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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gran Tierra Energy Inc | AMEX:GTE | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.85 | -9.84% | 7.79 | 8.75 | 8.14 | 8.63 | 479,317 | 00:44:43 |
|
ý
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
|
98-0479924
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(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
200, 150 13 Avenue S.W.
Calgary, Alberta, Canada T2R 0V2
|
||
(Address of principal executive offices, including zip code)
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
|
|
|
Page
|
PART I
|
Financial Information
|
|
Item 1.
|
Financial Statements
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
|
|
Item 4.
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Controls and Procedures
|
|
|
|
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PART II
|
Other Information
|
|
Item 1.
|
Legal Proceedings
|
|
Item 1A.
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Risk Factors
|
|
Item 6.
|
Exhibits
|
|
SIGNATURES
|
||
EXHIBIT INDEX
|
bbl
|
barrel
|
BOE
|
barrels of oil equivalent
|
Mbbl
|
thousand barrels
|
BOEPD
|
barrels of oil equivalent per day
|
MMbbl
|
million barrels
|
bopd
|
barrels of oil per day
|
NAR
|
net after royalty
|
Mcf
|
thousand cubic feet
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
OIL AND NATURAL GAS SALES (NOTE 4)
|
|
$
|
57,403
|
|
|
$
|
76,231
|
|
|
|
|
|
|
|
|
||
EXPENSES
|
|
|
|
|
||||
Operating
|
|
19,067
|
|
|
22,661
|
|
||
Transportation
|
|
12,328
|
|
|
8,773
|
|
||
Depletion, depreciation and accretion (Note 4)
|
|
36,912
|
|
|
49,140
|
|
||
Asset impairment (Notes 4 and 5)
|
|
56,898
|
|
|
37,014
|
|
||
General and administrative (Notes 4 and 12)
|
|
8,805
|
|
|
7,294
|
|
||
Severance
|
|
1,018
|
|
|
4,378
|
|
||
Equity tax (Note 8)
|
|
3,051
|
|
|
3,769
|
|
||
Foreign exchange loss (gain)
|
|
785
|
|
|
(11,538
|
)
|
||
Financial instruments loss (gain) (Note 10)
|
|
845
|
|
|
(42
|
)
|
||
|
|
139,709
|
|
|
121,449
|
|
||
|
|
|
|
|
||||
GAIN ON ACQUISITION (NOTE 3)
|
|
11,712
|
|
|
—
|
|
||
INTEREST INCOME (NOTE 4)
|
|
449
|
|
|
421
|
|
||
LOSS BEFORE INCOME TAXES (NOTE 4)
|
|
(70,145
|
)
|
|
(44,797
|
)
|
||
|
|
|
|
|
||||
INCOME TAX (EXPENSE) RECOVERY
|
|
|
|
|
||||
Current
|
|
(2,023
|
)
|
|
(2,425
|
)
|
||
Deferred
|
|
27,136
|
|
|
2,356
|
|
||
|
|
25,113
|
|
|
(69
|
)
|
||
NET LOSS AND COMPREHENSIVE LOSS
|
|
$
|
(45,032
|
)
|
|
$
|
(44,866
|
)
|
|
|
|
|
|
||||
NET LOSS PER SHARE - BASIC AND DILUTED
|
|
$
|
(0.15
|
)
|
|
$
|
(0.16
|
)
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6)
|
|
293,812,226
|
|
|
286,194,315
|
|
||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6)
|
|
293,812,226
|
|
|
286,194,315
|
|
|
March 31,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
51,308
|
|
|
$
|
145,342
|
|
Restricted cash (Notes 3 and 5)
|
18,474
|
|
|
92
|
|
||
Accounts receivable
|
35,573
|
|
|
29,217
|
|
||
Marketable securities (Note 10)
|
5,362
|
|
|
6,250
|
|
||
Inventory (Note 5)
|
10,690
|
|
|
19,056
|
|
||
Taxes receivable
|
34,712
|
|
|
28,635
|
|
||
Other current assets
|
5,992
|
|
|
5,848
|
|
||
Total Current Assets
|
162,111
|
|
|
234,440
|
|
||
|
|
|
|
||||
Oil and Gas Properties
|
|
|
|
|
|
||
Proved
|
472,062
|
|
|
469,589
|
|
||
Unproved
|
373,899
|
|
|
310,771
|
|
||
Total Oil and Gas Properties
|
845,961
|
|
|
780,360
|
|
||
Other capital assets
|
8,229
|
|
|
8,633
|
|
||
Total Property, Plant and Equipment (Note 5)
|
854,190
|
|
|
788,993
|
|
||
|
|
|
|
||||
Other Long-Term Assets
|
|
|
|
|
|
||
Restricted cash
|
6,414
|
|
|
3,317
|
|
||
Taxes receivable
|
8,978
|
|
|
8,276
|
|
||
Other long-term assets
|
13,998
|
|
|
8,511
|
|
||
Goodwill
|
102,581
|
|
|
102,581
|
|
||
Total Other Long-Term Assets
|
131,971
|
|
|
122,685
|
|
||
Total Assets
|
$
|
1,148,272
|
|
|
$
|
1,146,118
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
$
|
77,303
|
|
|
$
|
70,778
|
|
Taxes payable
|
943
|
|
|
1,067
|
|
||
Asset retirement obligation (Note 7)
|
3,255
|
|
|
2,146
|
|
||
Total Current Liabilities
|
81,501
|
|
|
73,991
|
|
