Diversified production. For the remainder of % insensitive to global oil prices. 9 wells left 4 exploration 5 development. 12,500 13,000 boepd

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2 This presentation may include certain forward looking statements. All statements other than statements of historical fact, included herein, including, without limitation, statements regarding future plans and objectives of Canacol Energy Ltd. ( Canacol or the Corporation ), are forward-looking statements that involve various risks, assumptions, estimates, and uncertainties. These statements reflect the current internal projections, expectations or beliefs of Canacol and are based on information currently available to the Corporation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All of the forward looking statements contained in this presentation are qualified by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date this presentation is given and Canacol assumes no obligation to update or revise these statements. An investment in Canacol is speculative due to the nature of the Corporation's business. The ability of the Corporation to carry out its growth initiatives as described in this confidential presentation is dependent on Canacol obtaining additional capital. There is no assurance that the Corporation will be able to successfully raise the capital required or to complete each of the growth initiatives described. Investors must rely upon the ability, expertise, judgment, discretion, integrity, and good faith of the Management of the Corporation. Barrels of Oil Equivalent Barrels of oil equivalent (boe) is calculated using the conversion factor of 5.7 Mcf (thousand cubic feet) of natural gas being equivalent to one barrel of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 5.7 Mcf:1 bbl (barrel) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. 2

3 Diversified production 2P reserves + DV Reserve life Production 1Q 15 Enterprise value 43 MMboe / US $ 887 MM(1) ~9 years 13,256 net average boepd 42% insensitive to global oil prices US $ 498 MM For the remainder of 14 9 wells left 4 exploration 5 development Guidance 12,500 13,000 boepd (1) Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun 14 (D&M reserve reports). These figures do not reflect production volumes since the date of D&M s reserve reports 3

4 35,000 boepd for ,000 40,000 PRODUCTION FROM RISKED EXPORATION PROSPECTS >200 MMboe of net risked prospective resources NPV-10 $2.3 billion $21/share 30,000 20,000 10,000 PRODUCTION FROM 13 EXISTING FIELDS 43 MMboe of 2P reserves NPV-10 $887 million $8/share 0 '13a '14e '15e '16e '17e '18e '19e '20e Calendar year average production positioned on x-axis labels Pre-royalty avg net production (boepd) 4

5 14e guidance 12,500 to 13,000 boepd 43 MMboe Oil (23 MMbls or 53%) Gas (20 MMboe or 47%) 13,500 12,000 $45 $40 Excludes Tigro Palmer 10,500 9,000 $35 $30 Ecuador 12-15% decline/yr 7,500 $25 6,000 4,500 $20 $15 Capella 10-15% decline/yr ~9 yr. RLI Esperanza 10-15% decline/yr 3,000 1,500 $10 $5 Llanos 30-40% decline/yr - $- 17-yr. reserve life Pre-royalty avg net production (boepd) Light/medium oil Rancho Hermoso tariff oil Gas Corp avg netback (/boe) 5

6 Barranquilla Lower Mag From 18 MMcf/d to 83 MMcf/d in late 15 Cartagena Commitment Price EBITDA Cerro Matoso 18 MMscf/d $5 / Mbtu $30 MM Dec 15 first sales New contract #1 35 $5.40 $65 New contract #2 30 $8 $75 83 MMscf/d $170 MM Pursuit of more contracts ~60 MMcf/d Proposed: Promigas pipeline loop Finished late 15: World s first floating LNG facility ~60 MMcf/d Solid base production under LT gas contracts 2021 Strong pricing Canacol s latest new contract win $8 / Mbtu Palmer discovery Nelson field Basin-wide infrastructure projects underway to boost capacity Cerro Matoso nickel mine 6

7 Lower Mag Esperanza E&P contract (100% WI) Nelson gas field 2P reserves 113 bcf(1) Current production ~18 MMcf/d A gem in a short reserve life universe Nelson field ~17 yrs Colombia (country) ~7 yrs ~2.4x pipeline Cana Flecha Aug 14, Palmer discovery Tested 15.5 MMcf/d Net pay 87 ft EUR mgmt est. ~30 bcf Arianna Katana Jobo station Corozo Potential exploration upside(2) Testing - Corozo Dec 14 - Cañandonga 26/15 bcf(2) 67/27 bcf(2) Cañandonga Nispero prospects and leads 96/58 bcf(2) 15 outlook 5 development wells to increase capacity up to 100 MMscf/d to supply contracts for 83 MMscf/d Palmer-1 Nelson Pipeline to mine Prospect Lead Field (1) Reserve report effective 6/30/14 (2) Management s estimate for net unrisked/risked recoverable prospective resources 7

8 3D Leono Pantro 08 Rancho Hermoso Field 13 for 13 ~15,000 net bopd (at peak) LLA 23 90% WI Tigro 12 Labrador, Leono, Pantro Tigro Fields 3 development wells left in MMbls(1) 3D 14 Maltes and Pastor 4 MMbls(2) Maltes Lab Pastor 15 Remaining 99k acres Shooting 400 square km of 3D seismic 40 MMbls(2) Fault Oil fields Leads RH (1) Pre-royalty 2P reserves + deemed volumes as of Jun 14 (2) Management s estimate of net unrisked recoverable prospective resources 8

