Canacol Energy Ltd. ("Canacol" or the "Corporation")
(TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to announce that it has closed its
previously announced upsizing of its existing senior secured term loan with a
syndicate of banks led by Credit Suisse as Lead Arranger, Sole Bookrunner and
Administrative Agent, and including Banco Davivienda, Bladex, Corpbanca, Export
Development Canada (EDC), and Citi as Mandated Lead Arrangers, and Banco de
Occidente and the Industrial and Commercial Bank of China (ICBC) as Arrangers.


The revised term loan resulted in the upsizing of the previous term loan by
US$80 million, from US$140 million to US$220 million, with no changes to the
term of the loan or the repayment schedule. Interest is payable quarterly and
principal repayable in 15 equal quarterly instalments starting in October 2014.
The revised term loan carries interest at LIBOR plus 4.50-5.00% and is secured
by all of the material assets of the Corporation. Proceeds from the upsizing
will be used for capital expenditures in Colombia, costs of the transaction, and
for general corporate purposes.


Canacol is an exploration and production company with operations focused in
Colombia and Ecuador. 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 symbols CNE, CNNEF, and CNEC, respectively.


This press release contains certain forward-looking statements within the
meaning of applicable securities law. Forward-looking statements are frequently
characterized by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur, including without limitation
statements relating to estimated production rates from the Corporation's
properties and intended work programs and associated timelines. Forward-looking
statements are based on the opinions and estimates of management at 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 Corporation cannot
assure that actual results will be consistent with these forward-looking
statements. They are made as of the date hereof and are subject to change and
the Corporation assumes no obligation to revise or update them to reflect new
circumstances, except as required by law. Prospective investors should not place
undue reliance on forward looking statements. These factors include the inherent
risks involved in the exploration for and development of crude oil and natural
gas properties, the uncertainties involved in interpreting drilling results and
other geological and geophysical data, fluctuating energy prices, the
possibility of cost overruns or unanticipated costs or delays and other
uncertainties associated with the oil and gas industry. Other risk factors could
include risks associated with negotiating with foreign governments as well as
country risk associated with conducting international activities, and other
factors, many of which are beyond the control of the Corporation. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canacol Energy Ltd.
Investor Relations
888-352-0555
IR@canacolenergy.com
www.canacolenergy.com
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