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
Definition Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Cautionary Statement There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources Further Cautionary Statement for Risked Prospective Resources These are partially risked prospective resources that have been risked for chance of discovery, but have not been risked for chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development. 3
Diversified base production Portfolio 5 basins / 8 fields Enterprise value US $ 723 million 2P reserves + DV 41 MMboe / US $ 846 million (1 ) Long reserve life ~9 years Exploration upside Portfolio 23 contracts / 1 .8 million net acres Prospective resources ~21 0 MMboe (2) World-class partners ConocoPhillips, ExxonMobil, Shell (1 ) Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-1 0 as of Jun ‘1 3 and Dec ‘1 3 (D&M reserve reports). These figures do not reflect production volumes since the date of D&M’s reserve reports 4 (2) Management’s estimate for net risked recoverable prospective resources
56 gross wells (39 remaining) + 1 3 workovers Diversified across 5 basins in Colombia and Ecuador ~$44 million capex in calendar 1 Q ‘1 4 (1 ) � 43 gross development wells (28 remaining) Calendar ‘1 4e 1 2,500-1 3,500 boepd (2) Y/Y growth 40-50% ~65% oil / ~25% gas Calendar ’1 4 exit ~1 7,000 boepd (2) � 1 3 gross exploration wells (1 1 remaining) ~85% of exploration capex committed around existing fields ‘1 4e: Targeting prospective resources 89 MMboe / 31 MMboe (3) (1 ) Excludes business acquisition (2) Pre-royalty average net production 5 (2) Management’s estimate for net unrisked / risked recoverable prospective resources
2P reserves + DV Nearly triple production from existing 2P reserves over the next 3 years 41 MMboe / US $ 846 million $2,500.0 50,000 $81 Pre-royalty avg net Prospective resources production (boepd) ~21 0 MMboe / US $2.3 billion $2,000.0 $708 40,000 Exploration upside $1 ,500.0 30,000 $1 ,000.0 $1 90 20,000 $1 ,546 $265 $500.0 1 0,000 $723 $581 0 $- '1 3a '1 4e '1 5e '1 6e '1 7e '1 8e '1 9e '20e Proven Probable Possible EV Upside Calendar year average production positioned on x-axis labels Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-1 0 as of Jun ’1 3 and Dec ‘1 3 (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 6
Guidance 8 fields ~1 3,000 boepd for calendar year ‘1 4e ~$62 / barrel netbacks at LLA 23 $45 1 2,000 $40 $35 1 0,000 $30 8,000 $25 6,000 $20 $1 5 4,000 $1 0 2,000 $5 - $- Producing Corp avg Pre-royalty avg Rancho Hermoso tariff oil net production netback Gas (boepd) (/boe) 7
3D 3 Leono 4 Pantro 1 ‘08 � Tigro-1 Rancho Hermoso Field 5 M M bls (1 ) LLA 23 13 for 13 ~1 5,000 net bopd at peak ~50 MMbls pursuit (1 ) 2 � 2 ‘1 Labrador Field 3D Operated 80% WI 4 for 4 Spud Lab-4 on April 30 Strong $62/barrel netback Accelerate production 3 � 3 ‘1 and reserves growth Leono Field Labrador 2 Maltes-1 2 M M bls (1 2 for 2 Up to 9 wells left in ‘1 4 ) Set to spud Leono-3 Up to 6 development Pointer-1 2 M M bls (1 ) 3 exploration 1 4 � 4 ‘1 (Tigro-1 , Pointer-1 , Rancho Maltes-1 ) Pantro Field Hermoso 1 for 1 Fault Oil fields Leads (1 ) Management’s estimate of net unrisked recoverable prospective resources 8
20 straight successful wells at 4 fields LLA 23 Rancho Field Hermoso Labrador Leono Pantro Discovery Dec ‘09 Dec ‘1 2 Dec ‘1 3 May ‘1 4 Wells 1 3 4 2 1 Reservoirs 6 3 4 5 C7 Mirador Tested 1 ,038 bopd Barco Guadalupe Gacheta Tested 2,930 bopd Ubaque Source ANH: Digitally reproduced stratigraphic column for the Eastern Llanos basin (Casanare) Shales Sandstones 9
LLA 23 80% WI Lab 3 confirmed reservoirs 4-for-4 at C7, G, U 2 displayed: C7 and G Labrador M altes-1 Tests � 1 ,800 bopd 2 MMbls (1 Agueda ) pad Lab-4 results M -1 imminent A Lab-2 G,U Lab-3 Stacked pay A C 7,G,U mitigates risk Lab-5 L-2 C 7,G Lab-6c L-3 A-1 ST C 7,G,U L-5 Lab-4 L-6c A-1 ST Pointer/Maltes Pointer L-4 pad coming soon P $62/bbl netback P Pointer-1 P-1 2 MMbls (1 ) 2km 1 0 (1 ) Management’s estimate
Leono � Pantro � Tigro � 80% WI OWC @ OWC @ 9,446 ft 1 0,346 ft Leono-3 L-3 Lanceros L pad Leono-2 L-2 L 4 confirmed Leono-1 reservoirs L-1 M, B, G, U 4 solid results 2 displayed: B, G Test rate Leono-1 (B) 1 ,490 net bopd Leono-2 (B) 2,406 Pantro-1 Pantro-1 2,344 (G) P-1 Pantro-1 830 (M) P-2 Pantro-2 P-3 Pantro-3 � 6 month payback/well Tigro T T pad T-2c Tigro-2c Leono Pantro Tigro-1 Tigro-1 LLA 23 5 MMbls (1 ) Tigro-3c T-3c 2km (1 ) Management’s estimate 1 1
Las Maracas 1 1 5k gross acres One of the largest E&P contracts Cravo S Cravo E Macarenas In Jun ‘1 4, shoot 400 sq km of 3D seismic to firm up ‘1 5 and ‘1 6 drilling locations LLA 23 1 0x the 3D seismic coverage Mateguaia Heredia Saimiri Fault Oil fields 1 2 Zopilote Leads
VMM 2 VMM 2 Santa Isabel M A-1 VMM 2 Jan ‘1 3, Mono Araña-1 discovery at VMM 2 Colorado pipeline Shallow conventional VMM Mugrosa 3 WI 40% WI shallow Operator Vetra E&P Conventional Esmeraldas Net oil pay (Lisama) 85 ft Up and Low Lisama tests 703 / 727 gross bopd, 21 � La Paz 40% Comingled test 1 ,043 Lisama MA-1 Umir Deep unconventional Unconventional Same source rock as prolific Maracaibo basin (250 b barrels) La Luna WI deep Simiti 3-6x the thickest shale basin in the world (Vaca Muerta) Tablazo Paja 20% WI 20% Rosablanca Operator Exxon Sandstones Shales Limestones Net oil pay (La Luna) 230 ft LT production test of La Luna 1 3
VMM 2 40% WI 1 00 mmbls OOIP (1 ) ‘1 4e activities Drill 3 development wells 25 / 1 0 mmbls prospective resources (2) MA-1 MA-2 72 ft pay 5 2 for 2 U Lisama 1 at MA MA-1 A next… 2 85 ft pay 1 72 ft pay 6 3 4 U+ L Lisama B Lisama � API 21 Tested 1 k bopd (3) 1 km Top Lisama depth (1 ) Management’s estimate for Basal Lisama only (3) Represents comingled gross production test results for ~ 1 mo (2) Management’s estimate of gross / net recoverable prospective resources Management’s estimate of gross / net production for Basal Lisama only 1 4
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