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Share Name Share Symbol Market Type Share ISIN Share Description
Gran Tierra Energy Inc. LSE:GTE London Ordinary Share COM STK USD0.001 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 165.00p 150.00p 180.00p 165.00p 165.00p 165.00p 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 637.45

Gran Tierra Energy Inc. Announces New-Country Entry Into Ecuador

12/03/2019 10:09pm

UK Regulatory (RNS & others)


 
TIDMGTE 
 
   CALGARY, Alberta, March 12, 2019 (GLOBE NEWSWIRE) -- Gran Tierra Energy 
Inc. ("Gran Tierra" or the "Company") (NYSE 
American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce that, based on 
preliminary results, the Company has made a new-country entry into 
Ecuador through the submission of winning bids for a total of three 
blocks, which were offered by the Ministerio de Energia y Recursos 
Naturales No Renovables ("MERNR") in today's Ronda Intracampos. The 
three blocks are located in the Oriente Basin and are approximately 
140,000 acres in total area, creating a contiguous acreage position 
extending from Gran Tierra's existing assets in the Putumayo Basin in 
Colombia. Final award of these blocks is contingent upon regulatory 
approvals and the execution of the Participation Contracts (the 
"Contracts"). 
 
   Key Highlights 
 
 
   -- Establishes the Company as one of the top landholders in the play trend 
      which extends from the Putumayo Basin in Colombia through to the Oriente 
      Basin in Ecuador; the Putumayo and Oriente Basins are the same geological 
      basin, with different names due to the international border between 
      Colombia and Ecuador 
 
   -- Further strengthens and consolidates Gran Tierra's position in what the 
      Company considers is a conventional oil resource fairway; Ecuador's Napo 
      Formation is equivalent to the Villeta Formation in the Putumayo Basin 
      and has the same multi-zone potential in carbonate and sandstone 
      reservoirs 
 
   -- Gran Tierra has secured 100% working interest ("WI") and operatorship in 
      the Charapa Block, Chanangue Block and Iguana Block (collectively, the 
      "Blocks"), which increases Gran Tierra's gross acreage position in the 
      conventional resource plays in Ecuador and Colombia from 1.2 million to 
      over 1.3 million gross acres 
 
   -- Gran Tierra's winning bids consisted of a work program bid by block, 
      including the drilling of a total of 14 exploration wells over four years 
      across the Blocks, and the Company's share of revenues which is tied to 
      the Oriente Blend Oil Price and to production volumes; the Contracts are 
      a sliding scale, with the Company take ranging from 87.5% at US$30 per 
      barrel to 40% at US$120 per barrel; there is no consideration payable 
      upon the signing of the Contracts and cash outlays begin with the 
      commencement of the work program 
 
   -- Gran Tierra expects to commence its Ecuador exploration drilling program 
      in 2020 with no anticipated changes to the Company's previously issued 
      2019 guidance; this new exploration program is expected to be fully 
      funded through the Company's forecasted net cash provided by operating 
      activities 
 
   -- Through the preliminary award of the Charapa Block, Gran Tierra 
      establishes a proven position in the B-Limestone play trend; the Charapa 
      field has had historic oil production from the B-Limestone over a 17-year 
      period 
 
   -- Contiguous acreage extending from Colombia's Putumayo Basin into 
      Ecuador's Oriente Basin provides Gran Tierra with the ability to 
      potentially construct strategic gathering infrastructure on 100%-operated 
      acreage, which would allow the Company to potentially utilize the 
      existing infrastructure in Ecuador 
 
 
   Gary Guidry, President and Chief Executive Officer of Gran Tierra, 
commented "We are excited about our new-country entry into Ecuador, an 
achievement which aligns with Gran Tierra's strategy -- focusing on 
proven conventional hydrocarbon basins, with access to established 
infrastructure, in a strong stable economic environment, combined with a 
highly competitive fiscal regime. The Blocks would extend our dominant 
position in Colombia's Putumayo Basin into Ecuador's Oriente Basin, with 
assets that are highly complementary to our existing land base. Ecuador 
represents a unique opportunity in terms of scale for Gran Tierra. With 
our winning bids for the Blocks, we believe we are acquiring significant 
future potential exploration upside which could enhance our long-term 
growth strategy and be an excellent fit with Gran Tierra's diverse 
reserves and resources base in Colombia." 
 
