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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 | |
---|---|---|---|---|---|---|---|---|
-0.06 | -0.69% | 8.64 | 8.86 | 8.45 | 8.78 | 591,924 | 01:00:00 |
|
ý
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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
98-0479924
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(State or other jurisdiction of incorporation or organization)
|
|
(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
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
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|
Emerging growth company
o
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|
|
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Page
|
PART I
|
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
|
|
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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|
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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 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
|
|
Item 6.
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Exhibits
|
|
SIGNATURES
|
bbl
|
barrel
|
BOE
|
barrels of oil equivalent
|
bopd
|
barrels of oil per day
|
BOEPD
|
barrels of oil equivalent per day
|
Mcf
|
thousand cubic feet
|
NAR
|
net after royalty
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
OIL AND NATURAL GAS SALES
(Notes 3 and 7) |
$
|
163,446
|
|
|
$
|
96,128
|
|
|
$
|
301,674
|
|
|
$
|
190,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EXPENSES
|
|
|
|
|
|
|
|
||||||||
Operating
|
35,059
|
|
|
27,208
|
|
|
61,324
|
|
|
51,145
|
|
||||
Transportation
|
6,522
|
|
|
6,492
|
|
|
13,519
|
|
|
13,434
|
|
||||
Depletion, depreciation and accretion (Note 3)
|
46,607
|
|
|
31,813
|
|
|
86,068
|
|
|
58,689
|
|
||||
General and administrative (Note 3)
|
13,213
|
|
|
9,513
|
|
|
24,373
|
|
|
18,225
|
|
||||
Equity tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1,224
|
|
||||
Foreign exchange loss
|
1,924
|
|
|
3,897
|
|
|
982
|
|
|
2,050
|
|
||||
Financial instruments loss (gain) (Note 10)
|
4,768
|
|
|
(1,447
|
)
|
|
11,714
|
|
|
(6,886
|
)
|
||||
Interest expense (Note 5)
|
7,375
|
|
|
3,331
|
|
|
12,870
|
|
|
6,426
|
|
||||
|
115,468
|
|
|
80,807
|
|
|
210,850
|
|
|
144,307
|
|
||||
|
|
|
|
|
|
|
|
||||||||
LOSS ON SALE
|
(292
|
)
|
|
(9,076
|
)
|
|
(292
|
)
|
|
(9,076
|
)
|
||||
INTEREST INCOME
|
610
|
|
|
245
|
|
|
1,396
|
|
|
653
|
|
||||
INCOME BEFORE INCOME TAXES (Note 3)
|
48,296
|
|
|
6,490
|
|
|
91,928
|
|
|
38,057
|
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME TAX EXPENSE
|
|
|
|
|
|
|
|
||||||||
Current (Note 8)
|
4,827
|
|
|
1,772
|
|
|
17,116
|
|
|
9,189
|
|
||||
Deferred (Note 8)
|
23,169
|
|
|
11,525
|
|
|
36,651
|
|
|
22,904
|
|
||||
|
27,996
|
|
|
13,297
|
|
|
53,767
|
|
|
32,093
|
|
||||
NET AND COMPREHENSIVE INCOME (LOSS)
|
$
|
20,300
|
|
|
$
|
(6,807
|
)
|
|
$
|
38,161
|
|
|
$
|
5,964
|
|
|
|
|
|
|
|
|
|
||||||||
NET INCOME (LOSS) PER SHARE
|
|
|
|
|
|
|
|
||||||||
- BASIC AND DILUTED
|
$
|
0.05
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.10
|
|
|
$
|
0.01
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 6)
|
391,054,204
|
|
|
398,585,290
|
|
|
391,173,460
|
|
|
398,795,023
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 6)
|
427,455,092
|
|
|
398,585,290
|
|
|
427,242,014
|
|
|
398,816,091
|
|
|
As at June 30, 2018
|
|
As at December 31, 2017
|
||||
|
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents (Note 11)
|
$
|
125,807
|
|
|
$
|
12,326
|
|
Restricted cash and cash equivalents (Note 11)
|
2,836
|
|
|
11,787
|
|
||
Accounts receivable
|
63,030
|
|
|
45,353
|
|
||
Investment (Note 10)
|
32,654
|
|
|
25,055
|
|
||
Derivatives (Note 10)
|
930
|
|
|
302
|
|
||
Taxes receivable
|
62,689
|
|
|
40,831
|
|
||
Other current assets
|
14,423
|
|
|
9,591
|
|
||
Total Current Assets
|
302,369
|
|
|
145,245
|
|
||
|
|
|
|
||||
Oil and Gas Properties (using the full cost method of accounting)
|
|
|
|
|
|
||
Proved
|
750,948
|
|
|
629,081
|
|
||
Unproved
|
423,808
|
|
|
464,948
|
|
||
Total Oil and Gas Properties
|
1,174,756
|
|
|
1,094,029
|
|
||
Other capital assets
|
3,440
|
|
|
5,195
|
|
||
Total Property, Plant and Equipment (Notes 3 and 4)
|
1,178,196
|
|
|
1,099,224
|
|
||
|
|
|
|
||||
Other Long-Term Assets
|
|
|
|
|
|
||
Deferred tax assets
|
18,248
|
|
|
57,310
|
|
||
Investment (Note 10)
|
15,302
|
|
|
19,147
|
|
||
Other long-term assets (Note 11)
|
5,389
|
|
|
6,112
|
|
||
Goodwill (Note 3)
|
102,581
|
|
|
102,581
|
|
||
Total Other Long-Term Assets
|
141,520
|
|
|
185,150
|
|
||
Total Assets (Note 3)
|
$
|
1,622,085
|
|
|
$
|
1,429,619
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current Liabilities
|
|
|
|
|
|
||
Accounts payable and accrued liabilities
|
$
|
126,726
|
|
|
$
|
125,876
|
|
Derivatives (Note 10)
|
27,157
|
|
|
21,151
|
|
||
Taxes payable
|
3,848
|
|
|
9,324
|
|
||
Asset retirement obligation
|
110
|
|
|
323
|
|
||
Equity compensation award liability (Note 10)
|
11,597
|
|
|
295
|
|
||
Total Current Liabilities
|
169,438
|
|
|
156,969
|
|
||
|
|
|
|
||||
Long-Term Liabilities
|
|
|
|
|
|
||
Long-term debt (Notes 5 and 10)
|
398,130
|
|
|
256,542
|
|
||
Deferred tax liabilities
|
24,528
|
|
|
28,417
|
|
||
Asset retirement obligation
|
35,839
|
|
|
31,241
|
|
||
Equity compensation award liability (Note 10)
|
9,480
|
|
|
11,135
|
|
||
Other long-term liabilities
|
9,381
|
|
|
8,980
|
|
||
Total Long-Term Liabilities
|
477,358
|
|
|
336,315
|
|
||
|
|
|
|
||||
Contingencies (Note 9)
|
|
|
|
|
|
||
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
|
|
||
Common Stock (Note 6) (390,017,518 and 385,191,042 shares of Common Stock and 1,135,239 and 6,111,665 exchangeable shares, par value $0.001 per share, issued and outstanding as at June 30, 2018, and December 31, 2017, respectively)
|
10,295
|
|
|
10,295
|
|
||
Additional paid in capital
|
1,328,037
|
|
|
1,327,244
|
|
||
Deficit
|
(363,043
|
)
|
|
(401,204
|
)
|
||
Total Shareholders’ Equity
|
975,289
|
|
|
936,335
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
1,622,085
|
|
|
$
|
1,429,619
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
38,161
|
|
|
$
|
5,964
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|||
Depletion, depreciation and accretion (Note 3)
|
86,068
|
|
|
58,689
|
|
||
Deferred tax expense
|
36,651
|
|
|
22,904
|
|
||
Stock-based compensation (Note 6)
|
10,202
|
|
|
3,183
|
|
||
Amortization of debt issuance costs (Note 5)
|
1,513
|
|
|
1,225
|
|
||
Cash settlement of restricted share units
|
(360
|
)
|
|
(501
|
)
|
||
Unrealized foreign exchange loss
|
539
|
|
|
1,076
|
|
||
Financial instruments loss (gain) (Note 10)
|
11,714
|
|
|
(6,886
|
)
|
||
Cash settlement of financial instruments (Note 10)
