INTRODUCTIONINTRODUCTION

~2.5 years ago, raised CDN $3mm to form a private Canada‐based oil & gas company focused on Colombia

Dual‐listed  on the TSX Venture Exchange and the Colombia Stock Exchange under ticker symbol CNE and CNEC, respectively

Raised CDN $140mm during trailing 14 months

Today, Canacol has a $670mm market capitalization with $~ CDN $65mm in cash

Trailing 14 Months:Startup: Today:

Raised >CDN $140mmCDN $3mm CDN $670mm market capitalization

$1.20 

$1.40 

$1.60 

$0 40

$0.60 

$0.80 

$1.00 

$‐

$0.20 

$0.40 Based on transaction closing date:

Convertible debentureEquity

The Power of 3The Power of 3

- Part Resource Capture Strategy- Part Resource Capture StrategyCountriesCountries Part Resource Capture StrategyPart Resource Capture StrategyCountriesCountriesColombia

Guyana

Development

Appraisal & Development

Exploration UpsideBrazil

Million Net Acres of High Impact ExplorationMillion Net Acres of High Impact ExplorationExposure to >12 billion barrels of net unrisked conventional oil in place

IntroductionProven Portfolio BuildersIntroductionProven Portfolio Builders

3.1mm3 000

3,500 

19 Blocks19 Blocks2,000 

2,500 

3,000 

B il 19 Blocks(7 producing / 12 exploration)

3.1mm net acres

19 Blocks(7 producing / 12 exploration)

3.1mm net acres500 

1,000 

1,500  1.6mm acres of heavy oil

BrazilGuyanaColombia

Net acres in 000s

‐

'07 '08 '09 '10

>1 9 billion barrels>1 9 billion barrelsGuyana

Brazil  4 

>1.9 billion barrelsRisked NAVCDN $2.4b

>1.9 billion barrelsRisked NAVCDN $2.4b

957 

$5.50/share$5.50/shareNet 2P + prospective unrisked resourcesPre‐tax NAV

Colombia1,020 

bbls in mm

2010Production & Total Wells2010Production & Total Wells

6 000

7,000  7,000e7,000e

2009a vs. 2010e+164% organic growth

2009a vs. 2010e+164% organic growth

4 000

5,000 

6,000 

4 200in net productionin net production

2 000

3,000 

4,000  4,200

2,650

Net BOPD2,000 

'09A Exit Current '10 Exit

‘10‘10

7 wells left7 wells left

1014 Wells 

1014 Wells 

77

Appraisal & Appraisal & DevelopmentDevelopment

1212 7 wells leftRancho Hermoso 3

Capella 3

7 wells leftRancho Hermoso 3

Capella 3

7 Wells Left 

7 Wells Left 

1212

Appraisal & Appraisal & DevelopmentDevelopment

Guyana 1Guyana 1ExplorationExploration

22

66

ExplorationExploration11

2010US$51mm in Capex2010US$51mm in Capex

By Country

Guyana$9mm / 18%

Colombia$42mm / 82%

Fully fundedFully funded

Excludes any future discoveries

By Strategy

Development & Appraisal$32mm / 63%

Exploration Upside$19mm / 37%

Canacol EnergyCanacol EnergyPursuit to Enhance Shareholder Value

Canacol EnergyCanacol EnergyPursuit to Enhance Shareholder ValueShareholder ValueShareholder Value

Short/Medium Term Long Term

Investing in Rancho Hermoso field to increase net production and cash flow ‘10 exit rate 

7,000 bopd, net

Guyana exploration upside

7,000 bopd, net 

Prove up 616mmblsGuyana exploration upside p(net unrisked)

Heavy oil exploration upside Prove up 900mmbls(net unrisked)

Development of Capella oil field‘15 exit rate 

100,000 bopd, gross 

Build exploration portfolioFuture of LA

canacol’scanacol’s revaluationrevaluationcanacol’scanacol’s revaluationrevaluationcanacolscanacols revaluation revaluation

higher in 50 dayshigher in 50 days

canacolscanacols revaluation revaluation

higher in 50 dayshigher in 50 days

Guyana Ri k dRi k dGuyana

K-2

RiskedNPV-10

$504mm

RiskedNPV-10

$504mm

128mmbls128mmbls128mmbls128mmbls

US $; risked after‐tax NPV‐10 to Canacol’s working interestUS $; risked after‐tax NPV‐10 to Canacol’s working interest

