An anonymous director reports

CANACOL ENERGY LTD. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Canacol Energy Ltd.'s notice to conduct a normal course issuer bid (NCIB) in accordance with the rules of the TSX.

As approved by the TSX, the corporation is authorized to purchase up to 14,276,439 common shares, representing approximately 10 per cent of the public float of Canacol, being 142,764,398 common shares as of Nov. 30, 2019. As of Nov. 30, 2019, there were 179,314,787 common shares outstanding. The maximum number of common shares that Canacol may purchase on any given day is 46,189 common shares, which is 25 per cent of the corporation's average daily trading volume on the TSX for the six months ended Nov. 30, 2019, of 184,759 common shares. Canacol may also make one weekly block repurchase which exceeds the daily limit subject to prescribed rules. The corporation has appointed Eight Capital as its broker to conduct the NCIB transactions.

The corporation is authorized to make purchases during the period from Dec. 12, 2019, to Dec. 11, 2020, or until such earlier time as the NCIB is completed or terminated at the option of the corporation. Any common shares the corporation purchases under the NCIB will be purchased on the open market through the facilities of the TSX and/or alternative trading systems, at the prevailing market price at the time of the transaction. All common shares acquired under the NCIB will be cancelled.

The corporation's previous NCIB expired on Nov. 19, 2019. Under the previous NCIB, the corporation obtained the approval of the TSX to purchase up to 14,086,746 common shares, which represented 10 per cent of the corporation's public float at the time of approval. The corporation purchased on the open market and cancelled an aggregate total of 785,890 common shares at a weighted average price of $4.21 per common share under the previous NCIB.

The corporation believes that from time to time the market price of its common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. In addition, the purchases by Canacol under the NCIB may increase liquidity to shareholders wishing to sell their common shares.

About Canacol Energy Ltd.

Canacol is an exploration and production company with operations focused in Colombia.

We seek Safe Harbor.