|
(15,483
|
)
|
|
1,216
|
|
||
Cash settlement of asset retirement obligation
|
(369
|
)
|
|
(298
|
)
|
||
Loss on sale
|
292
|
|
|
9,076
|
|
||
Net change in assets and liabilities from operating activities (Note 11)
|
(37,994
|
)
|
|
(28,112
|
)
|
||
Net cash provided by operating activities
|
130,934
|
|
|
67,536
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
|
|
||
Additions to property, plant and equipment (Note 3)
|
(157,088
|
)
|
|
(104,025
|
)
|
||
Property acquisitions
|
(3,100
|
)
|
|
(30,410
|
)
|
||
Net proceeds from sale of Brazil business unit
|
—
|
|
|
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
|
(6,142
|
)
|
|
(627
|
)
|
||
Net cash used in investing activities
|
(166,330
|
)
|
|
(95,881
|
)
|
||
|
|
|
|
||||
Financing Activities
|
|
|
|
|
|
||
Proceeds from bank debt, net of issuance costs (Note 5)
|
4,988
|
|
|
98,304
|
|
||
Repayment of bank debt (Note 5)
|
(153,000
|
)
|
|
(33,000
|
)
|
||
Proceeds from exercise of stock options (Note 6)
|
845
|
|
|
—
|
|
||
Repurchase of shares of Common Stock (Note 6)
|
(1,208
|
)
|
|
(10,000
|
)
|
||
Proceeds from issuance of Senior Notes, net of issuance costs (Note 5)
|
288,087
|
|
|
—
|
|
||
Net cash provided by financing activities
|
139,712
|
|
|
55,304
|
|
||
|
|
|
|
||||
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents
|
(69
|
)
|
|
(1,175
|
)
|
||
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash and cash equivalents
|
104,247
|
|
|
25,784
|
|
||
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period (Note 11)
|
26,678
|
|
|
43,267
|
|
||
Cash, cash equivalents and restricted cash and cash equivalents, end of period (Note 11)
|
$
|
130,925
|
|
|
$
|
69,051
|
|
|
|
|
|
||||
Supplemental cash flow disclosures (Note 11)
|
|
|
|
|
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2018
|
|
2017
|
||||
Share Capital
|
|
|
|
||||
Balance, beginning of period
|
$
|
10,295
|
|
|
$
|
10,303
|
|
Repurchase of Common Stock (Note 6)
|
—
|
|
|
(4
|
)
|
||
Balance, end of period
|
10,295
|
|
|
10,299
|
|
||
|
|
|
|
||||
Additional Paid in Capital
|
|
|
|
|
|
||
Balance, beginning of period
|
1,327,244
|
|
|
1,342,656
|
|
||
Exercise of stock options (Note 6)
|
845
|
|
|
—
|
|
||
Stock-based compensation (Note 6)
|
1,156
|
|
|
1,354
|
|
||
Repurchase of Common Stock (Note 6)
|
(1,208
|
)
|
|
(9,996
|
)
|
||
Balance, end of period
|
1,328,037
|
|
|
1,334,014
|
|
||
|
|
|
|
||||
Deficit
|
|
|
|
|
|
||
Balance, beginning of period
|
(401,204
|
)
|
|
(493,972
|
)
|
||
Net income
|
38,161
|
|
|
5,964
|
|
||
Cumulative adjustment for accounting change related to tax reorganizations
|
—
|
|
|
124,476
|
|
||
Balance, end of period
|
(363,043
|
)
|
|
(363,532
|
)
|
||
|
|
|
|
||||
Total Shareholders’ Equity
|
$
|
975,289
|
|
|
$
|
980,781
|
|
|
Three Months Ended June 30, 2018
|
||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
All Other
|
|
Total
|
||||||
Oil and natural gas sales
|
$
|
163,446
|
|
|
$
|
—
|
|
|
$
|
163,446
|
|
Depletion, depreciation and accretion
|
46,065
|
|
|
542
|
|
|
46,607
|
|
|||
General and administrative expenses
|
7,213
|
|
|
6,000
|
|
|
13,213
|
|
|||
Income (loss) before income taxes
|
51,029
|
|
|
(2,733
|
)
|
|
48,296
|
|
|||
Segment capital expenditures
|
83,757
|
|
|
637
|
|
|
84,394
|
|
|||
|
|
|
|
|
|
||||||
|
Three Months Ended June 30, 2017
|
||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
All Other
|
|
Total
|
||||||
Oil and natural gas sales
|
$
|
91,905
|
|
|
$
|
4,223
|
|
|
$
|
96,128
|
|
Depletion, depreciation and accretion
|
30,130
|
|
|
1,683
|
|
|
31,813
|
|
|||
General and administrative expenses
|
5,229
|
|
|
4,284
|
|
|
9,513
|
|
|||
Income (loss) before income taxes
|
21,598
|
|
|
(15,108
|
)
|
|
6,490
|
|
|||
Segment capital expenditures
|
55,436
|
|
|
2,429
|
|
|
57,865
|
|
|||
|
|
|
|
|
|
||||||
|
Six Months Ended June 30, 2018
|
||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
All Other
|
|
Total
|
||||||
Oil and natural gas sales
|
$
|
301,674
|
|
|
$
|
—
|
|
|
$
|
301,674
|
|
Depletion, depreciation and accretion
|
84,564
|
|
|
1,504
|
|
|
86,068
|
|
|||
General and administrative expenses
|
14,022
|
|
|
10,351
|
|
|
24,373
|
|
|||
Income (loss) before income taxes
|
112,180
|
|
|
(20,252
|
)
|
|
91,928
|
|
|||
Segment capital expenditures
|
156,318
|
|
|
770
|
|
|
157,088
|
|
|||
|
|
|
|
|
|
||||||
|
Six Months Ended June 30, 2017
|
||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
All Other
|
|
Total
|
||||||
Oil and natural gas sales
|
$
|
182,369
|
|
|
$
|
8,418
|
|
|
$
|
190,787
|
|
Depletion, depreciation and accretion
|
55,065
|
|
|
3,624
|
|
|
58,689
|
|
|||
General and administrative expenses
|
10,061
|
|
|
8,164
|
|
|
18,225
|
|
|||
Income (loss) before income taxes
|
58,742
|
|
|
(20,685
|
)
|
|
38,057
|
|
|||
Segment capital expenditures
|
98,276
|
|
|
5,749
|
|
|
104,025
|
|
|
As at June 30, 2018
|
||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
All Other
|
|
Total
|
||||||
Property, plant and equipment
|
$
|
1,176,540
|
|
|
$
|
1,656
|
|
|
$
|
1,178,196
|
|
Goodwill
|
102,581
|
|
|
—
|
|
|
102,581
|
|
|||
All other assets
|
175,563
|
|
|
165,745
|
|
|
341,308
|
|
|||
Total Assets
|
$
|
1,454,684
|
|
|
$
|
167,401
|
|
|
$
|
1,622,085
|
|
|
|
|
|
|
|
||||||
|
As at December 31, 2017
|
||||||||||
(Thousands of U.S. Dollars)
|
Colombia
|
|
All Other
|
|
Total
|
||||||
Property, plant and equipment
|
$
|
1,096,833
|
|
|
$
|
2,391
|
|
|
$
|
1,099,224
|
|
Goodwill
|
102,581
|
|
|
—
|
|
|
102,581
|
|
|||
All other assets
|
176,980
|
|
|
50,834
|
|
|
227,814
|
|
|||
Total Assets
|
$
|
1,376,394
|
|
|
$
|
53,225
|
|
|
$
|
1,429,619
|
|
(Thousands of U.S. Dollars)
|
As at June 30, 2018
|
|
As at December 31, 2017
|
||||
Oil and natural gas properties
|
|
|
|
|
|||
Proved
|
$
|
3,014,725
|
|
|
$
|
2,810,796
|
|
Unproved
|
423,808
|
|
|
464,948
|
|
||
|
3,438,533
|
|
|
3,275,744
|
|
||
Other
|
19,086
|
|
|
26,401
|
|
||
|
3,457,619
|
|
|
3,302,145
|
|
||
Accumulated depletion, depreciation and impairment
|
(2,279,423
|
)
|
|
(2,202,921
|
)
|
||
|
$
|
1,178,196
|
|
|
$
|
1,099,224
|
|
(Thousands of U.S. Dollars)
|
As at June 30, 2018
|
|
As at December 31, 2017
|
||||
Senior notes
|
$
|
300,000
|
|
|
$
|
—
|
|
Convertible notes
|
115,000
|
|
|
115,000
|
|
||
Revolving credit facility
|
—
|
|
|
148,000
|
|
||
Unamortized debt issuance costs
|
(16,870
|
)
|
|
(6,458
|
)
|
||
Long-term debt
|
$
|
398,130
|
|
|
$
|
256,542
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Contractual interest and other financing expenses
|
$
|
6,532
|
|
|
$
|
2,711
|
|
|
$
|
11,357
|
|
|
$
|
5,201
|
|
Amortization of debt issuance costs
|
843
|
|
|
620
|
|
|
1,513
|
|
|
1,225
|
|
||||
|
$
|
7,375
|
|
|
$
|
3,331
|
|
|
$
|
12,870
|
|
|
$
|
6,426
|
|
|
Shares of Common Stock
|
Exchangeable Shares of Gran Tierra Exchangeco Inc.
