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

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1 Bogota

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 forwardlooking 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 Colombia is core 60+ years combined operating experience Defining success 63% exploration (15/24 wells) >50 MMboe in discoveries booked as 2P reserves 94% development (50/53) >4x money multiple from 4 acquisitions 4 acquisitions ~$230 MM Value >$1 B Aug 08 Nov 11 Dec 12 Dec 14 OIL GAS Diverse portfolio with gas focus CY 4Q 14 2P reserves 11,822 (44%, WTI insensitive) 345 BCF (61 MMboe) / $852 MM(1) 23 MMbls / $556 MM(2) +54% CAGR in 2P gas reserves Exploration success >50 MMboe MMboe $852 MM(1) Net acres 23 contracts / 2.5 MM MMbls $556 MM(2) EV $396 MM '09 '10 '11 '12 '13 '14 _ (1) As of Feb 15 reserve reports. Represents pre-tax NPV-10. (2) As of Jun 14 reserve reports. Represents pre-tax NPV-10. 3

4 Dec 15 goals Lower Magdalena Llanos Oriente Quadruple production from 20 to 83 MMcf/d EBITDA from $30 to $150 MM (annualized) Appraise Clarinete discovery Book reserves Sign new sales contracts Firm up light oil exploration leads Produce WTI-insensitive oil US $39/BBL netback 5 gas contracts generate multi-year cash flow visibility Period (yrs.) 5-15 Contracted gas Volumes (MMcf/d) 118 Price (MMbtu) $5-$8 Price escalation (/yr.) 2-3% Operating margin/contract ~75% The antithesis to global oil price volatility 4

5 3 Guajira fields Chuchupa +501 MMcf/d Riohacha Ballena Caribbean gas demand ~575 MMcf/d in 18e 14 18e CAGR +15% Primary gas supply in blow-down mode 3 Guajira fields declined ~20% y/y to 501 MMcf/d Before Canacol s success in late 14, supply options were limited Lower Magdalena Basin represented only: 6% of Colombia s production (<5 fields) 12% of country s proved reserves Cartagena 7 gas fired power plants Caribbean Sea Barranquilla Lower Mag Basin Canacol is the new supply source Late 14 achievements Signed contracts to boost production by 6x to 118 MMcf/d over 2 yrs La Creciente +58 MMcf/d Clarinete Tripled 2P reserves to 345 BCF y/y Upside ~785k gross acres (~15% of basin) >2 TCF gross unrisked prospective resources Palmer Cerro Matoso Nelson +20 MMcf/d Gas field Compressor TGI pipeline Promigas pipeline 5

6 Demand for Colombia s gas is set to increase 9x faster than world demand Demand for gas in Canacol s target market (Caribbean coast) is set to accelerate 1.7x faster than country demand MMcf/d 1,200 1,000 Thermoelectric Transport +15% +0% +10% bcf/d Ecopetrol -3% +3% Petrochemical Industrial +2% Bogota +3% 200 Commercial Residential 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15e '16e '17e '18e Source UPME 6

7 La Creciente Geography: Fastest growth market in Colombia Geology: Repeatability from Cienaga de Oro reservoir 11 Nelson 2P reserves 345 BCF(1) 14 Palmer 14 Clarinete ~15 prospects and leads, >2 TCF(2) VIM 5 100% VIM % Gas: Growth platform Blocks 4 Gross acres Key fields Locked-in growth starting in Dec 15 ~785k (~15% of basin) Clarinete, Nelson, Palmer (1) Reserve reports as of Feb 15 (2) Represents gross unrisked prospective gas resources Quadruple production MMcf/d Expand EBITDA $30 $150 MM VIM % Palmer 14 Clarinete 14 Tie in Jobo Nelson km ESPERANZA 100% Gas pipeline Prospects and leads Fields and discoveries Lower Magdalena 7

8 VIM 5 Upper Zone -6,410 ft subsea ~3k acres Opportunity ahead? $90 MM capex >100MMcf/d for 10 yrs. (1) Reserve report as of Feb 15, pre-tax NPV-10 (2) Resource report as of Feb 15, pre-tax NPV-10 Clarinete-1 Subcrop edge 8

9 Barranquilla 7 gas fired power plants Caribbean Sea PROMIGAS Cartagena Design, construct and execute 190 km pipeline (16 ) CANACOL Complete Jobo facilities to support production MMcf/d Finish 12 km flow line to tie Clarinete into Jobo Quadruple production MMcf/d Sincelejo La Creciente +58 MMcf/d Expand EBITDA $30 $150 MM Jobo Clarinete Palmer Nelson +20 MMcf/d Gas field Compressor Promigas pipeline Cerro Matoso 9

10 The 26 MMbls friendly oil trend 08 present Blocks Rancho Hermoso ( RH ) (100%) LLA 23 (90%) Net acres / oil fields 112k / 6 Success 89% (32/36 wells) >$600 MM in value creation(2) LLA 23 Las Maracas ~12 MMbls Cravo S ~9 MMbls Cravo E ~8 MMbls L P T 3D Remaining 2P reserves 10 MMbls(1) CY 4Q 14 Production 4,953 bopd Realized price / netback $58.62 / $30.78 Macarenas ~6 MMbls 3D Trends that may rhyme Potential for ~40 MMbls of remaining prospective resources(3) L M 15 planned activities Complete acquisition of 400 sq km of 3D seismic (in yellow) Firm up future exploration leads RH The 26 MMbls friendly oil trend (1) Gross barrels produced from Aug 08 to Jan 15 (2) Reserve reports for Labrador, Leono, Pantro, Tigro as of Jun 14 Reserve report for Rancho Hermoso as of Jun 11 (3) Management s estimate of net unrisked recoverable prospective resources Fault Oil fields Leads 10

11 545k net acres 2 nd largest shale land position in Colombia Santa Isabel N Ecopetrol Shell 2 Shell VMM VMM 3 CNOOC New D&M Report reveals large upside present for Canacol(1) Covers only 3 of 7 prospective shale oil blocks COR 39 Exxon S 4 5 COR 4 Exxon N 6 COR 11 7 COR 12 S (1) Represents DeGolyer & MacNaugton resource report mean estimate for Canacol s gross working prospective oil resources and potential NPV-10 respectively, effective Jun 14 11

12 TSX (CNE), BVC (CNEC), OTCQX (CNNEF) Investment summary In mm Shares outstanding (1) 2P reserves 345 BCF (61 MMboe) / $852 MM(3) 23 MMbls / $556 MM(4) USD in mm Market capitalization $219.1 Net debt Enterprise value $395.6 Diversified ownership 28% 32% (2) 15 focus COLOMBIA production to 83MMcf/d (from ~20MMcf/d) by YE under take or pay contracts Appraise Clarinete discovery Book reserves Sign new sales contracts Firm up light oil exploration leads ECUADOR Produce oil not tied to WTI US $39/BBL netback 22% 18% (1) Converted using CDN USD exchange rate (0.79) as of 3/11/15 (2) As of December 31, 2014 (3) Reserve reports effective Feb 15. Represents pre-tax NPV-10. (4) Reserve reports effective Jun 14. Represents pre-tax NPV