Canacol Energy Closes First Subsequent Advance Under DIP Financing

CALGARY, Alberta, March 09, 2026 (GLOBE NEWSWIRE) -- (“Canacol” or the “Company”) refers to its prior announcement regarding the Company's agreement for debtor-in-possession financing and related documentation (the “DIP Financing”). In that announcement, the Company disclosed entry into a commitment letter governing the DIP Financing (collectively, as amended or restated from time to time, the “DIP Commitment Letter”) with an ad hoc group of holders of the Company's 5.75% senior unsecured notes due 2028 and/or their affiliates, funds, and accounts that agreed to provide credit support in connection with the DIP Financing (the “DIP Lenders”). The DIP Financing and DIP Commitment Letter were approved by the Alberta Court of King's Bench (the “Canadian Court”) pursuant to an Order of the Canadian Court dated December 11, 2025 (the “Second Amended and Restated CCAA Initial Order”). The Second Amended and Restated CCAA Initial Order was recognized by the United States Bankruptcy Court for the Southern District of New York (the “U.S. Court”) pursuant to a recognition order of the U.S. Court dated December 18, 2025, in the Company's recognition proceedings under Chapter 15 of title 11 of the United States Bankruptcy Code. The Company also refers to its prior announcement on January 7, 2026 announcing the closing and receipt of net proceeds from the initial advance under the DIP Commitment Letter.