1. INTRODUCTION

2. ~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
$
Startup: Trailing 14 Months: Today:
CDN $3mm $1.60 Raised >CDN $140mm CDN $670mm
$1.40 market capitalization
$1.20
$1.00
$0.80
$0.60
$0.40
$0 40
Based on transaction closing date:
$0.20 Convertible debenture
Equity
$‐

3. The Power of 3
Countries - Part Resource Capture Strategy
Colombia Development
Guyana Appraisal & Development
Brazil Exploration Upside
Million Net Acres of
High Impact Exploration
Exposure to >12 billion barrels of net
unrisked conventional oil in place

4. Introduction
Proven Portfolio Builders
3,500
3.1mm
3,000
3 000
2,500
2,000
1,500 Brazil
B il
1.6mm acres 19 Blocks
Guyana
Colombia of heavy oil (7 producing / 12 exploration)
1,000
500
3.1mm net acres
‐
Net acres
in 000s '07 '08 '09 '10
Brazil 4
Guyana
957 >1.9
>1 9 billion barrels
Risked NAV
CDN $2.4b
Colombia
1,020
$5.50/share
Net 2P + prospective unrisked resources
bbls in mm Pre‐tax NAV

5. 2010
Production & Total Wells
7,000e
7,000
6,000
6 000
5,000 2009a vs. 2010e
4,000
4 000 4,200
4 200
+164% organic growth
in net production
3,000
2,650
2 000
2,000
Net BOPD
'09A Exit Current '10 Exit
‘10
10
14 Wells
Appraisal &
Development
12
7
7 7 wells left
Wells Left Rancho Hermoso 3
Appraisal &
Development Capella 3
6
Exploration
Guyana 1
Exploration
2
1

6. 2010
US$51mm in Capex
By Country
Fully funded
Guyana Colombia
$9mm / 18% $42mm / 82%
Excludes any future discoveries
By Strategy
Development & Appraisal
Exploration Upside
$32mm / 63%
$19mm / 37%

7. Canacol Energy
Pursuit to Enhance
Shareholder 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
7,000 bopd, net
Guyana exploration upside
Guyana exploration upside p
Prove up 616mmbls
(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 portfolio
Future of LA

8. canacol’s revaluation
canacol s
higher in 50 days
Guyana Ri k d
Risked
K-2 NPV-10
$504mm
128mmbls
US $; risked after‐tax NPV‐10 to Canacol’s working interest

9. Colombia is Hot
“And they are not making
y g
any more of it [land]”
2003 Today
4% Licensed
% ce sed 60% Licensed
%
Vintage map
% of total basin area
Licensed
Source: ANH
60% Licensed includes
officially licensed land and
management’s discretion

10. PORTFOLIO

11. Llanos - Light/Medium Oil Working Interest
1 Rancho Hermoso Production 100%
2 Entrerrios Production 60%
Caguan-
Caguan-Putumayo - Heavy Oil
Rancho Hermoso 3 Ombu (Capella) Production / Appraisal 10%
>90% of ’10 exit
rate production 4 Pacarana Exploration 100%
5 Tamarin Exploration 100%
Upper
Magdalena Llanos 6 Cedrela Exploration 100%
Caguan-
g
Putumayo Upper Magdalena - Light/Medium Oil
7 COR‐11 Exploration 100%
Capella
2.2 billion bbls 8 COR‐39 Exploration 100%

12. Colombia
Rancho Hermoso (“RH”)
Highlights
RH‐3
RH 3
Game Changer – significant boost to near term cash flow
RH‐3ST
RH‐5
In Dec09, RH‐5 well tested >8,000 BOPD from 2 new oil bearing
reservoirs (Los Cuervos and Guadalupe)
RH‐6 Top Mirador
In Jul10, RH‐6 well encountered a total of 115 feet of net oil pay in 5 Depth (ft SS)
different reservoirs RH‐1
Tested at >12 800 BOPD from three reser oirs
>12,800 reservoirs RH‐4
RH‐7
Testing the well today
RH‐7
RH‐2P
RH‐6
RH‐5
3 wells left for 2010 RH‐10
RH
(RH-8, 9, 10) ‘09 wells
RH‐9
‘10 wells
2nd rig to arrive in November RH‐8

