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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 | |
---|---|---|---|---|---|---|---|---|
-0.125 | -1.44% | 8.575 | 8.86 | 8.45 | 8.78 | 330,009 | 19:41:09 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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98-0479924
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(State or other jurisdiction of incorporation or organization)
|
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(I.R.S. Employer Identification No.)
|
|
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900, 520 - 3 Avenue SW
Calgary, Alberta Canada T2P 0R3 |
||
(Address of principal executive offices, including zip code)
|
Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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|
Emerging growth company
o
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Page
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PART I
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Financial Information
|
|
Item 1.
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Financial Statements
|
|
Item 2.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 4.
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Controls and Procedures
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|
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PART II
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Other Information
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Item 1.
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Legal Proceedings
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Item 1A.
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Risk Factors
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Item 6.
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Exhibits
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|
SIGNATURES
|
bbl
|
barrel
|
BOE
|
barrels of oil equivalent
|
Mbbl
|
thousand barrels
|
BOEPD
|
barrels of oil equivalent per day
|
Mcf
|
thousand cubic feet
|
bopd
|
barrels of oil per day
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NAR
|
net after royalty
|
|
|
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September 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents (Note 11)
|
$
|
15,125
|
|
|
$
|
25,175
|
|
Restricted cash and cash equivalents (Notes 7 and 11)
|
3,920
|
|
|
8,322
|
|
||
Accounts receivable
|
38,279
|
|
|
45,698
|
|
||
Derivatives (Note 10)
|
512
|
|
|
578
|
|
||
Inventory (Note 4)
|
6,978
|
|
|
7,766
|
|
||
Taxes receivable
|
34,879
|
|
|
26,393
|
|
||
Prepaid taxes (Note 2)
|
—
|
|
|
12,271
|
|
||
Other prepaids
|
2,194
|
|
|
5,482
|
|
||
Total Current Assets
|
101,887
|
|
|
131,685
|
|
||
|
|
|
|
||||
Oil and Gas Properties (using the full cost method of accounting)
|
|
|
|
|
|
||
Proved
|
508,981
|
|
|
412,319
|
|
||
Unproved
|
613,419
|
|
|
647,774
|
|
||
Total Oil and Gas Properties
|
1,122,400
|
|
|
1,060,093
|
|
||
Other capital assets
|
5,224
|
|
|
6,516
|
|
||
Total Property, Plant and Equipment (Notes 3 and 4)
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1,127,624
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|
|
1,066,609
|
|
||
|
|
|
|
||||
Other Long-Term Assets
|
|
|
|
|
|
||
Deferred tax assets (Note 2)
|
66,963
|
|
|
1,611
|
|
||
Prepaid taxes (Note 2)
|
—
|
|
|
41,784
|
|
||
Restricted cash and cash equivalents (Notes 7 and 11)
|
10,332
|
|
|
9,770
|
|
||
Other long-term assets
|
13,789
|
|
|
13,856
|
|
||
Goodwill (Note 3)
|
102,581
|
|
|
102,581
|
|
||
Total Other Long-Term Assets
|
193,665
|
|
|
169,602
|
|
||
Total Assets (Note 3)
|
$
|
1,423,176
|
|
|
$
|
1,367,896
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
$
|
119,829
|
|
|
$
|
107,051
|
|
Derivatives (Note 10)
|
65
|
|
|
3,824
|
|
||
Taxes payable (Note 2)
|
2,419
|
|
|
38,939
|
|
||
Asset retirement obligation (Note 7)
|
355
|
|
|
5,215
|
|
||
Total Current Liabilities
|
122,668
|
|
|
155,029
|
|
||
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
|
||
Long-term debt (Notes 5 and 10)
|
229,215
|
|
|
197,083
|
|
||
Deferred tax liabilities (Note 2)
|
29,368
|
|
|
107,230
|
|
||
Asset retirement obligation (Note 7)
|
43,649
|
|
|
38,142
|
|
||
Other long-term liabilities
|
13,816
|
|
|
11,425
|
|
||
Total Long-Term Liabilities
|
316,048
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|
|
353,880
|
|
||
|
|
|
|
||||
Contingencies (Note 9)
|
|
|
|
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
|
||
Common Stock (Note 6) (386,872,530 and 390,807,194 shares of Common Stock and 7,898,664 and 8,199,894 exchangeable shares, par value $0.001 per share, issued and outstanding as at September 30, 2017, and December 31, 2016, respectively)
|
10,299
|
|
|
10,303
|
|
||
Additional paid in capital
|
1,334,563
|
|
|
1,342,656
|
|
||
Deficit
|
(360,402
|
)
|
|
(493,972
|
)
|
||
Total Shareholders’ Equity
|
984,460
|
|
|
858,987
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
1,423,176
|
|
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$
|
1,367,896
|
|
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Nine Months Ended September 30,
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||||||
|
2017
|
|
2016
|
||||
Operating Activities
|
|
|
|
||||
Net income (loss)
|
$
|
9,094
|
|
|
$
|
(338,210
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|||
Depletion, depreciation and accretion (Note 3)
|
92,729
|
|
|
104,525
|
|
||
Asset impairment (Notes 3 and 4)
|
1,239
|
|
|
469,715
|
|
||
Deferred tax expense (recovery)
|
36,664
|
|
|
(166,202
|
)
|
||
Stock-based compensation (Note 6)
|
4,935
|
|
|
4,380
|
|
||
Amortization of debt issuance costs (Note 5)
|
1,868
|
|
|
2,813
|
|
||
Cash settlement of restricted share units
|
(534
|
)
|
|
(1,210
|
)
|
||
Unrealized foreign exchange (gain) loss
|
(304
|
)
|
|
2,437
|
|
||
Financial instruments (gain) loss (Note 10)
|
(5,211
|
)
|
|
1,824
|
|
||
Cash settlement of financial instruments (Note 10)
|
1,518
|
|
|
438
|
|
||
Cash settlement of asset retirement obligation (Note 7)
|
(462
|
)
|
|
(496
|
)
|
||
Loss on sale of Brazil business unit (Note 4)
|
9,076
|
|
|
—
|
|
||
Gain on acquisition
|
—
|
|
|
(11,712
|
)
|
||
Net change in assets and liabilities from operating activities (Note 11)
|
(28,105
|
)
|
|
18,097
|
|
||
Net cash provided by operating activities
|
122,507
|
|
|
86,399
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||
Additions to property, plant and equipment (Note 3)
|
(175,719
|
)
|
|
(69,667
|
)
|
||
Additions to property, plant and equipment - property acquisitions (Note 4)
|
(30,410
|
)
|
|
(19,388
|
)
|
||
Net proceeds from sale of Brazil business unit (Note 4)
|
34,481
|
|
|
—
|
|
||
Cash deposit received for letter of credit arrangements upon sale of Brazil business unit (Note 4)
|
4,700
|
|
|
—
|
|
||
Cash paid for business combinations, net of cash acquired
|
—
|
|
|
(457,183
|
)
|
||
Proceeds from sale of marketable securities
|
—
|
|
|
788
|
|
||
Changes in non-cash investing working capital
|
11,347
|
|
|
(8,036
|
)
|
||
Net cash used in investing activities
|
(155,601
|
)
|
|
(553,486
|
)
|
||
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||
Proceeds from bank debt, net of issuance costs (Note 5)
|
115,264
|
|
|
220,169
|
|
||
Repayment of bank debt (Note 5)
|
(85,000
|
)
|
|
(110,181
|
)
|
||
Proceeds from issuance of shares of Common Stock, net of issuance costs
|
—
|
|
|
5,169
|
|
||
Repurchase of shares of Common Stock (Note 6)
|
(10,000
|
)
|
|
—
|
|
||
Proceeds from issuance of subscription receipts, net of issuance costs
|
—
|
|
|
165,805
|
|
