Canacol Provides February Gas Sales and Drilling Update

Canacol Energy Ltd. is pleased to provide the following information concerning its February 2021 natural gas sales and drilling program.

Gas Sales Averaged 187 MMscfpd for February 2021
Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 187 million standard cubic feet per day (“MMscfpd”) for February 2021, a 6% increase from average gas sales of 177 MMscfpd for the month of January 2021.

Flauta 1 and Oboe 2
The Flauta 1 exploration well which completed drilling in February 2021 did not encounter commercial gas and has been plugged and abandoned. The Oboe 2 development well has been completed as a successful gas producer and is being tied into the Jobo gas processing facility.

The rigs are currently being mobilized to drill the Canahuate 4 development well and the Milano 1 exploration well, both of which are anticipated to spud the second week of March 2021. Each will take approximately 5 weeks to drill and test.