Resource News

  • Achieved Total Average Production (1) of 30,556 BOPD During Second Quarter-to-Date 2022
  • Total Current Average Production (2) of 33,140 BOPD
  • Paid Down Credit Facility Balance to $0
  • Acordionero and Costayaco Infill Development Drilling Campaigns Yielding Encouraging Results
  • Spud the Company's First Exploration Well of 2022 in the Putumayo Basin of Colombia on June 2, 2022
  • Secured Drilling Rig to Begin Planned Ecuador Exploration Program During Third Quarter 2022

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.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "Gran Tierra remains on track and on budget with our development and exploration drilling programs for 2022. We are very pleased with the positive production results that we are seeing with both our Acordionero and Costayaco infill development well programs, which have been an important factor in our ongoing ramp up in oil production during 2022.

At the same time, we have achieved a major milestone for the Company by completely paying off our credit facility on June 2, 2022. We have significantly strengthened our balance sheet by steadily reducing our credit facility balance from $207 million as of June 30, 2020 to $0 as of June 2, 2022.

After a two-year pause during the low and volatile oil price environment of 2020 and 2021, we are excited with the restart of Gran Tierra's exploration drilling campaign. We spud the Churuco exploration well in the Putumayo Basin of Colombia on June 2, 2022, which is expected to reach its target depth by mid-June 2022. In Ecuador, we have obtained all necessary licensing and secured a drilling rig which put Gran Tierra on-track to spud its first planned exploration well on the Chanangue Block during third quarter 2022.

We believe Gran Tierra is well positioned to optimize value from each of our assets through continued development and enhanced oil recovery activities in 2022. Our waterflood programs across all of our assets continue to perform well as demonstrated by our current average production (2) of 33,140 BOPD."

Operations Update:

  • Production:
    • So far during second quarter 2022, Gran Tierra has achieved total average production (1) of 30,556 BOPD.
    • As forecast in the Company's May 3, 2022 press release, Gran Tierra has begun to ramp up production in the latter half of second quarter 2022, as newly drilled Acordionero and Costayaco oil wells have been steadily brought online. Gran Tierra's total current average production (2) over the last 16 days is 33,140 BOPD.
  • Acordionero:
    • During 2022, Gran Tierra has successfully drilled 12 wells (7 oil producers and 5 water injectors) in the Acordionero field with 4 wells remaining to be drilled in the 2022 program.
    • The Company continues to make progress with its planned polymer flood pilot project in this field, with polymer injection planned to begin in the newly drilled AC-95i injection well during third quarter 2022.
  • Costayaco and Moqueta:
    • All five of the 2022 planned Costayaco infill development oil wells have been drilled, with the final well currently on production test.
    • On an electric submersible pump, the new CYC-45 infill oil well has produced at an average rate of 1,618 BOPD, at a 10% water cut and gas-oil ratio of 162 standard cubic feet per stock-tank barrel, over the 11-day period of May 21-31, 2022.
    • The Moqueta work program of 3 infill development wells is expected to begin in the fourth quarter of 2022 and is planned to continue into 2023.
  • Exploration:
    • In Ecuador, Gran Tierra is in the final stages of wellsite construction for the planned Bocachico-1 exploration well in the Chanangue Block and has started construction of another wellsite in the Charapa Block.
    • The Company has secured a drilling rig for the upcoming exploration campaign in Ecuador and plans to spud the Bocachico-1 exploration well in the Chanangue Block during third quarter 2022.
    • Environmental licenses are in place for Gran Tierra's multi-well exploration program in both the Chanangue and Charapa Blocks. Significant progress has also been made with Gran Tierra's environmental licensing for exploration drilling in the Iguana Block with approval expected during second half 2022.
    • In Colombia, on June 2, 2022, Gran Tierra spud the Churuco exploration well in the Chaza Block, which is targeting a potential, separate reservoir located between the Company's Costayaco and Moqueta oil fields.

Financial Update:

  • As of June 2, 2022, Gran Tierra has completely paid off its credit facility. As part of a focus on significant debt reduction, the Company steadily reduced its credit facility balance from $207 million as of June 30, 2020 to $0 as of June 2, 2022. Gran Tierra may, at its discretion, terminate or replace the credit facility.

(1) Gran Tierra's total average production during second quarter-to-date 2022 is for the period of April 1, 2022 to June 6, 2022.
(2) Gran Tierra's total current average production is for the 16-day period of May 22, 2022 to June 6, 2022.

Corporate Presentation:

Gran Tierra's Corporate Presentation has been updated and 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, drilling program and expectations as to debt repayment. 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 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 a prolonged 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 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 accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); 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 comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra's periodic reports filed with the SEC, 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 SEC. These filings are available on the SEC website at 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. 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.

The estimates of future production, cash positions, total capital, certain expenses and costs, debt repayments and debt positions may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected financial and operational information for 2022. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra's operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. See Gran Tierra's press releases dated January 18, 2022, April 19, 2022, and May 3, 2022 respectively, for additional information regarding the 2022 guidance referred to herein. This press release does not constitute an offer to buy or the solicitation of an offer to sell any securities.

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.


