Canacol Energy Ltd. Announces Management Change

Canacol Energy Ltd. announces that Mr. Mark Holliday has elected to retire from the Corporation effective November 30, 2015 after 7 years as Chief Operating Officer. Mr. Holliday will be replaced by Mr. Ravi Sharma effective October 1, 2015.

Mr. Ravi Sharma is a reservoir engineer with 30 years of oil and natural gas experience in the Americas, Middle East, Russia, Australasia, and Africa. He has held progressively senior management roles at major E&P companies worldwide, most recently Head of Production & Operations with Afren Plc. where he was responsible for production, development and operations activities in West Africa. Prior to this, Mr. Sharma was Global Petroleum Engineering Manager for BHP Billiton Petroleum where he was responsible for managing the Central Subsurface Engineering Group. While there, he was involved in several natural gas production and development projects in Australasia. Mr. Sharma also held the position of Worldwide Chief Reservoir Engineer for Occidental Oil and Gas Corp. where his main

responsibilities were to manage the central technical services group and provide technical oversight in reservoir engineering which included development planning for natural gas condensate fields in the Middle East. Mr. Sharma holds a B.Sc. and M.Sc. in Mechanical Engineering from the University of Alberta.

Charle Gamba, President and CEO of Canacol, commented ?Firstly ) would like to thank Mark (olliday for his many valuable contributions over the years at Canacol, he proved himself reliable and dependable regardless of the circumstance, and we at Canacol wish him and his family all of the very best for the future. Looking forward I am pleased to have attracted a person of Ravi’s skills to the company. (is direct experience with both subsurface development and surface facilities planning will help the Corporation greatly with respect to both the streamlining of our existing oil and natural gas production operations, and the planning and execution of our new developments, specifically the Clarinete natural gas discovery which the Corporation intends to commercialize as quickly as possible, in the most cost efficient manner.?