General Announcement::Canacol Energy Ltd. Provides February Gas Sales and Drilling Update

Issuer & Securities

Issuer/ Manager: CANACOL ENERGY LTD.
Securities: CANACOLENE US$500M5.75%281124A - US134808AD63 - PNTB
CANACOLENE US$500M5.75%281124R - USU13518AC64 - YW0B
Stapled Security: No

Announcement Title: General Announcement
Date &Time of Broadcast: 02-Mar-2023 21:00:13
Status: New
Announcement Sub Title: Canacol Energy Ltd. Provides February Gas Sales and Drilling Update
Announcement Reference: SG230302OTHR6PIP
Submitted By (Co./ Ind. Name): Canacol Energy
Designation: Canacol Energy
Description (Please provide a detailed description of the event in the box below): Canacol Energy Ltd. Provides February Gas Sales and Drilling Update

CALGARY, ALBERTA (March 2, 2023) - Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide the following information concerning its February 2023 natural gas sales and near term drilling program.

February Gas Sales of 191 MMscfpd

Realized contractual natural gas sales (which are gas produced, delivered, and paid for) were 191 million standard cubic feet per day for February 2023.

Natilla 1ST Running Intermediate Casing

The Corporation is currently running intermediate casing to 10,300 feet measured depth ("ft md"). Upon completion the drilling will continue to a planned total depth of approximately 16,000 ft md. The Natilla 1ST is targeting gas charged sands of the Porquero and Cienaga de Oro reservoirs. The Corporation anticipates the well will take approximately 6 more weeks to drill, complete, and test.

Total size =66K