||
Proceeds from issuance of Convertible Senior Notes, net of issuance costs (Note 5)
|
—
|
|
|
109,090
|
|
||
Net cash provided by financing activities
|
20,264
|
|
|
390,052
|
|
||
|
|
|
|
||||
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents
|
(1,060
|
)
|
|
(452
|
)
|
||
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash and cash equivalents
|
(13,890
|
)
|
|
(77,487
|
)
|
||
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period (Note 11)
|
43,267
|
|
|
148,751
|
|
||
Cash, cash equivalents and restricted cash and cash equivalents, end of period (Note 11)
|
$
|
29,377
|
|
|
$
|
71,264
|
|
|
|
|
|
||||
Supplemental cash flow disclosures (Note 11)
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
Year Ended December 31,
|
||||
|
2017
|
|
2016
|
||||
Share Capital
|
|
|
|
||||
Balance, beginning of period
|
$
|
10,303
|
|
|
$
|
10,186
|
|
Issuance of Common Stock
|
—
|
|
|
117
|
|
||
Repurchase of Common Stock (Note 6)
|
(4
|
)
|
|
—
|
|
||
Balance, end of period
|
10,299
|
|
|
10,303
|
|
||
|
|
|
|
||||
Additional Paid in Capital
|
|
|
|
|
|
||
Balance, beginning of period
|
1,342,656
|
|
|
1,019,863
|
|
||
Issuance of Common Stock, net of share issuance costs
|
—
|
|
|
314,425
|
|
||
Exercise of stock options
|
—
|
|
|
5,347
|
|
||
Stock-based compensation (Note 6)
|
1,903
|
|
|
3,021
|
|
||
Repurchase of Common Stock (Note 6)
|
(9,996
|
)
|
|
—
|
|
||
Balance, end of period
|
1,334,563
|
|
|
1,342,656
|
|
||
|
|
|
|
||||
Deficit
|
|
|
|
|
|
||
Balance, beginning of period
|
(493,972
|
)
|
|
(28,407
|
)
|
||
Net income (loss)
|
9,094
|
|
|
(465,565
|
)
|
||
Cumulative adjustment for accounting change related to tax reorganizations
(Note 2)
|
124,476
|
|
|
—
|
|
||
Balance, end of period
|
(360,402
|
)
|
|
(493,972
|
)
|
||
|
|
|
|
||||
Total Shareholders’ Equity
|
$
|
984,460
|
|
|
$
|
858,987
|
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Oil and natural gas sales
|
$
|
103,768
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
103,768
|
|
Depletion, depreciation and accretion
|
33,388
|
|
|
881
|
|
|
—
|
|
|
223
|
|
|
34,492
|
|
|||||
Asset impairment
|
—
|
|
|
176
|
|
|
—
|
|
|
611
|
|
|
787
|
|
|||||
General and administrative expenses
|
5,500
|
|
|
301
|
|
|
—
|
|
|
2,850
|
|
|
8,651
|
|
|||||
Income (loss) before income taxes
|
31,276
|
|
|
(1,405
|
)
|
|
—
|
|
|
(8,648
|
)
|
|
21,223
|
|
|||||
Segment capital expenditures
|
70,606
|
|
|
998
|
|
|
—
|
|
|
90
|
|
|
71,694
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended September 30, 2016
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Oil and natural gas sales
|
$
|
65,944
|
|
|
$
|
—
|
|
|
$
|
2,595
|
|
|
$
|
—
|
|
|
$
|
68,539
|
|
Depletion, depreciation and accretion
|
34,156
|
|
|
206
|
|
|
1,022
|
|
|
345
|
|
|
35,729
|
|
|||||
Asset impairment
|
298,370
|
|
|
—
|
|
|
21,604
|
|
|
—
|
|
|
319,974
|
|
|||||
General and administrative expenses
|
1,921
|
|
|
218
|
|
|
218
|
|
|
3,235
|
|
|
5,592
|
|
|||||
Loss before income taxes
|
(299,306
|
)
|
|
(768
|
)
|
|
(20,977
|
)
|
|
(15,140
|
)
|
|
(336,191
|
)
|
|||||
Segment capital expenditures
|
20,476
|
|
|
1,360
|
|
|
3,102
|
|
|
142
|
|
|
25,080
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Oil and natural gas sales
|
$
|
286,137
|
|
|
$
|
—
|
|
|
$
|
8,418
|
|
|
$
|
—
|
|
|
$
|
294,555
|
|
Depletion, depreciation and accretion
|
88,453
|
|
|
1,350
|
|
|
2,263
|
|
|
663
|
|
|
92,729
|
|
|||||
Asset impairment
|
—
|
|
|
628
|
|
|
—
|
|
|
611
|
|
|
1,239
|
|
|||||
General and administrative expenses
|
15,561
|
|
|
974
|
|
|
743
|
|
|
9,598
|
|
|
26,876
|
|
|||||
Income (loss) before income taxes
|
90,018
|
|
|
(2,685
|
)
|
|
3,369
|
|
|
(31,422
|
)
|
|
59,280
|
|
|||||
Segment capital expenditures
|
168,881
|
|
|
3,207
|
|
|
2,811
|
|
|
820
|
|
|
175,719
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine Months Ended September 30, 2016
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Oil and natural gas sales
|
$
|
191,515
|
|
|
$
|
—
|
|
|
$
|
6,140
|
|
|
$
|
—
|
|
|
$
|
197,655
|
|
Depletion, depreciation and accretion
|
100,350
|
|
|
418
|
|
|
2,764
|
|
|
993
|
|
|
104,525
|
|
|||||
Asset impairment
|
431,810
|
|
|
899
|
|
|
37,006
|
|
|
—
|
|
|
469,715
|
|
|||||
General and administrative expenses
|
9,614
|
|
|
1,014
|
|
|
751
|
|
|
9,235
|
|
|
20,614
|
|
|||||
Loss before income taxes
|
(436,863
|
)
|
|
(2,224
|
)
|
|
(36,523
|
)
|
|
(17,122
|
)
|
|
(492,732
|
)
|
|||||
Segment capital expenditures
|
56,997
|
|
|
3,730
|
|
|
7,982
|
|
|
958
|
|
|
69,667
|
|
|
As at September 30, 2017
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Property, plant and equipment
|
$
|
1,054,136
|
|
|
$
|
70,903
|
|
|
$
|
—
|
|
|
$
|
2,585
|
|
|
$
|
1,127,624
|
|
Goodwill
|
102,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,581
|
|
|||||
All other assets
|
176,672
|
|
|
11,103
|
|
|
—
|
|
|
5,196
|
|
|
192,971
|
|
|||||
Total Assets
|
$
|
1,333,389
|
|
|
$
|
82,006
|
|
|
$
|
—
|
|
|
$
|
7,781
|
|
|
$
|
1,423,176
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
As at December 31, 2016
|
||||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
Peru
|
|
Brazil
|
|
All Other
|
|
Total
|
||||||||||
Property, plant and equipment
|
$
|
939,947
|
|
|
$
|
68,428
|
|
|
$
|
55,196
|
|
|
$
|
3,038
|
|
|
$
|
1,066,609
|
|
Goodwill
|
102,581
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,581
|
|
|||||
All other assets
|
177,393
|
|
|
10,848
|
|
|
1,619
|
|
|
8,846
|
|
|
198,706
|
|
|||||
Total Assets
|
$
|
1,219,921
|
|
|
$
|
79,276
|
|
|
$
|
56,815
|
|
|
$
|
11,884
|
|
|
$
|
1,367,896
|
|
(Thousands of U.S. Dollars)
|
As at September 30, 2017
|
|
As at December 31, 2016
|
||||
Oil and natural gas properties
|
|
|
|
|
|||
Proved
|
$
|
2,836,263
|
|
|
$
|
2,652,171
|
|
Unproved
|
613,419
|
|
|
647,774
|
|
||
|
3,449,682
|
|
|
3,299,945
|
|
||
Other
|
27,236
|
|
|
29,445
|
|
||
|
3,476,918
|
|
|
3,329,390
|
|
||
Accumulated depletion, depreciation and impairment
|
(2,349,294
|
)
|
|
(2,262,781
|
)
|
||
|
$
|
1,127,624
|
|
|
$
|
1,066,609
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Impairment of oil and gas properties
|
$
|
787
|
|
|
$
|
319,974
|
|
|
$
|
1,239
|
|
|
$
|
469,051
|
|
Impairment of inventory
|
—
|
|
|
—
|
|
|
—
|
|
|
664
|
|
||||
|
$
|
787
|
|
|
$
|
319,974
|
|
|
$
|
1,239
|
|
|
$
|
469,715
|
|
(Thousands of U.S. Dollars)
|
|
||
Cost of asset acquisition:
|
|
||
Cash
|
$
|
30,410
|
|
|
|
||
Allocation of Consideration Paid:
|
|
||
Oil and gas properties
|
|
||
Proved
|
$
|
24,405
|
|
Unproved
|
8,649
|
|
|
|
33,054
|
|
|
Inventory
|
869
|
|
|
Asset retirement obligation - long-term
|
(3,513
|
)
|
|
|
$
|
30,410
|
|
(Thousands of U.S. Dollars)
|
As at December 31, 2016
|
||
Current assets
|
$
|
1,634
|
|
Property, plant and equipment
|
55,376
|
|
|
|
$
|
57,010
|
|
|
|
||
Current liabilities
|
$
|
(11,590
|
)
|
Long-term liabilities
|
(2,297
|
)
|
|
|
$
|
(13,887
|
)
|
(Thousands of U.S. Dollars)
|
As at September 30, 2017
|
|
As at December 31, 2016
|
||||
Convertible senior notes
|
$
|
115,000
|
|
|
$
|
115,000
|
|
Revolving credit facility
|
120,000
|
|
|
90,000
|
|
||
Unamortized debt issuance costs
|
(5,785
|
)
|
|
(7,917
|
)
|
||
Long-term debt
|
$
|
229,215
|
|
|
$
|
197,083
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Contractual interest and other financing expenses
|
$
|
3,346
|
|
|
$
|
2,938
|
|
|
$
|
8,547
|
|
|
$
|
5,029
|
|
Amortization of debt issuance costs
|
643
|
|
|
2,184
|
|
|
1,868
|
|
|
2,813
|
|
||||
|
$
|
3,989
|
|
|
$
|
5,122
|
|
|
$
|
10,415
|
|
|
$
|
7,842
|
|
|
Shares of Common Stock
|
Exchangeable Shares of Gran Tierra Exchangeco Inc.
