Canacol Energy Ltd. Announces Block Purchase Under Normal Course Issuer Bid

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Canacol Energy Ltd. ("Canacol" or the "Corporation") (TSX:CNE) (OTCQX:CNNEF) (BVC:CNEC) announced today that it purchased 5,307,700 Common Shares for CAD$3.15 per share under its normal course issuer bid (the "NCIB"), relying on the block purchase exemption under the NCIB rules.

The purchase was made from an arm's length third party via the TSX Exchange. Canacol's management is of the view that Canacol's shares are trading at a significant discount to their net asset value. Canacol is committed to purchasing its shares under its NCIB whenever they trade at a relevant discount to their net asset value, provided that Canacol has sufficient liquidity.

The NCIB, which came into effect on December 24, 2021 and expires no later than December 23, 2022, permits Canacol to purchase and cancel up to ?10,513,661 ?shares. Canacol has purchased and cancelled under the NCIB approximately 5,307,700 million shares for a total cost of approximately CAD$16,719,255 million. There are remaining 5,205,961 million shares that can be purchased under the NCIB.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. The securities offered are not, and will not be, registered under the securities laws of the United States of America, nor any state thereof and may not be sold in the United States of America absent registration in the United States or the availability of an exemption from such registration.

About Canacol

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 of America, and the Colombia Stock Exchange under ticker symbol CNE, CNNEF, and CNE.C, respectively.

Forward-Looking Statements

This news release contains certain forward-looking information and statements within the meaning of applicable ?securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", ??"project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking ?information or statements. In particular, but without limiting the forgoing, this news release contains forward-?looking information and statements pertaining future purchases of Canacol shares under the NCIB. Forward-?looking statements or information are based on a number of material factors, expectations or assumptions which ?have been used to develop such statements and information but which may prove to be incorrect. Although ?Canacol believes the expectations reflected in such forward-looking statements or information are reasonable, ?undue reliance should not be placed on forward-looking statements because Canacol can give no assurance that ?such expectations will prove to be correct. The forward-looking information and statements included in this ?news release are not guarantees of future performance and should not be unduly relied upon. Such information ?and statement, including the assumptions made in respect thereof, involve known and unknown risks, ?uncertainties and other factors, which may cause actual results or events to defer materially from those ?anticipated in such forward-looking information or statements.?

The forward-looking information and statements contained in this news release speak only as of the date of this ?news release, and Canacol does not assume any obligation to publicly update or revise any of the included ?forward-looking statements or information, whether as a result of new information, future events or otherwise, ?except as may be expressly required by applicable securities laws.?