Canacol Energy has sought relief under Chapter 15 of the U.S. Bankruptcy Code

Canacol Energy Ltd. (TSX: CNE,OTC:CNNEF) (OTCQX: CNNEF) (BVC: CNE.C) (“Canacol” or the “Company”), announces that the Company and certain of its subsidiaries have filed an action for damages under Chapter 15 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of New York. The applications for relief seek recognition of the company’s Canadian proceedings commenced under the Companies’ Creditors Arrangement Act (CCAA) in the Court of King’s Bench of Alberta as a foreign main proceeding.

The relief under Chapter 15 of the U.S. Bankruptcy Code is intended to protect a company’s U.S.-based assets and facilitate cooperation between U.S. courts and foreign judicial proceedings. Along with the petitions, the foreign representative has requested an interim injunction and stay of proceedings to prevent creditor actions while he develops a plan of arrangement under the restructuring provisions of the CCAA.

At a hearing on November 20, 2025, the U.S. Bankruptcy Court granted the foreign representative’s requested injunctive relief without opposition and scheduled the hearing on the foreign representative’s application for recognition for December 11, 2025 at 11:00 a.m. ET.

KPMG Inc. acts as authorized foreign representative in the Chapter 15 cases. The foreign representative is represented by the American firm Pachulski Stang Ziehl & Jones LLP.

About Canacol

Canacol is a natural gas exploration and production company with operations focused on Colombia. The company’s shares are traded on the Toronto Stock Exchange under the symbol CNE, the OTCQX in the United States of America under the symbol CNNEF, the Bolsa de Valores de Colombia under the symbol CNEC.

This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often identified by words such as “plan,” “expect,” “project,” “aim,” “intend,” “believe,” “anticipate,” “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur, including but not limited to statements regarding estimated production rates of the Company’s properties and intended operating programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company cannot guarantee that actual results will be consistent with these forward-looking statements. They are made as of the date of this document and are subject to change. The Company assumes no obligation to revise or update them to reflect new circumstances, except as required by law.

For more information please contact Investor Relations: South America: +571.621.1747 IR-SA@canacolenergy.com Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com http://www.canacolenergy.com