||
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
|
||
Deferred tax liabilities
|
30,880
|
|
|
34,592
|
|
||
Asset retirement obligation (Note 7)
|
43,205
|
|
|
31,078
|
|
||
Other long-term liabilities
|
8,096
|
|
|
4,815
|
|
||
Total Long-Term Liabilities
|
82,181
|
|
|
70,485
|
|
||
|
|
|
|
||||
Contingencies (Note 9)
|
|
|
|
|
|
||
Subsequent Event (Note 13)
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
|
||
Common Stock (Note 6) (287,657,518 and 273,442,799 shares of Common Stock and 8,514,066 and 8,572,066 exchangeable shares, par value $0.001 per share, issued and outstanding as at March 31, 2016, and December 31, 2015, respectively)
|
10,199
|
|
|
10,186
|
|
||
Additional paid in capital
|
1,047,830
|
|
|
1,019,863
|
|
||
Deficit
|
(73,439
|
)
|
|
(28,407
|
)
|
||
Total Shareholders’ Equity
|
984,590
|
|
|
1,001,642
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
1,148,272
|
|
|
$
|
1,146,118
|
|
|
Three Months Ended March 31,
|
||||||
|
2016
|
|
2015
|
||||
Operating Activities
|
|
|
|
||||
Net loss
|
$
|
(45,032
|
)
|
|
$
|
(44,866
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
|
|||
Depletion, depreciation and accretion (Note 4)
|
36,912
|
|
|
49,140
|
|
||
Asset impairment (Notes 4 and 5)
|
56,898
|
|
|
37,014
|
|
||
Deferred tax recovery
|
(27,136
|
)
|
|
(2,356
|
)
|
||
Stock-based compensation expense (recovery) (Note 6)
|
1,460
|
|
|
(513
|
)
|
||
Cash settlement of restricted share units
|
(673
|
)
|
|
(955
|
)
|
||
Unrealized foreign exchange gain
|
(183
|
)
|
|
(6,069
|
)
|
||
Financial instruments loss (gain) (Note 10)
|
845
|
|
|
(42
|
)
|
||
Cash settlement of financial instruments
|
44
|
|
|
(2,357
|
)
|
||
Cash settlement of asset retirement obligation (Note 7)
|
(104
|
)
|
|
(1,425
|
)
|
||
Gain on acquisition (Note 3)
|
(11,712
|
)
|
|
—
|
|
||
Net change in assets and liabilities from operating activities (Note 11)
|
(507
|
)
|
|
(25,226
|
)
|
||
Net cash provided by operating activities
|
10,812
|
|
|
2,345
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||
Increase in restricted cash
|
(10,771
|
)
|
|
(497
|
)
|
||
Additions to property, plant and equipment, excluding Corporate acquisitions (Note 4)
|
(26,180
|
)
|
|
(73,446
|
)
|
||
Additions to property, plant and equipment - acquisition of PetroGranada Colombia Limited (Note 5)
|
(19,388
|
)
|
|
—
|
|
||
Changes in non-cash investing working capital
|
50
|
|
|
(54,324
|
)
|
||
Cash paid for business combination, net of cash acquired (Note 3)
|
(50,909
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(107,198
|
)
|
|
(128,267
|
)
|
||
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||
Proceeds from issuance of shares of Common Stock (Note 6)
|
1,198
|
|
|
502
|
|
||
Net cash provided by financing activities
|
1,198
|
|
|
502
|
|
||
|
|
|
|
||||
Foreign exchange gain (loss) on cash and cash equivalents
|
1,154
|
|
|
(2,968
|
)
|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
(94,034
|
)
|
|
(128,388
|
)
|
||
Cash and cash equivalents, beginning of period
|
145,342
|
|
|
331,848
|
|
||
Cash and cash equivalents, end of period
|
$
|
51,308
|
|
|
$
|
203,460
|
|
|
|
|
|
||||
Supplemental cash flow disclosures (Note 11)
|
|
|
|
|
|
|
Three Months Ended March 31,
|
|
Year Ended December 31,
|
||||
|
2016
|
|
2015
|
||||
Share Capital
|
|
|
|
||||
Balance, beginning of period
|
$
|
10,186
|
|
|
$
|
10,190
|
|
Issuance of Common Stock (Note 6)
|
13
|
|
|
—
|
|
||
Repurchase of Common Stock
|
—
|
|
|
(4
|
)
|
||
Balance, end of period
|
10,199
|
|
|
10,186
|
|
||
|
|
|
|
||||
Additional Paid in Capital
|
|
|
|
|
|
||
Balance, beginning of period
|
1,019,863
|
|
|
1,026,873
|
|
||
Issuance of Common Stock (Note 6)
|
25,798
|
|
|
—
|
|
||
Exercise of stock options (Note 6)
|
1,198
|
|
|
722
|
|
||
Stock-based compensation (Note 6)
|
971
|
|
|
2,263
|
|
||
Repurchase of Common Stock
|
—
|
|
|
(9,995
|
)
|
||
Balance, end of period
|
1,047,830
|
|
|
1,019,863
|
|
||
|
|
|
|
||||
Retained Earnings (Deficit)
|
|
|
|
|
|
||
Balance, beginning of period
|
(28,407
|
)
|
|
239,622
|
|
||
Net loss
|
(45,032
|
)
|
|
(268,029