   Maps 
 
   Below is a link to a map of the preliminarily awarded Blocks to Gran 
Tierra. 
 
   Link 1: Gran Tierra's New Land Position in the Oriente Basin 
 
   http://ml.globenewswire.com/Resource/Download/c42f62e6-7183-424f-9c61-edbe449a65dc 
 
 
   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 
 
   +1-403-265-3221 
 
   info@grantierra.com 
 
   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 and Ecuador. The Company is focused on its 
existing portfolio of assets in Colombia and Ecuador and will pursue new 
growth opportunities throughout Colombia and South America, leveraging 
our financial strength. The Company's common shares trade on the NYSE 
American, Toronto Stock Exchange and 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 info@grantierra.com or (403) 265-3221. 
 
   Gran Tierra's Securities and Exchange Commission filings are available 
on the Securities and Exchange Commission 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 Legal Advisories: 
 
   This press release contains opinions, forecasts, projections, and other 
statements about future events or results 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 financial outlook and forward 
looking information within the meaning of applicable Canadian securities 
laws (collectively, "forward-looking statements"). The use of the words 
"expect", "plan", "intend", "will" and "believes", derivations thereof 
and similar terms identify forward-looking statements. In particular, 
but without limiting the foregoing, this press release contains 
forward-looking statements regarding: our ability to complete the 
Contracts, the anticipated benefits of the Blocks and the Contracts to 
Gran Tierra and its shareholders, our expected timeframes for obtaining 
environmental and other regulatory approvals, our expected timeframes 
for commencing drilling, our ability to construct gathering 
infrastructure or access pipelines or other transport facilities, and 
any expected production from the Blocks. The forward-looking statements 
contained in this press release reflect several material factors and 
expectations and assumptions of Gran Tierra including, without 
limitation, that Gran Tierra will continue to conduct its operations in 
a manner consistent with its current expectations, the accuracy of 
testing and production results and seismic data, pricing and cost 
estimates (including with respect to commodity pricing and exchange 
rates), rig availability, the effects of waterflood and the general 
continuance of assumed operational, regulatory and industry conditions 
in Ecuador, and the ability of Gran Tierra to execute its business and 
operational plans in the manner currently planned. 
 
   Among the important factors that could cause actual results to differ 
materially from those indicated by the forward-looking statements in 
this press release are: sustained or future declines in commodity prices 
and potential resulting future impairments and reductions in proved 
reserve quantities and value; Gran Tierra's operations are located in 
South America, and unexpected problems can arise due to guerrilla 
activity; technical difficulties and operational difficulties may arise 
which impact the production, transport or sale of our products; 
geographic, political and weather conditions can impact the production, 
transport or sale of our products; the risk that current global economic 
and credit conditions may impact oil prices and oil consumption more 
than Gran Tierra currently predicts; the ability of Gran Tierra to 
execute its business plan; the risk that unexpected delays and 
difficulties in developing properties may occur; the timely receipt of 
regulatory or other required approvals for our activities; the failure 
of exploratory drilling to result in commercial wells; unexpected delays 
due to the limited availability of drilling equipment and personnel; the 
risk that oil prices could continue to fall, or current global economic 
and credit market conditions may impact oil prices and oil consumption 
more than Gran Tierra currently predicts, which could cause Gran Tierra 
to further modify its strategy and capital spending program; and the 
risk factors detailed from time to time in Gran Tierra's periodic 
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. These filings are 
available on the Securities and Exchange Commission website at 
http://www.sec.gov and on SEDAR at www.sedar.com. 
 
   The forward-looking statements contained in this press release are based 
on certain assumptions made by Gran Tierra based on management's 
experience and other factors believed to be appropriate. Gran Tierra 
believes these assumptions to be reasonable at this time, but the 
forward-looking statements are subject to risk and uncertainties, many 
of which are beyond Gran Tierra's control, which may cause actual 
results to differ materially from those implied or expressed by the 
forward looking statements. 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. 
 
 
 
 

(END) Dow Jones Newswires

March 12, 2019 18:09 ET (22:09 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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