An anonymous director reports

CANACOL ENERGY LTD. PROVIDES PRODUCTION AND OPERATIONS UPDATE

Canacol Energy Ltd. has provided an update concerning its production and main drilling operations. Average net production before royalties for the period July 1 to Sept. 30, 2014, was 13,256 barrels of oil equivalent per day, which consisted of 9,922 barrels of oil per day and 19 million standard cubic feet per day (3,334 barrels of oil equivalent per day) of gas. Production for the period July 1 to Sept. 30, 2014, represents an increase of 9 per cent from the previous quarter. The corporation reiterates its net production guidance of between 13,000 and 14,000 barrels of oil equivalent per day before royalties for calendar 2014.

Drilling operations on the LLA23 and Esperanza blocks

On its LLA23 block, the corporation has completed the drilling of the Labrador 6 well and anticipates completing the drilling of the Tigro 3 well within one week. During the remainder of calendar 2014 the corporation anticipates drilling two additional development wells and two exploration wells (Maltes 1 and the Pastor 1) subject to the approval of the Agencia Nacional de Hidrocarburos. On its Esperanza block, the corporation has commenced the drilling of the Corozo 1 gas exploration well which spudded on Oct. 1, 2014. Upon the completion and testing of the Corozo 1 well the corporation will mobilize the rig to drill the Canadonga 1 gas exploration well, which is anticipated to spud during late November, 2014, subject to the approval of the ANH.

The corporation will provide updates when relevant information becomes available.

We seek Safe Harbor.