|
Exchangeable Shares of Gran Tierra Goldstrike Inc.
|
|||
Balance, December 31, 2017
|
385,191,042
|
|
4,422,776
|
|
1,688,889
|
|
Options exercised
|
319,462
|
|
—
|
|
—
|
|
Shares repurchased and canceled
|
(469,412
|
)
|
—
|
|
—
|
|
Exchange of exchangeable shares
|
4,976,426
|
|
(3,287,537
|
)
|
(1,688,889
|
)
|
Balance, June 30, 2018
|
390,017,518
|
|
1,135,239
|
|
—
|
|
|
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, 2017
|
6,131,951
|
|
455,768
|
|
122,090
|
|
|
8,960,692
|
|
3.65
|
|
Granted
|
3,544,001
|
|
131,888
|
|
—
|
|
|
1,996,526
|
|
2.51
|
|
Exercised
|
—
|
|
—
|
|
(120,268
|
)
|
|
(319,462
|
)
|
2.65
|
|
Forfeited
|
(213,160
|
)
|
—
|
|
(1,822
|
)
|
|
(491,475
|
)
|
5.42
|
|
Expired
|
—
|
|
—
|
|
—
|
|
|
(171,854
|
)
|
6.15
|
|
Balance, June 30, 2018
|
9,462,792
|
|
587,656
|
|
—
|
|
|
9,974,427
|
|
3.33
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Weighted average number of common and exchangeable shares outstanding
|
391,054,204
|
|
|
398,585,290
|
|
|
391,173,460
|
|
|
398,795,023
|
|
Shares issuable pursuant to stock options
|
4,894,633
|
|
|
—
|
|
|
2,420,509
|
|
|
625,631
|
|
Shares assumed to be purchased from proceeds of stock options
|
(4,308,138
|
)
|
|
—
|
|
|
(2,166,348
|
)
|
|
(604,563
|
)
|
Shares issuable pursuant to convertible notes
|
35,814,393
|
|
|
—
|
|
|
35,814,393
|
|
|
—
|
|
Weighted average number of diluted common and exchangeable shares outstanding
|
427,455,092
|
|
|
398,585,290
|
|
|
427,242,014
|
|
|
398,816,091
|
|
(Thousands of U.S. Dollars)
|
As at June 30, 2018
|
|
As at December 31, 2017
|
||||
Investment in PetroTal shares - current and long-term
|
$
|
47,956
|
|
|
$
|
44,202
|
|
Foreign currency derivative asset
|
930
|
|
|
302
|
|
||
|
$
|
48,886
|
|
|
$
|
44,504
|
|
|
|
|
|
||||
Commodity price derivative liability
|
$
|
27,157
|
|
|
$
|
21,151
|
|
Equity compensation award liability - current and long-term
|
21,077
|
|
|
11,430
|
|
||
|
$
|
48,234
|
|
|
$
|
32,581
|
|
|
Six Months Ended
|
|
Year Ended
|
||||
(Thousands of U.S. Dollars)
|
June 30, 2018
|
|
December 31, 2017
|
||||
Opening balance, investment - long-term
|
$
|
19,147
|
|
|
$
|
—
|
|
Acquisition
|
—
|
|
|
19,091
|
|
||
Transfer from long-term (Level 3) to current (Level 1)
|
(4,787
|
)
|
|
—
|
|
||
Unrealized valuation gain
|
2,528
|
|
|
56
|
|
||
Unrealized foreign exchange loss
|
(1,586
|
)
|
|
—
|
|
||
Closing balance, investment - long-term
|
$
|
15,302
|
|
|
$
|
19,147
|
|
Period and type of instrument
|
Volume,
bopd |
Reference
|
Sold Swap ($/bbl, Weighted Average)
|
Purchased Call ($/bbl, Weighted Average)
|
|||||
Swaps: July 1, to December 31, 2018
|
5,000
|
|
ICE Brent
|
$
|
55.90
|
|
n/a
|
|
|
Participating Swaps: July 1, to December 31, 2018
|
5,000
|
|
ICE Brent
|
$
|
52.50
|
|
$
|
56.11
|
|
Period and type of instrument
|
Amount Hedged
(Millions COP) |
U.S. Dollar Equivalent of Amount Hedged (Thousands of U.S. Dollars)
(1)
|
Reference
|
Purchased Call
(COP) |
Sold Put (COP, Weighted Average)
|
||||
Collars: July 1, 2018 to December 31, 2018
|
87,000
|
|
29,685
|
|
COP
|
3,000
|
|
3,107
|
|
(Thousands of U.S. Dollars)
|
As at June 30,
|
|
As at December 31,
|
||||||||||
|
2018
|
2017
|
|
2017
|
2016
|
||||||||
Cash and cash equivalents
|
$
|
125,807
|
|
$
|
53,310
|
|
|
$
|
12,326
|
|
$
|
25,175
|
|
Restricted cash and cash equivalents - current
|
2,836
|
|
5,844
|
|
|
11,787
|
|
8,322
|
|
||||
Restricted cash and cash equivalents -
long-term (included in other long-term assets)
|
2,282
|
|
9,897
|
|
|
2,565
|
|
9,770
|
|
||||
|
$
|
130,925
|
|
$
|
69,051
|
|
|
$
|
26,678
|
|
$
|
43,267
|
|
|
Six Months Ended June 30,
|
||||||
(Thousands of U.S. Dollars)
|
2018
|
|
2017
|
||||
Accounts receivable and other long-term assets
|
$
|
(11,723
|
)
|
|
$
|
11,024
|
|
Derivatives
|
3,431
|
|
|
—
|
|
||
Inventory
|
(3,054
|
)
|
|
(47
|
)
|
||
Prepaids
|
(301
|
)
|
|
2,190
|
|
||
Accounts payable and accrued and other long-term liabilities
|
971
|
|
|
(6,179
|
)
|
||
Taxes receivable and payable
|
(27,318
|
)
|
|
(35,100
|
)
|
||
Net changes in assets and liabilities from operating activities
|
$
|
(37,994
|
)
|
|
$
|
(28,112
|
)
|
|
Six Months Ended June 30,
|
||||||
(Thousands of U.S. Dollars)
|
2018
|
|
2017
|
||||
Non-cash investing activities:
|
|
|
|
||||
Net liabilities related to property, plant and equipment, end of period
|
$
|
62,009
|
|
|
$
|
56,044
|
|
•
|
Achieved a new company milestone: record Colombia working interest production before royalties of
35,400
BOEPD,
18%
higher
compared with
30,098
BOEPD in the
second
quarter of
2017
. Production
increase
d largely because of production from development activities in the Acordionero Field.
|
•
|
The quarter's Colombia production was also up
57%
from second quarter 2015 when the strategy to refocus Gran Tierra on Colombia began, an annual growth rate of
16%
|
•
|
Since acquiring the Acordionero field in the Middle Magdalena Valley ("
MMV
") in August 2016, we have increased production
274%
to a record high average rate during the quarter of
17,710
bopd (
14,076
bopd NAR). From the acquisition date of August 23, 2016, until June 30, 2018, the MMV assets have generated
$327 million
in oil and natural gas sales
|
•
|
Production NAR was
28,198
BOEPD,
12%
higher
than the
second
quarter of
2017
.