|
Exchangeable Shares of Gran Tierra Goldstrike Inc.
|
|||
Balance, December 31, 2016
|
390,807,194
|
|
4,812,592
|
|
3,387,302
|
|
Shares repurchased and canceled
|
(4,235,890
|
)
|
—
|
|
—
|
|
Exchange of exchangeable shares
|
301,230
|
|
(142,500
|
)
|
(158,730
|
)
|
Shares canceled
|
(4
|
)
|
—
|
|
—
|
|
Balance, September 30, 2017
|
386,872,530
|
|
4,670,092
|
|
3,228,572
|
|
|
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, 2016
|
3,362,717
|
|
208,698
|
|
359,145
|
|
|
9,239,478
|
|
4.16
|
|
Granted
|
3,229,620
|
|
171,388
|
|
—
|
|
|
1,964,156
|
|
2.54
|
|
Exercised
|
—
|
|
—
|
|
(211,022
|
)
|
|
—
|
|
—
|
|
Forfeited
|
(641,159
|
)
|
—
|
|
(9,402
|
)
|
|
(903,910
|
)
|
(4.81
|
)
|
Expired
|
—
|
|
—
|
|
—
|
|
|
(1,396,667
|
)
|
(4.65
|
)
|
Balance, September 30, 2017
|
5,951,178
|
|
380,086
|
|
138,721
|
|
|
8,903,057
|
|
3.66
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Weighted average number of common and exchangeable shares outstanding
|
394,771,194
|
|
|
321,725,379
|
|
|
397,439,007
|
|
|
304,098,944
|
|
Shares issuable pursuant to stock options
|
61,325
|
|
|
—
|
|
|
187,150
|
|
|
—
|
|
Shares assumed to be purchased from proceeds of stock options
|
(57,566
|
)
|
|
—
|
|
|
(175,520
|
)
|
|
—
|
|
Weighted average number of diluted common and exchangeable shares outstanding
|
394,774,953
|
|
|
321,725,379
|
|
|
397,450,637
|
|
|
304,098,944
|
|
|
Nine Months Ended
|
|
Year Ended
|
||||
(Thousands of U.S. Dollars)
|
September 30, 2017
|
|
December 31, 2016
|
||||
Balance, beginning of period
|
$
|
43,357
|
|
|
$
|
33,224
|
|
Liability incurred
|
2,942
|
|
|
2,606
|
|
||
Liabilities assumed in acquisition
|
3,513
|
|
|
15,723
|
|
||
Accretion
|
3,101
|
|
|
2,789
|
|
||
Settlements
|
(1,039
|
)
|
|
(872
|
)
|
||
Liabilities associated with assets sold
|
(2,200
|
)
|
|
(3,257
|
)
|
||
Revisions in estimated liability
|
(5,670
|
)
|
|
(6,856
|
)
|
||
Balance, end of period
|
$
|
44,004
|
|
|
$
|
43,357
|
|
|
|
|
|
||||
Asset retirement obligation - current
|
$
|
355
|
|
|
$
|
5,215
|
|
Asset retirement obligation - long-term
|
43,649
|
|
|
38,142
|
|
||
|
$
|
44,004
|
|
|
$
|
43,357
|
|
(Thousands of U.S. Dollars)
|
As at September 30, 2017
|
|
As at December 31, 2016
|
||||
Foreign currency derivative asset
|
$
|
512
|
|
|
$
|
578
|
|
|
|
|
|
||||
Commodity price derivative liability
|
$
|
65
|
|
|
$
|
3,824
|
|
RSU, PSU and DSU liability
|
6,851
|
|
|
3,907
|
|
||
|
$
|
6,916
|
|
|
$
|
7,731
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Commodity price derivative loss (gain)
|
$
|
2,489
|
|
|
$
|
2,190
|
|
|
$
|
(3,759
|
)
|
|
$
|
856
|
|
Foreign currency derivatives gain
|
(814
|
)
|
|
(840
|
)
|
|
(1,452
|
)
|
|
(1,958
|
)
|
||||
Trading securities loss
|
—
|
|
|
701
|
|
|
—
|
|
|
2,926
|
|
||||
Financial instruments loss (gain)
|
$
|
1,675
|
|
|
$
|
2,051
|
|
|
$
|
(5,211
|
)
|
|
$
|
1,824
|
|
Period and type of instrument
|
Volume,
bopd |
Reference
|
Sold Put ($/bbl)
|
Purchased Put
($/bbl) |
Sold Call ($/bbl)
|
|||||||
Collar: October 1, 2016 to December 31, 2017
|
5,000
|
|
ICE Brent
|
$
|
35
|
|
$
|
45
|
|
$
|
65
|
|
Collar: June 1, 2017 to December 31, 2017
|
10,000
|
|
ICE Brent
|
$
|
35
|
|
$
|
45
|
|
$
|
65
|
|
Period and type of instrument
|
Amount Hedged
(Millions COP) |
U.S. Dollar Equivalent of Amount Hedged
(1)
(Thousands of U.S. Dollars)
|
Reference
|
Purchased Call
(COP) |
Sold Put
(COP, Weighted Average Rate) |
||||
Collar: October 1, 2017 to October 31, 2017
|
23,000
|
|
7,832
|
|
COP
|
3,000
|
|
3,117
|
|
Collar: November 1, 2017 to November 30, 2017
|
25,000
|
|
8,513
|
|
COP
|
3,000
|
|
3,139
|
|
Collar: December 1, 2017 to December 28, 2017
|
25,000
|
|
8,513
|
|
COP
|
3,000
|
|
3,142
|
|
|
73,000
|
|
24,858
|
|
|
|
|
Period and type of instrument
|
Amount Hedged
(Millions COP) |
U.S. Dollar Equivalent of Amount Hedged
(1)
(Thousands of U.S. Dollars)
|
Reference
|
Purchased Call
(COP) |
Sold Put
(COP, Weighted Average Rate) |
||||
Collar: January 1, 2018 to December 31, 2018
|
132,000
|
|
44,949
|
|
COP
|
3,000
|
|
3,112
|
|
(Thousands of U.S. Dollars)
|
As at September 30,
|
|
As at December 31,
|
||||||||||
|
2017
|
2016
|
|
2016
|
2015
|
||||||||
Cash and cash equivalents
|
$
|
15,125
|
|
$
|
48,073
|
|
|
$
|
25,175
|
|
$
|
145,342
|
|
Restricted cash and cash equivalents - current
|
3,920
|
|
13,198
|
|
|
8,322
|
|
92
|
|
||||
Restricted cash and cash equivalents -
long-term
|
10,332
|
|
9,993
|
|
|
9,770
|
|
3,317
|
|
||||
|
$
|
29,377
|
|
$
|
71,264
|
|
|
$
|
43,267
|
|
$
|
148,751
|
|
|
Nine Months Ended September 30,
|
||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2016
|
||||
Accounts receivable and other long-term assets
|
$
|
8,356
|
|
|
$
|
15,233
|
|
Derivatives
|
—
|
|
|
(4,563
|
)
|
||
Inventory
|
(28
|
)
|
|
3,630
|
|
||
Prepaids
|
3,080
|
|
|
1,864
|
|
||
Accounts payable and accrued and other long-term liabilities
|
5,951
|
|
|
(11,297
|
)
|
||
Taxes receivable and payable
|
(45,464
|
)
|
|
13,230
|
|
||
Net changes in assets and liabilities from operating activities
|
$
|
(28,105
|
)
|
|
$
|
18,097
|
|
|
Nine Months Ended September 30,
|
||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2016
|
||||
Non-cash investing activities:
|
|
|
|
||||
Net liabilities related to property, plant and equipment, end of period
|
$
|
68,018
|
|
|
$
|
27,520
|
|
(Thousands of U.S. Dollars, unless otherwise indicated)
|
Three Months Ended June 30,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
2017
|
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
% Change
|
||||||||||||
Average Daily Volumes (BOEPD)
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
|
|
|
|
|
|
|
|
||||||||||||
Working Interest Production Before Royalties
|
31,437
|
|
|
32,570
|
|
25,835
|
|
26
|
|
|
31,305
|
|
25,730
|
|
22
|
|
|||||
Royalties
|
(5,014
|
)
|
|
(5,055
|
)
|
(3,855
|
)
|
31
|
|
|
(5,052
|
)
|
(3,576
|
)
|
41
|
|
|||||
Production NAR
|
26,423
|
|
|
27,515
|
|
21,980
|
|
25
|
|
|
26,253
|
|
22,154
|
|
19
|
|
|||||
(Increase) Decrease in Inventory
|
(140
|
)
|
|
(68
|
)
|
(495
|
)
|
(86
|
)
|
|
(64
|
)
|
951
|
|
(107
|
)
|
|||||
Sales
(1)
|
26,283
|
|
|
27,447
|
|
