2

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.

3

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.

(1) Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun ‘13and Dec ‘13 (D&M reserve reports). These figures do not reflect productionvolumes since the date of D&M’s reserve reports

(2) Management’s estimate for net risked recoverable prospective resources 4

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 ~210 MMboe(2)

World-class partners ConocoPhillips, ExxonMobil, Shell

56 gross wells (39 remaining) + 13 workoversDiversified across 5 basins in Colombia and Ecuador~$44 million capex in calendar 1Q ‘14(1)

43 gross development wells (28 remaining)Calendar ‘14e 12,500-13,500 boepd(2)

Y/Y growth 40-50%~65% oil / ~25% gas

Calendar ’14 exit ~17,000 boepd(2)

13 gross exploration wells (11 remaining)~85% of exploration capex committed around existing fields

‘14e: Targeting prospective resources 89 MMboe / 31 MMboe(3)

(1) Excludes business acquisition(2) Pre-royalty average net production(2) Management’s estimate for net unrisked / risked recoverable prospective resources 5

0

10,000

20,000

30,000

40,000

50,000

'13a '14e '15e '16e '17e '18e '19e '20e

Nearly triple production from existing 2P reserves over the next 3 years

Calendar year average production positioned on x-axis labels

Pre-royalty avg net production (boepd)

$581 $723

$1,546 $265

$708

$190

$81

$-

$500.0

$1,000.0

$1,500.0

$2,000.0

$2,500.0

Proven Probable Possible EV Upside

Exploration upside

2P reserves + DV41 MMboe / US $ 846 million

Prospective resources~210 MMboe / US $2.3 billion

6

Pre-royalty 2P reserves + deemed volumes and pre-tax NPV-10 as of Jun ’13 and Dec ‘13 (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 prospectiveresources

Guidance ~13,000 boepd for calendar year ‘14e

8 fields

~$62 / barrel netbacks at LLA 23

Pre-royalty avgnet production

(boepd)

Corp avgnetback(/boe)

Producing

7

Rancho Hermoso tariff oilGas

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

-

2,000

4,000

6,000

8,000

10,000

12,000

Operated 80% WI

Strong $62/barrel netback

Accelerate productionand reserves growth

Up to 9 wells left in ‘14Up to 6 development

3 exploration (Tigro-1, Pointer-1,Maltes-1)

1 ‘08Rancho Hermoso Field13 for 13~15,000 net bopd at peak

2 ‘12Labrador Field4 for 4Spud Lab-4 on April 30

3 ‘13Leono Field2 for 2Set to spud Leono-3

4 ‘14Pantro Field1 for 1

Tigro-15 MMbls(1)

LLA 23~50 MMbls

pursuit(1)

Rancho HermosoFault

Oil fields Leads

8

Pointer-12 MMbls(1)

(1) Management’s estimate of net unrisked recoverable prospective resources

Labrador

LeonoPantro

3D

3D

2

1

34

Maltes-12 MMbls(1)

Barco

Gacheta

Ubaque

Mirador

C7

20 straight successful wells at 4 fieldsRanchoHermoso Labrador Leono PantroDec ‘09 Dec ‘12 Dec ‘13 May ‘1413 4 2 16 3 4 5

FieldDiscoveryWellsReservoirs

Source ANH: Digitally reproduced stratigraphic column for the Eastern Llanos basin (Casanare)Shales Sandstones

Tested 2,930 bopd

Tested 1,038 bopd

Guadalupe

LLA 23

9

LLA 23

10

Lab

4-for-4 atLabrador

Tests 1,800 bopd

Lab-4 results imminent

Stacked pay mitigates risk

Pointer/Maltescoming soon

$62/bbl netbackP

A-1ST

L-5

L-2

L-3

L-4

L-6c

A

M-1

P Pointer-12 MMbls(1)

A

Lab-4

Lab-2G,U

Lab-3C7,G,U

Lab-5C7,G

A-1STC7,G,U

Lab-6c

Maltes-12 MMbls(1)Agueda

pad

Pointerpad

2km

(1) Management’s estimate

80% WI

3 confirmed reservoirsC7, G, U2 displayed: C7 and G

P-1

Leono-2

Leono-3

Leono-1

Pantro-2

Tigro-2c

Pantro-3

Tigro-3c

L-3

P-1

P-2

P-3

T-2c

T-3c

L-1

L-2

2km

Pantro-1

Tigropad

Lancerospad L

T

Tigro-15 MMbls(1)