|
•
|
Continued significant exposure to oil price strength with oil representing
100%
of our production
|
•
|
Oil and natural gas sales volumes were
27,902
BOEPD,
11%
higher
than the
second
quarter of
2017
. The quarter's
increase
in oil and gas sales volumes was driven by the production
increase
(
5,302
bopd) , partially offset by
higher
royalties (
2,383
bopd) due to
higher
oil prices and a change in inventories (
149
bopd).
|
•
|
Net
income
was
$20.3 million
compared with net
loss
of
$6.8 million
in the
second
quarter of
2017
. Net loss in the comparative period included the loss on sale of Brazil business unit.
|
•
|
Funds flow from operations
(2)
increase
d by
86%
to
$94.5 million
compared with the
second
quarter of
2017
, while the Brent price
increase
d only
47%
from the
second
quarter of
2017
.
|
•
|
Active quarter with capital expenditures of
$84.4 million
. Funds flow from operations exceeded capital expenditures by
$10.2 million
.
|
•
|
Oil and gas sales per BOE were
$64.37
,
60%
higher
than the
second
quarter of
2017
.
|
•
|
Operating netback
(2)
per BOE was
$47.99
,
85%
higher
compared with the
second
quarter of
2017
.
|
•
|
Operating expenses per BOE were
$13.81
,
21%
higher
compared with the
second
quarter of
2017
as a result of payments triggered by renegotiating our field operating agreements, power generation costs, equipment rental and accelerated maintenance costs, mainly in the Acordionero field, in the quarter.
|
•
|
Quality and transportation discount was
$10.53
per BOE compared with
$10.74
per BOE in the
second
quarter of
2017
; this
$0.21
per BOE
reduction
resulted from optimization of transportation routes and narrowing of differentials
|
•
|
Transportation expenses per BOE were
$2.57
,
7%
lower
compared with the
second
quarter of
2017
. The decrease was due to the increased use of alternative transportation routes, which had lower costs per BOE.
|
•
|
General and administrative ("G&A") expenses before stock-based compensation per BOE
decrease
d by
18%
to
$2.60
per BOE compared with the
second
quarter of
2017
.
|
•
|
Exited the quarter with
$125.8 million
of cash and cash equivalents.
|
(Thousands of U.S. Dollars, unless otherwise indicated)
|
Three Months Ended June 30,
|
|
Three Months Ended March 31,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2018
|
2017
|
% Change
|
|
2018
|
|
2018
|
2017
|
% Change
|
||||||||||||
Average Daily Volumes (BOEPD)
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated
|
|
|
|
|
|
|
|
|
|
||||||||||||
Working Interest Production Before Royalties
|
35,400
|
|
31,437
|
|
13
|
|
|
35,075
|
|
|
35,239
|
|
30,663
|
|
15
|
|
|||||
Royalties
|
(7,202
|
)
|
(5,014
|
)
|
44
|
|
|
(6,886
|
)
|
|
(7,045
|
)
|
(5,051
|
)
|
39
|
|
|||||
Production NAR
|
28,198
|
|
26,423
|
|
7
|
|
|
28,189
|
|
|
28,194
|
|
25,612
|
|
10
|
|
|||||
Increase in Inventory
|
(296
|
)
|
(140
|
)
|
111
|
|
|
(986
|
)
|
|
(639
|
)
|
(61
|
)
|
948
|
|
|||||
Sales
(1)
|
27,902
|
|
26,283
|
|
6
|
|
|
27,203
|
|
|
27,555
|
|
25,551
|
|
8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Colombia
|
|
|
|
|
|
|
|
|
|
||||||||||||
Working Interest Production Before Royalties
|
35,400
|
|
30,098
|
|
18
|
|
|
35,075
|
|
|
35,239
|
|
29,294
|
|
20
|
|
|||||
Royalties
|
(7,202
|
)
|
(4,819
|
)
|
49
|
|
|
(6,886
|
)
|
|
(7,045
|
)
|
(4,843
|
)
|
45
|
|
|||||
Production NAR
|
28,198
|
|
25,279
|
|
12
|
|
|
28,189
|
|
|
28,194
|
|
24,451
|
|
15
|
|
|||||
Increase in Inventory
|
(296
|
)
|
(147
|
)
|
101
|
|
|
(986
|
)
|
|
(639
|
)
|
(70
|
)
|
813
|
|
|||||
Sales
(1)
|
27,902
|
|
25,132
|
|
11
|
|
|
27,203
|
|
|
27,555
|
|
24,381
|
|
13
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net Income (Loss)
|
$
|
20,300
|
|
$
|
(6,807
|
)
|
398
|
|
|
$
|
17,861
|
|
|
$
|
38,161
|
|
$
|
5,964
|
|
540
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating Netback
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and Natural Gas Sales
|
$
|
163,446
|
|
$
|
96,128
|
|
70
|
|
|
$
|
138,228
|
|
|
$
|
301,674
|
|
$
|
190,787
|
|
58
|
|
Operating Expenses
|
(35,059
|
)
|
(27,208
|
)
|
29
|
|
|
(26,265
|
)
|
|
(61,324
|
)
|
(51,145
|
)
|
20
|
|
|||||
Transportation Expenses
|
(6,522
|
)
|
(6,492
|
)
|
—
|
|
|
(6,997
|
)
|
|
(13,519
|
)
|
(13,434
|
)
|
1
|
|
|||||
Operating Netback
(2)
|
$
|
121,865
|
|
$
|
62,428
|
|
95
|
|
|
$
|
104,966
|
|
|
$
|
226,831
|
|
$
|
126,208
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
G&A Expenses Before Stock-Based Compensation
|
$
|
6,604
|
|
$
|
7,610
|
|
(13
|
)
|
|
$
|
7,982
|
|
|
$
|
14,586
|
|
$
|
15,173
|
|
(4
|
)
|
G&A Stock-Based Compensation
|
6,609
|
|
1,903
|
|
247
|
|
|
3,178
|
|
|
9,787
|
|
3,052
|
|
221
|
|
|||||
General and Administrative ("G&A") Expenses, Including Stock-Based Compensation
|
$
|
13,213
|
|
$
|
9,513
|
|
39
|
|
|
$
|
11,160
|
|
|
$
|
24,373
|
|
$
|
18,225
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA
(2)
|
$
|
102,278
|
|
$
|
41,634
|
|
146
|
|
|
$
|
88,588
|
|
|
$
|
190,866
|
|
$
|
103,172
|
|
85
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Funds Flow From Operations
(2)
|
$
|
94,549
|
|
$
|
50,920
|
|
86
|
|
|
$
|
74,748
|
|
|
$
|
169,297
|
|
$
|
95,946
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Capital Expenditures
|
$
|
84,394
|
|
$
|
57,865
|
|
46
|
|
|
$
|
72,694
|
|
|
$
|
157,088
|
|
$
|
104,025
|
|
51
|
|
|
As at
|
|||||||
(Thousands of U.S. Dollars)
|
June 30, 2018
|
December 31, 2017
|
% Change
|
|||||
Cash and Cash Equivalents
|
$
|
125,807
|
|
$
|
12,326
|
|
921
|
|
|
|
|
|
|||||
Revolving Credit Facility
|
$
|
—
|
|
$
|
148,000
|
|
(100
|
)
|
|
|
|
|
|||||
Senior Notes
|
$
|
300,000
|
|
$
|
—
|
|
—
|
|
|
|
|
|
|||||
Convertible Notes
|
$
|
115,000
|
|
$
|
115,000
|
|
—
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended March 31,
|
|
Six Months Ended June 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2018
|
2017
|
|
2018
|
|
2018
|
2017
|
||||||||||
Net income (loss)
|
$
|
20,300
|
|
$
|
(6,807
|
)
|
|
$
|
17,861
|
|
|
$
|
38,161
|
|
$
|
