CNE Canacol Energy sells 162 mmscfpd natural gas in Nov.

Canacol Energy Ltd (2) (TSX:CNE)

Shares Issued 170,557,290

Last Close 12/5/2022 $2.00

Tuesday December 06 2022 - News Release

An anonymous director reports

CANACOL ENERGY LTD. PROVIDES UPDATE ON GAS SALES AND DRILLING PROGRAMS

Canacol Energy Ltd. has provided the following information concerning its November, 2022, natural gas sales along with the exploration drilling plans for the remainder of 2022.

November gas sales of 162 million standard cubic feet per day

Realized contractual natural gas sales (which are gas produced, delivered and paid for) were 162 million standard cubic feet per day for November, 2022, representing low interruptible gas sales due to very high rainfall levels during the month.

Remaining 2022 exploration drilling program: Saxafon 1, Chimela 1, Natilla 1 and Dividivi 1

The corporation spud the Saxafon 1 exploration well located on its 100-per-cent working interest VIM 5 exploration and production contract in early December. Saxafon 1 is targeting gas bearing sands within the Cienaga de Oro ("CDO") and Porquero reservoirs. The Corporation anticipates that the well will take approximately four weeks to drill, complete, and test.

The Corporation spud the Chimela 1 exploration well located on its 100% working interest VMM 45 E&P contract in mid November. Chimela 1 is targeting gas and oil bearing sandstones within the Tertiary Lisama reservoirs which are productive in various nearby oil and gas producing fields. The Corporation anticipates that the well will take approximately six weeks to drill, complete, and test.

The Corporation spud the Natilla 1 exploration well located on its 50% operated working interest SSJN 7 E&P contract in late November. Natilla 1 is targeting gas bearing sandstones within the CDO and Porquero reservoirs. The Corporation anticipates that the well will take approximately fifteen weeks to drill, complete, and test.

The corporation is mobilizing the rig to drill the Dividivi 1 exploration well located on its 100% working interest VIM 33 E&P contract. Dividivi 1 is targeting gas bearing sandstones of the CDO reservoirs. The Corporation anticipates that the well will spud in early December and will take approximately four weeks to drill, complete, and test.

About Canacol Energy Ltd.

Canacol is a natural gas exploration and production company with operations focused in Colombia. The corporation's common stock trades on the Toronto Stock Exchange, the OTCQX in the United States and the Colombia Stock Exchange under ticker symbol CNE, CNNEF and CNEC, respectively.

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