Gran Tierra Energy Inc. Provides Operational and Financial Update - January 2023

Gran Tierra Energy Inc. Provides Operational and Financial Update - January 2023

Gran Tierra Energy Inc. (Gran Tierra or the Company) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced an operational and financial update. All dollar amounts are in United States dollars, and production amounts are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Per barrel (“bbl”) and bbl of oil per day (“BOPD”) amounts are based on WI sales before royalties.

  • Gran Tierra Met Production Guidance with 2022 Total Company Average Production of Approximately 30,800 BOPD
  • Fourth Quarter 2022 Total Company Average Production of Approximately 32,600 BOPD, an Increase of 10% from Fourth Quarter 2021
  • Strong Exit with Total Company Average Production During December 2022 of Approximately 33,800 BOPD
  • Moqueta Development Campaign Underway with Second Development Well Spud
  • First Moqueta Development Well Yielding Encouraging Results
  • Bought Back 23 Million Gran Tierra Shares of Common Stock During 2022

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We are excited to announce that our 2022 total Company average production was approximately 30,800 BOPD which was within our guidance despite several social disruptions and a delay in our Moqueta drilling program. Our Moqueta development campaign is well underway with two of the five planned wells having been spud thus far. The initial production results of the first well are encouraging with a stable average rate of 1,312 BOPD. We are very excited for what 2023 holds for the Company and expect to build off the momentum from the strong finish to 2022.”

Operations Update:

  • Production
    • During fourth quarter 2022, Gran Tierra’s total average production was approximately 32,600 BOPD.
    • December 2022 total Company average production was approximately 33,800 BOPD.
    • Gran Tierra’s total average production for the full year 2022 was approximately 30,800 BOPD which is within the Company’s prescribed guidance.
  • Colombia Development:
    • Moqueta Development Campaign:
      • Testing began on the first Moqueta well which was spud on November 28, 2022. From December 23, 2022, to January 9, 2022, the Moqueta-24 well has been producing on a jet pump at a stable average rate of 1,312 BOPD (28-degree API gravity) and 193 bbl of water ("BWPD") with a gas-oil ratio of 170 standard cubic feet per stock tank bbl.
      • On January 3, 2023, the Company spud its second development well in the Moqueta field. This well is expected to reach its planned total depth by mid-January 2023.
    • Acordionero Development:
      • Waterflood success at Acordionero resulted in December 2022 total Company average production for this field of approximately 17,800 BOPD, the highest level since the second quarter of 2019.
      • Water injection at Acordionero reached a new record of over 60,000 BWPD in December 2022.
    • Suroriente Development:
      • As a result of the successful increase in water injection, expansion of facilities, and minimal disruptions, the Suroriente Block produced an average of 8,700 BOPD gross (4,500 BOPD WI) in the fourth quarter of 2022, the highest level since the second quarter of 2015 despite not drilling a well since the first quarter of 2018.

Shareholder Returns:

  • Share Buybacks: Pursuant to Gran Tierra’s current normal course issuer bid, Gran Tierra purchased approximately 23 million shares during 2022, representing about 6.2% of shares outstanding as of June 30, 2022.

Debt Repayment:

  • As part of Gran Tierra’s focus on significant debt reduction, the Company reduced its total debt by $87.6 million in 2022 and by a further $122.5 million in 2021, for a reduction of total debt of $210.1 million over the past two fiscal years.

Corporate Presentation:

Gran Tierra’s Corporate Presentation is available on the Company website at www.grantierra.com.

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & 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 currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades 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 (including the Corporate Presentation referenced above) 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 U.S. Securities and Exchange Commission (“SEC”) filings are available on the SEC website at www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR at www.sedar.com and UK regulatory filings are available on the National Storage Mechanism (“the NSM”) website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra's filings on the SEC, SEDAR and the NSM websites are not incorporated by reference into this press release.

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,” “can,” “will,” “should,” “guidance,” “forecast,” “signal,” “progress,” 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: the Company’s expected future production (including as a result of our testing results), the Company’s drilling program, the Company’s potential debt repayments and share repurchases. 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, pricing and cost estimates (including with respect to commodity pricing and exchange rates), and the general continuance of assumed operational, regulatory and industry conditions in Colombia and 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: Gran Tierra’s operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events (including the ongoing COVID-19 pandemic); global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, the Russian invasion of Ukraine, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC, and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a decline in these prices relative to historical or future expected levels; the risk that current global economic and credit 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; prices and markets for oil and natural gas are unpredictable and volatile; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; the ability of Gran Tierra to execute its business plan and realize expected benefits from current initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra’s ability to obtain a new credit agreement and to comply with financial covenants in its credit agreement and indentures and make borrowings under any credit agreement; 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 for the year ended December 31, 2021 and its other filings with the Securities and Exchange Commission. These filings are available on the Securities and Exchange Commission website at https://www.sec.gov and 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. In particular, the unprecedented nature of the current economic downturn, pandemic and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact Gran Tierra’s business and financial condition. 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 law.