5,964
|
|
Adjustments to reconcile net income (loss) to EBITDA
|
|
|
|
|
|
|
|
||||||||||
DD&A expenses
|
46,607
|
|
31,813
|
|
|
39,461
|
|
|
86,068
|
|
58,689
|
|
|||||
Interest expense
|
7,375
|
|
3,331
|
|
|
5,495
|
|
|
12,870
|
|
6,426
|
|
|||||
Income tax expense
|
27,996
|
|
13,297
|
|
|
25,771
|
|
|
53,767
|
|
32,093
|
|
|||||
EBITDA (non-GAAP)
|
102,278
|
|
41,634
|
|
|
88,588
|
|
|
190,866
|
|
103,172
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended March 31,
|
|
Six Months Ended June 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2018
|
2017
|
|
2018
|
|
2018
|
2017
|
||||||||||
Net income (loss)
|
$
|
20,300
|
|
$
|
(6,807
|
)
|
|
$
|
17,861
|
|
|
38,161
|
|
$
|
5,964
|
|
|
Adjustments to reconcile net income (loss) to funds flow from operations
|
|
|
|
|
|
|
|
||||||||||
DD&A expenses
|
46,607
|
|
31,813
|
|
|
39,461
|
|
|
86,068
|
|
58,689
|
|
|||||
Deferred tax expense
|
23,169
|
|
11,525
|
|
|
13,482
|
|
|
36,651
|
|
22,904
|
|
|||||
Stock-based compensation expense
|
6,893
|
|
1,980
|
|
|
3,309
|
|
|
10,202
|
|
3,183
|
|
|||||
Amortization of debt issuance costs
|
843
|
|
620
|
|
|
670
|
|
|
1,513
|
|
1,225
|
|
|||||
Cash settlement of RSUs
|
(240
|
)
|
(183
|
)
|
|
(120
|
)
|
|
(360
|
)
|
(501
|
)
|
|||||
Unrealized foreign exchange loss (gain)
|
1,583
|
|
3,895
|
|
|
(1,044
|
)
|
|
539
|
|
1,076
|
|
|||||
Financial instruments loss (gain)
|
4,768
|
|
(1,447
|
)
|
|
6,946
|
|
|
11,714
|
|
(6,886
|
)
|
|||||
Cash settlement of financial instruments
|
(9,666
|
)
|
448
|
|
|
(5,817
|
)
|
|
(15,483
|
)
|
1,216
|
|
|||||
Loss on sale
|
292
|
|
9,076
|
|
|
—
|
|
|
292
|
|
9,076
|
|
|||||
Funds flow from operations (non-GAAP)
|
$
|
94,549
|
|
$
|
50,920
|
|
|
$
|
74,748
|
|
|
$
|
169,297
|
|
$
|
95,946
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended March 31,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2018
|
2017
|
% Change
|
|
2018
|
|
2018
|
2017
|
% Change
|
||||||||||||
(Thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and natural gas sales
|
$
|
163,446
|
|
$
|
96,128
|
|
70
|
|
|
$
|
138,228
|
|
|
$
|
301,674
|
|
$
|
190,787
|
|
58
|
|
Operating expenses
|
35,059
|
|
27,208
|
|
29
|
|
|
26,265
|
|
|
61,324
|
|
51,145
|
|
20
|
|
|||||
Transportation expenses
|
6,522
|
|
6,492
|
|
—
|
|
|
6,997
|
|
|
13,519
|
|
13,434
|
|
1
|
|
|||||
Operating netback
(1)
|
121,865
|
|
62,428
|
|
95
|
|
|
104,966
|
|
|
226,831
|
|
126,208
|
|
80
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
DD&A expenses
|
46,607
|
|
31,813
|
|
47
|
|
|
39,461
|
|
|
86,068
|
|
58,689
|
|
47
|
|
|||||
G&A expenses before stock-based compensation
|
6,604
|
|
7,610
|
|
(13
|
)
|
|
7,982
|
|
|
14,586
|
|
15,173
|
|
(4
|
)
|
|||||
G&A stock-based compensation expense
|
6,609
|
|
1,903
|
|
247
|
|
|
3,178
|
|
|
9,787
|
|
3,052
|
|
221
|
|
|||||
Equity tax
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
1,224
|
|
(100
|
)
|
|||||
Foreign exchange loss (gain)
|
1,924
|
|
3,897
|
|
(51
|
)
|
|
(942
|
)
|
|
982
|
|
2,050
|
|
(52
|
)
|
|||||
Financial instruments loss (gain)
|
4,768
|
|
(1,447
|
)
|
430
|
|
|
6,946
|
|
|
11,714
|
|
(6,886
|
)
|
270
|
|
|||||
Interest expense
|
7,375
|
|
3,331
|
|
121
|
|
|
5,495
|
|
|
12,870
|
|
6,426
|
|
100
|
|
|||||
|
73,887
|
|
47,107
|
|
57
|
|
|
62,120
|
|
|
136,007
|
|
79,728
|
|
71
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on sale
|
(292
|
)
|
(9,076
|
)
|
(97
|
)
|
|
—
|
|
|
(292
|
)
|
(9,076
|
)
|
(97
|
)
|
|||||
Interest income
|
610
|
|
245
|
|
149
|
|
|
786
|
|
|
1,396
|
|
653
|
|
114
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income before income taxes
|
48,296
|
|
6,490
|
|
644
|
|
|
43,632
|
|
|
91,928
|
|
38,057
|
|
142
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current income tax expense
|
4,827
|
|
1,772
|
|
172
|
|
|
12,289
|
|
|
17,116
|
|
9,189
|
|
86
|
|
|||||
Deferred income tax expense
|
23,169
|
|
11,525
|
|
101
|
|
|
13,482
|
|
|
36,651
|
|
22,904
|
|
60
|
|
|||||
|
27,996
|
|
13,297
|
|
111
|
|
|
25,771
|
|
|
53,767
|
|
32,093
|
|
68
|
|
|||||
Net income (loss)
|
$
|
20,300
|
|
$
|
(6,807
|
)
|
398
|
|
|
$
|
17,861
|
|
|
$
|
38,161
|
|
$
|
5,964
|
|
540
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sales Volumes (NAR)
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total sales volumes, BOEPD
|
27,902
|
|
26,283
|
|
6
|
|
|
27,203
|
|
|
27,555
|
|
25,551
|
|
8
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average Prices
|
|
|
|
|
|
|
|
|
|
||||||||||||
Oil and NGL's per bbl
|
$
|
64.50
|
|
$
|
40.44
|
|
59
|
|
|
$
|
56.63
|
|
|
$
|
60.64
|
|
$
|
41.65
|
|
46
|
|
Natural gas per Mcf
|
$
|
2.26
|
|
$
|
2.52
|
|
(10
|
)
|
|
$
|
2.91
|
|
|
$
|
2.67
|
|
$
|
1.91
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Brent Price per bbl
|
$
|
74.90
|
|
$
|
50.92
|
|
47
|
|
|
$
|
67.18
|
|
|
$
|
71.04
|
|
$
|
52.79
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consolidated Results of Operations per BOE Sales Volumes NAR
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Oil and natural gas sales
|
$
|
64.37
|
|
$
|
40.19
|
|
60
|
|
|
$
|
56.46
|
|
|
$
|
60.49
|
|
$
|
41.25
|
|
47
|
|
Operating expenses
|
13.81
|
|
11.38
|
|
21
|
|
|
10.73
|
|
|
12.30
|
|
11.06
|
|
11
|
|
|||||
Transportation expenses
|
2.57
|
|
2.71
|
|
(5
|
)
|
|
2.86
|
|
|
2.71
|
|
2.90
|
|
(7
|
)
|
|||||
Operating netback
(1)
|
47.99
|
|
26.10
|
|
84
|
|
|
42.87
|
|
|
45.48
|
|
27.29
|
|
67
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
DD&A expenses
|
18.36
|
|
13.30
|
|
38
|
|
|
16.12
|
|
|
17.26
|
|
12.69
|
|
36
|
|
|||||
G&A expenses before stock-based compensation
|
2.60
|
|
3.18
|
|
(18
|
)
|
|
3.26
|
|
|
2.92
|
|
3.28
|
|
(11
|
)
|
|||||
G&A stock-based compensation expense
|
2.60
|
|
0.80
|
|
225
|
|
|
1.30
|
|
|
1.96
|
|
0.66
|
|
197
|
|
|||||
Equity tax
|
—
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
0.26
|
|
(100
|
)
|
|||||
Foreign exchange loss (gain)
|
0.76
|
|
1.63
|
|
(53
|
)
|
|
(0.38
|
)
|
|
0.20
|
|
0.44
|
|
(55
|
)
|
|||||
Financial instruments loss (gain)