Colombia is HotColombia is Hot“And they are not making “And they are not making y gany more of it [land]”

y gany more of it [land]”

20032003

4% Licensed

Today

60% Licensed% ce sed %

Vintage map

Licensed% of total basin area

LicensedSource: ANH

60% Licensed includes officially licensed land and management’s discretion 

PORTFOLIOPORTFOLIO

Llanos Llanos -- Light/Medium OilLight/Medium Oil Working InterestWorking Interest

1 Rancho Hermoso Production 100%

2 Entrerrios Production 60%

CaguanCaguan--Putumayo Putumayo -- Heavy OilHeavy Oil3 Ombu (Capella) Production / Appraisal 10%

4 Pacarana Exploration 100%

Rancho Hermoso>90% of ’10 exit rate production

5 Tamarin Exploration 100%

6 Cedrela Exploration 100%LlanosUpperMagdalena

Caguan-Upper Magdalena Upper Magdalena -- Light/Medium OilLight/Medium Oil

7 COR‐11 Exploration 100%

8 COR‐39 Exploration 100%Capella2.2 billion bbls

gPutumayo

ColombiaColombiaRancho Hermoso (“RH”)ColombiaColombiaRancho Hermoso (“RH”)

RH 3Highlights

RH‐3

RH‐3STGame Changer – significant boost to near term cash flowRH‐5In Dec09, RH‐5 well tested >8,000 BOPD from 2 new oil bearingreservoirs (Los Cuervos and Guadalupe)

Top Mirador Depth (ft SS)

RH‐4

RH‐1

RH‐6In Jul10, RH‐6 well encountered a total of 115 feet of net oil pay in 5different reservoirs

Tested at >12 800 BOPD from three reser oirs RH‐4

RH‐7

Tested at >12,800 BOPD from three reservoirs

RH‐7Testing the well today

RH‐6RH‐2P

RH‐10

RH‐5

RH

3 wells left for 2010 3 wells left for 2010

‘10 wells

‘09 wells  RH‐9

RH‐8

RH

(RH-8, 9, 10)

2nd rig to arrive in November

(RH-8, 9, 10)

2nd rig to arrive in November

Rancho Rancho HermosoHermosoBy ZoneRancho Rancho HermosoHermosoBy Zone

Barco-GuadalupeBarco-Guadalupe UbaqueUbaqueMiradorMirador

RH-4RH-11

August 201035 feet of net payTested at 6,205 gross bopd35◦ API

RH-7+

RH-3STRH-3ST

RH 1RH 1

RH-4Future re‐completion targetRH‐6    Ubaque

RH-6

December 201024 feet of net payTested at 4,434 gross bopd36◦ API

RH-6

RH-12

RH-1RH-1

RH 2

RH-5

RH-13

RH-2RH-2

Future re‐completion targetsMirador/Carbonera

Future re‐completion targetsRH‐6, 7    BarcoRH‐5        Guadalupe

RH 8

Existing wellFuture well

RH 14

Existing wellFuture well

RH-9

Existing well

RH-10RH-10

RH-8Future well

RH-14 Future wellFuture well

341    682   1,023

Meters

Rancho Rancho HermosoHermosoSummary & Untested UpsideRancho Rancho HermosoHermosoSummary & Untested Upside

Initial production zone

RH 7 B

Initial production zone

RH 11 UbaqueRH‐7 BarcoRH‐8 GuadalupeRH‐9 UbaqueRH‐10 Mirador

RH‐11 UbaqueRH‐12 UbaqueRH‐13 UbaqueRH‐14 Ubaque

Proven producing oil zones

C‐7

Los Cuervos

Mirador Mirador

C 7

and beyond…

Gacheta

BarcoGuadalupe Guadalupe

LC‐Barco

Ubaque

Commingling of Barco & Guadalupe

When gross oil ≤ 1,000 bopd, Ubaque

Untested upside

g , p ,plan to re‐complete them as Ubaque wells with IPR of 3,000 bopd

Rancho Rancho HermosoHermosoFacilities UpgradesRancho Rancho HermosoHermosoFacilities Upgrades