13. Rancho Hermoso
By Zone
Mirador Barco-Guadalupe Ubaque
RH-4 RH-11
Future re‐completion
RH-3ST
RH-3ST August 2010 RH-4
target
35 feet of net pay
RH‐6 Ubaque
Tested at 6,205 gross bopd
35◦ API
+ RH-7
RH-1
RHRH 1
1
RH-1
December 2010 RH-12
24 feet of net pay RH-6
Tested at 4,434 gross bopd RH-6
36◦ API
RH-2
RHRH-2
2
Future re‐completion RH-5 Future re‐completion
targets targets
Mirador/Carbonera RH‐6, 7 Barco RH-13
RH‐5 Guadalupe
RH-10
RH-10
RH-9
Existing well Existing well
Existing well
Future well
Future well RH-14
RH 14 Future well
Future well
Future well RH-8
RH 8
341 682 1,023
Meters

14. Rancho Hermoso
Summary & Untested Upside
Initial production zone Initial production zone
RH‐7
RH 7 Barco
B RH‐11
RH 11 Ubaque
RH‐8 Guadalupe RH‐12 Ubaque
RH‐9 Ubaque RH‐13 Ubaque
RH‐10 Mirador RH‐14 Ubaque
Proven producing
oil zones
C7
C‐7
and beyond… Mirador Mirador
Los Cuervos
Commingling of Barco & Barco LC‐Barco
Guadalupe Guadalupe
Guadalupe
Gacheta
When gross oil ≤ 1,000 bopd,
g , p , Ubaque
plan to re‐complete them as Ubaque
Ubaque wells with IPR of 3,000 Untested upside
bopd

15. Rancho Hermoso
Facilities Upgrades
Road to
RH‐5
Pools for production
water treatment
All upgrades
complete by
March 2011
Pools for production
p
water treatment
New
process
vessels
Manifold
2 2
5,000 barrel 5,000 barrel
storage tanks storage tanks New
process
vessels
New
truck Enter
Existing parking
storage tanks

16. 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)
Caguan‐
Putumayo
Tremendous undrilled opportunities await…
Tremendous undrilled opportunities await
Basin

17. Contract Summary
Ombu (Capella Field)
Contract type E&P
Heavy oil (25% discount)
Heavy oil (25% discount)
Royalty 8 – 23%
2.2 billion
barrels Working interest
Working interest 10%
Reservoir Engineer DeGolyer & MacNaughton
Operator
p Sinochem Group
p
Caguan‐
Putumayo
Basin Gross acres 74,105

18. Colombia
Capella
Capella
Net After Royalty Reserves and NPV-10 Summary and Comparison
2009 2010 % Change
Proven + Possible Total Proven + Possible Total Proven + Possible Total
Probable Probable Probable
Reserves ( bl ) 2 1
R (mmbls) 2.1 1.4
14 3.5
35 4.2
42 5.7
57 9.9
99 100 297 179
NPV‐10 ($mm) $20 $5 $25 $65 $118 $183 227 2,402 644
Netherland Sewell Reserve Report as of 6/30/09
DeGolyer & MacNaughton Reserve Report as of 6/30/10
Assumes only primary or “cold”
production and excludes additional
reserve recovery related to secondary
2010 Contingent
g
Low Best High
Reserves (mmbls) 4.6 7.2 10.7
NPV‐10 ($mm) $26 $58 $89
DeGolyer & MacNaughton Report as of 6/30/10

19. Colombia
Capella
Highlights
g g
Drilled 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 Romero‐1
from 6 of 9 wells under long term test
f 6 f 9 ll d l t t t
G9
G‐9
Catalysts
Steam Injector A‐1
3 wells left in 2010 (2 horizontals / 1 vertical)
Currently completing G‐9
Steam Injector C‐5
Double gross es mated ul mate recovery: 222 → 444mmbls Capella
L‐11
Preliminary forward development plan, ‘11 – ’15 FH‐10
Construction of 250km pipeline
Drill up to 300 wells (1) (1) Assumes vertical well development
Peak gross production of 60,000 bopd cold flow by ’15
(vertical) or 100,000 bopd (horizontal and steam)
Gross capex of $1.2 billion
G f $1 2 billi

20. Capella
Cyclic Steam Stimulation
HUFF Injection phase SOAK Shut‐in phase PUFF Production phase
(Days to weeks) (Days to weeks) (Weeks to months)
Dissipating heat
oil thins
Viscous Viscous Viscous Depleted
(thick) oil (thick) oil (thick) oil reservoir
Heat Heat
zone zone
Condensed Steam Condensed steam
(hot water) (hot water)
Condensed steam
Injected Steam Heated Zone
and thinned oil
Area heated by
convection from
hot water
Capella Cyclic Steam Program
Conservative estimate: Increase recovery
Conservative estimate: Increase recovery
rates from 10% to 20%
C‐5 well: First pilot cyclic steam injection
resulted in a 330% in gross production