21,485
|
|
28
|
|
|
26,189
|
|
23,105
|
|
13
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Colombia
|
|
|
|
|
|
|
|
|
|
||||||||||||
Working Interest Production Before Royalties
|
30,098
|
|
|
32,570
|
|
24,874
|
|
31
|
|
|
30,398
|
|
24,859
|
|
22
|
|
|||||
Royalties
|
(4,819
|
)
|
|
(5,055
|
)
|
(3,717
|
)
|
36
|
|
|
(4,914
|
)
|
(3,439
|
)
|
43
|
|
|||||
Production NAR
|
25,279
|
|
|
27,515
|
|
21,157
|
|
30
|
|
|
25,484
|
|
21,420
|
|
19
|
|
|||||
(Increase) Decrease in Inventory
|
(147
|
)
|
|
(68
|
)
|
(497
|
)
|
(86
|
)
|
|
(70
|
)
|
949
|
|
(107
|
)
|
|||||
Sales
(1)
|
25,132
|
|
|
27,447
|
|
20,660
|
|
33
|
|
|
25,414
|
|
22,369
|
|
14
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income (Loss)
|
$
|
(6,807
|
)
|
|
$
|
3,130
|
|
$
|
(229,619
|
)
|
101
|
|
|
$
|
9,094
|
|
$
|
(338,210
|
)
|
103
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating Netback
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Natural Gas Sales
|
$
|
96,128
|
|
|
$
|
103,768
|
|
$
|
68,539
|
|
51
|
|
|
$
|
294,555
|
|
$
|
197,655
|
|
49
|
|
Operating Expenses
|
(27,208
|
)
|
|
(27,321
|
)
|
(25,638
|
)
|
7
|
|
|
(78,466
|
)
|
(62,453
|
)
|
26
|
|
|||||
Transportation Expenses
|
(6,492
|
)
|
|
(6,038
|
)
|
(5,773
|
)
|
5
|
|
|
(19,472
|
)
|
(24,318
|
)
|
(20
|
)
|
|||||
Operating Netback
(2)
|
$
|
62,428
|
|
|
$
|
70,409
|
|
$
|
37,128
|
|
90
|
|
|
$
|
196,617
|
|
$
|
110,884
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
General and Administrative ("G&A") Expenses, Including Stock-Based Compensation
|
$
|
9,513
|
|
|
$
|
8,651
|
|
$
|
5,592
|
|
55
|
|
|
$
|
26,876
|
|
$
|
20,614
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA
(2)
|
$
|
41,634
|
|
|
$
|
60,491
|
|
$
|
24,634
|
|
146
|
|
|
$
|
163,663
|
|
$
|
89,350
|
|
83
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Funds Flow From Operations
(2)
|
$
|
50,920
|
|
|
$
|
55,128
|
|
$
|
23,527
|
|
134
|
|
|
$
|
151,074
|
|
$
|
68,798
|
|
120
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Capital Expenditures
|
$
|
57,865
|
|
|
$
|
71,694
|
|
$
|
25,080
|
|
186
|
|
|
$
|
175,719
|
|
$
|
69,667
|
|
152
|
|
|
As at
|
|||||||
(Thousands of U.S. Dollars)
|
September 30, 2017
|
December 31, 2016
|
% Change
|
|||||
Cash, Cash Equivalents and Current Restricted Cash and Cash Equivalents
|
$
|
19,045
|
|
$
|
33,497
|
|
(43
|
)
|
|
|
|
|
|||||
Revolving Credit Facility
|
$
|
120,000
|
|
$
|
90,000
|
|
33
|
|
|
|
|
|
|||||
Convertible Senior Notes
|
$
|
115,000
|
|
$
|
115,000
|
|
—
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2017
|
2016
|
|
2017
|
2016
|
||||||||||
Net income (loss)
|
$
|
(6,807
|
)
|
|
$
|
3,130
|
|
$
|
(229,619
|
)
|
|
$
|
9,094
|
|
$
|
(338,210
|
)
|
Adjustments to reconcile net income (loss) to adjusted EBITDA
|
|
|
|
|
|
|
|
||||||||||
DD&A expenses
|
31,644
|
|
|
34,492
|
|
35,729
|
|
|
92,729
|
|
104,525
|
|
|||||
Asset impairment
|
169
|
|
|
787
|
|
319,974
|
|
|
1,239
|
|
469,715
|
|
|||||
Interest expense
|
3,331
|
|
|
3,989
|
|
5,122
|
|
|
10,415
|
|
7,842
|
|
|||||
Income tax expense (recovery)
|
13,297
|
|
|
18,093
|
|
(106,572
|
)
|
|
50,186
|
|
(154,522
|
)
|
|||||
Adjusted EBITDA (non-GAAP)
|
$
|
41,634
|
|
|
$
|
60,491
|
|
$
|
24,634
|
|
|
$
|
163,663
|
|
$
|
89,350
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2017
|
2016
|
|
2017
|
2016
|
||||||||||
Net income (loss)
|
$
|
(6,807
|
)
|
|
$
|
3,130
|
|
$
|
(229,619
|
)
|
|
9,094
|
|
$
|
(338,210
|
)
|
|
Adjustments to reconcile net income (loss) to funds flow from operations
|
|
|
|
|
|
|
|
||||||||||
DD&A expenses
|
31,644
|
|
|
34,492
|
|
35,729
|
|
|
92,729
|
|
104,525
|
|
|||||
Asset impairment
|
169
|
|
|
787
|
|
319,974
|
|
|
1,239
|
|
469,715
|
|
|||||
Deferred tax expense (recovery)
|
11,525
|
|
|
13,760
|
|
(110,451
|
)
|
|
36,664
|
|
(166,202
|
)
|
|||||
Stock-based compensation expense
|
1,980
|
|
|
1,752
|
|
858
|
|
|
4,935
|
|
4,380
|
|
|||||
Amortization of debt issuance costs
|
620
|
|
|
643
|
|
2,184
|
|
|
1,868
|
|
2,813
|
|
|||||
Cash settlement of RSUs
|
(183
|
)
|
|
(33
|
)
|
(24
|
)
|
|
(534
|
)
|
(1,210
|
)
|
|||||
Unrealized foreign exchange loss (gain)
|
3,895
|
|
|
(1,380
|
)
|
2,387
|
|
|
(304
|
)
|
2,437
|
|
|||||
Financial instruments (gain) loss
|
(1,447
|
)
|
|
1,675
|
|
2,051
|
|
|
(5,211
|
)
|
1,824
|
|
|||||
Cash settlement of financial instruments
|
448
|
|
|
302
|
|
438
|
|
|
1,518
|
|
438
|
|
|||||
Loss on sale of Brazil business unit
|
9,076
|
|
|
—
|
|
—
|
|
|
9,076
|
|
—
|
|
|||||
Gain on acquisition
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
(11,712
|
)
|
|||||
Funds flow from operations (non-GAAP)
|
$
|
50,920
|
|
|
$
|
55,128
|
|
$
|
23,527
|
|
|
$
|
151,074
|
|
$
|
68,798
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
2017
|
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
% Change
|
||||||||||||
(Thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and natural gas sales
|
$
|
96,128
|
|
|
$
|
103,768
|
|
$
|
68,539
|
|
51
|
|
|
$
|
294,555
|
|
$
|
197,655
|
|
49
|
|
Operating expenses
|
27,208
|
|
|
27,321
|
|
25,638
|
|
7
|
|
|
78,466
|
|
62,453
|
|
26
|
|
|||||
Transportation expenses
|
6,492
|
|
|
6,038
|
|
5,773
|
|
5
|
|
|
19,472
|
|
24,318
|
|
(20
|
)
|
|||||
Operating netback
(1)
|
62,428
|
|
|
70,409
|
|
37,128
|
|
90
|
|
|
196,617
|
|
110,884
|
|
77
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
DD&A expenses
|
31,644
|
|
|
34,492
|
|
35,729
|
|
(3
|
)
|
|
92,729
|
|
104,525
|
|
(11
|
)
|
|||||
Asset impairment
|
169
|
|
|
787
|
|
319,974
|
|
(100
|
)
|
|
1,239
|
|
469,715
|
|
(100
|
)
|
|||||
G&A expenses before stock-based compensation
|
7,610
|
|
|
6,965
|
|
4,778
|
|
46
|
|
|
22,138
|
|
16,414
|
|
35
|
|
|||||
G&A stock-based compensation expense
|
1,903
|
|
|
1,686
|
|
814
|
|
107
|
|
|
4,738
|
|
4,200
|
|
13
|
|
|||||
Severance expenses
|
—
|
|
|
1,164
|
|
—
|
|
—
|
|
|
1,164
|
|
1,299
|
|
(10
|
)
|
|||||
Transaction expenses
|
—
|
|
|
—
|
|
6,088
|
|
(100
|
)
|
|
—
|
|
7,325
|
|
(100
|
)
|
|||||
Equity tax
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
1,224
|
|
3,053
|
|
(60
|
)
|
|||||
Foreign exchange loss (gain)
|
3,897
|
|
|
(1,271
|
)
|
(507
|
)
|
(151
|
)