|
1.88
|
|
(0.60
|
)
|
413
|
|
|
2.84
|
|
|
2.35
|
|
(1.49
|
)
|
258
|
|
|||||
Interest expense
|
2.90
|
|
1.39
|
|
109
|
|
|
2.24
|
|
|
2.58
|
|
1.39
|
|
86
|
|
|||||
|
29.10
|
19.70
|
48
|
|
|
25.38
|
|
27.27
|
17.23
|
58
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on sale
|
(0.12
|
)
|
(3.79
|
)
|
(97
|
)
|
|
—
|
|
|
(0.06
|
)
|
(1.96
|
)
|
(97
|
)
|
|||||
Interest income
|
0.24
|
|
0.10
|
|
140
|
|
|
0.32
|
|
|
0.28
|
|
0.14
|
|
100
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before income taxes
|
19.01
|
|
2.71
|
|
601
|
|
|
17.81
|
|
|
18.43
|
|
8.24
|
|
124
|
|
|||||
Current income tax expense
|
1.90
|
|
0.74
|
|
157
|
|
|
5.02
|
|
|
3.43
|
|
1.99
|
|
72
|
|
|||||
Deferred income tax expense
|
9.12
|
|
4.82
|
|
89
|
|
|
5.51
|
|
|
7.35
|
|
4.95
|
|
48
|
|
|||||
|
11.02
|
|
5.56
|
|
98
|
|
|
10.53
|
|
|
10.78
|
|
6.94
|
|
55
|
|
|||||
Net income (loss)
|
$
|
7.99
|
|
$
|
(2.85
|
)
|
380
|
|
|
$
|
7.28
|
|
|
$
|
7.65
|
|
$
|
1.30
|
|
488
|
|
|
Three Months Ended June 30, 2018
|
|
Three Months Ended June 30, 2017
|
||||||
Average Daily Volumes (BOEPD)
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||
Working Interest Production Before Royalties
|
35,400
|
|
|
30,098
|
|
1,339
|
|
31,437
|
|
Royalties
|
(7,202
|
)
|
|
(4,819
|
)
|
(195
|
)
|
(5,014
|
)
|
Production NAR
|
28,198
|
|
|
25,279
|
|
1,144
|
|
26,423
|
|
(Increase) Decrease in Inventory
|
(296
|
)
|
|
(147
|
)
|
7
|
|
(140
|
)
|
Sales
|
27,902
|
|
|
25,132
|
|
1,151
|
|
26,283
|
|
|
|
|
|
|
|
||||
Royalties, % of Working Interest Production Before Royalties
|
20
|
%
|
|
16
|
%
|
15
|
%
|
16
|
%
|
|
|
|
|
|
|
||||
|
Six Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2017
|
||||||
Average Daily Volumes (BOEPD)
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||
Working Interest Production Before Royalties
|
35,239
|
|
|
29,294
|
|
1,369
|
|
30,663
|
|
Royalties
|
(7,045
|
)
|
|
(4,843
|
)
|
(208
|
)
|
(5,051
|
)
|
Production NAR
|
28,194
|
|
|
24,451
|
|
1,161
|
|
25,612
|
|
(Increase) Decrease in Inventory
|
(639
|
)
|
|
(70
|
)
|
9
|
|
(61
|
)
|
Sales
|
27,555
|
|
|
24,381
|
|
1,170
|
|
25,551
|
|
|
|
|
|
|
|
||||
Royalties, % of Working Interest Production Before Royalties
|
20
|
%
|
|
17
|
%
|
15
|
%
|
16
|
%
|
|
Three Months Ended June 30, 2018
|
|
Three Months Ended June 30, 2017
|
||||||||||
(Thousands of U.S. Dollars)
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||||
Oil and Natural Gas Sales
|
$
|
163,446
|
|
|
$
|
91,905
|
|
$
|
4,223
|
|
$
|
96,128
|
|
Transportation Expenses
|
(6,522
|
)
|
|
(6,319
|
)
|
(173
|
)
|
(6,492
|
)
|
||||
|
156,924
|
|
|
85,586
|
|
4,050
|
|
89,636
|
|
||||
Operating Expenses
|
(35,059
|
)
|
|
(26,192
|
)
|
(1,016
|
)
|
(27,208
|
)
|
||||
Operating Netback
(1)
|
$
|
121,865
|
|
|
$
|
59,394
|
|
$
|
3,034
|
|
$
|
62,428
|
|
|
|
|
|
|
|
||||||||
U.S. Dollars Per BOE Sales Volumes NAR
|
|
|
|
|
|
||||||||
Brent
|
$
|
74.90
|
|
|
$
|
50.92
|
|
$
|
50.92
|
|
$
|
50.92
|
|
Vasconia, Quality and Transportation Discounts
|
(10.53
|
)
|
|
(10.74
|
)
|
(10.62
|
)
|
(10.73
|
)
|
||||
Average Realized Price
|
64.37
|
|
|
40.18
|
|
40.30
|
|
40.19
|
|
||||
Transportation Expenses
|
(2.57
|
)
|
|
(2.76
|
)
|
(1.65
|
)
|
(2.71
|
)
|
||||
Average Realized Price Net of Transportation Expenses
|
61.80
|
|
|
37.42
|
|
38.65
|
|
37.48
|
|
||||
Operating Expenses
|
(13.81
|
)
|
|
(11.45
|
)
|
(9.69
|
)
|
(11.38
|
)
|
||||
Operating Netback
(1)
|
$
|
47.99
|
|
|
$
|
25.97
|
|
$
|
28.96
|
|
$
|
26.10
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2017
|
||||||||||
(Thousands of U.S. Dollars)
|
Total
|
|
Colombia
|
Brazil
|
Total
|
||||||||
Oil and Natural Gas Sales
|
$
|
301,674
|
|
|
$
|
182,369
|
|
$
|
8,418
|
|
$
|
190,787
|
|
Transportation Expenses
|
(13,519
|
)
|
|
(13,084
|
)
|
(350
|
)
|
(13,434
|
)
|
||||
|
288,155
|
|
|
169,285
|
|
8,068
|
|
177,353
|
|
||||
Operating Expenses
|
(61,324
|
)
|
|
(49,348
|
)
|
(1,797
|
)
|
(51,145
|
)
|
||||
Operating Netback
(1)
|
$
|
226,831
|
|
|
$
|
119,937
|
|
$
|
6,271
|
|
$
|
126,208
|
|
|
|
|
|
|
|
||||||||
U.S. Dollars Per BOE Sales Volumes NAR
|
|
|
|
|
|
||||||||
Brent
|
$
|
71.04
|
|
|
$
|
52.79
|
|
$
|
52.79
|
|
$
|
52.79
|
|
Vasconia, Quality and Transportation Discounts
|
(10.55
|
)
|
|
(11.46
|
)
|
(13.03
|
)
|
(11.54
|
)
|
||||
Average Realized Price
|
60.49
|
|
|
41.33
|
|
39.76
|
|
41.25
|
|
||||
Transportation Expenses
|
(2.71
|
)
|
|
(2.96
|
)
|
(1.65
|
)
|
(2.90
|
)
|
||||
Average Realized Price Net of Transportation Expenses
|
57.78
|
|
|
38.37
|
|
38.11
|
|
38.35
|
|
||||
Operating Expenses
|
(12.30
|
)
|
|
(11.18
|
)
|
(8.49
|
)
|
(11.06
|
)
|
||||
Operating Netback
(1)
|
$
|
45.48
|
|
|
$
|
27.19
|
|
$
|
29.62
|
|
$
|
27.29
|
|
|
Second Quarter 2018 Compared with First Quarter 2018
|
Second Quarter 2018 Compared with Second Quarter 2017
|
Six Months Ended, June 30, 2018 Compared with Six Months Ended June 30, 2017
|
||||||
Oil and natural gas sales for the comparative period
|
$
|
138,228
|
|
$
|
96,128
|
|
$
|
190,787
|
|
Realized sales price increase effect
|
20,096
|
|
61,401
|
|
95,920
|
|
|||
Sales volume increase effect
|
5,122
|
|
5,917
|
|
14,967
|
|
|||
Oil and natural gas sales for period ended June 30, 2018
|
$
|
163,446
|
|
$
|
163,446
|
|
$
|
301,674
|
|
|
Three Months Ended June 30,
|
Three Months Ended March 31,
|
Six Months Ended June 30,
|
|||||||
|
2018
|
2017
|
2018
|
2018
|
2017
|
|||||
Volume transported through pipeline
|
9
|
%
|
20
|
%
|
9
|
%
|
9
|
%
|
22
|
%
|
Volume sold at wellhead
|
41
|
%
|
52
|
%
|
52
|
%
|
42
|
%
|
52
|
%
|
Volume not sold at wellhead, trucking
|
50
|
%
|
28
|
%
|
39
|
%
|
49
|
%
|
26
|
%
|
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
U.S. Dollars Per BOE Sales Volumes NAR
|
Second Quarter 2018 Compared with First Quarter 2018
|
Second Quarter 2018 Compared with Second Quarter 2017
|
Six Months Ended, June 30, 2018 Compared with Six Months Ended June 30, 2017
|
||||||
Average realized price net of transportation expenses for the comparative period
