An anonymous director reports

CANACOL ENERGY LTD. PROVIDES OPERATIONAL UPDATE

Canacol Energy Ltd. has provided the following update concerning realized contractual gas sales, the Nelson 14 drilling results and the near-term drilling program.

Realized contractual natural gas sales for the period Jan. 1, 2020, to Feb. 21, 2020, averaged approximately 211 million standard cubic feet per day (MMscfpd), a 17-per-cent increase compared with the 180 MMscfpd in realized contractual gas sales for the fourth quarter 2019.

The Nelson 14 development well located on the 100-per-cent operated working interest Esperanza contract was spudded on Jan. 14, 2020, and reached a total depth of 10,150-foot measured depth. The well encountered 309-foot true vertical depth of net gas pay with 24-per-cent average porosity within the productive Cienega de Oro (CDO) sandstone reservoir. The well has been tied into the Nelson production manifold and is on production.

The drilling rig is currently being mobilized to spud the Clarinete 5 development well located on its 100-per-cent working interest operated VIM 5 contract. The Clarinete 5 development well is targeting the productive CDO sandstone reservoir. The corporation anticipates that the well will be spudded on March 5, 2020, and will take approximately five weeks to drill and complete.

The corporation will provide regular updates as they become available.

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

We seek Safe Harbor.