km flowline Nelson 8 to Jobo Esperanza

Pumara-1 100% LLA 23 Drilling

3 well workovers 40% / 20% VMM 2, 3

Exploration $38 MM 43%

Gas facilities & flowlines $22 MM 25%

Workovers $5 MM Ecuador & other $6MM

$89MM Prep for 230 MMcf/d $10 MM in ‘18e

Seismic $8 MM

5

9

Expansive Inventory of Exploration Prospects & Leads

10

• ‘17 exploration activity

• Drill 3 gas wells in 2017

• Canahuate 1 Tested 28 MMcf/d

• Toronja 1 Q2

• Pandereta 1 Q3

• Proposed Guacharaca 155 km2 3D seismic

• Successful application of AVO technology

• Gas-charged sandstones in the Porquero and the CDO

• 3 step opportunity to 2018 exit

• 85(1)→130 →230 MMcf/d

Nispero

Nelson CDO

Palmer

3D

Trombon

Clarinete

Oboe

Nelson Porquero

Jobo

VIM 5 100% WI

Esperanza/ VIM 21 100% WI

10 km

Top Cienaga de Oro time structure map (5 X 3D seismic merged (615km2), reprocessed and remapped in 2016)

Canacol’s fields & discoveries prospects / leads

Toronja Porquero

Pandereta CDO

Canahuate

(1) 2017e guidance (2) Gaffney, Cline & Associates prospective gas resource report

Gaffney, Cline & Associates

Gross Prospective Resources(2)

Unrisked Risked

bcf 2,037 482

BT EMV-10, US$ MM 789

NELSON-6

Pandereta-1 Exploration Target

• Estimated spud September 2017

• Exploration target Cienaga de Oro reservoir sandstones

• D&A / Depth $3.5 MM / ~9k ft. MD

• Days to drill/test 6 weeks

• 13 km from Clarinete discovery

• On success, rapid tie-in to 6” flow-line connecting Clarinete to Jobo

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1 2

1,400

1,600

1,800

2,000

2,200

2,400

PANDERETA

1KM Fluid Factor (AVO) section

2KM

1

2

Mid CDO time structure

MID MIOCENE

MID CDO

BASEMENT

Investing In What We Know

12

(1) As of Dec ‘16 reserve report

• Management’s strong record of purchasing contiguous acreage

USD in MM

Acquisition Date Purchase $ BT NPV-10 (1)

Shona Energy Dec '12 $ 111 $ 724

OGX - Colombia Dec '14 $ 30 $ 443

SSJN7 Apr '17

Total $ 141 $ 1,167

• Conventional natural gas reserves(1)

• 2P Reserves 410 bcf

• BT NPV-10 $1.3 B

• 2P reserve adds from exploration 314 bcf

• Commercial exploration success 7/8 wells (86%)

• Conventional natural gas prospective resources(2)

• Prospects / leads 44

• Gross mean unrisked resources 2 TCF

• BT EMV-10(3) $789 MM

(1) As of Dec ‘16 reserve reports (2) Gaffney, Cline & Associates prospective gas resource report (3) Expected Monetary Value discounted at 10%

Financial House In Order

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13

• Senior secured term loan

• Credit Suisse + syndicate $265 MM / L+5.50%

• Green Shoe funds w/in 1-yr. Up to $40 MM

• Beginning Mar ’19 13 equal quarterly installments

• No re-determination if oil prices fall

• Debt service AFTER Canacol starts generating >$300 MM EBITDAX/yr.

• Dedicate capital to high netback production instead of debt service

Canacol’s corporate debt profile

$-

$50

$100

$150

$200

$250

'17 '18 '19 '20 '21 '22

Mar ‘19 13 equal quarterly installments

Mar ‘22 maturity

US $285 MM

● ● ● ● ● ● ● ● ● ● ● ● ●

$ in MM

●

230 MMcf/d

130 MMcf/d

90 MMcf/d

Exit ‘18 230 MMcf/d

$300 MM EBITDAX

Why Canacol?

14

• Early innings for Colombia E&P • Top 3 E&P regulatory regimes (Accenture Consulting, ‘16)

• South America’s oldest and most stable democracy

• Vastly improved security environment, Colombian E&P is unlocking decades of pent-up growth

• Management knows Colombia • Commercial exploration success 61% (19/31 wells)

• Value creation from 5 key $1 billion+ 2P NPV-10 acquisitions + drill bit success

• Superior profit from Canacol gas • Gas operating margins 80%

• Breakeven gas well economics < US $1.30/Mcf

• 2P gas reserves 410 BCF

• High RLI offers a decade+ of opportunity

• More than 2x EBITDAX by ‘19 >$300 MM

• ~3x gas production by exit ‘18 • 2 step production From 90(1) →

130 →

230 MMcf/d

• Limited competition

• Supply imbalance driving pricing $5/Mcf 14