Gran Tierra Energy Inc. Announces Approval Of Normal Course Issuer Bid And Establishment Of Automatic Securities Purchase Plan

 
TIDMGTE 
 
   CALGARY, Alberta, March 11, 2019 (GLOBE NEWSWIRE) -- Gran Tierra Energy 
Inc. ("Gran Tierra" or the "Company") (NYSE American: 
GTE)(TSX:GTE)(LSE:GTE) today announces that it has received approval 
from the Toronto Stock Exchange ("TSX") to implement a normal course 
issuer bid (the "NCIB") through the facilities of the TSX and eligible 
alternative trading platforms in Canada and that it has entered into an 
Automatic Securities Purchase Plan (the "ASPP") in connection with the 
NCIB. Pursuant to the NCIB, Gran Tierra is able to purchase for 
cancellation up to 5% of its issued and outstanding shares of common 
stock (the "Shares") for a one year period at prevailing market prices. 
The brokerage firm conducting the NCIB on behalf of Gran Tierra and 
administering the ASPP is RBC Dominion Securities Inc. The ASPP is 
intended to allow for the purchase of Shares under the NCIB when the 
Company would ordinarily not be permitted to purchase shares due to 
regulatory restrictions and customary self-imposed blackout periods. 
 
   Under the NCIB, Gran Tierra may repurchase for cancellation up to 
19,353,951 Shares. This represents approximately 5% of its 387,079,027 
issued and outstanding Shares as of March 1, 2019. These purchases will 
be made in accordance with applicable regulations over a maximum period 
of one year beginning on March 13, 2019 and ending on March 12, 2020. 
The average daily trading volume of the Shares over the six calendar 
months prior to the date hereof was 670,101. Accordingly, Gran Tierra is 
entitled to purchase, on any trading day, up to 167,525 Shares. The 
consideration that Gran Tierra will pay for any Shares acquired by it 
under the NCIB will be paid in cash at the market price of such Shares 
at the time of acquisition. 
 
   Management of Gran Tierra believes that the Shares, at times, have been 
trading in a price range which does not adequately reflect their value 
in relation to Gran Tierra's current operations, growth prospects and 
financial position. At such times, the purchase of Shares for 
cancellation or to satisfy awards granted under Gran Tierra's 2007 
Equity Incentive Plan may be advantageous to stockholders by increasing 
the value of the Shares. 
 
   Within the past twelve months, Gran Tierra purchased 5,516,389 Shares at 
a volume weighted average price of C$3.48 under a previously approved 
normal course issuer bid through the facilities of the TSX and eligible 
alternative trading platforms in Canada (March 12, 2018 to March 11, 
2019) permitting the purchase of up to 19,269,732 Shares. 
 
   Pursuant to the ASPP, outside of a trading blackout period, Gran Tierra 
may, but is not required to, instruct the designated broker to make 
purchases under the NCIB in accordance with the terms of the ASPP. Such 
purchases will be determined by the designated broker at its sole 
discretion based on purchasing parameters set by Gran Tierra in 
accordance with the rules of the TSX, applicable securities laws and the 
terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be 
implemented on March 13, 2019. 
 
   Outside of blackout periods, Shares may be purchased under the NCIB 
based on management's discretion, in compliance with TSX rules and 
applicable securities laws. Purchases made under the ASPP will be 
included in computing the number of Shares purchased under the NCIB. 
 
   About Gran Tierra Energy Inc. 
 
   Gran Tierra Energy Inc. together with its subsidiaries is an independent 
international energy company focused on oil and natural gas exploration 
and production in Colombia. The Company is focused on its existing 
portfolio of assets in Colombia and will pursue new growth opportunities 
throughout Colombia, leveraging our financial strength. The Company's 
shares of common stock trade on the NYSE American, the Toronto Stock 
Exchange and the London Stock Exchange under the ticker symbol GTE. 
Additional information concerning Gran Tierra is available at 
www.grantierra.com. Information on the Company's website does not 
constitute a part of this press release. Investor inquiries may be 
directed to [e-mail] 
https://www.globenewswire.com/Tracker?data=ClXMKAZtowhgic9yl2o1zSZDTUHIGdU4V3YFJYckFS8_OfJRfOTXxj_ISST6QhgZSimF_x9nPaTKPrHaHzDs8FEoXTe1bJF9E6v8CwUESHk= 
or [phone]. 
 
