Gran Tierra Energy Inc. Announces Granting of Exemptive Relief Regarding its Normal Course Issuer Bid

CALGARY, Alberta, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra”) (NYSE American: GTE)(TSX: GTE)(LSE: GTE), today announces that it has obtained an exemption order from the Canadian securities regulators which permits Gran Tierra to purchase up to 10% of its “public float” (within the meaning of the rules of the Toronto Stock Exchange (the “TSX”)) of shares of common stock (the “Shares”) through the NYSE American (the “NYSE”) and other trading systems based in the United States (together with the NYSE, the “U.S. Markets”) as part of Gran Tierra’s normal course issuer bids announced on October 31, 2023. Absent this exemptive relief, Gran Tierra’s purchases under a normal course issuer bid on markets other than the TSX would be limited to not more than 5% of its outstanding Shares over any 12-month period. A substantial majority of the trading volume of Gran Tierra’s Shares occurs through the U.S. Markets.

The exemptive relief is applicable to purchases of Shares completed within 36 months of the February 12, 2024 date of the exemption order, and includes purchases made under Gran Tierra’s current normal course issuer bid and any other normal course issuer bid in effect within such period and is conditional upon, among other things, purchases being made in compliance with applicable U.S. rules, the TSX rules applicable to a normal course issuer bid, National Instrument 23-101 - Trading Rules, and at a price not higher than the market price at the time of purchase. The aggregate number of Shares purchased by Gran Tierra over any exchange or market over the relevant 12-month period of a particular normal course issuer bid may not exceed 10% of the public float as specified in Gran Tierra’s notice accepted by the TSX in respect of the relevant normal course issuer bid, including the current bid announced on October 31, 2023.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. Gran Tierra is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen Gran Tierra’s portfolio. Gran Tierra’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on Gran Tierra does not constitute a part of this press release. Investor inquiries may be directed to [e-mail] or [phone].

Gran Tierra’s U.S. Securities and Exchange Commission (“SEC”) filings are available on the SEC website at www.sec.gov. Gran Tierra’s Canadian securities regulatory filings are available on SEDAR at www.sedar.com and UK regulatory filings are available on the National Storage Mechanism (the “NSM”) website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra’s filings on the SEC, SEDAR and NSM websites are not incorporated by reference into this press release.

Contact Information:

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

Rodger Trimble
Vice President, Investor Relations

[phone]
[e-mail]