L

T

Leono Pantro Tigro

80% WI

4 confirmedreservoirsM, B, G, U 2 displayed: B, G

6 month payback/well

OWC @ 10,346 ft

OWC @ 9,446 ft

11

4 solid resultsTest rate

Leono-1 (B) 1,490 net bopdLeono-2(B) 2,406Pantro-1(G) 2,344Pantro-1(M) 830

(1) Management’s estimate

Tigro-1 LLA 23

PantroLeono

LLA 23

Las Maracas

Macarenas

Heredia

Saimiri

Zopilote

Cravo ECravo S

Mateguaia

FaultOil fields Leads 12

In Jun ‘14, shoot 400 sq km of 3D seismic to firm up ‘15 and ‘16 drilling locations

115k gross acresOne of the largestE&P contracts

10x the 3D seismic coverage

Sandstones Shales Limestones

Conv

entio

nal

Unc

onve

ntio

nal

Umir

La LunaSimitiTablazoPajaRosablanca

Colorado

Mugrosa

Esmeraldas

La Paz

Lisama

13

VMM 2

VMM 3

Santa Isabel

MA-1

MA-1

40%

WI s

hallo

w20

% W

I dee

p

VMM 2

VMM 2

Jan ‘13, Mono Araña-1 discovery at VMM 2

Shallow conventionalWI 40%Operator Vetra E&PNet oil pay (Lisama) 85 ft

Up and Low Lisama tests 703 / 727 gross bopd, 21Comingled test 1,043

Deep unconventionalSame source rock as prolific Maracaibo basin (250 b barrels)

3-6x the thickest shale basin in the world (Vaca Muerta)

WI 20%Operator ExxonNet oil pay (La Luna) 230 ft

LT production test of La Luna

pipeline

1 km

Top Lisama depth(3) Represents comingled gross production test results for ~ 1 moManagement’s estimate of gross / net production

100 mmbls OOIP(1)

25 / 10 mmbls prospective resources(2)

MA-1A next…

2 for 2 at MA

36 4

1

2

VMM 2 40% WI‘14e activities Drill 3 development wells

5

14

MA-1 MA-2

72 ft payU Lisama

172 ft payB Lisama

85 ft payU+ L Lisama21 APITested 1k bopd(3)

(1) Management’s estimate for Basal Lisama only(2) Management’s estimate of gross / net recoverable prospective resources

for Basal Lisama only

Esperanza100% WI

Solid LT gas contracts + strong pricing / netback + minimal development capital

Asset ranks in the top 5% in Colombian reserve life2P reserves 22.6 mmboe(1)

Current producction ~3,000 boepdReserve life 20-yrs

Exploration upsideJun ‘14e activities Commence 3 exploration wells

20.3 / 10.4 mmboe prospectiveresources(2)

Existing contract‘14 ’21e 2,800 boepd @ ~$4/mmbtu

2 new contracts will triple production in Dec ‘15e’15e ’20e 6,140 boepd @ $5.40/mmbtu

>8,900 boepd in Dec ‘15e

Corozo

Palmer

Cañandonga

1

3

2

Nispero

ProspectsLeadsProducing fields

Katana

Nelson

Arianna

Cana Flecha

Jobostation

Pipeline to mine

(1) Reserve report effective Dec ‘13(2) Management’s estimate for net unrisked/risked recoverable prospective resources

pipeline

Esperanza

15

A Palmer-1 (P-1)exploration B C

P-1

A

B

C

N-3

N-2

N-4

Maxclosure at6600ft ss

UpperPorquero

UpperCienagade Orgo

(1) Reserve report effective Jun ’13(2) As of Mar ‘14, the Corporation had spent ~$45 million

Mature fields w/ 15-yr risked service contract

Producing > 30 years / >130 wellsPartners Tecpetrol, Schlumberger,

SertecpetTerms Incremental oil + explorationInsensitive to oil prices $38.54/bbl above base curve

State pays all opex

Gross/net capital $334 mm / $93 mm(2)