Presentation of Oil and Gas Information

References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium and heavy crude oil for which there is not a precise breakdown since the Company’s oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

Source

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Gran Tierra Energy Inc. Announces 2022 Fourth Quarter & Year-End Results, Including Record Net Income, Funds Flow from Operations and Free Cash Flow

Gran Tierra Energy Inc. Announces 2022 Fourth Quarter & Year-End Results, Including Record Net Income, Funds Flow from Operations and Free Cash Flow

  • Achieved 2022 Net Income of   $139   Million (   $0.38   per Share, Basic), Highest on Record
  • 2022   Funds Flow from Operations 2 Increased 96% Year-Over-Year to $366 Million, Highest on Record
  • 2022   Adjusted EBITDA 2 Increased   103%   Year-Over-Year to   $490   Million
  • Generated 2022 Free Cash Flow 2 of   $129   Million, Highest on Record
  • Achieved   2022   Average Working Interest Production of   30,746   BOPD, Up   16%   from   2021
  • Total Current Average Working Interest Production 1 of Approximately 32,300 BOPD
  • Achieved   126%   1P,   148%   2P and   280%   3P Reserves Replacement
  • 1P Net Asset Value per Share Before Tax of $4.62, Up 77% from 2021
  • 2P Net Asset Value per Share Before Tax of $7.36, Up 56% from 2021
  • ESG Leadership: Company Has Planted Approximately 1.47 Million Trees in Colombia's Putumayo Since 2018

Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the Company's financial and operating results for the fourth quarter ( "the Quarter" ) and year ended December 31, 2022. 3 All dollar amounts are in United States ( "U.S." ) dollars and all reserves and production volumes are on a working interest before royalties ( "WI" ) basis unless otherwise indicated. Production is expressed in barrels ( "bbl" ) of oil per day ( "bopd" ), while reserves are expressed in bbl, bbl of oil equivalent ( "boe" ) or million boe ( "MMBOE" ), unless otherwise indicated. Gran Tierra's 2022 year-end reserves were evaluated by the Company's independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. ( "McDaniel" ) in a report with an effective date of December 31, 2022 (the "GTE McDaniel Reserves Report" ). All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ( "NI 51-101" ) and the Canadian Oil and Gas Evaluation Handbook ( "COGEH" ) and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved ( "1P" ), 1P plus Probable ( "2P" ) and 2P plus Possible ( "3P" ).

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Gran Tierra Energy Inc. Provides Release Date for its 2022 Fourth Quarter Results and Details of Conference Call and Webcast

Gran Tierra Energy Inc. Provides Release Date for its 2022 Fourth Quarter Results and Details of Conference Call and Webcast

Gran Tierra Energy Inc . ("Gran Tierra" or the "Company") (NYSE American:GTE) (TSX:GTE) (LSE: GTE) announces that the Company will release its 2022 fourth quarter financial and operating results on Tuesday, February 21, 2023, after market close. Gran Tierra will host its fourth quarter 2022 results conference call on Wednesday, February 22, 2023, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time.

Interested parties may register for the conference call by clicking on this link . Please note that there is no longer a general dial-in number to participate and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a new feature that allows parties to elect to be called back through the "Call Me" function on the platform.

Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link , which is also available on Gran Tierra's website at www.grantierra.com . An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until February 21, 2024.

About Gran Tierra Energy Inc.

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Gran Tierra Energy Inc. Announces Strong Reserves Replacement and Continued Reserves Growth in 2022

Gran Tierra Energy Inc. Announces Strong Reserves Replacement and Continued Reserves Growth in 2022

  • Added Total Company Reserves of   14   MMBOE 1P,   17   MMBOE 2P and   31   MMBOE 3P
  • Achieved   126%   1P,   148%   2P and   280%   3P Reserves Replacement
  • Fourth Consecutive Year of 1P Reserves Growth
  • Exploration Discoveries Alone Added Company Reserves of   5   MMBOE 1P,   16   MMBOE 2P and   32   MMBOE 3P
  • Achieved Three-Year Average Per Barrel Finding and Development Costs of   $11.69   PDP and   $14.51   1P
  • Reserve Life Indexes of   7   (1P),   11   (2P) and   15   (3P) Years
  • Net Present Value Before Tax Discounted at 10 Percent Increased to   $2.1   Billion (1P),   $3.0   Billion (2P) and   $4.1   Billion (3P)
  • 1P Net Asset Value per Share of   $4.62   Before Tax, Up   77%   from 2021
  • 2P Net Asset Value per Share of   $7.36   Before Tax, Up   56%   from 2021
  • Net Debt-Adjusted Production per Share Growth of 67% since 2021
  • Net Debt-Adjusted Reserves per Share Growth of 56% (1P), 57% (2P) and 69% (3P) since 2021
  • Future Net Revenue After Taxes and Capital Expenditures Forecast to be   $1.4   Billion (1P),   $1.7   Billion (2P) and   $1.9   Billion (3P) Over the Next Five Years
  • Strong Start to 2023 with Year-to-Date Total Company Average Production of Approximately 33,000 BOPD

Gran Tierra Energy Inc. (" Gran Tierra" or the " Company ") (NYSE American:GTE) (TSX:GTE) (LSE: GTE) a company focused on international oil exploration and production with assets currently in Colombia and Ecuador, today announced the Company's 2022 year-end reserves as evaluated by the Company's independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (" McDaniel" ) in a report with an effective date of December 31, 2022 (the " GTE McDaniel Reserves Report" ).