   Gran Tierra's Securities and Exchange Commission filings are available 
on the SEC website at http://www.sec.gov and on SEDAR at 
http://www.sedar.com and UK regulatory filings are available on the 
National Storage Mechanism website at www.morningstar.co.uk/uk/nsm. 
 
   Forward-Looking Statements and Advisories 
 
   This press release contains statements about future events that 
constitute forward-looking statements within the meaning of the United 
States Private Securities Litigation Reform Act of 1995, Section 27A of 
the Securities Act of 1933, as amended, and Section 21E of the 
Securities Exchange Act of 1934, as amended, and forward looking 
information within the meaning of applicable Canadian securities laws 
(collectively, "forward-looking statements"). Such forward-looking 
statements include, but are not limited to, the benefits to be derived 
from the NCIB and management's belief that the NCIB will be advantageous 
to stockholders and other benefits to be derived from the NCIB and 
potential purchases of the Shares for cancellation or redeployment under 
the NCIB and pursuant to the ASPP. There can be no assurance as to how 
many Shares, if any, will ultimately be acquired by Gran Tierra under 
the NCIB and pursuant to the ASPP or what impact the NCIB will have. 
 
   The forward-looking statements contained in this news release are 
subject to risks, uncertainties and other factors that could cause 
actual results or outcomes to differ materially from those contemplated 
by the forward-looking statements, including, among others: unexpected 
changes in general market and economic conditions. Accordingly, readers 
should not place undue reliance on the forward-looking statements 
contained herein. Further information on potential factors that could 
affect Gran Tierra are included in risks detailed from time to time in 
Gran Tierra's reports filed with the Securities and Exchange Commission, 
including, without limitation, under the caption "Risk Factors" in Gran 
Tierra's Annual Report on Form 10-K filed February 27, 2019 and its 
subsequent quarterly reports on Form 10-Q. These filings are available 
on a Web site maintained by the Securities and Exchange Commission at 
https://www.globenewswire.com/Tracker?data=n2ihxaq1ONDbs_scAeLmFA5uGSfzIc4xzrJrxsloaYAdjFPt2gAsaNPufuZgLJR4umUAUhavdrrOiJeBSWZvGg== 
http://www.sec.gov and on SEDAR at 
https://www.globenewswire.com/Tracker?data=D3QmLMjG94AoesPusA9dcre7GVo82PH2VLR4ZXMmYmh9RNTwRiN_L_k6UCjLvLg7cwOayGWFjxqyM11UdgffNw== 
www.sedar.com. 
 
   All forward-looking statements are made as of the date of this press 
release and the fact that this press release remains available does not 
constitute a representation by Gran Tierra that Gran Tierra believes 
these forward-looking statements continue to be true as of any 
subsequent date. Actual results may vary materially from the expected 
results expressed in forward-looking statements. Gran Tierra disclaims 
any intention or obligation to update or revise any forward-looking 
statements, whether as a result of new information, future events or 
otherwise, except as expressly required by applicable securities laws. 
Gran Tierra's forward-looking statements are expressly qualified in 
their entirety by this cautionary statement. 
 
   Contact Information: 
 
   For investor and media inquiries please contact: 
 
   Gary Guidry, Chief Executive Officer 
 
   Ryan Ellson, Chief Financial Officer 
 
   Rodger Trimble, Vice President, Investor Relations 
 
   403-265-3221 
 
   [e-mail] 
https://www.globenewswire.com/Tracker?data=ClXMKAZtowhgic9yl2o1zUUsmQURboox9-qa_aQ_-K9DwFbkKV2oO51dfcCG3dL_1Qg5uPk9QxN2uU-Q3W-ni_fmzXHc_pOfj_Xby_0ISys= 
 
 
 
 
 

(END) Dow Jones Newswires

March 11, 2019 06:00 ET (10:00 GMT)

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