Diversified production. 14 program. 56 wells 13 exploration (8 left) / 43 development. 13,000 14,000 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

million 14 program 56 wells 13 exploration

2P reserves + deemed volumes and pre-tax

3 Diversified production 2P reserves + DV Reserve life Production 2Q 14 Enterprise value 41 MMboe / US $ 842 million(1) ~9 years 12,212 net average boepd US $ 697 million 14 program 56 wells 13 exploration (8 left) / 43 development Capex Guidance Exit rate target $210 million 13,000 14,000 boepd 18,000 boepd (1) Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun 13 and Dec 13 (D&M reserve reports). These figures do not reflect production volumes since the date of D&M s reserve reports 3

Nearly triple production from existing 2P reserves over the next 3 years 2P reserves + DV 41 MMboe / US $ 842 million 50,000

3 billion $81 40,000 30,000 Exploration upside Historical exploration commercial success 50% $708 20,000 $190 $261 $1,546

Proven Probable Possible EV Upside Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun 13 and Dec 13 (D&M

4 Nearly triple production from existing 2P reserves over the next 3 years 2P reserves + DV 41 MMboe / US $ 842 million 50,000 Pre-royalty avg net production (boepd) Prospective resources >200 MMboe / US $2.3 billion $81 40,000 30,000 Exploration upside Historical exploration commercial success 50% $708 20,000 $190 $261 $1,546 10,000 $581 $697 0 '13a '14e '15e '16e '17e '18e '19e '20e Calendar year average production positioned on x-axis labels Proven Probable Possible EV Upside Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun 13 and Dec 13 (D&M reserve reports). These figures do not reflect production volumes since the date of D&M s reserve reports. Management s estimate for net risked recoverable prospective resources 4

$35 9,000 $30 Llanos 7,500 6,000 4,500 $25

5 14e guidance 13,000 to 14,000 boepd 41 Mmboe Oil (18MMbls or 44%) Gas (23 MMboe or 56%) 13,500 18,000 boepd exit rate $45 Ecuador 12-15% decline/yr 12,000 $40 10,500 $35 9,000 $30 Llanos 7,500 6,000 4,500 $25 $20 $ % decline/yr Capella 10-15% decline/yr ~9 yr. RLI Esperanza 10-15% decline/yr 3,000 $10 1,500 $5 - $- Pre-royalty avg net production (boepd) Light/medium oil Rancho Hermoso tariff oil Gas Corp avg netback (/boe) 5

3D Leono Pantro 08 Rancho Hermoso Field 13 for

90% WI Tigro 12 Labrador, Leono, Pantro Fields

report in late Sep 14 3D 14 Pointer and Tigro

Pointer Lab 15 Remaining 99k acres Shoot 400

Oil fields Leads (1) Pre-royalty 2P reserves +

estimate of 2P reserves as of Jun 14 (3)

6 3D Leono Pantro 08 Rancho Hermoso Field 13 for 13 ~15,000 net bopd (at peak) 4 MMbls(1) LLA 23 90% WI Tigro 12 Labrador, Leono, Pantro Fields 5 development wells left in 14 New reserve report in late Sep 14 3D 14 Pointer and Tigro (ongoing), Maltes Maltes next 9 MMbls(4) Maltes Pointer Lab 15 Remaining 99k acres Shoot 400 square km of 3D seismic 41 MMbls(4) RH Fault Oil fields Leads (1) Pre-royalty 2P reserves + deemed volumes as of Jun 13 (2) Management s estimate of 2P reserves as of Jun 14 (3) Management s estimate of net unrisked recoverable prospective resources 6

7 Leono Pantro Labrador Leono, Pantro LLA 23 3 fields, 10-for-10 Lab Stacked pay mitigates risk: C7, M, B, G, U Strong $62/bbl netback 6 wells left in 14: Development continues Maltes 1 Leono-1 Leono-3 Leono-2 Pointer, Maltes, and Tigro exploration upside Lab 6c Lab-2 Lab-3 Lab-5 A-1ST Lab-4 Pantro-1 Pantro-2 Pantro 3 Tigro 2c Pointer 2c Pointer 1 Tigro 1 Tigro 3c Gacheta reservoir 2km (1) Mgmt s estimate 7