9 4 fields, 11-for-12 Labrador Leono, Pantro, Tigro Leono Pantro Tigro LLA 23 Lab Stacked pay mitigates risk: C7, M, B, G, U Maltes 1 Leono-3 Strong $54/bbl netback Leono-2 Leono-1 Lab-3 Lab-2 Lab7 Lab-4 Lab-5 A-1ST Lab6 Pantro-1 Pantro-2 Tigro1 Tigro3 Gacheta reservoir 2km (1) Mgmt s estimate 9

10 Las Maracas ~12 MMbls P L LLA 23 may offer ~40 MMbls of remaining prospective resources(1) Cravo S ~9 MMbls T 3D Cravo E ~8 MMbls 1H 15 exploration drilling is covered by 3D seismic Macarenas ~6 MMbls 3D L SEISMIC UNDERWAY (area in yellow) Shooting 400 sq km of 3D seismic to firm up 15 and 16 drilling locations RH Fault Oil fields Leads (1) Management s estimate of net unrisked remaining recoverable prospective resources 10

11 545k net acres 2 nd largest shale land position in Colombia Santa Isabel N VMM VMM 3 New D&M Report reveals large upside present for Canacol(1) Covers only 3 of 7 prospective shale oil blocks S COR COR 4 COR 62 $263/acre 6 COR 11 N 7 COR 12 S (1) Represents DeGolyer & MacNaugton resource report mean estimate for Canacol s gross working prospective oil resources and potential NPV-10 respectively, effective 6/30/14 11

12 Rosablanca Buturama 1-4 Produced 500k+ bbls Catalina-1 Tested 7,820 bopd Sweet spot Santa Isabel OP-1 VMM 2 La Luna Olivo-1 Tested 6,400 bopd La Luna Totumal 1-5 Produced 800k bbls defined shale oil area(1) Mono Araña-1 LT test 16e >25,000 bopd El Cejudo-1 Spud Pico Plata-1 in mid October VMM 3 Proposed wells (1) ~1.5 mm acres of prospective La Luna shale oil in the Middle Magdalena Basins, EIA Jun 13 12

13 Q 4 14e Wells 14e Total Prospective Resources(1) Exploration upside LIGHT LLA 23: Maltes, Pastor 2 3.5/1.5 MMbls SHALE VMM 3: Picoplata /13.7 GAS Esperanza: Canandonga / /20 MMboe Development LLA 23 (Labrador, Leono, Pantro, Tigro) VMM 2 and Santa Isabel Ecuador Capella Rancho Hermoso 14e guidance 12,500 13,000 boepd(2) (1) Management s estimate of net unrisked/risked recoverable prospective resources (2) Represents net average production before royalties 13

14 TSX (CNE), BVC (CNEC), OTCQX (CNNEF) In mm Shares outstanding Dilutive securities USD in mm Market capitalization $402.9 Net debt 95.5 Enterprise value $498.4 Diversified ownership (1) (2) (3) Investment summary Team with > 50-yr combined operating history in Colombia Calendar 14e Diverse platform 2P reserves + DV 12,500-13,000 boepd Targeting 70 MMboe / 20 MMboe(4) 5 basins / 13 fields 43 MMboe(5) Prospective resources >200 MMboe(6) World class partners ConocoPhillips, Exxon, Shell 28% 32% 22% 18% (1) Excludes anti-dilutive securities based on current market price CDN $5.90/share (2) Converted using CDN USD exchange rate (0.88) as of 11/12/14 (3) As of September 30, 2014 (4) Management s estimate for net unrisked/risked recoverable prospective resources (5) Reserve reports effective Jun 14 (6) Management s estimate of net risked recoverable prospective resources 14

15 1,2 3 WI Lower Magdalena Basin, Colombia 1. VIM % 2. Esperanza 100% 5 4 BOGOTA Magdalenas Basins, Colombia 3. Santa Isabel - shallow 100% 3. Santa Isabel - deep 30% 4. VMM 2 - shallow 40% 4. VMM 2 - deep 20% 5. VMM 3 20% 6. COR 39 70% 7. COR 4 77% 8. COR 11 70% 9. COR 12 77% Llanos Basin, Colombia 10. Caño Los Totumos 51% 11. LLA 23 90% 12. Rancho Hermoso 100% 13. Morichito 15% Caguan-Putumayo Basin, Colombia 14. Serrania 37.5% 15. Los Picachos 37.5% 16. Macaya 37.5% 17. Ombu (Capella) 10% 18. Portofino 45% 19. Sangretoro 100% 20. Achapo 100% 21. Cedrela 100% 22. Coati 40% 23 Oriente Basin, Ecuador fields 25% Operator Non-operator Producing

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17 See notes found on next page Contact:

18 Contact: