An anonymous director reports

CANACOL ENERGY LTD. PROVIDES GAS SALES AND DRILLING UPDATE, AND NOTICE OF CHANGE OF AUDITOR

Canacol Energy Ltd. has provided the following gas sales and drilling update.

Q3 realized contractual gas sales average 146 million standard cubic feet per day (MMscfpd)

Natural gas sales for the third quarter of 2019 averaged approximately 146 million standard cubic feet per day (MMscfpd), compared with 120.5 MMscfpd for the second quarter of 2019. Natural gas sales for the first nine days of October, 2019, averaged 211 MMscfpd. As a result of the Promigas pipeline delay this year, whereby the expansion was to be delivered on June 1, 2019, but instead was delivered in full on Aug. 24, 2019, average annual gas sales for 2019 are forecast to be approximately 150 MMscfpd.

Clarinete 4 encounters record 297-foot true vertical depth feet of net gas pay and tests 40 MMscfpd

The Clarinete 4 development well was spudded on Sept. 3, 2019, and reached a total depth of 8,450 feet measured depth on Sept. 18, 2019. The well encountered 297 feet true vertical depth of net gas pay in the Cienaga de Oro (CDO) sandstone reservoir with average porosity of 22 per cent.

The CDO reservoir was perforated from 7,120 to 7,252 ft TVD and tested at a final rate of 41.1 MMscfpd with no water over a test period of 24 hours. The well will be tied into the new eight-inch Clarinete to Jobo flow line by mid-October, 2019.

The Pandereta 5 appraisal well was spudded on July 22, 2019, and reached a total depth of 10,520 ft md on Aug. 12, 2019. No commercial quantities of gas were encountered within the primary CDO reservoir target and the well was plugged and abandoned. The result has no negative impact on the gas reserves currently assigned to the Pandereta field.

The drilling rig is currently being mobilized to the Arandala 1 exploration well. Arandala 1 is targeting prospective gas charged reservoirs within the shallow Porquero sandstone reservoir and is anticipated to be spudded in late October, 2019. The well will take approximately four weeks to drill, complete and test. The corporation will provide regular updates on the drilling program results as they become available.

Change in auditor

Canacol announces that it has changed its auditors from Deloitte LLP to KPMG LLP effective Oct. 4, 2019. At the request of the corporation, the former auditor resigned as the auditor of the corporation effective Oct. 4, 2019, and the board of directors of the corporation appointed the successor auditor as the corporation's auditor effective Oct. 4, 2019, until the next annual general meeting of the corporation. The corporation historically retained Deloitte for both audit and permissible advisory services. Given the quantum of permissible non-audit services to the audit services being provided the corporation, at the direction of its audit committee, has made the decision to segregate its service providers between audit and advisory services with Deloitte being retained for continuing advisory and tax services.

There were no reservations in the former auditor's reports on the corporation's financial statements for the period commencing at the beginning of the corporation's two most recently completed financial years and ending on the date of resignation of the former auditor. There are no reportable events including disagreements, consultations or unresolved issues as defined in National Instrument 51-102 -- Continuous Disclosure Obligations (NI 51-102) (Part 4.11) between the corporation and the former auditor.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, have been reviewed by the board of directors of the corporation and filed on SEDAR.

We seek Safe Harbor.