An anonymous director reports

CANACOL ENERGY FILED FOR RELIEF UNDER CHAPTER 15 OF THE U.S. BANKRUPTCY CODE

Canacol Energy Ltd. and certain of its subsidiaries filed for relief under Chapter 15 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. The petitions for relief seek recognition of the company's Canadian proceeding commenced under the Companies' Creditors Arrangement Act, or CCAA, in the Court of King's Bench of Alberta as a foreign main proceeding.

Relief under Chapter 15 of the U.S. Bankruptcy Code is intended to safeguard a company's U.S.-based assets and facilitate co-operation between U.S. courts and foreign judicial proceedings. In conjunction with the petitions, the foreign representative sought provisional relief and a stay of proceedings to prevent creditor actions while it develops a plan of arrangement pursuant to the restructuring provisions of the CCAA.

At a hearing held on Nov. 20, 2025, the U.S. Bankruptcy Court granted the provisional relief requested by the foreign representative on an unopposed basis and scheduled the hearing on the foreign representative's recognition motion for Dec. 11, 2025, at 11 a.m. ET.

KPMG Inc. is serving as the authorized foreign representative in the Chapter 15 cases. The foreign representative is represented by the U.S. firm Pachulski Stang Ziehl & Jones LLP.

About Canacol Energy Ltd.

Canacol is a natural gas exploration and production company with operations focused in Colombia. The corporation's shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States under the symbol CNNEF and the Bolsa de Valores de Colombia under the symbol CNEC.

We seek Safe Harbor.