|
)
|
||
Balance, end of period
|
(73,439
|
)
|
|
(28,407
|
)
|
||
|
|
|
|
||||
Total Shareholders’ Equity
|
$
|
984,590
|
|
|
$
|
1,001,642
|
|
|
Three Months Ended March 31,
|
|||||
(Unaudited, thousands of U.S. Dollars, except per share amounts)
|
2016
|
2015
|
||||
Oil and gas sales
|
$
|
57,874
|
|
$
|
93,286
|
|
Net loss
|
$
|
(56,757
|
)
|
$
|
(80,511
|
)
|
Net loss per share - basic and diluted
|
$
|
(0.19
|
)
|
$
|
(0.28
|
)
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Oil and natural gas sales
|
$
|
56,300
|
|
|
$
|
—
|
|
|
$
|
1,103
|
|
|
$
|
—
|
|
|
$
|
57,403
|
|
Interest income
|
229
|
|
|
5
|
|
|
12
|
|
|
203
|
|
|
449
|
|
|||||
Depletion, depreciation and accretion
|
35,736
|
|
|
141
|
|
|
718
|
|
|
317
|
|
|
36,912
|
|
|||||
Asset impairment
|
55,232
|
|
|
416
|
|
|
1,250
|
|
|
—
|
|
|
56,898
|
|
|||||
General and administrative expenses
|
3,265
|
|
|
409
|
|
|
292
|
|
|
4,839
|
|
|
8,805
|
|
|||||
(Loss) income before income taxes
|
(72,721
|
)
|
|
(712
|
)
|
|
(1,509
|
)
|
|
4,797
|
|
|
(70,145
|
)
|
|||||
Segment capital expenditures
(1)
|
21,986
|
|
|
1,268
|
|
|
2,720
|
|
|
206
|
|
|
26,180
|
|
|||||
|
Three Months Ended March 31, 2015
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Oil and natural gas sales
|
$
|
74,067
|
|
|
$
|
—
|
|
|
$
|
2,164
|
|
|
$
|
—
|
|
|
$
|
76,231
|
|
Interest income
|
67
|
|
|
—
|
|
|
140
|
|
|
214
|
|
|
421
|
|
|||||
Depletion, depreciation and accretion
|
46,255
|
|
|
267
|
|
|
2,261
|
|
|
357
|
|
|
49,140
|
|
|||||
Asset impairment
|
—
|
|
|
32,681
|
|
|
4,333
|
|
|
—
|
|
|
37,014
|
|
|||||
General and administrative expenses
|
2,716
|
|
|
1,040
|
|
|
627
|
|
|
2,911
|
|
|
7,294
|
|
|||||
Income (loss) before income taxes
|
2,928
|
|
|
(35,442
|
)
|
|
(6,881
|
)
|
|
(5,402
|
)
|
|
(44,797
|
)
|
|||||
Segment capital expenditures
|
21,123
|
|
|
37,697
|
|
|
13,907
|
|
|
719
|
|
|
73,446
|
|
|
As at March 31, 2016
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Property, plant and equipment
|
$
|
638,097
|
|
|
$
|
95,867
|
|
|
$
|
116,314
|
|
|
$
|
3,912
|
|
|
$
|
854,190
|
|
Goodwill
|
102,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,581
|
|
|||||
All other assets
|
141,741
|
|
|
21,208
|
|
|
1,873
|
|
|
26,679
|
|
|
191,501
|
|
|||||
Total Assets
|
$
|
882,419
|
|
|
$
|
117,075
|
|
|
$
|
118,187
|
|
|
$
|
30,591
|
|
|
$
|
1,148,272
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As at December 31, 2015
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Property, plant and equipment
|
$
|
574,351
|
|
|
$
|
95,069
|
|
|
$
|
115,552
|
|
|
$
|
4,021
|
|
|
$
|
788,993
|
|
Goodwill
|
102,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,581
|
|
|||||
All other assets
|
93,479
|
|
|
21,111
|
|
|
2,236
|
|
|
137,718
|
|
|
254,544
|
|
|||||
Total Assets
|
$
|
770,411
|
|
|
$
|
116,180
|
|
|
$
|
117,788
|
|
|
$
|
141,739
|
|
|
$
|
1,146,118
|
|
(Thousands of U.S. Dollars)
|
As at March 31, 2016
|
|
As at December 31, 2015
|
||||
Oil and natural gas properties
|
|
|
|
|
|||
Proved
|
$
|
2,088,937
|
|
|
$
|
1,998,330
|
|
Unproved
|
373,899
|
|
|
310,771
|
|
||
|
2,462,836
|
|
|
2,309,101
|
|
||
Other
|
28,557
|
|
|
28,342
|
|
||
|
2,491,393
|
|
|
2,337,443
|
|
||
Accumulated depletion, depreciation and impairment
|
(1,637,203
|
)
|
|
(1,548,450
|
)
|
||
|
$
|
854,190
|
|
|
$
|
788,993
|
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
2016
|
|
2015
|
||||
Impairment of oil and gas properties
|
$
|
56,234
|
|
|
$
|
37,014
|
|
Impairment of inventory
|
664
|
|
|
—
|
|
||
|
$
|
56,898
|
|
|
$
|
37,014
|
|
(Thousands of U.S. Dollars)
|
|
||
Cost of asset acquisition:
|
|
||
Cash
|
$
|
37,727
|
|
|
|
||
Allocation of Consideration Transferred:
|
|
||
Oil and gas properties
|
|
||
Proved
|
$
|
12,228
|
|
Unproved
|
15,563
|
|
|
|
27,791
|
|
|
Net working capital (including cash acquired of $0.2 million and restricted cash of $18.6 million)
|
18,339
|
|
|
Long-term deferred tax liability
|
(8,402
|
)
|
|
|
$
|
37,728
|
|
|
Shares of Common Stock
|
Exchangeable Shares of Gran Tierra Exchangeco Inc.
|
Exchangeable Shares of Gran Tierra Goldstrike Inc.