All dollar amounts are in United States (" U.S. ") dollars and all reserves and production volumes are on a working interest before royalties ( "WI" ) basis. Production is expressed in barrels ( "bbl" ) of oil per day ( "bopd" ), while reserves are expressed in bbl, bbl of oil equivalent ( "boe" ) or million boe ( "MMBOE" ), unless otherwise indicated. All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (" NI 51-101 ") and the Canadian Oil and Gas Evaluation Handbook (" COGEH" ) and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved Developed Producing ( "PDP" ), Proved ( "1P" ), 1P plus Probable ( "2P" ) and 2P plus Possible ( "3P" ).

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Gran Tierra Energy Inc. Announces 2023 Guidance

  • 2023 Capital Expenditure Budget of $210-250 Million, Expected 2023 Cash Flow 1 of $270-320 Million in Base Case
  • Plan to Drill 18-23 Development Wells and 4-6 Exploration/Appraisal Wells
  • Forecast 2023 Production of 32,000-34,000 BOPD, an Increase of 8% from 2022 and 24% from 2021
  • Forecast 2023 Free Cash Flow 2 of $135 Million Before Exploration, $65 Million After Exploration in Base Case

Gran Tierra Energy Inc . ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced its 2023 capital budget and production guidance. All dollar amounts are in United States dollars and all production volumes are on a working interest before royalties basis and are expressed in barrels ( "bbl" ) of oil per day ( "BOPD" ), unless otherwise stated.

Key Highlights:

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Gran Tierra Energy Inc. Announces Third Quarter 2022 Results

Gran Tierra Energy Inc. Announces Third Quarter 2022 Results

  • Third Quarter 2022 Average Production of   30,391   BOPD, Up   5%   from One Year Ago
  • Fourth Quarter-To-Date 2022 Average Production (1 ) of   32,291   BOPD
  • Net Income of   $39   Million,   $168   Million Over The Last 12 Months
  • Adjusted EBITDA (2) of   $121   Million, Up   48%   Year-on-Year,   $462   Million Over Last 12 Months
  • Net Cash Provided by Operating Activities of   $109   Million, Up   82%   Year-on-Year
  • Funds Flow from Operations (2) of   $94   Million, Up   36%   Year-on-Year,   $350   Million Over Last 12 Months
  • Free Cash Flow (2 ) of   $37   Million,   $146   Million Over Last 12 Months
  • Cash Balance of   $118   Million and Net Debt (2) of   $462   Million, as of   September 30, 2022
  • Colombia Exploration: Rose-1 Drilled and Undergoing Testing, Rig Mobilizing for Gaitas-2 Exploration Well
  • Ecuador Exploration: First Two Exploration Wells Drilled in Ecuador with First Well Yielding Oil and Second Well to be Tested

Gran Tierra Energy Inc . ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the Company's financial and operating results for the quarter ended September 30, 2022 (" the Quarter "). All dollar amounts are in United States dollars, and production amounts are on an average working interest (" WI ") before royalties basis unless otherwise indicated. Per barrel (" bbl ") and bbl per day (" BOPD ") amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (" NAR ") production, see Gran Tierra's Quarterly Report on Form 10-Q filed November 1, 2022.

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Coelacanth Energy Inc. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2024. All dollar figures are Canadian dollars unless otherwise noted.

FINANCIAL RESULTS Three Months Ended

Nine Months Ended

 September 30

September 30
($000s, except per share amounts)  2024

2023

% Change

2024

2023

% Change

 
















Oil and natural gas sales 2,362

679

248

9,192

2,459

274

  

 

 

 

 

 
Cash flow used in operating activities (3,730)
(2,553)
46

(954)
(3,830)
(75)
Per share - basic and diluted (1) (0.01)
(0.01)
-

(-)

(0.01)
(100)

  

 

 

 

 

 
Adjusted funds flow (used) (1) (207)
(773)
(73)
1,133

(2,083)
(154)
Per share - basic and diluted (-)

(-)

-

-

(-)

-

  

 

 

 

 

 
Net loss (2,464)
(1,869)
32

(5,994)
(5,823)
3
Per share - basic and diluted (-)

(-)

-

(0.01)
(0.01)
-

  

 

 

 

 

 
Capital expenditures (1) 15,760

31,176

(49)
19,545

39,957

(51)

  

 

 

 

 

 
Adjusted working capital (1)  

 

 

47,264

23,516

101

  

 

 

 

 

 
Common shares outstanding (000s)  

 

 

 

 

 
Weighted average - basic and diluted 530,212

426,476

24

529,605

425,685

24

  

 

 

 

 

 
End of period - basic  

 

 

530,267

426,670

24
End of period - fully diluted  

 

 

617,214

469,781

31
   

 

 

 

 

 
(1) See "Non-GAAP and Other Financial Measures" section.

 

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The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.

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