New wells + workovers 31 + >40Facilities + waterflood pilot

Current net production ~1,800 bopdRemaining ‘14e activities Drill 6 development

5 workovers1 exploration -

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 Jan-24 Jan-26

2P deemed volumes of 4 mmbls(1)

Net incremental 10.5 mmbls over contract life

Base

Incremental ’16e peak ~2,500 net to Canacol

bopd

17

Oct’12 ’14e ’16e ’18e ’20e ’22e ’24e ’26e

Current 18,132 bopd gross

25% JV equity interest

3

2

1

4

6

COR 4

COR 12

VMM 3

VMM 2

COR 11

COR 39

SantaIsabel

5

7

N

N

S

The motivation is crystal clear‘93 ‘12, Colombia’s oil reserve life has decreased from 19 7 years

Shale solution to Colombia’s reserves

Canacol has the 2nd largest shale land position in Colombia

Objective: Repeat North farm-out performance in the South

S

COR 62 $263/acre

18

‘14e: 11 wells5 fracs

$240 mm capex’16e >25,000 bopd

definedshale oil

area(1)

Proposed wells(1) ~1.5 mm acres of prospective La Luna shale oil in the Middle Magdalena Basins, EIA Jun ‘13 19

La LunaTotumal 1-5 Produced 800k bbls

La LunaOlivo-1 Tested 6,400 bopd

Catalina-1Tested 7,820 bopd

Santa Isabel

VMM 3

VMM 2

Buturama 1-4 Produced 500k+ bbls

Mono Araña-1 LT test

Rosablanca

OP-1

El Cejudo-1

Pico Plata-1

Multiple shale zones

Sweet spot

Santa Isabel discoveries (Lisama & Umir) VMM 2 discoveries (Lisama & La Luna)

OP-1

MA-1Tested 590 bopd

21 APIW E

20

Conventional production test of thick, tectonically-induced fractured shale

Expansive volume of unfractured shale best suited for frac-induced technology

Santa Isabel

VMM 3

VMM 2

MA-1

OP-1

ROSA

ROSA +LUNA

LUNA

Dev

elop

men

t LLA 23 (Labrador, Leono, Pantro)VMM 2EcuadorCapellaRancho Hermoso(1) Management’s estimate of net unrisked/risked recoverable prospective resources (2) Represents net average production before royalties

21

‘14e guidance43 development wells13 workovers12,500 – 13,500 boepd(2)

Expl

orat

ion

upsi

de

‘14e Total

HEAVYCapella: Chipo 1 3.3/0.8

Q 3 ‘14e Q 4 ‘14eQ 2 ‘14e

SHALEVMM 3: Picoplata 1 54.8/13.7

VMM 2

GASEsperanza: Palmer, Corozo, Canandonga 3 20.3/10.4

11 89/31 mmboe

LIGHTLLA 23: Pointer, Tigro, Maltes 3 8.3/4.7 mmbls

CLT: Guepardo 1 1.3/0.7

Santa Isabel: Morsa 1 0.3/0.2

Ecuador: Secoya Oeste 1 1.0/0.4

WellsProspectiveResources(1)

Advantage

22

TSX (CNE), BVC (CNEC), OTCQX (CNNEF)

Team with > 50-yr combined operating history inColombia

Calendar ‘14e 12,500 - 13,500 boepdTargeting 89 mmboe / 31 mmboe(4)

Diverse platform 5 basins / 8 fields

2P reserves + DV 41 mmboe(5)

Prospective resources ~210 mmboe(6)

World class partners ConocoPhillips, Exxon, Shell

Investment summary

(1) Excludes anti-dilutive securities based on current market price CDN $7.22/share101.9 mm fully diluted securities: 90.2 mm common shares + 3.7 mm warrants + 8.0 mm options

(2) Converted using CDN USD exchange rate (0.9192) as of 5/15/14(3) As of March 31, 2014

28% 32%

18%22%

In mmShares outstanding 90.2Dilutive securities 2.7

92.9USD in mmMarket capitalization $616.4Net debt 106.7Enterprise value $723.1

Diversified ownership

(1)

(2)

(4) Management’s estimate for net unrisked/risked recoverable prospective resources

(5) Reserve reports effective Jun ‘13 and Dec ‘14(6) Management’s estimate of net risked recoverable

prospective resources

(3)