21. Heavy Oil
Heavy Oil
Screening Oil Recovery Alternatives
Enhanced for Enhanced Oil
Recovery Methods
Steam Assisted Vapor
Cyclic Steam
Gravity Toe‐to‐Heal Air Extraction Heavy‐to‐Light
Stimulation
Stimulation STAR
Drainage Injection(THAI) Process Oil (HTL)
(CSS)
(SAGD) (VAPEX)
Cyclic Steam
Stimulation
(CSS)
We continue to
evaluate alternatives…

22. Ombu Area
Stratigraphy

23. Capella
Mirador Reservoir Interval
F-7 F-10 B-2 E-8

24. Colombia — Appraisal & Development Venezuela
Faja del
Capella Field Analogues Colombia Orinoco
Rubiales
Capella
Brazil
Field CAPELLA RUBIALES FAJA DEL ORINOCO
Formation Mirador Basales Oficina
Development Cold flow Cold flow Cold flow
Horizontal wells Vertical & horizontal wells Horizontal wells
Active water drive Active water drive
Avg. EUR per well 0.7mmbls 1.0mmbls 1.5mmbls
≤ 2.5mmbls
IP 550 bopd
550 bopd 1 3,000 bopd
1‐3,000 bopd 1 2,000 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%
28% 26% 31%
Permeability 1‐10,000mD 3‐5,000mD 5‐15,000mD
Oil Gravity 11°API 13°API 8‐10°API

25. New Pipeline
Servicing Capella & Adjacent Acreage
Hupecol
Hupecol
Capella Field
Hupecol
Sino
Si
Tamarin E&P
Pacarana TEA
Cedrela E&P
pipeline? Ecopetrol
TransAndino
Pipeline
250km pipeline
complete by
year end 2013

26. Contract Summaries
Heavy Oil
Contract type/ Pacarana TEA (Jul09)
Award date
Award date E&P (Aug09)
Tamarin E&P (Aug09)
Cedrela E&P (May10)
Tamarin
Working interest 100%
Pacarana Royalty 8 – 23%
Cedrela
Operator Canacol
Net acres 1.6mm

27. Colombia Heavy Oil
Extending the Trend
Tamarin E&P — 100%
1 billion barrels (OOIP) / 100 million barrels
(EUR) (1) Venezuela
Another Capella heavy oil prospect OOIP, in billion barrels
Fault trend present at Capella extends to
Rubiales 4.2
Tamarin
Quifa 1.4
Capella 2.2
Pacarana TEA — 100% Quifa
Rubiales
4 billion barrels (OOIP) / 400 million barrels
(EUR) (1) CPE‐6 Llanos Basin
Identified 2 large structures similar to Capella
Capella
C ll Tamarin
Cedrela Pacarana
Cedrela E&P — 100% Caguan‐
Putumayo
Basin
4 billion barrels (OOIP) / 400 million barrels
(EUR) (1)
Identified 2 large structures similar to
Identified 2 large structures similar to Unrisked Risked
Capella NPV-10 NPV-10
$6.5b $600mm
(1) Management estimate

28. Colombia
Validating Canacol’s Heavy Oil Acreage?
June 2010
Pacific Rubiales secured the largest acreage position in the
Capella Field
Putumayo Basin during the June 2010 Bid Round
Colombia’s largest
“Pacific Rubiales visualizes the continuation of the heavy oil belt to discovery in 25 years
the southeast of the Rubiales and Quifa fields”
Work commitment comparison: Canacol vs. Pacific Rubiales
Amount $/Acre
CAG 5, CAG 6, PUT 9 $118mm $80
Cedrela, Pacarana, Tamarin $13mm $8 Tamarin E&P
Canacol shares Pacific Rubiales vision and was a first mover Pacarana TEA
Last year, Canacol secured approximately 1.6mm acres adjacent to Cedrela E&P
Rubiales new blocks
CAG 5
3Q 2011
CAG 6
5 well continuous
drilling program
PUT 9 Pacific Pacific
Rubiales Rubiales

