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Canacol Energy Ltd. Provides 2021 Capital and Gas Sales Guidance Canacol Energy Ltd. Provides 2021 Capital and Gas Sales Guidance CALGARY, Alberta, Dec. 17, 2020 Canacol Energy Ltd. (“Canacol” or the “Corporation”) (TSX:CNE; OTCQX:CNNEF; BVC:CNEC) is pleased to provide its capital and gas sales guidance for 2021. The Corporation announces that its 2021 capital budget is US$ 140 million which will be fully funded from existing cash and 2021 cash flows. Forecast realized contractual gas sales for 2021, which include downtime, are anticipated to be in the range of 153 to 190 million standard cubic feet per day (“MMscfpd”). The Corporation’s firm take-or-pay contracts average 153 MMscfpd net of 2021 contractual downtime, and as such would represent the low end of the Corporation’s guidance should interruptible gas demand be severely impacted as a result of a prolonged COVID-19 pandemic. The average wellhead sales price, net of transportation costs where applicable,

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