An anonymous director reports

CANACOL ENERGY LTD. PROVIDES MARCH GAS SALES AND DRILLING UPDATE

Canacol Energy Ltd. has provided the following information concerning its March, 2023, natural gas sales and near-term drilling program.

March gas sales of 182 million standard cubic feet per day

• Realized contractual natural gas sales (which are gas produced, delivered and paid for) were 182 million standard cubic feet per day for March, 2023.

Near-term drilling program

• The corporation is preparing to spud the Lulo 1 exploration well and the Clarinete 8 development well. The Lulo 1 exploration well is targeting the lower Cienaga de Oro formation with strong AVO presence, located adjacent to the corporation's processing facilities, which implies quick and low-cost tie-in. Both wells are anticipated to spud in mid- to late April, 2023, and both are anticipated to take approximately four weeks to drill, complete and production test.

About Canacol Energy Ltd.

Canacol is a natural gas exploration and production company with operations focused in Colombia. The corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States of America and the Colombia Stock Exchange under ticker symbol CNE, CNNEF and CNEC, respectively.

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