29. Heavy Oil
Capella Field
Caguan Basin
Capella Field Tamarin
Surface Pacarana
lineaments Cedrela
2D seismic schedule
Tamarin Nov10 ~30km
Cedrela Dec10 ~250km
Pacarana Jan/Feb11 ~300km
Mirador level
faults
Structural highs identified
on Aerogeophysics
CAG 5

30. Capella vs. Tamarin
Capella Field
Seismic Comparison
Tamarin E&P
Capella Field Tamarin E&P
Mirador
Mirador
Mi d
Fractured
Conglomerate

31. Upper Magdalena valley

32. 2010 Bid Round
COR-11 & COR-39
Upper magdalena valley
Strategy
New exploration core area
Multiple play types
Multiple play types COR 39
COR-39
Available data – identifiable leads
Range of resource potential –
5 to 50 mmbo EUR
Light to medium gravity crude oil
COR-11
potential
Established infrastructure
Bid at 100% and operate
p
Farmout

33. COR-39 Area 38,487 hectares
2011 90 km 2D seismic acquisition, $3.6mm
2012 2 x A3 wells, $6mm/well
,$ /
Unrisked
EUR 24 mmbo
Cacique
1.5 mmbo EUR
b
Giradot
5.5 mmbo EUR
S.E. Conchitas
Gladiator W 6 mmbo EUR
6 b
7 mmbo EUR
Abanico Field
20 mmbo EUR
Gladiator Deep
Gladiator Deep
4 mmbo EUR
Guando Field
120 mmbo EUR

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

35. COR-11 Area 71,595 hectares
2011 155 km 2D seismic acquisition, $6.2mm
2012 1 x A3 wells, $6mm/well
Unrisked
EUR 84 mmbo
Archangel
53 mmbo EUR
Archangel W
31 mmbo EUR

36. COR-11 NW SE
archangel
Prospect
BLOCK LEAD NAME PLAY TYPE RESERVOIR UnRisked Mean EUR (MMbbl) Estimated TD (ft MD)
COR 11 Archangel Subthrust Guadalupe 52.77 6700
COR 11 Archangel West Subthrust Guadalupe 31.69 6900

37. Contract Summary
Contract type Takutu PPL
Takutu Light oil
Working interest 65%
25% (Sagres Energy)
10% (Groundstar)
Operator Groundstar Resources
Gross acres 1.85mm
Commitments
C i 2 wells by May 2011
2 ll b M 2011
Key terms 50% state take
Full cost recovery from
Takutu 75% of first production
75% of first production
No royalties or taxes

38. Guyana
Takutu
Rewa High
K‐2 Karanambo‐1
Georgetown
300km
pipeline
?
Pirara River
Takutu
Unrisked Recoverable Net
Karanambo-1 has de-risked K-2 (mmbls) High Mean High Mean
K‐2 281 128 183 83
Karanambo‐1 K‐2 estimate Pirara River
Pirara River 217 133 141 86
Rewa High 450 171 293 111
Days to drill 45 50
FTD (feet measured depth) 9,268 9,840 948 432 617 280
Discovery date ’82 Mid Dec ‘10 Gaffney, Cline & Associates Resource Report as of 12/31/09
API (degree) 42 42 K‐2 Coming Up (October ‘10 spud date)…
Tested rate (bopd)
d (b d) 411 600‐1,200 If successful, K‐2 will be put on a long term production test to
Theoretical productivity (bopd) >1,200 establish the deliverability and performance of the reservoir
Drill/test cost (US$) $32mm $9.5mm
WTI annual avg. oil price (/bbl) $31.83 $75.00 K‐2 threshold = 25mmbls gross unrisked recoverable to
determine pipeline feasibility (vs. 128mmbls mean target)

39. K-2
Path To Proving Up 128mmbls
Rig Mobilization
US via Manaus
US i M
Services
S i
Trinidad via
Trucked to
Boa Vista Georgetown
Manaus
Camp
Colombia via Manaus

40. Rewa High
Guyana
K-2 Top Apoteri Structure K‐2 Karanambo‐1
Pirara River
Top Fractured Basalt Reservoir
Proposed K-2 BHL
p
Unrisked Risked
K-2 Pad NPV-10 NPV-10
K-1
$781mm $500mm
128mmbls
K-2
Structural
spill point
2 km