|
$
|
53.60
|
|
$
|
37.42
|
|
$
|
38.37
|
|
Increase in benchmark prices
|
7.72
|
|
$
|
23.98
|
|
18.25
|
|
||
Decrease in quality and transportation discounts
|
0.19
|
|
0.21
|
|
0.91
|
|
|||
Decrease in transportation expenses
|
0.29
|
|
0.19
|
|
0.25
|
|
|||
Average realized price net of transportation expenses for the period ended June 30, 2018
|
$
|
61.80
|
|
$
|
61.80
|
|
$
|
57.78
|
|
|
Three Months Ended June 30, 2018
|
|
Three Months Ended June 30, 2017
|
||||||||||
|
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
|
$
|
46,065
|
|
$
|
18.14
|
|
|
$
|
30,130
|
|
$
|
13.17
|
|
Brazil
|
—
|
|
—
|
|
|
1,050
|
|
10.02
|
|
||||
Peru
|
—
|
|
—
|
|
|
412
|
|
—
|
|
||||
Corporate
|
542
|
|
—
|
|
|
221
|
|
—
|
|
||||
|
$
|
46,607
|
|
$
|
18.36
|
|
|
$
|
31,813
|
|
$
|
13.30
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2017
|
||||||||||
|
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
|
$
|
84,564
|
|
$
|
16.96
|
|
|
$
|
55,065
|
|
$
|
12.48
|
|
Brazil
|
—
|
|
—
|
|
|
2,263
|
|
10.69
|
|
||||
Peru
|
—
|
|
—
|
|
|
921
|
|
—
|
|
||||
Corporate
|
1,504
|
|
—
|
|
|
440
|
|
—
|
|
||||
|
$
|
86,068
|
|
$
|
17.26
|
|
|
$
|
58,689
|
|
$
|
12.69
|
|
|
Three Months Ended June 30,
|
|
Three Months Ended March 31,
|
|
Six Months Ended June 30,
|
||||||||||||||||
(Thousands of U.S. Dollars)
|
2018
|
2017
|
% Change
|
|
2018
|
|
2018
|
2017
|
% Change
|
||||||||||||
G&A Expenses Before Stock-Based Compensation
|
$
|
6,604
|
|
$
|
7,610
|
|
(13
|
)
|
|
$
|
7,982
|
|
|
$
|
14,586
|
|
$
|
15,173
|
|
(4
|
)
|
G&A Stock-Based Compensation
|
6,609
|
|
1,903
|
|
247
|
|
|
3,178
|
|
|
9,787
|
|
3,052
|
|
221
|
|
|||||
G&A Expenses, Including Stock-Based Compensation
|
$
|
13,213
|
|
$
|
9,513
|
|
39
|
|
|
$
|
11,160
|
|
|
$
|
24,373
|
|
$
|
18,225
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Dollars Per BOE Sales Volumes NAR
|
|
|
|
|
|
|
|
|
|
||||||||||||
G&A Expenses Before Stock-Based Compensation
|
$
|
2.60
|
|
$
|
3.18
|
|
(18
|
)
|
|
$
|
3.26
|
|
|
$
|
2.92
|
|
$
|
3.28
|
|
(11
|
)
|
G&A Stock-Based Compensation
|
2.60
|
|
0.80
|
|
225
|
|
|
1.30
|
|
|
1.96
|
|
0.66
|
|
197
|
|
|||||
G&A Expenses, Including Stock-Based Compensation
|
$
|
5.20
|
|
$
|
3.98
|
|
31
|
|
|
$
|
4.56
|
|
|
$
|
4.88
|
|
$
|
3.94
|
|
24
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||
|
2018
|
2017
|
|
2018
|
2017
|
Change in the U.S. dollar against the Colombian peso
|
strengthened by
|
strengthened by
|
|
weakened by
|
strengthened by
|
5%
|
6%
|
|
2%
|
1%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||
(Thousands of U.S. Dollars)
|
2018
|
2017
|
|
2018
|
2017
|
||||||||
Commodity price derivative loss (gain)
|
$
|
14,461
|
|
$
|
(1,545
|
)
|
|
$
|
19,455
|
|
$
|
(6,247
|
)
|
Foreign currency derivatives loss (gain)
|
1,945
|
|
98
|
|
|
(2,024
|
)
|
(639
|
)
|
||||
Investment gain
|
(11,638
|
)
|
—
|
|
|
(5,717
|
)
|
—
|
|
||||
|
$
|
4,768
|
|
$
|
(1,447
|
)
|
|
$
|
11,714
|
|
$
|
(6,886
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(Thousands of U.S. Dollars)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income before income tax
|
$
|
48,296
|
|
|
$
|
6,490
|
|
|
$
|
91,928
|
|
|
$
|
38,057
|
|
|
|
|
|
|
|
|
|
||||||||
Current income tax expense
|
$
|
4,827
|
|
|
$
|
1,772
|
|
|
$
|
17,116
|
|
|
$
|
9,189
|
|
Deferred income tax expense
|
23,169
|
|
|
11,525
|
|
|
36,651
|
|
|
22,904
|
|
||||
Total income tax expense
|
$
|
27,996
|
|
|
$
|
13,297
|
|
|
$
|
53,767
|
|
|
$
|
32,093
|
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate
|
|
|
|
|
|
|
58
|
%
|
|
84
|
%
|
(Thousands of U.S. Dollars)
|
Second Quarter 2018 Compared with First Quarter 2018
|
% change
|
Second Quarter 2018 Compared with Second Quarter 2017
|
% change
|
Six Months Ended, June 30, 2018 Compared with Six Months Ended June 30, 2017
|
% change
|
|||||||||
Net income (loss) for the comparative period
|
$
|
17,861
|
|
|
$
|
(6,807
|
)
|
|
$
|
5,964
|
|
|
|||
Increase (decrease) due to:
|
|
|
|
|
|
|
|||||||||
Prices
|
20,096
|
|
|
61,401
|
|
|
95,920
|
|
|
||||||
Sales volumes
|
5,122
|
|
|
5,917
|
|
|
14,967
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|||||||||
Operating
|
(8,794
|
)
|
|
(7,851
|
)
|
|
(10,179
|
)
|
|
||||||
Transportation
|
475
|
|
|
(30
|
)
|
|
(85
|
)
|
|
||||||
Cash G&A and RSU settlements, excluding stock-based compensation expense
|
1,411
|
|
|
1,156
|
|
|
1,012
|
|
|
||||||
Interest, net of amortization of debt issuance costs
|
(1,707
|
)
|
|
(3,821
|
)
|
|
(6,156
|
)
|
|
||||||
Realized foreign exchange
|
(240
|
)
|
|
(338
|
)
|
|
531
|
|
|
||||||
Settlement of financial instruments
|
(3,849
|
)
|
|
(10,114
|
)
|
|
(16,699
|
)
|
|
||||||
Current taxes
|
7,462
|
|
|
(3,055
|
)
|
|
(7,927
|
)
|
|
||||||
Equity tax
|
—
|
|
|
—
|
|
|
1,224
|
|
|
||||||
Other
|
(175
|
)
|
|
364
|
|
|
743
|
|
|
||||||
Net change in funds flow from operations
(1)
from comparative period
|
19,801
|
|
|
43,629
|
|
|
73,351
|
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|||||||||
Depletion, depreciation and accretion
|
(7,146
|
)
|
|
(14,794
|
)
|
|
(27,379
|
)
|
|
||||||
Deferred tax
|
(9,687
|
)
|
|
(11,644
|
)
|
|
(13,747
|
)
|
|
||||||
Amortization of debt issuance costs
|
(173
|
)
|
|
(223
|
)
|
|
(288
|
)
|
|
||||||
Stock-based compensation, net of RSU settlement
|
(3,464
|
)
|
|
(4,856
|
)
|
|
(7,160
|
)
|
|
||||||
Financial instruments gain or loss, net of financial instruments settlements
|
6,027
|
|
|
3,899
|
|
|
(1,901
|
)
|
|
||||||
Unrealized foreign exchange
|
(2,627
|
)
|
|
2,312
|
|
|
537
|
|
|
||||||
Loss on sale
|
(292
|
)
|
|
8,784
|
|
|
8,784
|
|
|
||||||
Net change in net income or loss
|
2,439
|
|
|
27,107
|
|
|
32,197
|
|
|
||||||
Net income for the current period
|
$
|
20,300
|
|
14
|
%
|
$
|
20,300
|
|
398
|
%
|
$
|
38,161
|
|
540
|
%
|
•
|
Ayombero appraisal drilling of 3 wells based on the success of the Ayombero-1 well;
|
•
|
Costayaco development drilling in legacy reservoirs and 1 additional water injection well; and