|
|||
Balance, December 31, 2015
|
273,442,799
|
|
4,933,177
|
|
3,638,889
|
|
Shares issued for acquisition (Note 3)
|
13,656,719
|
|
—
|
|
—
|
|
Options exercised
|
500,000
|
|
—
|
|
—
|
|
Exchange of exchangeable shares
|
58,000
|
|
(58,000
|
)
|
—
|
|
Balance, March 31, 2016
|
287,657,518
|
|
4,875,177
|
|
3,638,889
|
|
|
|
Three Months Ended March 31,
|
||||
|
|
2016
|
|
2015
|
||
Weighted average number of common and exchangeable shares outstanding
|
|
293,812,226
|
|
|
286,194,315
|
|
Weighted average shares issuable pursuant to stock options
|
|
—
|
|
|
—
|
|
Weighted average shares assumed to be purchased from proceeds of stock options
|
|
—
|
|
|
—
|
|
Weighted average number of diluted common and exchangeable shares outstanding
|
|
293,812,226
|
|
|
286,194,315
|
|
|
PSUs
|
DSUs
|
RSUs
|
|
Stock Options
|
|||||||
|
Number of Outstanding Share Units
|
Number of Outstanding Share Units
|
Number of Outstanding Share Units
|
|
Number of Outstanding Stock Options
|
|
Weighted Average Exercise Price/Stock Option ($)
|
|||||
Balance, December 31, 2015
|
—
|
|
—
|
|
1,015,457
|
|
|
12,851,557
|
|
|
4.60
|
|
Granted
|
2,297,700
|
|
59,229
|
|
—
|
|
|
1,286,525
|
|
|
2.65
|
|
Exercised
|
—
|
|
—
|
|
(272,397
|
)
|
|
(500,000
|
)
|
|
2.40
|
|
Forfeited
|
—
|
|
—
|
|
(166,685
|
)
|
|
(457,436
|
)
|
|
(4.71
|
)
|
Expired
|
—
|
|
—
|
|
—
|
|
|
(127,051
|
)
|
|
(6.49
|
)
|
Balance, March 31, 2016
|
2,297,700
|
|
59,229
|
|
576,375
|
|
|
13,053,595
|
|
|
4.46
|
|
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
|
2016
|
|
2015
|
||||
Compensation costs for PSUs
|
|
$
|
165
|
|
|
$
|
—
|
|
Compensation costs for stock options
|
|
971
|
|
|
(422
|
)
|
||
Compensation costs for DSUs
|
|
146
|
|
|
—
|
|
||
Compensation costs for RSUs
|
|
364
|
|
|
(60
|
)
|
||
|
|
1,646
|
|
|
(482
|
)
|
||
Less: Stock-based compensation costs capitalized
|
|
(186
|
)
|
|
(31
|
)
|
||
Stock-based compensation expense (recovery)
|
|
$
|
1,460
|
|
|
$
|
(513
|
)
|
|
Three Months Ended
|
|
Year Ended
|
||||
(Thousands of U.S. Dollars)
|
March 31, 2016
|
|
December 31, 2015
|
||||
Balance, December 31, 2015
|
$
|
33,224
|
|
|
$
|
35,812
|
|
Settlements
|
(194
|
)
|
|
(6,317
|
)
|
||
Liability incurred
|
923
|
|
|
1,556
|
|
||
Liabilities assumed in acquisition (Note 3)
|
11,852
|
|
|
—
|
|
||
Accretion
|
655
|
|
|
1,313
|
|
||
Revisions in estimated liability
|
—
|
|
|
860
|
|
||
Balance, March 31, 2016
|
$
|
46,460
|
|
|
$
|
33,224
|
|
|
|
|
|
||||
Asset retirement obligation - current
|
$
|
3,255
|
|
|
$
|
2,146
|
|
Asset retirement obligation - long-term
|
43,205
|
|
|
31,078
|
|
||
|
$
|
46,460
|
|
|
$
|
33,224
|
|
(Thousands of U.S. Dollars)
|
|
As at March 31, 2016
|
|
As at December 31, 2015
|
||||
Trading securities
|
|
$
|
5,362
|
|
|
$
|
6,250
|
|
|
|
|
|
|
||||
Contingent consideration liability
|
|
$
|
1,061
|
|
|
$
|
1,061
|
|
RSU and PSU liability
|
|
$
|
1,190
|
|
|
$
|
1,189
|
|
|
|
$
|
2,251
|
|
|
$
|
2,250
|
|
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
|
2016
|
|
2015
|
||||
Trading securities loss (gain)
|
|
$
|
845
|
|
|
$
|
(412
|
)
|
Foreign currency derivatives loss
|
|
—
|
|
|
370
|
|
||
Financial instruments loss (gain)
|
|
$
|
845
|
|
|
$
|
(42
|
)
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
2016
|
|
2015
|
||||
Accounts receivable and other long-term assets
|
(2,513
|
)
|
|
13,484
|
|
||
Inventory
|
4,339
|
|
|
2,159
|
|
||
Prepaids
|
606
|
|
|
528
|
|
||
Accounts payable and accrued and other long-term liabilities
|
(5,975
|
)
|
|
(21,414
|
)
|
||
Taxes receivable and payable
|
3,036
|
|
|
(19,983
|
)
|
||
Net changes in assets and liabilities from operating activities
|
$
|
(507
|
)
|
|
$
|
(25,226
|
)
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
2016
|
|
2015
|
||||
Non-cash investing activities:
|
|
|
|
||||
Net liabilities related to property, plant and equipment, end of period
|
$
|
35,606
|
|
|
$
|
55,335
|
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
2016
|
|
2015
|
||||
G&A expenses before stock-based compensation
|
$
|
14,085
|
|
|
$
|
20,265
|
|
Stock-based compensation
|
1,397
|
|
|
(530
|
)
|
||
Capitalized G&A and overhead recoveries
|
(6,677
|
)
|
|
(12,441
|
)
|
||
|
$
|
8,805
|
|
|
$
|
7,294
|
|
|
Three Months Ended December 31,
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2016
|
2015
|
% Change
|
