Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Canacol Energy Ltd, Valuation and Financial Data, 2011-2015 8 Canacol Energy Ltd, Share Price Performance, 2011-2015 8 Share Price Performance, 2011-2015 8 Key Valuation Metrics, 2011-2015 9 Canacol Energy Ltd, Production and Reserves Trends 10 Total Oil and Gas, Reserves and Production 10 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 10 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 12 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 14 Crude Oil/Liquids Production and Reserve 15 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 15 Crude Oil Production and Reserves By Country/Region, 2011-2015 16 Crude Oil/Liquids Reserve Changes, 2011-2015 18 Natural Gas Production and Reserve 19 Natural Gas Production and Reserve Trend, 2011-2015 19 Natural Gas Production and Reserves, By Country/Region, 2011-2015 20 Natural Gas Reserve Changes, 2011-2015 21 Total Crude Oil and Natural Gas Reserves Life Index 22 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 22 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 23 Canacol Energy Ltd, E&P Costs Trends 25 Allocation of the Upstream Capital Expenditure 25 Upstream Capital Expenditure, 2011-2015 25 Acquisition Costs By Country/Region, 2011-2015 26 Exploration and Development Costs, By Country/Region, 2011-2015 28 Oil and Gas Cost Per boe, US$/boe 30 Oil and Gas Cost Per boe, US$/boe, 2011-2015 30 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 32 Canacol Energy Ltd, Reserve Replacement Ratio 34 Oil and Gas Production Replacement Ratio 34 Oil and Gas Production Replacement Ratio, 2011-2015 34 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 36 Canacol Energy Ltd, Results of Oil & Gas Operations Trend 40 Oil and Gas Revenue and Expenses 40 Oil and Gas Revenue and Expenses, 2011-2015 40 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 41 Oil and Gas Revenue and Expenses, Per boe 42 Oil and Gas Revenue and Expenses, By boe, 2011-2015 42 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 43 Oil and Gas Performance Metrics 45 Canacol Energy Ltd, Land Holdings and Well Data 46 Developed and Undeveloped Acreage 46 Gross and Net Developed and Undeveloped Acreage, 2011-2015 46 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 47 Well Statistics 49 Producible Oil and Gas Well, 2011-2015 49 Producible Oil and Gas Well, By Country/Region, 2011-2015 50 Exploration and Development Wells Drilled, 2011-2015 54 Recent Developments 55 Canacol Energy Ltd - Recent Developments 55 Apr 28, 2016: Canacol Energy Provides Corporate Guidance For 2016 55 Apr 21, 2016: Canacol Energy Achieves 90 MMSCFPD Of Realized Gas Sales 56 Mar 29, 2016: Amerisur Resources Annouces Reserves Update 56 Mar 28, 2016: Canacol Energy Reports Filing Of December 31, 2015 Financial Results And Annual Information Form 57 Mar 16, 2016: Canacol Energy Increases PDP Reserves By 110% And Adds Calendar 2015 2P Reserves Of 30.3 MMboe (1,013% Reserves Replacement) To Post A 2P F&D Of US$ 2.85/Boe 61 Mar 09, 2016: Canacol Energy Tests 13 MMSCFPD (2,281 BOEPD) From Third Flow Test Interval For Combined Test Rate Of 66 MMSCFPD (11,579 BOEPD) From Oboe 1 Well In Colombia 63 Mar 02, 2016: Canacol Energy Tests 27 MMscfpd (4,737 boepd) From Second Of Three Planned Flow Tests For Combined Test Rate Of 53 MMscfpd (9,298 boepd) 63 Feb 24, 2016: Canacol Tests 26 MMSCFPD (4,561 BOEPD) From First Of Three Planned Flow Tests At Oboe 1 And Current Gas Sales Of 51 MMSCFPD In Colombia 64 Feb 16, 2016: Canacol Energy Provides Production And Operations Update: Current February Gas Sales 45 MMSCFPD 65 Dec 02, 2015: Canacol Energy Appoints Jason Bednar As Chief Financial Officer 67 Appendix 68 Methodology 68 Coverage 68 Secondary Research 68 Primary Research 68 Data Information Sources 69 Company Source 69 SEC/Other Regulatory Filings 69 Other Sources 69 Expert Panel Validation 69 Data Definition 69 Oil and Gas Reserves 69 Units of Measure 70 About GlobalData 70 Disclosure 70 Disclaimer 70

List of Tables Table 1: Canacol Energy Ltd, Key Facts 7 Table 2: Canacol Energy Ltd, Share Price Performance, 2011-2015 8 Table 3: Canacol Energy Ltd, Key Valuation Metrics, 2011-2015 9 Table 4: Canacol Energy Ltd, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 11 Table 5: Canacol Energy Ltd, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 13 Table 6: Canacol Energy Ltd, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 14 Table 7: Canacol Energy Ltd, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Table 8: Canacol Energy Ltd, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 17 Table 9: Canacol Energy Ltd, Crude Oil Reserve Changes, mmbbl, 2011-2015 18 Table 10: Canacol Energy Ltd, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Table 11: Canacol Energy Ltd, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 20 Table 12: Canacol Energy Ltd, Natural Gas Reserve Changes, bcf, 2011-2015 21 Table 13: Canacol Energy Ltd, Oil and Gas Reserves Life Index, Years, 2011-2015 22 Table 14: Canacol Energy Ltd, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 24 Table 15: Canacol Energy Ltd, Upstream Capital Expenditure, US$ mil, 2011-2015 25 Table 16: Canacol Energy Ltd, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 27 Table 17: Canacol Energy Ltd, Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 29 Table 18: Canacol Energy