|
•
|
2 Acordionero development wells accelerated from 2019 into fourth quarter 2018.
|
(Thousands of U.S. Dollars)
|
|
||
Colombia:
|
|
||
Exploration
|
$
|
18,301
|
|
Development:
|
|
||
Facilities
|
16,957
|
|
|
Drilling and Completions
|
41,696
|
|
|
Other
|
6,803
|
|
|
|
83,757
|
|
|
Corporate
|
637
|
|
|
|
$
|
84,394
|
|
|
Number of wells (Gross)
|
Number of wells (Net)
|
||
Development
|
5
|
|
5.0
|
|
Exploration
|
1
|
|
0.5
|
|
Total Colombia
|
6
|
|
5.5
|
|
|
As at
|
|||||||||
(Thousands of U.S. Dollars)
|
June 30, 2018
|
|
% Change
|
|
December 31, 2017
|
|||||
Cash and Cash Equivalents
|
$
|
125,807
|
|
|
921
|
|
|
$
|
12,326
|
|
|
|
|
|
|
|
|||||
Current Restricted Cash and Cash Equivalents
|
$
|
2,836
|
|
|
(76
|
)
|
|
$
|
11,787
|
|
|
|
|
|
|
|
|||||
Revolving Credit Facility
|
$
|
—
|
|
|
(100
|
)
|
|
$
|
148,000
|
|
|
|
|
|
|
|
|||||
Senior Notes
|
$
|
300,000
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|||||
Convertible Notes
|
$
|
115,000
|
|
|
—
|
|
|
$
|
115,000
|
|
Period and type of instrument
|
Volume,
bopd |
Reference
|
Sold Swap ($/bbl, Weighted Average)
|
Purchased Call ($/bbl, Weighted Average)
|
|||||
Swaps: July 1, to December 31, 2018
|
5,000
|
|
ICE Brent
|
$
|
55.90
|
|
n/a
|
|
|
Participating Swaps: July 1, to December 31, 2018
|
5,000
|
|
ICE Brent
|
$
|
52.50
|
|
$
|
56.11
|
|
Period and type of instrument
|
Amount Hedged
(Millions COP) |
U.S. Dollar Equivalent of Amount Hedged (Thousands of U.S. Dollars)
(1)
|
Reference
|
Purchased Call
(COP) |
Sold Put (COP, Weighted Average)
|
||||
Collars: July 1, 2018 to December 31, 2018
|
87,000
|
|
29,685
|
|
COP
|
3,000
|
|
3,107
|
|
|
Six Months Ended June 30,
|
|||||
|
2018
|
2017
|
||||
Sources of cash and cash equivalents:
|
|
|
||||
Net income
|
$
|
38,161
|
|
$
|
5,964
|
|
Adjustments to reconcile net income to EBITDA
(1)
and funds flow from operations
(1)
|
|
|
||||
DD&A expenses
|
86,068
|
|
58,689
|
|
||
Interest expense
|
12,870
|
|
6,426
|
|
||
Income tax expense
|
53,767
|
|
32,093
|
|
||
EBITDA
|
190,866
|
|
103,172
|
|
||
Current income tax expense
|
(17,116
|
)
|
(9,189
|
)
|
||
Stock-based compensation expense
|
10,202
|
|
3,183
|
|
||
Contractual interest and other financing expenses
|
(11,357
|
)
|
(5,201
|
)
|
||
Cash settlement of RSUs
|
(360
|
)
|
(501
|
)
|
||
Unrealized foreign exchange loss
|
539
|
|
1,076
|
|
||
Financial instruments loss (gain)
|
11,714
|
|
(6,886
|
)
|
||
Cash settlement of financial instruments
|
(15,483
|
)
|
1,216
|
|
||
Loss on sale
|
292
|
|
9,076
|
|
||
Funds flow from operations
|
169,297
|
|
95,946
|
|
||
Proceeds from bank debt, net of issuance costs
|
4,988
|
|
98,304
|
|
||
Proceeds from issuance of Senior Notes, net of issuance costs
|
288,087
|
|
—
|
|
||
Proceeds from issuance of shares
|
845
|
|
—
|
|
||
Cash deposit received for letter of credit arrangements upon sale of Brazil business unit
|
—
|
|
4,700
|
|
||
Deposit received for sale of Brazil business unit
|
—
|
|
34,481
|
|
||
|
463,217
|
|
233,431
|
|
||
|
|
|
||||
Uses of cash and cash equivalents:
|
|
|
||||
Additions to property, plant and equipment
|
(157,088
|
)
|
(104,025
|
)
|
||
Additions to property, plant and equipment - property acquisitions
|
(3,100
|
)
|
(30,410
|
)
|
||
Repayment of bank debt
|
(153,000
|
)
|
(33,000
|
)
|
||
Repurchase of shares of Common Stock
|
(1,208
|
)
|
(10,000
|
)
|
||
Net changes in assets and liabilities from operating activities
|
(37,994
|
)
|
(28,112
|
)
|
||
Changes in non-cash investing working capital
|
(6,142
|
)
|
(627
|
)
|
||
Settlement of asset retirement obligations
|
(369
|
)
|
(298
|
)
|
||
Foreign exchange loss on cash, cash equivalents and restricted cash and cash equivalents
|
(69
|
)
|
(1,175
|
)
|
||
|
(358,970
|
)
|
(207,647
|
)
|
||
Net increase in cash and cash equivalents and restricted cash and cash equivalents
|
$
|
104,247
|
|
$
|
25,784
|
|
|
(a)
Total Number of Shares Purchased (1) |
(b)
Average Price Paid per Share (2) |
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d)
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs (3) |
||||
April 1-30, 2018
|
—
|
|
—
|
|
—
|
|
18,804,820
|
|
May 1-31, 2018
|
4,500
|
|
2.98
|
|
4,500
|
|
18,800,320
|
|
June 1- 30, 2018
|
—
|
|
—
|
|
—
|
|
18,800,320
|
|
|
4,500
|
|
2.98
|
|
4,500
|
|
18,800,320
|
|
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 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).
|
|
|
|
|
|
3.3
|
|
Incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the SEC on July 9, 2018 (SEC File No. 001-34018).
|
|
|
|
|
|
4.1
|
|
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
|
|
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).
|
|
|
|
|
|
4.3
|
|
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).
|
|
|
|
|
|
4.4
|
|
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).
|
|
|
|
|
|
4.5
|
|
Incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on February 9, 2018 (SEC File No. 001-34018).
|
|
|
|
|
|
4.6
|
|
Incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on February 16, 2018 (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 February 16, 2018 (SEC File No. 001-34018).
|
|
|
|
|
|
10.1
|
|
Filed herewith.
|
|
|
|
|
|
31.1
|
|
Filed herewith.
|
|
|
|
|
|
31.2
|
|
Filed herewith.
|
|
|
|
|
|
32.1
|
|
Furnished herewith.
|
Date: August 2, 2018
|
|
/s/ Gary S. Guidry
|
|
|
By: Gary S. Guidry
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
Date: August 2, 2018
|
|
/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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