|||||||
Volumes (BOE)
|
|
|
|
|
|
|||||||
Working Interest Production Before Royalties
|
2,128,655
|
|
|
2,330,539
|
|
2,161,331
|
|
8
|
|
|||
Royalties
|
(312,534
|
)
|
|
(256,803
|
)
|
(348,776
|
)
|
(26
|
)
|
|||
Production NAR
|
1,816,121
|
|
|
2,073,736
|
|
1,812,555
|
|
14
|
|
|||
Decrease (Increase) in Inventory
|
(249,049
|
)
|
|
240,424
|
|
(66,653
|
)
|
(461
|
)
|
|||
Sales
(1)
|
1,567,072
|
|
|
2,314,160
|
|
1,745,902
|
|
33
|
|
|||
|
|
|
|
|
|
|||||||
Average Daily Volumes (BOEPD)
|
|
|
|
|
|
|||||||
Working Interest Production Before Royalties
|
23,138
|
|
|
25,610
|
|
24,015
|
|
7
|
|
|||
Royalties
|
(3,397
|
)
|
|
(2,822
|
)
|
(3,875
|
)
|
(27
|
)
|
|||
Production NAR
|
19,741
|
|
|
22,788
|
|
20,140
|
|
13
|
|
|||
Decrease (Increase) in Inventory
|
(2,707
|
)
|
|
2,642
|
|
(741
|
)
|
(457
|
)
|
|||
Sales
(1)
|
17,034
|
|
|
25,430
|
|
19,399
|
|
31
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Netback ($000s)
|
|
|
|
|
|
|||||||
Oil and Natural Gas Sales
|
$
|
54,777
|
|
|
$
|
57,403
|
|
$
|
76,231
|
|
(25
|
)
|
Operating Expenses
|
(14,252
|
)
|
|
(19,067
|
)
|
(22,661
|
)
|
(16
|
)
|
|||
Transportation Expenses
|
(12,199
|
)
|
|
(12,328
|
)
|
(8,773
|
)
|
41
|
|
|||
Operating Netback
(2)
|
$
|
28,326
|
|
|
$
|
26,008
|
|
$
|
44,797
|
|
(42
|
)
|
|
|
|
|
|
|
|||||||
General and Administrative Expenses ("G&A") ($000s)
|
|
|
|
|
|
|
||||||
G&A Expenses Before Stock-Based Compensation, Gross
|
$
|
14,155
|
|
|
$
|
14,085
|
|
$
|
20,265
|
|
(30
|
)
|
Stock-Based Compensation
|
566
|
|
|
1,397
|
|
(530
|
)
|
(364
|
)
|
|||
Capitalized G&A and Overhead Recoveries
|
(7,823
|
)
|
|
(6,677
|
)
|
(12,441
|
)
|
(46
|
)
|
|||
|
$
|
6,898
|
|
|
$
|
8,805
|
|
$
|
7,294
|
|
21
|
|
|
|
|
|
|
|
|||||||
EBITDA ($000s)
(3)
|
$
|
15,052
|
|
|
$
|
23,665
|
|
$
|
41,357
|
|
(43
|
)
|
Adjusted EBITDA ($000s)
(3)
|
19,302
|
|
|
$
|
12,738
|
|
$
|
29,819
|
|
(57
|
)
|
|
|
|
|
|
|
|
|||||||
Net Loss ($000s)
|
$
|
(82,722
|
)
|
|
$
|
(45,032
|
)
|
(44,866
|
)
|
—
|
|
|
|
|
|
|
|
|
|||||||
Funds Flow From Operations ($000s)
(4)
|
$
|
16,828
|
|
|
$
|
11,423
|
|
$
|
28,996
|
|
(61
|
)
|
|
|
|
|
|
|
|
||||||
Capital Expenditures ($000s)
|
$
|
41,878
|
|
|
$
|
26,180
|
|
$
|
73,446
|
|
(64
|
)
|
|
As at
|
|||||||
|
March 31, 2016
|
December 31, 2015
|
% Change
|
|||||
Cash, Cash Equivalents and Current Restricted Cash ($000s)
|
$
|
69,782
|
|
$
|
145,434
|
|
(52
|
)
|
|
|
|
|
|||||
Working Capital ($000s)
|
$
|
80,610
|
|
$
|
160,449
|
|
(50
|
)
|
|
Three Months Ended December 31,
|
|
Three Months Ended March 31,
|
||||||||
EBITDA - Non-GAAP Measure ($000s)
|
2015
|
|
2016
|
|
2015
|
||||||
Net loss
|
$
|
(82,722
|
)
|
|
$
|
(45,032
|
)
|
|
$
|
(44,866
|
)
|
Adjustments to reconcile net loss to EBITDA
|
|
|
|
|
|
||||||
DD&A expenses
|
33,044
|
|
|
36,912
|
|
|
49,140
|
|
|||
Asset impairment
|
106,640
|
|
|
56,898
|
|
|
37,014
|
|
|||
Income tax (recovery) expense
|
(41,910
|
)
|
|
(25,113
|
)
|
|
69
|
|
|||
EBITDA
|
15,052
|
|
|
23,665
|
|
|
41,357
|
|
|||
Gain on acquisition
|
—
|
|
|
(11,712
|
)
|
|
—
|
|
|||
Foreign exchange loss (gain)
|
4,250
|
|
|
785
|
|
|
(11,538
|
)
|
|||
Adjusted EBITDA
|
$
|
19,302
|
|
|
$
|
12,738
|
|
|
$
|
29,819
|
|
|
Three Months Ended December 31,
|
|
Three Months Ended March 31,
|
||||||||
Funds Flow From Operations - Non-GAAP Measure ($000s)
|
2015
|
|
2016
|
|
2015
|
||||||
Net loss
|
$
|
(82,722
|
)
|
|
$
|
(45,032
|
)
|
|
$
|
(44,866
|
)
|
Adjustments to reconcile net loss to funds flow from operations
|
|
|
|
|
|
||||||
DD&A expenses
|
33,044
|
|
|
36,912
|
|
|
49,140
|
|
|||
Asset impairment
|
106,640
|
|
|
56,898
|
|
|
37,014
|
|
|||
Deferred tax recovery
|
(45,661
|
)
|
|
(27,136
|
)
|
|
(2,356
|
)
|
|||
Stock-based compensation expense (recovery)
|
580
|
|
|
1,460
|
|
|
(513
|
)
|
|||
Cash settlement of RSUs
|
(29
|
)
|
|
(673
|
)
|
|
(955
|
)
|
|||
Unrealized foreign exchange loss (gain)
|
4,713
|
|
|
(183
|
)
|
|
(6,069
|
)
|
|||
Financial instruments loss (gain)
|
765
|
|
|
845
|
|
|
(42
|
)
|
|||
Cash settlement of financial instruments
|
—
|
|
|
44
|
|
|
(2,357
|
)
|
|||
Gain on acquisition
|
—
|
|
|
(11,712
|
)
|
|
—
|
|
|||
Other gain
|
(502
|
)
|
|
—
|
|
|
—
|
|
|||
Funds flow from operations
|
$
|
16,828
|
|
|
$
|
11,423
|
|
|
$
|
28,996
|
|
|
|
Three Months Ended December 31,
|
|
Three Months Ended March 31,
|
|||||||||||
