Canacol Energy Closes First Subsequent Advance Under DIP Financing

Core Viewpoint - Canacol Energy Ltd. has secured debtor-in-possession (DIP) financing to support its ongoing operations amid insolvency proceedings, with the financing approved by Canadian and U.S. courts [1][2]. Group 1: DIP Financing Details - The company entered into a commitment letter for DIP financing with an ad hoc group of holders of its 5.75% senior unsecured notes due 2028 [1]. - The DIP financing was approved by the Alberta Court of King's Bench on December 11, 2025, and recognized by the U.S. Bankruptcy Court on December 18, 2025 [1]. - The company has closed the first subsequent advance under the DIP Commitment Letter after meeting all conditions precedent [2]. Group 2: Ongoing Monitoring and Reporting - Canacol has provided material non-public information (MNPI) to the DIP lenders, which is available for review on the website of the court-appointed Monitor, KPMG Inc. [3]. - Investors are encouraged to monitor the Monitor's website for updates regarding the company's business, operations, and insolvency proceedings [3]. Group 3: Company Overview - Canacol Energy Ltd. is primarily engaged in natural gas exploration and production, with operational activities located in Colombia [4].