|
|
779
|
|
1,059
|
|
(26
|
)
|
|||||
Financial instruments (gain) loss
|
(1,447
|
)
|
|
1,675
|
|
2,051
|
|
(18
|
)
|
|
(5,211
|
)
|
1,824
|
|
(386
|
)
|
|||||
Interest expense
|
3,331
|
|
|
3,989
|
|
5,122
|
|
(22
|
)
|
|
10,415
|
|
7,842
|
|
33
|
|
|||||
|
47,107
|
|
|
49,487
|
|
374,049
|
|
(87
|
)
|
|
129,215
|
|
617,256
|
|
(79
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on sale of Brazil business unit
|
(9,076
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(9,076
|
)
|
—
|
|
—
|
|
|||||
Gain on acquisition
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
11,712
|
|
(100
|
)
|
|||||
Interest income
|
245
|
|
|
301
|
|
730
|
|
(59
|
)
|
|
954
|
|
1,928
|
|
(51
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income (loss) before income taxes
|
6,490
|
|
|
21,223
|
|
(336,191
|
)
|
106
|
|
|
59,280
|
|
(492,732
|
)
|
112
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current income tax expense
|
1,772
|
|
|
4,333
|
|
3,879
|
|
12
|
|
|
13,522
|
|
11,680
|
|
16
|
|
|||||
Deferred income tax expense (recovery)
|
11,525
|
|
|
13,760
|
|
(110,451
|
)
|
112
|
|
|
36,664
|
|
(166,202
|
)
|
122
|
|
|||||
|
13,297
|
|
|
18,093
|
|
(106,572
|
)
|
117
|
|
|
50,186
|
|
(154,522
|
)
|
132
|
|
|||||
Net income (loss)
|
$
|
(6,807
|
)
|
|
$
|
3,130
|
|
$
|
(229,619
|
)
|
101
|
|
|
$
|
9,094
|
|
$
|
(338,210
|
)
|
103
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales Volumes (NAR)
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total sales volumes, BOEPD
|
26,283
|
|
|
27,447
|
|
21,485
|
|
28
|
|
|
26,189
|
|
23,105
|
|
13
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average Prices
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and NGL's per bbl
|
$
|
40.44
|
|
|
$
|
41.44
|
|
$
|
34.79
|
|
19
|
|
|
$
|
41.58
|
|
$
|
31.34
|
|
33
|
|
Natural gas per Mcf
|
$
|
2.52
|
|
|
$
|
1.89
|
|
$
|
3.40
|
|
(44
|
)
|
|
$
|
1.90
|
|
$
|
3.07
|
|
(38
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Brent Price per bbl
|
$
|
50.92
|
|
|
$
|
52.18
|
|
$
|
46.98
|
|
11
|
|
|
$
|
52.59
|
|
$
|
42.07
|
|
25
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Results of Operations per BOE Sales Volumes NAR
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Oil and natural gas sales
|
$
|
40.19
|
|
|
$
|
41.09
|
|
$
|
34.68
|
|
18
|
|
|
$
|
41.20
|
|
$
|
31.22
|
|
32
|
|
Operating expenses
|
11.38
|
|
|
10.82
|
|
12.97
|
|
(17
|
)
|
|
10.97
|
|
9.86
|
|
11
|
|
|||||
Transportation expenses
|
2.71
|
|
|
2.39
|
|
2.92
|
|
(18
|
)
|
|
2.72
|
|
3.84
|
|
(29
|
)
|
|||||
Operating netback
(1)
|
26.10
|
|
|
27.88
|
|
18.79
|
|
48
|
|
|
27.51
|
|
17.52
|
|
57
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
DD&A expenses
|
13.23
|
|
|
13.66
|
|
18.08
|
|
(24
|
)
|
|
12.97
|
|
16.51
|
|
(21
|
)
|
|||||
Asset impairment
|
0.07
|
|
|
0.31
|
|
161.88
|
|
(100
|
)
|
|
0.17
|
|
74.20
|
|
(100
|
)
|
|||||
G&A expenses before stock-based compensation
|
3.18
|
|
|
2.76
|
|
2.42
|
|
14
|
|
|
3.10
|
|
2.60
|
|
19
|
|
|||||
G&A stock-based compensation expense
|
0.80
|
|
|
0.67
|
|
0.41
|
|
63
|
|
|
0.66
|
|
0.66
|
|
—
|
|
|||||
Severance expenses
|
—
|
|
|
0.46
|
|
—
|
|
—
|
|
|
0.16
|
|
0.21
|
|
(24
|
)
|
|||||
Transaction expenses
|
—
|
|
|
—
|
|
3.08
|
|
(100
|
)
|
|
—
|
|
1.16
|
|
(100
|
)
|
|||||
Equity tax
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
0.17
|
|
0.48
|
|
(65
|
)
|
|||||
Foreign exchange loss (gain)
|
1.63
|
|
|
(0.50
|
)
|
(0.26
|
)
|
(92
|
)
|
|
0.11
|
|
0.17
|
|
(35
|
)
|
|||||
Financial instruments (gain) loss
|
(0.60
|
)
|
|
0.66
|
|
1.04
|
|
(37
|
)
|
|
(0.73
|
)
|
0.29
|
|
(352
|
)
|
|||||
Interest expense
|
1.39
|
|
|
1.58
|
|
2.59
|
|
(39
|
)
|
|
1.46
|
|
1.24
|
|
18
|
|
|||||
|
19.70
|
|
19.60
|
189.24
|
(90
|
)
|
|
18.07
|
97.52
|
(81
|
)
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on sale of Brazil business unit
|
(3.79
|
)
|
|
—
|
|
—
|
|
—
|
|
|
(1.27
|
)
|
—
|
|
—
|
|
|||||
Gain on acquisition
|
—
|
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
1.85
|
|
(100
|
)
|
|||||
Interest income
|
0.10
|
|
|
0.12
|
|
0.37
|
|
(68
|
)
|
|
0.13
|
|
0.30
|
|
(57
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income (loss) before income taxes
|
2.71
|
|
|
8.40
|
|
(170.08
|
)
|
105
|
|
|
8.30
|
|
(77.85
|
)
|
111
|
|
|||||
Current income tax expense
|
0.74
|
|
|
1.72
|
|
1.96
|
|
(12
|
)
|
|
1.89
|
|
1.84
|
|
3
|
|
|||||
Deferred income tax expense (recovery)
|
4.82
|
|
|
5.45
|
|
(55.88
|
)
|
110
|
|
|
5.13
|
|
(26.25
|
)
|
120
|
|
|||||
|
5.56
|
|
|
7.17
|
|
(53.92
|
)
|
113
|
|
|
7.02
|
|
(24.41
|
)
|
129
|
|
|||||
Net income (loss)
|
$
|
(2.85
|
)
|
|
$
|
1.23
|
|
$
|
(116.16
|
)
|
101
|
|
|
$
|
1.28
|
|
$
|
(53.44
|
)
|
102
|
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
||||||||||
Average Daily Volumes (BOEPD)
|
Colombia
|
Brazil
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||
Working Interest Production Before Royalties
|
32,570
|
|
—
|
|
32,570
|
|
|
24,874
|
|
961
|
|
25,835
|
|
Royalties
|
(5,055
|
)
|
—
|
|
(5,055
|
)
|
|
(3,717
|
)
|
(138
|
)
|
(3,855
|
)
|
Production NAR
|
27,515
|
|
—
|
|
27,515
|
|
|
21,157
|
|
823
|
|
21,980
|
|
(Increase) Decrease in Inventory
|
(68
|
)
|
—
|
|
(68
|
)
|
|
(497
|
)
|
2
|
|
(495
|
)
|
Sales
|
27,447
|
|
—
|
|
27,447
|
|
|
20,660
|
|
825
|
|
21,485
|
|
|
|
|
|
|
|
|
|
||||||
Royalties, % of Working Interest Production Before Royalties
|
16
|
%
|
—
|
%
|
16
|
%
|
|
15
|
%
|
14
|
%
|
15
|
%
|
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2016
|
||||||||||
Average Daily Volumes (BOEPD)
|
Colombia
|
Brazil
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||
Working Interest Production Before Royalties
|
30,398
|
|
907
|
|
31,305
|
|
|
24,859
|
|
871
|
|
25,730
|
|
Royalties
|
(4,914
|
)
|
(138
|
)
|
(5,052
|
)
|
|
(3,439
|
)
|
(137
|
)
|
(3,576
|
)
|
Production NAR
|
25,484
|
|
769
|
|
26,253
|
|
|
21,420
|
|
734
|
|
22,154
|
|
(Increase) Decrease in Inventory
|
(70
|
)
|
6
|
|
(64
|
)
|
|
949
|
|
2
|
|
951
|
|
Sales
|
25,414
|
|
775
|
|
26,189
|
|
|
22,369
|
|
736
|
|
23,105
|
|
|
|
|
|
|
|
|
|
||||||
Royalties, % of Working Interest Production Before Royalties
|
16
|
%
|
15
|
%
|
16
|
%
