Colombia
Press Release

Canacol Energy Ltd. Provides Operational Update

Bnamericas Published: Monday, February 24, 2020

Canacol Energy release

CALGARY, ALBERTA ‐ (February 24, 2020) ‐ Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide 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 January 1, 2020 to February 21, 2020 averaged approximately 211 million standard cubic feet per day (“MMscfpd”), a 17% increase compared to the 180 MMscfpd in realized contractual gas sales for the fourth quarter 2019.

The Nelson 14 development well located on the 100% operated working interest Esperanza contract was spud on January 14, 2020 and reached a total depth of 10,150 feet measured depth. The well encountered 309 feet true vertical depth of net gas pay with 24% 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% 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 spud on March 5, 2020 and will take approximately 5 weeks to drill and complete.

The Corporation will provide regular updates as they become available.

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