41. Guyana
K-2 Well Schematic
1 inch = 800 meters
13.375in conductor
Scale 1
9.625in casing surface
Easting (m)
BHL Rev bo
e Vertical Depth (m)
Target 2 Rev BO
1.97◦/30m
No
Target 1 Rev BO
g v O
orthing (m)
True
K‐2 wellhead
7in casing intermediate
7in casing intermediate
Target 1 Rev BO
target 2 Rev BO
0.00◦/30m
BHL Rev bo 5in liner
9,840 FT MD
Vertical Section (m)

42. Rewa High
Guyana
Pirara River K‐2 Karanambo‐1
Pirara River
Well Trajectory Pirara River
Line 79-11
Apoteri V l i
A i Volcanics
SW NE
Unrisked Risked
NPV-10 NPV-10
$540mm $155mm
Surface location gives 133mmbls
of
flexibility of
bottomhole target

43. Rewa High
Guyana
Rewa B & C K‐2 Karanambo‐1
Pirara River
Rewa B
Rewa C
Rewa B Drill May 2011
Unrisked Risked
NPV-10 NPV-10
$798mm $100mm
171mmbls
90-17
90-07
90-17

44. SUMMARY

45. 140% Performance
Canacol vs. Colombia E&P Index
+134%
120%
100%
80%
60%
40%
+25%
20%
0%
As of 10/15/2010 close
Represents equal weighted Colombia E&P Index: ALE, EC,
GTE, HUSA, PDP, PDQ, PMG, PRE, PTA, PTV, PXT, SRN
‐20%
Jan‐10 Feb‐10 Mar‐10 Apr‐10 May‐10 Jun‐10 Jul‐10 Aug‐10 Sep‐10 Oct‐10

46. 2010
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
Colombi
Capella – Production & Reserves Growth
_ Drill 3 wells to prep for full field development plan to
commence in 2011
_Cyclic steam injection pilot Steam Pilot
Heavy Oil – Preparation
_All seismic complete by Q1:11
_In 2011, drill 5 wells to begin proving up 900mmbls
K‐2 – Upside
Guyana
_ Drill in October, results in mid December
_Begin proving up 128mmbls
G
10/29
FY end 6/30/10 results
Reserve Reports

47. Canacol (BVC: CNEC)
Bolsa de Valores de Colombia
Expansion of investor base
Access to Colombia oil & gas sector
Colombia’s people participate in Canacol’s growth
Confidence in Colombia
The government has done an excellent job ensuring the
stability of regulation in the country
With greater security, Colombia has become more
attractive for foreign investment
Next catalyst: Phase I of Colombia, Chile, and Peru stock
market integration begins in November
Massification of capital markets
$ in mm Daily Avg. (1)
Colombia only $19.2
3 countries integrated $57.5 → up to est. $300mm
Citi is managing our upcoming non‐deal roadshows
in Chile & Peru
(1) – BVC market integration presentation
available at its website

48. Canacol Energy
Capital Structure Corporate
In mm Headquarters Calgary, Canada
Sh di
Shares outstanding 441
Warrants 8 Fiscal year end 6/30
Options 31
480 Employees ~80
CDN in mm Auditors Deloitte‐Canada
Market capitalization $670
Cash (65) Analyst coverage
Debt (1) 40 South America Rest of World
Enterprise value
Enterprise value $645 Alianza Valores CanaccordGenuity
Share capital as of 10/15/10 Asesores en Valores Cormark Securities
(1) Convertible debenture
Bolsa Y Renta FirstEnergy Cap
CelfinCapital Jennings Capital
Correval Mackie Research
O
Ownership (2) I t b l
Interbolsa Stif l Ni l
Stifel Nicolaus
Management & Serfinco TD Securities
Board 10% Valores Bancolombia
Other
Institutions
I tit ti
Retail 45%
25%
Colombia
C l bi
Pension
Funds 20%
(2) Fully diluted

49. Canacol’s Current Portfolio
Production & Cash Flow
40,000
~35,000 Net Risked BOPD In 2015 Summary
35,000
Balanced approach Development & Appraisal
30,000
30 000 Exploration
25,000 ‘10 exit rate production 7,000 BOPD
Guyana
20,000 Colombia Execution focused
15,000
Fully funded
10,000
5,000
‐
Avg. Net
$575 >$475mm in Cumulative
BOPD 2010 2011 2012 2013 2014 2015 Net Risked Cash Flow In 2015
$475
$375
$375
$275 Colombia
Guyana
$175 Combined (Colombia + Guyana)
$75
$(25)
$(125)
USD 2010 2011 2012 2013 2014 2015
in mm