Road to  RH‐5

Pools for production water treatment

All upgrades complete byAll upgrades complete by

Pools for production 

complete by March 2011complete by March 2011

New process vessels

pwater treatment

2

Man

ifold

2 25,000 barrel storage tanks New 

process vessels

25,000 barrel storage tanks

Existing storage tanks

New truck parking

Enter

Areas of the Caguan‐Putumayo Basin were formerly a demilitarized zone of Colombia

With the cleanup of Colombia by Uribe & administration, opportunities were created and the basin was no longer handicapped

Canacol’s quest began with the successful farm‐in to the Ombu block (now Capella oil field)

Tremendous undrilled opportunities awaitCaguan‐ Tremendous undrilled opportunities await…PutumayoBasin

Contract Summary

Ombu (Capella Field)Contract Summary

Ombu (Capella Field)

Contract type E&PHeavy oil (25% discount)Heavy oil (25% discount)

Royalty 8 – 23%

Working interest 10%2.2 billion

barrels2.2 billion

barrels Working interest 10%

Reservoir Engineer DeGolyer & MacNaughton

Operator Sinochem Group

barrelsbarrels

p p

Gross acres 74,105Caguan‐PutumayoBasin

ColombiaColombiaCapellaColombiaColombiaCapella

Capella

Net After Royalty Reserves and NPV-10 Summary and Comparison

Proven + Probable

2 1

Possible

1 4R ( bl )

2009Total

3 5

Proven + Probable

4 2

Possible

5 7

2010Total

9 9

Proven + Probable

100

Possible

297

% ChangeTotal

1792.1$20

1.4$5

Reserves (mmbls)NPV‐10  ($mm)

3.5$25

Netherland Sewell Reserve Report as of 6/30/09DeGolyer & MacNaughton Reserve  Report as of 6/30/10

4.2$65

5.7$118

9.9$183

100227

2972,402

179644

Assumes only primary or “cold” production and excludes additional reserve recovery related to secondary

2010 ContingentLow

4.6$26

Reserves (mmbls)NPV‐10  ($mm)

gBest

7.2$58

High

10.7$89

DeGolyer & MacNaughton Report as of 6/30/10

ColombiaColombiaCapellaColombiaColombiaCapella

Highlightsg gDrilled 9 wells into Capella discovery to date (8 verticals / 1 horizontal)

Most recent FH‐10 well tested at 437 BOPD, significantly higher than  the previous 7 vertical wells

Field is currently producing at 1,069 gross bopd / 107 net f 6 f 9 ll d l t t t

Romero‐1G‐9

Catalysts

from 6 of 9 wells under long term test

Steam Injector A‐1

G 9

3 wells left in 2010 (2 horizontals / 1 vertical)Currently completing G‐9Double gross es mated ul mate recovery: 222 → 444mmbls Capella

L‐11

Steam Injector C‐5

Preliminary forward development plan, ‘11 – ’15Construction of 250km pipelineDrill up to 300 wells (1)Peak gross production of 60,000 bopd cold flow by ’15 (vertical) or 100,000 bopd (horizontal and steam)G f $1 2 billi

FH‐10

(1) Assumes vertical well development

Gross capex of $1.2 billion

CapellaCapellaCyclic Steam StimulationCapellaCapellaCyclic Steam Stimulation

Injection phase(Days to weeks)

Shut‐in phase(Days to weeks)

SOAKHUFF Production phase(Weeks to months)

PUFF

Dissipating heat oil thins

Viscous (thick) oil

Viscous (thick) oil

Viscous (thick) oil

Depleted reservoir

Heat zone

Heat zone

Condensed Steam (hot water)

Injected Steam

Condensed steam (hot water)Heated Zone

Condensed steam and thinned oil

Area heated by convection from 

hot water

Conservative estimate: Increase recovery

Capella Cyclic Steam Program

Conservative estimate: Increase recovery rates from 10% to 20%

C‐5 well: First pilot cyclic steam injection resulted in a 330% in gross production

Heavy OilHeavy OilEnhanced Oil Recovery AlternativesHeavy OilHeavy OilEnhanced Oil Recovery AlternativesHeavy OilHeavy OilScreening for Enhanced Oil Recovery Methods