|
|
14
|
%
|
16
|
%
|
14
|
%
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
Brazil
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||||||||
Oil and Natural Gas Sales
|
$
|
103,768
|
|
$
|
—
|
|
$
|
103,768
|
|
|
$
|
65,944
|
|
$
|
2,595
|
|
$
|
68,539
|
|
Transportation Expenses
|
(6,038
|
)
|
—
|
|
(6,038
|
)
|
|
(5,644
|
)
|
(129
|
)
|
(5,773
|
)
|
||||||
|
97,730
|
|
—
|
|
97,730
|
|
|
60,300
|
|
2,466
|
|
62,766
|
|
||||||
Operating Expenses
|
(27,321
|
)
|
—
|
|
(27,321
|
)
|
|
(24,899
|
)
|
(739
|
)
|
(25,638
|
)
|
||||||
Operating Netback
(1)
|
$
|
70,409
|
|
$
|
—
|
|
$
|
70,409
|
|
|
$
|
35,401
|
|
$
|
1,727
|
|
$
|
37,128
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Dollars Per BOE Sales Volumes NAR
|
|
|
|
|
|
|
|
||||||||||||
Brent
|
$
|
52.18
|
|
$
|
—
|
|
$
|
52.18
|
|
|
$
|
46.98
|
|
$
|
46.98
|
|
$
|
46.98
|
|
Quality and Transportation Discounts
|
(11.09
|
)
|
—
|
|
(11.09
|
)
|
|
(12.29
|
)
|
(12.77
|
)
|
(12.30
|
)
|
||||||
Average Realized Price
|
41.09
|
|
—
|
|
41.09
|
|
|
34.69
|
|
34.21
|
|
34.68
|
|
||||||
Transportation Expenses
|
(2.39
|
)
|
—
|
|
(2.39
|
)
|
|
(2.97
|
)
|
(1.70
|
)
|
(2.92
|
)
|
||||||
Average Realized Price Net of Transportation Expenses
|
38.70
|
|
—
|
|
38.70
|
|
|
31.72
|
|
32.51
|
|
31.76
|
|
||||||
Operating Expenses
|
(10.82
|
)
|
—
|
|
(10.82
|
)
|
|
(13.10
|
)
|
(9.74
|
)
|
(12.97
|
)
|
||||||
Operating Netback
(1)
|
$
|
27.88
|
|
$
|
—
|
|
$
|
27.88
|
|
|
$
|
18.62
|
|
$
|
22.77
|
|
$
|
18.79
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2016
|
||||||||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
Brazil
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||||||||
Oil and Natural Gas Sales
|
$
|
286,137
|
|
$
|
8,418
|
|
$
|
294,555
|
|
|
$
|
191,515
|
|
$
|
6,140
|
|
$
|
197,655
|
|
Transportation Expenses
|
(19,122
|
)
|
(350
|
)
|
(19,472
|
)
|
|
(24,005
|
)
|
(313
|
)
|
(24,318
|
)
|
||||||
|
267,015
|
|
8,068
|
|
275,083
|
|
|
167,510
|
|
5,827
|
|
173,337
|
|
||||||
Operating Expenses
|
(76,669
|
)
|
(1,797
|
)
|
(78,466
|
)
|
|
(61,057
|
)
|
(1,396
|
)
|
(62,453
|
)
|
||||||
Operating Netback
(1)
|
$
|
190,346
|
|
$
|
6,271
|
|
$
|
196,617
|
|
|
$
|
106,453
|
|
$
|
4,431
|
|
$
|
110,884
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Dollars Per BOE Sales Volumes NAR
|
|
|
|
|
|
|
|
||||||||||||
Brent
|
$
|
52.59
|
|
$
|
52.59
|
|
$
|
52.59
|
|
|
$
|
42.07
|
|
$
|
42.07
|
|
$
|
42.07
|
|
Quality and Transportation Discounts
|
(11.35
|
)
|
(12.83
|
)
|
(11.39
|
)
|
|
(10.82
|
)
|
(11.61
|
)
|
(10.85
|
)
|
||||||
Average Realized Price
|
41.24
|
|
39.76
|
|
41.20
|
|
|
31.25
|
|
30.46
|
|
31.22
|
|
||||||
Transportation Expenses
|
(2.76
|
)
|
(1.65
|
)
|
(2.72
|
)
|
|
(3.92
|
)
|
(1.55
|
)
|
(3.84
|
)
|
||||||
Average Realized Price Net of Transportation Expenses
|
38.48
|
|
38.11
|
|
38.48
|
|
|
27.33
|
|
28.91
|
|
27.38
|
|
||||||
Operating Expenses
|
(11.05
|
)
|
(8.49
|
)
|
(10.97
|
)
|
|
(9.96
|
)
|
(6.92
|
)
|
(9.86
|
)
|
||||||
Operating Netback
(1)
|
$
|
27.43
|
|
$
|
29.62
|
|
$
|
27.51
|
|
|
$
|
17.37
|
|
$
|
21.99
|
|
$
|
17.52
|
|
|
Third Quarter 2017 Compared with Second Quarter 2017
|
Third Quarter 2017 Compared with Third Quarter 2016
|
Nine Months Ended, September 30, 2017 Compared with Nine Months Ended September 30, 2016
|
||||||
Oil and natural gas sales for the comparative period
|
$
|
96,128
|
|
$
|
68,539
|
|
$
|
197,655
|
|
Realized sales price increase effect
|
2,285
|
|
16,206
|
|
71,333
|
|
|||
Sales volume increase effect
|
5,355
|
|
19,023
|
|
25,567
|
|
|||
Oil and natural gas sales for period ended September 30, 2017
|
$
|
103,768
|
|
$
|
103,768
|
|
$
|
294,555
|
|
|
Three Months Ended June 30,
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||
|
2017
|
2017
|
2016
|
2017
|
2016
|
|||||
Volume transported through pipeline
|
20
|
%
|
10
|
%
|
36
|
%
|
18
|
%
|
50
|
%
|
Volume sold at wellhead, trucking
|
52
|
%
|
57
|
%
|
56
|
%
|
54
|
%
|
40
|
%
|
Volume sold not at wellhead, trucking
|
28
|
%
|
33
|
%
|
8
|
%
|
28
|
%
|
10
|
%
|
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
U.S. Dollars Per BOE Sales Volumes NAR
|
Third Quarter 2017 Compared with Second Quarter 2017
|
Third Quarter 2017 Compared with Third Quarter 2016
|
Nine Months Ended, September 30, 2017 Compared with Nine Months Ended September 30, 2016
|
||||||
Average realized price net of transportation expenses for the comparative period
|
$
|
37.42
|
|
$
|
31.72
|
|
$
|
27.33
|
|
Increase in benchmark prices
|
1.26
|
|
$
|
5.20
|
|
10.52
|
|
||
(Increase) decrease in quality and transportation discounts
|
(0.35
|
)
|
1.20
|
|
(0.53
|
)
|
|||
Lower transportation expenses
|
0.37
|
|
0.58
|
|
1.16
|
|
|||
Average realized price net of transportation expenses for period ended September 30, 2017
|
$
|
38.70
|
|
$
|
38.70
|
|
$
|
38.48
|
|
|
Three Months Ended September 30, 2017
|
|
Three Months Ended September 30, 2016
|
||||||||||
|
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
|
$
|
33,388
|
|
$
|
13.22
|
|
|
$
|
34,156
|
|
$
|
17.97
|
|
Brazil
|
—
|
|
—
|
|
|
1,022
|
|
13.47
|
|
||||
Peru
|
881
|
|
—
|
|
|
206
|
|
—
|
|
||||
Corporate
|
223
|
|
—
|
|
|
345
|
|
—
|
|
||||
|
$
|
34,492
|
|
$
|
13.66
|
|
|
$
|
35,729
|
|
$
|
18.08
|
|
|
|
|
|
|
|
||||||||
|
Nine Months Ended September 30, 2017
|
|
Nine Months Ended September 30, 2016
|
||||||||||
|
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
|
$
|
88,453
|
|
$
|
12.75
|
|
|
$
|
100,350
|
|
$
|
16.37
|
|
Brazil
|
2,263
|
|
10.69
|
|
|
2,764
|
|
13.71
|
|
||||
Peru
|
1,350
|
|
—
|
|
|
418
|
|
—
|
|
||||
Corporate
|
663
|
|
—
|
|
|
993
|
|
—
|
|
||||
|
$
|
92,729
|
|
$
|
12.97
|
|
|
$
|
104,525
|
|
$
|
16.51
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||
(Thousands of U.S. Dollars)
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Impairment of oil and gas properties
|
|
|
|
|
|
||||||||
Colombia
|
$
|
—
|
|
$
|
298,370
|
|
|
$
|
—
|
|
$
|
431,146
|
|
Brazil
|
—
|
|
21,604
|
|
|
—
|
|
37,006
|
|
||||
Peru
|
176
|
|
—
|
|
|
628
|
|
899
|
|
||||
Mexico
|
611
|
|
—
|
|
|
611
|
|
—
|
|
||||
|
787
|
|
319,974
|
|
|
1,239
|
|
469,051
|
|
||||
Impairment of inventory
