An anonymous director reports

CANACOL ENERGY LTD. ENTERS AUTOMATIC SHARE PURCHASE PLAN

Canacol Energy Ltd. is providing the following updates.

Canacol, in connection with the corporation's previously announced normal course issuer bid (NCIB) to purchase up to 14,276,439 of its common shares, has entered into an automatic share purchase plan (ASPP) with its designated broker. The ASPP is intended to allow for the purchase of shares under the NCIB at times when the corporation may not ordinarily be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.

Pursuant to the ASPP, the designated broker may purchase up to 13,914,716 shares until the expiry of the NCIB on Dec. 11, 2020. Such purchases will be determined by the broker at its sole discretion based on the purchasing parameters set out by the corporation in accordance with the rules of the Toronto Stock Exchange, applicable securities laws and the terms of the ASPP. The ASPP has been precleared by the TSX and will be effective as of April 7, 2020. The ASPP will terminate on the earlier of the date on which: (i) the NCIB expires; (ii) the maximum number of shares have been purchased under the ASPP; and (iii) the corporation terminates the ASPP in accordance with its terms.

Outside of the ASPP, shares may continue to be purchased under the NCIB based on management's discretion, in compliance with the rules of the TSX and applicable securities laws. The NCIB commenced on Dec. 10, 2019, and expires on Dec. 11, 2020. The corporation expects to renew the NCIB upon expiry. All purchases made under the ASPP will be included in the number of shares available for purchase under the NCIB.

Dividend

The corporation reminds its shareholders of its March 19, 2020, press release in which that it declared a dividend of 5.2 cents per share, payable on April 15, 2020, to shareholders of record at the close of business on March 31, 2020. The ex dividend date for all shareholders is March 30, 2020. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes.

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

We seek Safe Harbor.