Heavy OilHeavy OilScreening for Enhanced Oil Recovery MethodsRecovery MethodsRecovery Methods

Cyclic Steam Stimulation

Steam Assisted Gravity  Toe‐to‐Heal Air 

Vapor Extraction  STAR Heavy‐to‐Light Stimulation 

(CSS) Drainage (SAGD)

Injection(THAI) Process (VAPEX)

STAR Oil (HTL)

Cyclic Steam Stimulation 

(CSS)

We continue to evaluate alternatives…

We continue to evaluate alternatives…

OmbuOmbu AreaAreaStratigraphyOmbuOmbu AreaAreaStratigraphy

CapellaCapellaMirador Reservoir IntervalCapellaCapellaMirador Reservoir Interval

F-7 F-10 B-2 E-8

Colombia Colombia —— Appraisal & DevelopmentAppraisal & DevelopmentCapella Field AnaloguesColombia Colombia —— Appraisal & DevelopmentAppraisal & DevelopmentCapella Field Analogues ColombiaColombia

VenezuelaVenezuelaFaja del OrinocoFaja del Orinoco

BrazilBrazil

CapellaCapella

RubialesRubiales

Field CAPELLA RUBIALES FAJA DEL ORINOCO

Formation Mirador Basales Oficina

Development Cold flow Cold flow Cold flowHorizontal wells Vertical  & horizontal wells Horizontal wellsActive water drive Active water drive

Avg. EUR per well 0.7mmbls 1.0mmbls 1.5mmbls≤ 2.5mmbls

IP 550 bopd 1‐3,000 bopd 1‐2,000 bopdIP 550 bopd 1 3,000 bopd 1 2,000 bopd

Net pay ≤ 120 ft. 26‐50 ft.  328‐492 ft.

Well length 1,500 (horizontal) 1,200 ft. (horizontal)  3‐5,000 ft.

Spacing 80 acres 50‐80 acres 50‐80 acres

Depth 3,200 FT. TVD 2,400‐2,900 FT. TVD 1,476‐2,133 FT. TVD

Porosity 28% 26% 31%Porosity 28%  26% 31%

Permeability 1‐10,000mD 3‐5,000mD 5‐15,000mD

Oil Gravity 11°API 13°API 8‐10°API

New PipelineNew PipelineServicing Capella & Adjacent AcreageNew PipelineNew PipelineServicing Capella & Adjacent Acreage

Hupecol

Hupecol

Hupecol

Si

Capella Field

Tamarin E&P

Sino

Pacarana TEA

EcopetrolCedrela E&Ppipeline?pipeline?

TransAndinoPipeline

250km pipeline complete by year end 2013

250km pipeline complete by year end 2013

Contract Summaries

Heavy OilContract Summaries

Heavy Oil

Contract type/ Pacarana TEA (Jul09)   Award date Tamarin E&P (Aug09)Award date Tamarin E&P (Aug09)

Cedrela E&P (May10)

Working interest 100%TamarinTamarin

Royalty 8 – 23%

Operator Canacol

PacaranaPacaranaCedrelaCedrela

Net acres 1.6mm

Colombia Heavy Oil Colombia Heavy Oil Extending the TrendColombia Heavy Oil Colombia Heavy Oil Extending the Trend

Tamarin E&P — 100%

1 billion barrels (OOIP)  / 100 million barrels (EUR) (1)

Another Capella heavy oil prospectFault trend present at Capella extends to 

VenezuelaVenezuela

OOIP, in billion barrelsRubiales 4.2OOIP, in billion barrelsRubiales 4.2

RubialesRubiales

Tamarin

Pacarana TEA — 100% QuifaQuifa

Rubiales 4.2Quifa 1.4Capella 2.2

Rubiales 4.2Quifa 1.4Capella 2.2

RubialesRubiales

CPE‐6CPE‐6

CapellaCapella

Llanos BasinLlanos Basin4 billion barrels (OOIP)  / 400 million barrels (EUR) (1)

Identified 2 large structures similar to C ll

PacaranaPacaranaCedrelaCedrela

TamarinTamarin

Caguan‐Caguan‐

Capella

Cedrela E&P — 100%PutumayoBasinPutumayoBasin

4 billion barrels (OOIP)  / 400 million barrels (EUR) (1)

Identified 2 large structures similar to UnriskedUnrisked RiskedRiskedIdentified 2 large structures similar to Capella

(1) Management estimate

UnriskedNPV-10$6.5b

UnriskedNPV-10$6.5b

RiskedNPV-10

$600mm

RiskedNPV-10

$600mm

ColombiaColombiaValidating Canacol’s Heavy Oil Acreage?ColombiaColombiaValidating Canacol’s Heavy Oil Acreage?