|
|
2015
|
|
2016
|
|
2015
|
|
% Change
|
|||||||
(Thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|||||||
Oil and natural gas sales
|
|
$
|
54,777
|
|
|
$
|
57,403
|
|
|
$
|
76,231
|
|
|
(25
|
)
|
Operating expenses
|
|
14,252
|
|
|
19,067
|
|
|
22,661
|
|
|
(16
|
)
|
|||
Transportation expenses
|
|
12,199
|
|
|
12,328
|
|
|
8,773
|
|
|
41
|
|
|||
Operating netback
(1)
|
|
28,326
|
|
|
26,008
|
|
|
44,797
|
|
|
(42
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
DD&A expenses
|
|
33,044
|
|
|
36,912
|
|
|
49,140
|
|
|
(25
|
)
|
|||
Asset impairment
|
|
106,640
|
|
|
56,898
|
|
|
37,014
|
|
|
54
|
|
|||
G&A expenses
|
|
6,898
|
|
|
8,805
|
|
|
7,294
|
|
|
21
|
|
|||
Severance expenses
|
|
2,163
|
|
|
1,018
|
|
|
4,378
|
|
|
(77
|
)
|
|||
Equity tax
|
|
—
|
|
|
3,051
|
|
|
3,769
|
|
|
(19
|
)
|
|||
Foreign exchange loss (gain)
|
|
4,250
|
|
|
785
|
|
|
(11,538
|
)
|
|
107
|
|
|||
Financial instruments loss (gain)
|
|
765
|
|
|
845
|
|
|
(42
|
)
|
|
—
|
|
|||
Other gain
|
|
(502
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
153,258
|
|
|
108,314
|
|
|
90,015
|
|
|
20
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Gain on acquisition
|
|
—
|
|
|
11,712
|
|
|
—
|
|
|
—
|
|
|||
Interest income
|
|
300
|
|
|
449
|
|
|
421
|
|
|
7
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Loss before income taxes
|
|
(124,632
|
)
|
|
(70,145
|
)
|
|
(44,797
|
)
|
|
57
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Current income tax expense
|
|
(3,751
|
)
|
|
(2,023
|
)
|
|
(2,425
|
)
|
|
(17
|
)
|
|||
Deferred income tax recovery
|
|
45,661
|
|
|
27,136
|
|
|
2,356
|
|
|
1,052
|
|
|||
|
|
41,910
|
|
|
25,113
|
|
|
(69
|
)
|
|
—
|
|
|||
Net loss
|
|
$
|
(82,722
|
)
|
|
$
|
(45,032
|
)
|
|
$
|
(44,866
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sales Volumes
(2)
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Oil and NGL's, bbl
|
|
1,552,708
|
|
|
2,292,116
|
|
|
1,734,898
|
|
|
32
|
|
|||
Natural gas, Mcf
|
|
86,186
|
|
|
132,265
|
|
|
66,026
|
|
|
100
|
|
|||
Total sales volumes, BOE
|
|
1,567,072
|
|
2,314,160
|
|
1,745,902
|
|
33
|
|
||||||
|
|
|
|
|
|
|
|
|
|||||||
Total sales volumes, BOEPD
|
|
17,034
|
|
|
25,430
|
|
|
19,399
|
|
|
31
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Average Prices
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Oil and NGL's per bbl
|
|
$
|
35.07
|
|
|
$
|
24.88
|
|
|
$
|
43.79
|
|
|
(43
|
)
|
Natural gas per Mcf
|
|
$
|
3.81
|
|
|
$
|
2.83
|
|
|
$
|
3.87
|
|
|
(27
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||
Brent Price per bbl
|
|
$
|
43.57
|
|
|
$
|
33.70
|
|
|
53.91
|
|
|
(37
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consolidated Results of Operations per BOE sales volumes
|
|
|
|
|
|
|
|
|
|
Oil and natural gas sales
|
|
$
|
34.95
|
|
|
$
|
24.81
|
|
|
$
|
43.66
|
|
|
(43
|
)
|
Operating expenses
|
|
9.09
|
|
|
8.24
|
|
|
12.98
|
|
|
(37
|
)
|
|||
Transportation expenses
|
|
7.78
|
|
|
5.33
|
|
|
5.02
|
|
|
6
|
|
|||
Operating netback
(1)
|
|
18.08
|
|
|
11.24
|
|
|
25.66
|
|
|
(56
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
DD&A expenses
|
|
21.09
|
|
|
15.95
|
|
|
28.15
|
|
|
(43
|
)
|
|||
Asset impairment
|
|
68.05
|
|
|
24.59
|
|
|
21.20
|
|
|
16
|
|
|||
G&A expenses
|
|
4.40
|
|
|
3.80
|
|
|
4.18
|
|
|
(9
|
)
|
|||
Severance expenses
|
|
1.38
|
|
|
0.44
|
|
|
2.51
|
|
|
(82
|
)
|
|||
Equity tax
|
|
—
|
|
|
1.32
|
|
|
2.16
|
|
|
(39
|
)
|
|||
Foreign exchange loss (gain)
|
|
2.71
|
|
|
0.34
|
|
|
(6.61
|
)
|
|
105
|
|
|||
Financial instruments loss (gain)
|
|
0.49
|
|
|
0.37
|
|
|
(0.02
|
)
|
|
—
|
|
|||
Other gain
|
|
(0.32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
97.80
|
|
46.81
|
|
51.57
|
|
(9
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|||||||
Gain on acquisition
|
|
—
|
|
|
5.06
|
|
|
—
|
|
|
—
|
|
|||
Interest income
|
|
0.19
|
|
|
0.19
|
|
|
0.24
|
|
|
(21
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
Loss before income taxes
|
|
(79.53
|
)
|
|
(30.32
|
)
|
|
(25.67
|
)
|
|
18
|
|
|||
Current income tax expense
|
|
(2.39
|
)
|
|
(0.87
|
)
|
|
(1.39
|
)
|
|
(37
|
)
|
|||
Deferred income tax recovery
|
|
29.14
|
|
|
11.73
|
|
|
1.35
|
|
|
769
|
|
|||
|
|
26.75
|
|
|
10.86
|
|
|
(0.04
|
)
|
|
—
|
|
|||
Net loss
|
|
$
|
(52.78
|
)
|
|
$
|
(19.46
|
)
|
|
$
|
(25.71
|
)
|
|
(24
|
)
|
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
