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Canacol Energy appoints Chief Financial Officer

December 2, 2015

Canacol Energy Ltd. is pleased to announce that Mr. Jason Bednar has been appointed the permanent Chief Financial Officer of the Corporation effective today. Mr. Bednar has been serving in the capacity of interim CFO of the company since June 1, 2015, following a leave of absence of George Gramatke. Jason Bednar is a director of the Corporation and has been the Chairman of its Audit Committee from inception until June 1, 2015. Michael Hibberd will remain as the new Chair of the Audit Committee of the Corporation. Mr. Gramatke will remain available to the Corporation on a consulting basis, as required.

Jason Bednar commented, ‘I am very pleased and excited to continue in this role. Not only does Canacol have a suite of exceptional assets that we will continue to grow, but it also has an exceptional executive and staff that I am proud to be a part of.’

Jason Bednar is a Chartered Accountant with more than 18 years of direct professional experience in the financial and regulatory management of oil and gas companies listed on the Toronto Stock Exchange, TSX Venture Exchange and American Stock Exchange. Mr. Bednar has been the CFO of several international oil and gas exploration companies, most notably the founding Chief Financial Officer of Pan Orient Energy Corp, a South East Asia exploration company, who during his tenure grew organically to operate 15,000 bbl/d and a market cap of $700 million. He has previously sat on the board of directors of several internationally focused E&P companies, including being the past Chairman of Gallic Energy Ltd. Mr. Bednar began his career in the chartered accountancy firm of Brown Smith Owen in 1993 before moving into financial controller roles at oil production companies. Mr. Bednar holds a Bachelor of Commerce degree from the University of Saskatchewan.

Mr. George Gramatke had been the CFO of the Corporation since August 2011, and the Board of Directors wishes to thank him for his contributions to the Corporation and wishes him the best in his future endeavors.

Source: Canacol Energy

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