Capella Field

June 2010

Pacific Rubiales secured the largest acreage position in the Capella Field

Colombia’s largest discovery in 25 years

Putumayo Basin during the June 2010 Bid Round“Pacific Rubiales visualizes the continuation of the heavy oil belt to the southeast of the Rubiales and Quifa fields” 

Work commitment comparison: Canacol vs. Pacific Rubiales

Tamarin E&P

Amount $/AcreCAG 5, CAG 6, PUT 9 $118mm $80

Cedrela, Pacarana, Tamarin $13mm $8

Pacarana TEACedrela E&P

Canacol shares Pacific Rubiales vision and was a first mover Last year, Canacol secured approximately 1.6mm acres adjacent to Rubiales new blocks

CAG 6

CAG 5

3Q 20115 well continuous

3Q 20115 well continuous5 well continuous drilling program

5 well continuous drilling program

PUT 9 Pacific Rubiales

Pacific Rubiales

Heavy OilHeavy OilCaguan BasinHeavy OilHeavy OilCaguan Basin

Capella Field

Capella Field

Cedrela

Tamarin

PacaranaSurface lineaments

2D seismic scheduleTamarin Nov10 ~30kmCedrela Dec10 ~250kmPacarana Jan/Feb11 ~300km

Mirador levelfaults

Structural highs identified on Aerogeophysics

CAG 5

CapellaCapella vs. vs. TamarinTamarinSeismic ComparisonCapellaCapella vs. vs. TamarinTamarinSeismic Comparison

Capella Field

Tamarin E&P

Capella Field Tamarin E&P

MiradorMiradorMi dMi d

Fractured ConglomerateFractured 

Conglomerate

MiradorMirador

ConglomerateConglomerate

Upper Magdalena valleyUpper Magdalena valleyUpper Magdalena valleyUpper Magdalena valleyUpper Magdalena valleyUpper Magdalena valleyUpper Magdalena valleyUpper Magdalena valley

2010 Bid Round2010 Bid RoundCOR-11 & COR-392010 Bid Round2010 Bid RoundCOR-11 & COR-39

Upper magdalena valley

Strategy

COR-39

New exploration core area

Multiple play types COR 39Multiple play types

Available data – identifiable leads

Range of resource potential –5 to 50 mmbo EUR

COR-11Light to medium gravity crude oil potential

Established infrastructure

Bid at 100% and operatep

Farmout

COR-39COR-39 Area 38,487 hectares2011 90 km 2D seismic acquisition, $3.6mm2012 2 x A3 wells, $6mm/well

Caciqueb

, $ /UnriskedEUR 24 mmbo

Giradot

1.5 mmbo EUR

5.5 mmbo EUR

S.E. Conchitas6 b EURGladiator W

7 mmbo EUR6 mmbo EUR

Gladiator Deep

Abanico Field20 mmbo EUR

Gladiator Deep4 mmbo EUR

Guando FieldGuando Field120 mmbo EUR

COR-39COR-39

Girardot

Prospect

Abanico Field20 mmbo EUR

BLOCK LEAD NAME PLAY TYPE RESERVOIR Unrisked EUR (MMbbl) COS Estimated TD (ft MD)COR 39 Padrino West Subcrop Monserrate 5 48 0 41 3500COR 39 Padrino West Subcrop Monserrate 5.48 0.41 3500COR 39 Gladiador Deep Subcrop Caballos 3.84 0.24 6800COR 39 Gladiador West Subcrop Caballos 7.20 0.21 6200COR 39 Conchitas SE Subthrust Monseratte 5.93 0.23 3800COR 39 Cacique West Subcrop Monserrate 1.42 0.23 3500