||||||||||
Average Daily Volumes (BOEPD)
|
Colombia
|
Brazil
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||
Working Interest Production Before Royalties
|
24,886
|
|
724
|
|
25,610
|
|
|
23,297
|
|
718
|
|
24,015
|
|
Royalties
|
(2,676
|
)
|
(146
|
)
|
(2,822
|
)
|
|
(3,778
|
)
|
(97
|
)
|
(3,875
|
)
|
Production NAR
|
22,210
|
|
578
|
|
22,788
|
|
|
19,519
|
|
621
|
|
20,140
|
|
Decrease (Increase) in Inventory
|
2,647
|
|
(5
|
)
|
2,642
|
|
|
(771
|
)
|
30
|
|
(741
|
)
|
Sales
|
24,857
|
|
573
|
|
25,430
|
|
|
18,748
|
|
651
|
|
19,399
|
|
|
|
|
|
|
|
|
|
||||||
Royalties, % of Working Interest Production Before Royalties
|
11
|
%
|
20
|
%
|
11
|
%
|
|
16
|
%
|
14
|
%
|
16
|
%
|
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
Brazil
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||||||||
Oil and Natural Gas Sales
|
$
|
56,300
|
|
$
|
1,103
|
|
$
|
57,403
|
|
|
$
|
74,067
|
|
$
|
2,164
|
|
$
|
76,231
|
|
Transportation Expenses
|
(12,256
|
)
|
(72
|
)
|
(12,328
|
)
|
|
(8,682
|
)
|
(91
|
)
|
(8,773
|
)
|
||||||
|
44,044
|
|
1,031
|
|
45,075
|
|
|
65,385
|
|
2,073
|
|
67,458
|
|
||||||
Operating Expenses
|
(19,164
|
)
|
97
|
|
(19,067
|
)
|
|
(21,292
|
)
|
(1,369
|
)
|
(22,661
|
)
|
||||||
Operating Netback
(1)
|
$
|
24,880
|
|
$
|
1,128
|
|
$
|
26,008
|
|
|
$
|
44,093
|
|
$
|
704
|
|
$
|
44,797
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Dollars Per bbl
|
|
|
|
|
|
|
|
||||||||||||
Brent
|
|
|
$
|
33.70
|
|
|
|
|
53.91
|
|
|||||||||
WTI
|
|
|
$
|
33.45
|
|
|
|
|
48.63
|
|
|||||||||
|
|
|
|
|
|
|
|
||||||||||||
U.S. Dollars Per BOE
|
|
|
|
|
|
|
|
||||||||||||
Oil and Natural Gas Sales
|
$
|
24.89
|
|
$
|
21.13
|
|
$
|
24.81
|
|
|
$
|
43.90
|
|
$
|
36.92
|
|
$
|
43.66
|
|
Transportation Expenses
|
(5.42
|
)
|
(1.38
|
)
|
(5.33
|
)
|
|
(5.15
|
)
|
(1.55
|
)
|
(5.02
|
)
|
||||||
|
19.47
|
|
19.75
|
|
19.48
|
|
|
38.75
|
|
35.37
|
|
38.64
|
|
||||||
Operating Expenses
|
(8.47
|
)
|
1.86
|
|
(8.24
|
)
|
|
(12.62
|
)
|
(23.36
|
)
|
(12.98
|
)
|
||||||
Operating Netback
(1)
|
$
|
11.00
|
|
$
|
21.61
|
|
$
|
11.24
|
|
|
$
|
26.13
|
|
$
|
12.01
|
|
$
|
25.66
|
|
|
Three Months Ended March 31, 2016
|
|
Three Months Ended March 31, 2015
|
||||||||||
|
DD&A expenses, thousands of U.S. Dollars
|
DD&A expenses, U.S. Dollars Per BOE
|
|
DD&A expenses, thousands of U.S. Dollars
|
DD&A expenses, U.S. Dollars Per BOE
|
||||||||
Colombia
|
$
|
35,736
|
|
$
|
15.80
|
|
|
$
|
46,255
|
|
$
|
27.41
|
|
Brazil
|
718
|
|
13.75
|
|
|
2,261
|
|
38.58
|
|
||||
Peru
|
141
|
|
—
|
|
|
267
|
|
—
|
|
||||
Corporate
|
317
|
|
—
|
|
|
357
|
|
—
|
|
||||
|
$
|
36,912
|
|
$
|
15.95
|
|
|
$
|
49,140
|
|
$
|
28.15
|
|
|
|
Three Months Ended March 31,
|
|||||
(Thousands of U.S. Dollars)
|
|
2016
|
2015
|
||||
Impairment of oil and gas properties
|
|
|
|
||||
Colombia
|
|
$
|
54,568
|
|
$
|
—
|
|
Brazil
|
|
1,250
|
|
4,333
|
|
||
Peru
|
|
416
|
|
32,681
|
|
||
|
|
56,234
|
|
37,014
|
|
||
Impairment of inventory
|
|
664
|
|
—
|
|
||
|
|
$
|
56,898
|
|
$
|
37,014
|
|
|
|
Three Months Ended December 31,
|
|
Three Months Ended March 31,
|
|||||||||
(Thousands of U.S. Dollars)
|
|
2015
|
|
2016
|
2015
|
% Change
|
|||||||
G&A Expenses Before Stock-Based Compensation, Gross
|
|
$
|
14,155
|
|
|
$
|
14,085
|
|
$
|
20,265
|
|
(30
|
)
|
Stock-Based Compensation
|
|
566
|
|
|
1,397
|
|
(530
|
)
|
(364
|
)
|
|||
Capitalized G&A and Overhead Recoveries
|
|
(7,823
|
)
|
|
(6,677
|
)
|
(12,441
|
)
|
(46
|
)
|
|||
|
|
$
|
6,898
|
|
|
$
|
8,805
|
|
$
|
7,294
|
|
21
|
|
U.S. Dollars Per BOE
|
|
$
|
4.40
|
|
|
$
|
3.80
|
|
$
|
4.18
|
|
(9
|
)
|
|
Three Months Ended March 31,
|
||
|
2016
|
|
2015
|
Change in the Colombian peso against the U.S. dollar
|
strengthened by
|
|
weakened by
|
4%
|
|
8%
|
|
|
Three Months Ended March 31,
|
||||||
(Thousands of U.S. Dollars)
|
|
2016
|
|
2015
|
||||
Trading securities loss (gain)
|
|
$
|
845
|
|
|
$
|
(412
|
)
|
Foreign currency derivatives loss
|
|
—
|
|
|
370
|
|
||
|
|
$
|
845
|
|
|
$
|
(42
|
)
|
•
|
On the Chaza Block (100% working interest ("WI"), operated), we completed the Costayaco-24 development well and drilled and completed the Costayaco-23i, Costayaco-27i and Moqueta-20 development wells in the Costayaco and Moqueta Fields. All four wells were completed as oil producers. We completed a dual completion on the Moqueta-19i water injector well. We drilled the Moqueta-23 development well and started pre-drilling activities for the Moqueta 22 development well. The Moqueta 22 development well was spud subsequent to quarter end.