|
—
|
|
—
|
|
|
—
|
|
664
|
|
||||
|
$
|
787
|
|
$
|
319,974
|
|
|
$
|
1,239
|
|
$
|
469,715
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2017
|
2016
|
% Change
|
|
2017
|
2016
|
% Change
|
||||||||||
G&A Expenses Before Stock-Based Compensation
|
$
|
7,610
|
|
|
$
|
6,965
|
|
$
|
4,778
|
|
46
|
|
$
|
22,138
|
|
$
|
16,414
|
|
35
|
G&A Stock-Based Compensation
|
1,903
|
|
|
1,686
|
|
814
|
|
107
|
|
4,738
|
|
4,200
|
|
13
|
|||||
G&A Expenses, Including Stock-Based Compensation
|
$
|
9,513
|
|
|
$
|
8,651
|
|
$
|
5,592
|
|
55
|
|
$
|
26,876
|
|
$
|
20,614
|
|
30
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Dollars Per BOE Sales Volumes NAR
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
G&A Expenses Before Stock-Based Compensation
|
$
|
3.18
|
|
|
$
|
2.76
|
|
$
|
2.42
|
|
14
|
|
$
|
3.10
|
|
$
|
2.60
|
|
19
|
G&A Stock-Based Compensation
|
0.80
|
|
|
0.67
|
|
0.41
|
|
63
|
|
0.66
|
|
0.66
|
|
—
|
|||||
G&A Expenses, Including Stock-Based Compensation
|
$
|
3.98
|
|
|
$
|
3.43
|
|
$
|
2.83
|
|
21
|
|
$
|
3.76
|
|
$
|
3.26
|
|
15
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||
|
2017
|
2016
|
|
2017
|
2016
|
Change in the U.S. dollar against the Colombian peso
|
weakened by
|
weakened by
|
|
weakened by
|
weakened by
|
3%
|
1%
|
|
2%
|
9%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||
(Thousands of U.S. Dollars)
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Commodity price derivative loss (gain)
|
$
|
2,489
|
|
$
|
2,190
|
|
|
$
|
(3,759
|
)
|
$
|
856
|
|
Foreign currency derivatives gain
|
(814
|
)
|
(840
|
)
|
|
(1,452
|
)
|
(1,958
|
)
|
||||
Trading securities loss
|
—
|
|
701
|
|
|
—
|
|
2,926
|
|
||||
|
$
|
1,675
|
|
$
|
2,051
|
|
|
$
|
(5,211
|
)
|
$
|
1,824
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Income (loss) before income tax
|
$
|
21,223
|
|
|
$
|
(336,191
|
)
|
|
$
|
59,280
|
|
|
$
|
(492,732
|
)
|
|
|
|
|
|
|
|
|
||||||||
Current income tax expense
|
$
|
4,333
|
|
|
$
|
3,879
|
|
|
$
|
13,522
|
|
|
$
|
11,680
|
|
Deferred income tax expense (recovery)
|
13,760
|
|
|
(110,451
|
)
|
|
36,664
|
|
|
(166,202
|
)
|
||||
Total income tax expense (recovery)
|
$
|
18,093
|
|
|
$
|
(106,572
|
)
|
|
$
|
50,186
|
|
|
$
|
(154,522
|
)
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate
|
|
|
|
|
|
|
85
|
%
|
|
31
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Deferred income tax recovery related to Colombia ceiling test impairment
|
$
|
—
|
|
|
$
|
119,348
|
|
|
$
|
—
|
|
|
$
|
172,458
|
|
(Thousands of U.S. Dollars)
|
Third Quarter 2017 Compared with Second Quarter 2017
|
% change
|
Third Quarter 2017 Compared with Third Quarter 2016
|
% change
|
Nine Months Ended, September 30, 2017 Compared with Nine Months Ended September 30, 2016
|
% change
|
|||||||||
Net loss for the comparative period
|
$
|
(6,807
|
)
|
|
$
|
(229,619
|
)
|
|
$
|
(338,210
|
)
|
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|||||||||
Prices
|
2,285
|
|
|
16,206
|
|
|
71,333
|
|
|
||||||
Sales volumes
|
5,355
|
|
|
19,023
|
|
|
25,567
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|||||||||
Operating
|
(113
|
)
|
|
(1,683
|
)
|
|
(16,013
|
)
|
|
||||||
Transportation
|
454
|
|
|
(265
|
)
|
|
4,846
|
|
|
||||||
Cash G&A and RSU settlements, excluding stock-based compensation expense
|
784
|
|
|
(2,174
|
)
|
|
(5,031
|
)
|
|
||||||
Transaction
|
—
|
|
|
6,088
|
|
|
7,325
|
|
|
||||||
Severance
|
(1,164
|
)
|
|
(1,164
|
)
|
|
135
|
|
|
||||||
Interest, net of amortization of debt issuance costs
|
(635
|
)
|
|
(408
|
)
|
|
(3,518
|
)
|
|
||||||
Realized foreign exchange
|
(107
|
)
|
|
(3,004
|
)
|
|
(2,461
|
)
|
|
||||||
Settlement of financial instruments
|
(146
|
)
|
|
(136
|
)
|
|
1,080
|
|
|
||||||
Current taxes
|
(2,561
|
)
|
|
(454
|
)
|
|
(1,842
|
)
|
|
||||||
Equity tax
|
—
|
|
|
—
|
|
|
1,829
|
|
|
||||||
Other
|
56
|
|
|
(428
|
)
|
|
(974
|
)
|
|
||||||
Net change in funds flow from operations
(1)
from comparative period
|
4,208
|
|
|
31,601
|
|
|
82,276
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|||||||||
Depletion, depreciation and accretion
|
(2,848
|
)
|
|
1,237
|
|
|
11,796
|
|
|
||||||
Asset impairment
|
(618
|
)
|
|
319,187
|
|
|
468,476
|
|
|
||||||
Deferred tax
|
(2,235
|
)
|
|
(124,211
|
)
|
|
(202,866
|
)
|
|
||||||
Amortization of debt issuance costs
|
(23
|
)
|
|
1,541
|
|
|
945
|
|
|
||||||
Stock-based compensation, net of RSU settlement
|
78
|
|
|
(885
|
)
|
|
(1,231
|
)
|
|
||||||
Financial instruments gain or loss, net of financial instruments settlements
|
(2,976
|
)
|
|
512
|
|
|
5,955
|
|
|
||||||
Unrealized foreign exchange
|
5,275
|
|
|
3,767
|
|
|
2,741
|
|
|
||||||
Loss on sale of Brazil business unit
|
9,076
|
|
|
—
|
|
|
(9,076
|
)
|
|
||||||
Gain on acquisition
|
—
|
|
|
—
|
|
|
(11,712
|
)
|
|
||||||
Net change in net income or loss
|
9,937
|
|
|
232,749
|
|
|
347,304
|
|
|
||||||
Net income for the current period
|
$
|
3,130
|
|
146
|
%
|
$
|
3,130
|
|
101
|
%
|
$
|
9,094
|
|
103
|
%
|
(Thousands of U.S. Dollars)
|
|
||
Colombia
|
$
|
70,606
|
|
Peru
|
998
|
|
|
Corporate
|
90
|
|
|
|
$
|
71,694
|
|
|
Number of wells (Gross)
|
Number of wells (Net)
|
||
Development
|
15
|
|
11.6
|
|
Exploration
|
4
|
|
2.6
|
|
Total Colombia
|
19
|
|
14.2
|
|
•
|
On the Chaza Block (100% working interest ("WI"), operated), we successfully drilled Costayaco-30, a directional well targeting the Caballos formation, the U-Sand and A-Limestone in the northern portion of Costayaco field. Costayaco-30 completion work is underway.
|
•
|
On the Putumayo-7 Block (100% WI, operated), we completed the Cumplidor and Northwest 3-D seismic programs targeting the A-Limestone.
|
•
|
On the Midas Block (100% WI, operated), we drilled, completed and brought on production as oil producers five development wells: Acordionero-12, Acordionero-13, Acordionero-15, Acordionero-17 and Mochuelo-1ST. We successfully completed a workover on the Mochuelo well targeting oil in the Lisama formation and source water for use in Acordionero waterflood. We also commenced drilling the Acordionero-18 and Acordionero-14i wells and completed water injection tests on Acordionero-8i.