COR-11COR-11 Area 71,595 hectares2011 155 km 2D seismic acquisition, $6.2mm2012 1 x A3 wells, $6mm/wellUnriskedEUR 84 mmbo

Archangel53 mmbo EUR

Archangel W31 mmbo EUR

NW SECOR-11COR-11

archangel

Prospect

BLOCK LEAD NAME PLAY TYPE RESERVOIR UnRisked Mean EUR (MMbbl) Estimated TD (ft MD)COR 11 Archangel Subthrust Guadalupe 52.77 6700COR 11 Archangel West Subthrust Guadalupe 31.69 6900

Contract Summary

TakutuContract Summary

Takutu Contract type Takutu PPLLight oil

Working interest 65%25% (Sagres Energy)10% (Groundstar)

Operator Groundstar Resources

Gross acres 1.85mm

C i 2 ll b M 2011Commitments  2 wells by May 2011

Key terms 50% state takeFull cost recovery from 75% of first productionTakutu 75% of first production

No royalties or taxes

Takutu

Guyana

TakutuGuyana

Takutu

Rewa High

Karanambo‐1K‐2Georgetown

Pirara River

?300km pipeline

Takutu

Karanambo-1 has de-risked K-2 (mmbls) High

281217

Mean

128133

Unrisked Recoverable

K‐2Pirara River

NetHigh

183141

Mean

8386Karanambo‐1 K‐2 estimate

Days to drill 45 50FTD (feet measured depth) 9,268 9,840Discovery date ’82 Mid Dec ‘10API (degree) 42 42

d (b d)K‐2 Coming Up (October ‘10 spud date)…

217450

948

133171

432

Pirara RiverRewa High

Gaffney, Cline & Associates Resource Report as of 12/31/09

141293

617

86111

280

Tested rate (bopd) 411 600‐1,200Theoretical productivity (bopd) >1,200Drill/test cost (US$) $32mm $9.5mmWTI annual avg. oil price (/bbl) $31.83 $75.00  

If successful, K‐2 will be put on a long term production test to establish the deliverability and performance of the reservoir

K‐2 threshold = 25mmbls gross unrisked recoverable to determine pipeline feasibility (vs. 128mmbls mean target)

KK--22Path To Proving Up 128mmblsKK--22Path To Proving Up 128mmbls

Rig MobilizationUS i M

S i

US via Manaus

Services

Trucked to Boa Vista

Trinidad via Georgetown

Manaus

CampColombia via Manaus

GuyanaGuyanaK-2 Top Apoteri StructureGuyanaGuyanaK-2 Top Apoteri Structure Karanambo‐1K‐2

Rewa High

Pirara River

Top Fractured Basalt Reservoir

Proposed K-2 BHL

K-2 Pad K-1

p

UnriskedNPV-10

$781mm

UnriskedNPV-10

$781mm

RiskedNPV-10

$500mm

RiskedNPV-10

$500mm

K-2

128mmbls128mmbls

StructuralStructural

spill point

2 km

Guyana

K-2 Well SchematicGuyana

K-2 Well Schematic1 inch = 800

 meters

13.375in conductor

Scale 1

9.625in casing surface

Easting (m)

h (m

)

1.97◦/30m No

Target 1 Rev BO

Target 2 Rev BO

BHL Rev bo

e Ve

rtical Dep

torthing (m

)

g v O

True

7in casing intermediate

K‐2 wellhead

7in casing intermediate

0.00◦/30m5in liner

Target 1 Rev BO

target 2 Rev BO

BHL Rev bo 9,840 FT MD9,840 FT MD

Vertical Section (m)