|
•
|
We continued facilities work at the Moqueta Field on the Chaza Block.
|
Date: May 3, 2016
|
|
/s/ Gary Guidry
|
|
|
By: Gary Guidry
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date: May 3, 2016
|
|
/s/ Ryan Ellson
|
|
|
By: Ryan Ellson
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
Exhibit No.
|
Description
|
|
Reference
|
2.1
|
Arrangement Agreement, dated November 12, 2015, between Gran Tierra Energy Inc. and Petroamerica Oil Corp.
|
|
Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K, filed with the SEC on November 18, 2015 (SEC File No. 001-34018).
|
|
|
|
|
3.1
|
Amended and Restated Articles of Incorporation.
|
|
Incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K, filed with the SEC on February 26, 2014 (SEC File No. 001-34018).
|
|
|
|
|
3.2
|
Amended and Restated Bylaws of Gran Tierra Energy Inc.
|
|
Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on March 3, 2016 (SEC File No. 001-34018).
|
|
|
|
|
4.1
|
Indenture related to the 5.00% Convertible Senior Notes due 2021, dated as of April 6, 2016, between Gran Tierra Energy Inc. and U.S. Bank National Association
|
|
Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, filed with the SEC on April 6, 2016 (SEC File No. 001-34018).
|
|
|
|
|
4.2
|
Form of 5.00% Convertible Senior Notes due 2021.
|
|
Included as Exhibit A to Exhibit 4.1.
|
|
|
|
|
10.1
|
Purchase Agreement, dated as of March 31, 2016, by and between Gran Tierra Energy Inc. and Nomura Securities International, Inc., Dundee Securities Inc. and RBC Dominion Securities Inc.
|
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on April 6, 2016 (SEC File No. 001-34018).
|
|
|
|
|
10.2
|
First Amendment to Credit Agreement, dated as of March 31, 2016, by and among Gran Tierra Energy International Holdings Ltd., Gran Tierra Energy Inc., The Bank of Nova Scotia, and the lenders party thereto.
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Incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K, filed with the SEC on April 6, 2016 (SEC File No. 001-34018).
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10.3
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Form of Performance Stock Unit Award Agreement Under the 2007 Equity Incentive Plan
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Filed herewith.
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10.4
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Form of Performance Stock Unit Grant Notice
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Filed herewith.
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10.5
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Executive Employment Agreement effective May 11 2015, between Gran Tierra Energy Canada ULC, Gran Tierra Energy Inc. and Ryan Ellson
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Filed herewith.
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10.6
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Severance Agreement and Release dated April 6, 2016, between Gran Tierra Energy Canada ULC, Gran Tierra Energy Inc. and Duncan Nightingale.
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Filed herewith.
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12.1
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Statement re: Computation of Ratio of Earnings to Fixed Charges
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Filed herewith.
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31.1
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Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Filed herewith.
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31.2
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Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Filed herewith.
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32.1
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Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Furnished herewith.
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1 Year Gran Tierra Energy Chart |
1 Month Gran Tierra Energy Chart |
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