An anonymous director reports

CANACOL ENERGY LTD. ANNOUNCES DIVIDEND

Canacol Energy Ltd. has declared a dividend of 26 cents per share, payable on July 17, 2023, to shareholders of record at the close of business on June 30, 2023. This dividend qualifies as an eligible dividend for Canadian income tax purposes. The declaration, timing, amount and payment of future dividends remain at the discretion of the board of directors.

Dividends on shares traded on the Toronto Stock Exchange (TSX) will be paid in Canadian dollars on July 17, 2023.

For shareholders trading on the Colombia Stock Exchange (BVC), the Colombian peso equivalency shall be calculated based on the exchange rate as certified by the Banco de la Republica (Central Bank) on the date of monetization and will be published accordingly on the SIMEV (Sistema de Integral de Informacion del Mercado de Valores) website.

Shares traded on the Toronto Stock Exchange

Form NR301 will be mailed to registered non-resident shareholders as at the dividend record date, by Olympia Trust Company, Canacol's transfer agent. In order to receive the preferred treaty rate, you must complete and mail back the form as soon as possible. Failure to supply a completed NR301 form will result in Olympia withholding the statutory 25-per-cent withholding tax rate on any payments to registered non-resident shareholders. If you have previously completed form NR301, you do not need to complete a new form.

Instructions on how to correctly complete the NR301 are on the back of the form. Shareholders who hold their shares through a broker should contact their broker directly. They do not need to return a form to Olympia.

Shares traded on the Colombia Stock Exchange

Dividend payments will be subject to withholding at the Canadian statutory rate of 25 per cent. Shareholders who are entitled to a reduced withholding tax rate under a tax treaty should contact their broker or nominee to submit form NR301 (English version). Brokers should submit form NR301 on behalf of their shareholders to Deposito Centralizado de Valores (Deceval) as soon as possible. If you have previously completed Form NR301, you do not need to complete a new form.

Form NR301 can be downloaded on the government of Canada website.

For information purposes, a Spanish version of form NR301 can be downloaded on the company's website.

The content contained herein is not tax advice. Do not use or otherwise rely upon any of the content without first seeking independent tax advice.

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 CNE.C, respectively.

We seek Safe Harbor.