Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(NYSE MKT:GTE)(TSX:GTE), a company focused on oil and gas exploration and production in Colombia, has reached new milestones in the Middle Magdalena Valley Basin (“MMV”) during November 2017. In August 2016, Gran Tierra expanded into the MMV through the acquisition of PetroLatina Energy Limited. After little more than a year, the MMV assets, and in particular the Acordionero field, have become a significant part of the Company’s portfolio and growth. All dollar amounts are in United States (“U.S.”) dollars and all production volumes are on a working interest before royalties (“WI”) basis.
As quoted in the press release:
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented, “We are very proud of what our technical and operational teams have planned and executed in just over a year with the Acordionero field, which is exceeding our original expectations in terms of production and growth, as well as profitability. Since acquiring Acordionero in August 2016, we have executed a drilling program that has more than tripled the field’s oil production and commenced the waterflood pilot for reservoir management of both the Lisama A and C Sand reservoirs. More importantly, the reservoir quality, continuity of the sands, oil quality and productivity per well have exceeded our expectations. In particular, the AC-13 well in the northern part of the field and AC-17 drilled in the southern part of the field have exceeded expectations with respect to reservoir quality, sand thickness and higher than forecasted API oil gravity. We believe the higher API, lower oil viscosity and better reservoir continuity may significantly increase the opportunity for a successful waterflood and higher ultimate recovery factors. We believe Acordionero’s oil production can continue to grow through 2018 as we execute our planned development drilling campaign and waterflood implementation.”