Ltd, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 31 Table 19: Canacol Energy Ltd, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 33 Table 20: Canacol Energy Ltd, Oil and Gas Production Replacement Ratio, %, 2011-2015 34 Table 21: Canacol Energy Ltd, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 39 Table 22: Canacol Energy Ltd, Revenue and Expenses, US$ mil, 2011-2015 40 Table 23: Canacol Energy Ltd, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 41 Table 24: Canacol Energy Ltd, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 42 Table 25: Canacol Energy Ltd, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 44 Table 26: Canacol Energy Ltd, Oil and Gas Performance Metrics, 2011-2015 45 Table 27: Canacol Energy Ltd, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 46 Table 28: Canacol Energy Ltd, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 48 Table 29: Canacol Energy Ltd, Producible Oil and Gas Wells, 2011-2015 49 Table 30: Canacol Energy Ltd, Producible Oil and Gas Wells, By Country/Region, 2011-2015 53 Table 31: Canacol Energy Ltd, Exploratory and Developed Wells, 2011-2015 54 List of Figures Figure 1: Canacol Energy Ltd, Share Price Performance, CAD/Share, 2011-2015 8 Figure 2: Canacol Energy Ltd, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 9 Figure 3: Canacol Energy Ltd, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 10 Figure 4: Canacol Energy Ltd, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 12 Figure 5: Canacol Energy Ltd, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 12 Figure 6: Canacol Energy Ltd, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 14 Figure 7: Canacol Energy Ltd, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Figure 8: Canacol Energy Ltd, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 16 Figure 9: Canacol Energy Ltd, Oil Production, By Country/Region, mmbbl, 2011-2015 16 Figure 10: Canacol Energy Ltd, Crude Oil Reserve Changes, mmbbl, 2015 18 Figure 11: Canacol Energy Ltd, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Figure 12: Canacol Energy Ltd, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 20 Figure 13: Canacol Energy Ltd, Natural Gas Reserve Changes, bcf, 2015 21 Figure 14: Canacol Energy Ltd, Oil and Gas Reserves Life Index, Years, 2011-2015 22 Figure 15: Canacol Energy Ltd, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 23 Figure 16: Canacol Energy Ltd, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 23 Figure 17: Canacol Energy Ltd, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 18: Canacol Energy Ltd, Upstream Capital Expenditure, US$ mil, 2011-2015 25 Figure 19: Canacol Energy Ltd, Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 26 Figure 20: Canacol Energy Ltd, Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 26 Figure 21: Canacol Energy Ltd, Development Costs, By Country/Region, US$ mil, 2011-2015 28 Figure 22: Canacol Energy Ltd, Exploration Costs, By Country/Region, US$ mil, 2011-2015 28 Figure 23: Canacol Energy Ltd, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 30 Figure 24: Canacol Energy Ltd, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 25: Canacol Energy Ltd, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 26: Canacol Energy Ltd, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 33 Figure 27: Canacol Energy Ltd, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 34 Figure 28: Canacol Energy Ltd, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 36 Figure 29: Canacol Energy Ltd, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 36 Figure 30: Canacol Energy Ltd, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 31: Canacol Energy Ltd, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 32: Canacol Energy Ltd, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 38 Figure 33: Canacol Energy Ltd, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 38 Figure 34: Canacol Energy Ltd, Revenue and Expenses, US$ mil, 2011-2015 40 Figure 35: Canacol Energy Ltd, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 41 Figure 36: Canacol Energy Ltd, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 42 Figure 37: Canacol Energy Ltd, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 43 Figure 38: Canacol Energy Ltd, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 43 Figure 39: Canacol Energy Ltd, Oil and Gas Performance Metrics, 2011-2015 45 Figure 40: Canacol Energy Ltd, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 46 Figure 41: Canacol Energy Ltd, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 47 Figure 42: Canacol Energy Ltd, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 47 Figure 43: Canacol Energy Ltd, Producible Oil and Gas Wells, 2011-2015 49 Figure 44: Canacol Energy Ltd, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 50 Figure 45: Canacol Energy Ltd, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 50 Figure 46: Canacol Energy Ltd, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 51 Figure 47: Canacol Energy Ltd, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 51 Figure 48: Canacol Energy Ltd, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 52 Figure 49: Canacol Energy Ltd, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 52 Figure 50: Canacol Energy Ltd, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 53 Figure 51: Canacol Energy Ltd, Exploratory and Developed Wells, 2011-2015 54