|
•
|
On the Putumayo-1 Block (55% WI, operated), we completed a production test at the Vonu-1 exploration well with successful production results.
|
•
|
On the Putumayo-4 Block (100% WI, operated), we started drilling the Siriri-1 exploration well.
|
•
|
On the Suroriente Block (15.8% WI, non-operated), we completed drilling the Cohembi-21 development well and commenced drilling the Cohembi-22 development well.
|
•
|
We continued facilities work at the Moqueta and Acordionero Fields.
|
|
As at
|
|||||||||
(Thousands of U.S. Dollars)
|
September 30, 2017
|
|
% Change
|
|
December 31, 2016
|
|||||
Cash and Cash Equivalents
|
$
|
15,125
|
|
|
(40
|
)
|
|
$
|
25,175
|
|
|
|
|
|
|
|
|||||
Current Restricted Cash and Cash Equivalents
|
$
|
3,920
|
|
|
(53
|
)
|
|
$
|
8,322
|
|
|
|
|
|
|
|
|||||
Revolving Credit Facility
|
$
|
120,000
|
|
|
33
|
|
|
$
|
90,000
|
|
|
|
|
|
|
|
|||||
Convertible Senior Notes
|
$
|
115,000
|
|
|
—
|
|
|
$
|
115,000
|
|
Period and type of instrument
|
Volume,
bopd |
Reference
|
Sold Put ($/bbl)
|
Purchased Put
($/bbl) |
Sold Call ($/bbl)
|
|||||||
Collar: October 1, 2016 to December 31, 2017
|
5,000
|
|
ICE Brent
|
$
|
35
|
|
$
|
45
|
|
$
|
65
|
|
Collar: June 1, 2017 to December 31, 2017
|
10,000
|
|
ICE Brent
|
$
|
35
|
|
$
|
45
|
|
$
|
65
|
|
Period and type of instrument
|
Amount Hedged
(Millions COP) |
U.S. Dollar Equivalent of Amount Hedged
(1)
(Thousands of U.S. Dollars)
|
Reference
|
Purchased Call
(COP) |
Sold Put
(COP, Weighted Average Rate) |
||||
Collar: October 1, 2017 to October 31, 2017
|
23,000
|
|
7,832
|
|
COP
|
3,000
|
|
3,117
|
|
Collar: November 1, 2017 to November 30, 2017
|
25,000
|
|
8,513
|
|
COP
|
3,000
|
|
3,139
|
|
Collar: December 1, 2017 to December 28, 2017
|
25,000
|
|
8,513
|
|
COP
|
3,000
|
|
3,142
|
|
|
73,000
|
|
24,858
|
|
|
|
|
Period and type of instrument
|
Amount Hedged
(Millions COP) |
U.S. Dollar Equivalent of Amount Hedged
(1)
(Thousands of U.S. Dollars)
|
Reference
|
Purchased Call
(COP) |
Sold Put
(COP, Weighted Average Rate) |
||||
Collar: January 1, 2018 to December 31, 2018
|
132,000
|
|
44,949
|
|
COP
|
3,000
|
|
3,112
|
|
|
Nine Months Ended September 30,
|
|||||
|
2017
|
2016
|
||||
Sources of cash and cash equivalents:
|
|
|
||||
Net income (loss)
|
$
|
9,094
|
|
$
|
(338,210
|
)
|
Adjustments to reconcile net income (loss) to funds flow from operations
|
|
|
||||
DD&A expenses
|
92,729
|
|
104,525
|
|
||
Asset impairment
|
1,239
|
|
469,715
|
|
||
Deferred tax expense (recovery)
|
36,664
|
|
(166,202
|
)
|
||
Stock-based compensation expense
|
4,935
|
|
4,380
|
|
||
Amortization of debt issuance costs
|
1,868
|
|
2,813
|
|
||
Cash settlement of RSUs
|
(534
|
)
|
(1,210
|
)
|
||
Unrealized foreign exchange (gain) loss
|
(304
|
)
|
2,437
|
|
||
Financial instruments (gain) loss
|
(5,211
|
)
|
1,824
|
|
||
Cash settlement of financial instruments
|
1,518
|
|
438
|
|
||
Loss on sale of Brazil business unit
|
9,076
|
|
—
|
|
||
Gain on acquisition
|
—
|
|
(11,712
|
)
|
||
Funds flow from operations
|
151,074
|
|
68,798
|
|
||
Proceeds from bank debt, net of issuance costs
|
115,264
|
|
220,169
|
|
||
Proceeds from sale of Brazil business unit, net of cash sold
|
34,481
|
|
—
|
|
||
Cash deposit received for letter of credit arrangements upon sale of Brazil business unit
|
4,700
|
|
—
|
|
||
Changes in non-cash investing working capital
|
11,347
|
|
—
|
|
||
Net changes in assets and liabilities from operating activities
|
—
|
|
18,097
|
|
||
Proceeds from sale of marketable securities
|
—
|
|
788
|
|
||
Proceeds from issuance of subscription receipts, net of issuance costs
|
—
|
|
165,805
|
|
||
Proceeds from issuance of Notes, net of issuance costs
|
—
|
|
109,090
|
|
||
Proceeds from issuance of shares
|
—
|
|
5,169
|
|
||
|
316,866
|
|
587,916
|
|
||
|
|
|
||||
Uses of cash and cash equivalents:
|
|
|
||||
Additions to property, plant and equipment
|
(175,719
|
)
|
(69,667
|
)
|
||
Additions to property, plant and equipment - property acquisitions
|
(30,410
|
)
|
(19,388
|
)
|
||
Repayment of bank debt
|
(85,000
|
)
|
(110,181
|
)
|
||
Repurchase of shares of Common Stock
|
(10,000
|
)
|
—
|
|
||
Net changes in assets and liabilities from operating activities
|
(28,105
|
)
|
—
|
|
||
Changes in non-cash investing working capital
|
—
|
|
(8,036
|
)
|
||
Settlement of asset retirement obligations
|
(462
|
)
|
(496
|
)
|
||
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents
|
(1,060
|
)
|
(452
|
)
|
||
Acquisition of Petroamerica, net of cash acquired
|
—
|
|
(457,183
|
)
|
||
|
(330,756
|
)
|
(665,403
|
)
|
||
Net decrease in cash and cash equivalents and restricted cash and cash equivalents
|
$
|
(13,890
|
)
|
$
|
(77,487
|
)
|
Exhibit No.
|
Description
|
|
Reference
|
2.1+
|
|
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).
|
|
|
|
|
|
2.2
|
|
Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K, filed with the SEC on November 4, 2016 (SEC File No. 001-34018).
|
|
|
|
|
|
3.1
|
|
Incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K, filed with the SEC on November 4, 2016 (SEC File No. 001-34018).
|
|
|
|
|
|
3.2
|
|
Incorporated by reference to Exhibit 3.4 to the Current Report on Form 8-K, filed with the SEC on November 4, 2016 (SEC File No. 001-34018).
|
|
|
|
|
|
4.1
|
Reference is made to
Exhibit 3.1
to
Exhibit 3.2
.
|
|
|
|
|
|
|
4.2
|
|
Incorporated by reference to Exhibit 10.14 to the Annual Report on Form 10-KSB/A for the period ended December 31, 2005, and filed with the SEC on April 21, 2006 (SEC File No. 333-111656).
|
|
|
|
|
|
4.3
|
|
Incorporated by reference to Exhibit 10.15 to the Annual Report on Form 10-KSB/A for the period ended December 31, 2005 and filed with the SEC on April 21, 2006 (SEC File No. 333-111656).
|
|
|
|
|
|
4.4
|
|
Incorporated by reference to Annex E to the Proxy Statement on Schedule 14A filed with the SEC on October 14, 2008 (SEC File No. 001-34018).
|
|
|
|
|
|
4.5
|
|
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).
|
|
|
|
|
|
4.6
|
|
Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K, filed with the SEC on April 6, 2016 (SEC File No. 001-34018).
|
|
|
|
|
|
4.7
|
|
Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, filed with the SEC on July 14, 2016 (SEC File No. 001-34018).
|
|
|
|
|
|
4.8
|
|
Incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K, filed with the SEC on July 14, 2016 (SEC File No. 001-34018).
|
|
|
|
|
|
10.1
|
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K, filed with the SEC on September 21, 2017 (SEC File No. 001-34018).
|
|
|
|
|
|
10.2
|
|
Filed herewith.
|
|
|
|
|
|
12.1
|
|
Filed herewith.
|
|
|
|
|
|
31.1
|
|
Filed herewith.
|
|
|
|
|
|
31.2
|
|
Filed herewith.
|
|
|
|
|
|
32.1
|
|
Furnished herewith.
|
Date: November 2, 2017
|
|
/s/ Gary S. Guidry
|
|
|
By: Gary S. Guidry
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date: November 2, 2017
|
|
/s/ Ryan Ellson
|
|
|
By: Ryan Ellson
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Gran Tierra Energy Chart |
1 Month Gran Tierra Energy Chart |
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