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

Esperanza Esperanza 100% WI Solid LT gas contracts + strong pricing / netback

6 mmboe(1) Current production ~3,170 boepd Reserve life 20-yrs Existing

will triple production in Dec 15e 16e 21e ~6,200 boepd @ $5.

in Dec 15e ~$90 mm/yr EBITDA Tested 1 of 3 exploration wells pipeline

Corozo (1) Reserve report effective Dec 13 (2) Management s estimate for net

9 Esperanza Esperanza 100% WI Solid LT gas contracts + strong pricing / netback + minimal development capital 2P reserves 22.6 mmboe(1) Current production ~3,170 boepd Reserve life 20-yrs Existing contract 14 21e ~3,170 ~$4/mmbtu ~$25 mm/yr EBITDA 2 new contracts will triple production in Dec 15e 16e 21e ~6,200 $5.40/mmbtu ~$65 mm/yr EBITDA Exploration upside Current activities >9,300 boepd in Dec 15e ~$90 mm/yr EBITDA Tested 1 of 3 exploration wells pipeline Palmer-1 Arianna Katana Cana Flecha Jobo station Nelson Pipeline to mine Corozo (1) Reserve report effective Dec 13 (2) Management s estimate for net unrisked/risked recoverable prospective resources 87 ft of pay Tested 2,730 boepd Oct 14 Cañandonga Nispero Dec 14 Prospects Leads Producing fields 9

10 The motivation is crystal clear 93 12, Colombia s oil reserve life has decreased from 19 7 years Shale solution to Colombia s reserves Santa Isabel N VMM VMM 3 Canacol has the 2 nd largest shale land position in Colombia S COR COR 4 COR 62 $263/acre 6 COR 11 N 7 COR 12 S 10

$14 14e: 11 wells 5 fracs$ bopd VMM 3 Multiple shale

11 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) El Cejudo-1 Mono Araña-1 LT test Spud Pico Plata-1 in 4Q 14 14e: 11 wells 5 fracs $240 mm capex 16e >25,000 bopd VMM 3 Multiple shale zones Proposed wells (1) ~1.5 mm acres of prospective La Luna shale oil in the Middle Magdalena Basins, EIA Jun 13 11

12 Q 3 14e Q 4 14e Wells 14e Total Prospective Resources(1) LIGHT LLA 23: Maltes 1 2.0/1.4 MMbls Santa Isabel: Oso Pardo 3, Hambron 2 3.3/2.0 Exploration upside Development Ecuador: Secoya Oeste 1 1.0/0.4 SHALE VMM 3: Picoplata /13.7 VMM 2: El Cejudo HEAVY Capella: Chipo 1 3.3/0.8 GAS Esperanza: Corozo, Canandonga 2 8.3/ /23 MMboe LLA 23 (Labrador, Leono, Pantro) VMM 2 and Santa Isabel Ecuador Capella Rancho Hermoso (1) Management s estimate of net unrisked/risked recoverable prospective resources (2) Represents net average production before royalties 14e guidance 13,000 14,000 boepd(2) 12

13 TSX (CNE), BVC (CNEC), OTCQX (CNNEF) In mm Shares outstanding Dilutive securities USD in mm Market capitalization $658.3 Net debt 38.4 Enterprise value $696.7 Diversified ownership (1) (2) (3) Investment summary Team with > 50-yr combined operating history in Colombia Calendar 14e Diverse platform 13,000-14,000 boepd 18,000 boepd exit rate Targeting 73 MMboe / 23 MMboe(4) 5 basins / 8 fields 2P reserves + DV 41 MMboe(5) Prospective resources >200 MMboe(6) 28% 32% World class partners ConocoPhillips, Exxon, Shell 22% 18% (1) Excludes anti-dilutive securities based on current market price CDN $6.06/share (2) Converted using CDN USD exchange rate (0.92) as of 8/26/14 (3) As of March 31, 2014 (4) Management s estimate for net unrisked/risked recoverable prospective resources (5) Reserve reports effective Jun 13 and Dec 14 (6) Management s estimate of net risked recoverable prospective resources 13

14 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

Diversified production. 14 program. 56 wells 13 exploration (8 remaining) 43 development (8 remaining) 13,000 14,000 boepd

Diversified production. 14 program. 56 wells 13 exploration (8 remaining) 43 development (8 remaining) 13,000 14,000 boepd 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