GuyanaGuyanaPirara RiverGuyanaGuyanaPirara River Karanambo‐1K‐2

Rewa High

Pirara RiverLine 79-11

Pirara RiverWell Trajectory

A i V l iApoteri Volcanics

NESW

UnriskedNPV-10

$540mm

UnriskedNPV-10

$540mm

RiskedNPV-10

$155mm

RiskedNPV-10

$155mm

Surface location givesflexibility of

$540mm$540mm $155mm$155mm

133mmblsflexibility of 

bottomhole target

GuyanaGuyanaRewa B & CGuyanaGuyanaRewa B & C Karanambo‐1K‐2

Rewa High

Pirara River

Rewa B

Rewa C

Rewa B Drill May 2011

UnriskedNPV-10

$798mm

UnriskedNPV-10

$798mm

RiskedNPV-10

$100mm

RiskedNPV-10

$100mm

90-17

171mmbls

90-07

90-17

SUMMARYSUMMARY

140%

+134%

Performance

Canacol vs. Colombia E&P IndexPerformance

Canacol vs. Colombia E&P Index

120%+134%

80%

100%

60%

80%

40%

20%+25%

0%

‐20%

Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10

As of 10/15/2010 closeRepresents equal weighted Colombia E&P Index: ALE, EC, GTE, HUSA, PDP, PDQ, PMG, PRE, PTA, PTV, PXT, SRN

2010

Forward Calendar2010

Forward Calendar

Q3 Q4

Rancho Hermoso – Production & Reserves Growth_ Drill RH‐8 through RH‐10 (3) wells to achieve ‘10 exit rate production of 7,000 BOPD

ia

Capella – Production & Reserves Growth_ Drill 3 wells to prep for full field development plan to commence in 2011_Cyclic steam injection pilotCo

lom

bi

Steam Pilot

Heavy Oil – Preparation_All seismic complete by Q1:11_In 2011, drill 5 wells to begin proving up 900mmbls

Guya

na

K‐2 – Upside_ Drill in October, results in mid December_Begin proving up 128mmbls 

G

10/29FY end 6/30/10 results

Reserve Reports

Canacol (BVC: CNEC)

Bolsa de Valores de Colombia Canacol (BVC: CNEC)

Bolsa de Valores de Colombia

Expansion of investor baseAccess to Colombia oil & gas sector

Colombia’s people participate in Canacol’s growth

Confidence in ColombiaThe government has done an excellent job ensuring thestability of regulation in the country

With greater security, Colombia has become moreattractive for foreign investment

Next catalyst: Phase I of Colombia, Chile, and Peru stockmarket integration begins in November

Massification of capital markets$ in mm Daily Avg. (1)Colombia only $19.23 countries integrated $57.5 → up to est. $300mm

Citi is managing our upcoming non‐deal roadshowsin Chile & Peru

(1) – BVC market integration presentationavailable at its website

Canacol EnergyCanacol Energy

In mmSh di 441

Capital Structure CorporateHeadquarters Calgary, Canada

Shares outstanding 441Warrants 8Options 31

480

Fiscal year end 6/30

Employees ~80

CDN in mmMarket capitalization   $670Cash                                             (65)Debt (1)  40Enterprise value $645

Auditors Deloitte‐Canada

Analyst coverageSouth America Rest of WorldAlianza Valores CanaccordGenuityEnterprise value    $645 Alianza Valores CanaccordGenuityAsesores en Valores Cormark Securities Bolsa Y Renta FirstEnergy CapCelfinCapital Jennings CapitalCorreval Mackie Research I t b l Stif l Ni l

Share capital as of 10/15/10(1) Convertible debenture

O Interbolsa Stifel NicolausSerfinco TD SecuritiesValores Bancolombia

Ownership (2)

Other I tit ti

Management &Board 10%

Institutions45%Retail

25%

C l biColombia Pension Funds    20%

(2) Fully diluted 

Canacol’s Current Portfolio

Production & Cash FlowCanacol’s Current Portfolio

Production & Cash Flow

SummarySummaryBalanced approach Development & Appraisal

Exploration30 000

35,000 

40,000  ~35,000 Net Risked BOPD In 2015~35,000 Net Risked BOPD In 2015

Exploration

‘10 exit rate production 7,000 BOPD

Execution focusedGuyana

Colombia 

Guyana

Colombia 20,000 

25,000 

30,000 

Fully funded

5,000 

10,000 

15,000 

Avg. Net BOPD

‐

2010 2011 2012 2013 2014 2015

$375

$475 

$575  >$475mm in Cumulative Net Risked Cash Flow In 2015

>$475mm in Cumulative Net Risked Cash Flow In 2015

Colombia 

Guyana

Combined (Colombia + Guyana)

Colombia 

Guyana

Combined (Colombia + Guyana)$175 

$275 

$375 

$(25)

$75 

USD in mm

$(125)

2010 2011 2012 2013 2014 2015