PRESS RELEASE

Canacol Energy Ltd. reports Q2 2018 results

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Wednesday, August 15, 2018

Press Release by Canacol

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CALGARY, Alberta, August 14, 2018 Canacol Energy ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to report its financial and operating results for the three and six months ended June 30, 2018. Dollar amounts are expressed in United States dollars, except as otherwise noted.

Charle Gamba, President and CEO of the Corporation, commented: "Q2 2018 was another successful quarter for Canacol as we increased the Corporation's realized contractual gas sales to approximately 112 MMscfpd, up from 106 MMscfpd during Q1 of 2018.

Additionally, our average gas sales price (net of transportation expenses) increased to $4.85/Mcf for Q2 2018, up from $4.72/Mcf during Q1 2018, and we also achieved a natural gas netback of $3.80/Mcf for Q2 2018 compared to $3.71/Mcf for Q1 2018.

"For the remainder of 2018, Management remains focused on completing the work necessary to raise production to 230 MMscfpd, which includes completing the expansion of the gas processing facility at Jobo, and tying in the various discoveries that we have made over the past eight months.

On August 3, 2018, Promigas S.A. ("Promigas") received the final environmental permit related to their project to add another 100 MMscfpd of transportation capacity to their existing pipeline, with all of the additional capacity allocated to Canacol. Promigas anticipates that all of the additional 100 MMscfpd of capacity will be available in March 2019, with the first 20 MMscfpd available on December 1, 2018."

To view a copy of the full press release and tables please click here