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Gran Tierra Energy Inc. Announces Termination of the Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures

Gran Tierra Energy Inc. Announces Termination of the Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures

Gran Tierra Energy Inc. (" Gran Tierra " or the " Company ") (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the termination, effective immediately, of its previously announced offers to Eligible Holders (as defined herein) to exchange (such offers, the " Exchange Offers ") (i) any and all of the outstanding 6.25% Senior Notes due 2025 issued by Gran Tierra Energy International Holdings Ltd. (" GTEIH ") on February 15, 2018 (CUSIP: 38502HAA3 G4066TAA0; ISIN: US38502HAA32 USG4066TAA00) (the " 2025 Notes "), and (ii) any and all of the outstanding 7.750% Senior Notes due 2027 issued by the Company on May 23, 2019 (CUSIP: 38502JAA9 U37016AA7; ISIN: US38502JAA97 USU37016AA70) (the " 2027 Notes " and, together with the 2025 Notes, the " Existing Notes ") for newly issued 8.750% Senior Secured Amortizing Notes due 2029 (the " New Notes "), pursuant to the terms and subject to the conditions set forth in the exchange offer memorandum and consent solicitation statement, dated May 24, 2022 in respect of the Exchange Offers and Solicitations of Consents (as defined below) (as amended or supplemented prior to the date hereof, the " Exchange Offer Memorandum "). The Company and GTEIH are also terminating, effectively immediately, (i) the solicitation (the " 2025 Solicitation ") by GTEIH of consents (the " 2025 Consents ") from Eligible Holders of 2025 Notes to effect certain proposed amendments (the " 2025 Proposed Amendments ") to the indenture dated as of February 15, 2018, under which the 2025 Notes were issued (the " 2025 Existing Indenture "), and (ii) the solicitation (the " 2027 Solicitation " and, together with the 2025 Solicitation, the " Solicitations ") by the Company of consents (the " 2027 Consents " and, together with the 2025 Consents, the " Consents ") from Eligible Holders of 2027 Notes to effect certain proposed amendments (the " 2027 Proposed Amendments " and, together with the 2025 Proposed Amendments, the " Proposed Amendments ") to the indenture dated as of May 23, 2019, under which the 2027 Notes were issued (the " 2027 Existing Indenture " and, together with the 2025 Existing Indenture, the " Existing Indentures "). Any capitalized terms used in this press release without definition have the respective meanings assigned to such terms in the Exchange Offer Memorandum.

As a result of the termination of the Exchange Offers, none of the Existing Notes that have been tendered in the Exchange Offers will be accepted for exchange for New Notes, and no New Notes will be issued to holders of Existing Notes who have validly tendered their Existing Notes in the Exchange Offers. In addition, as a result of the termination of the Solicitations of Consents, the Proposed Amendments to the Existing Indentures will not be adopted, and the Existing Notes will remain outstanding and subject to the terms of the Existing Indentures. All Existing Notes validly tendered and not validly withdrawn will be promptly returned or credited back to their respective holders.

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Gran Tierra Energy Inc. Announces Early Participation Deadline Results for the Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures and Extension of the Early Participation Deadline

Gran Tierra Energy Inc. Announces Early Participation Deadline Results for the Previously Announced Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures and Extension of the Early Participation Deadline

Gran Tierra Energy Inc. (" Gran Tierra " or the " Company ") (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced the early participation results of its previously announced offers to Eligible Holders (as defined herein) to exchange (such offers, the " Exchange Offers ") (i) any and all of the outstanding 6.25% Senior Notes due 2025 issued by Gran Tierra Energy International Holdings Ltd. (" GTEIH ") on February 15, 2018 (CUSIP: 38502HAA3 G4066TAA0; ISIN: US38502HAA32 USG4066TAA00) (the " 2025 Notes "), and (ii) any and all of the outstanding 7.750% Senior Notes due 2027 issued by the Company on May 23, 2019 (CUSIP: 38502JAA9 U37016AA7; ISIN: US38502JAA97 USU37016AA70) (the " 2027 Notes " and, together with the 2025 Notes, the " Existing Notes ") for newly issued 8.750% Senior Secured Amortizing Notes due 2029 (the " New Notes "), pursuant to the terms and subject to the conditions set forth in the exchange offer memorandum and consent solicitation statement, dated May 24, 2022 in respect of the Exchange Offers and Consent Solicitations (as defined below) (as amended or supplemented prior to the date hereof, the " Exchange Offer Memorandum "). Any capitalized terms used in this press release without definition have the respective meanings assigned to such terms in the Exchange Offer Memorandum.

Existing Notes CUSIP/ISIN Numbers Principal Amount
Outstanding
Principal Amount Tendered Percentage of the Principal
Amount Outstanding
6.25% Senior Notes due 2025 38502HAA3 / G4066TAA0
US38502HAA32 / USG4066TAA00
US$300,000,000 US$110,705,000 36.90%
7.750% Senior Notes due 2027 38502JAA9 / U37016AA7
US38502JAA97 / USU37016AA70
US$300,000,000 US$122,384,000 40.79%

As of 5:00 p.m., New York City time, on June 7, 2022 (the " Early Participation Deadline "), (i) US$110,705,000 aggregate principal amount outstanding of the 2025 Notes, representing approximately 36.90% of the total principal amount outstanding of the 2025 Notes, and (ii) US$122,384,000 aggregate principal amount outstanding of the 2027 Notes, representing approximately 40.79% of the total principal amount outstanding of the 2027 Notes, had been validly tendered for exchange and not validly withdrawn, as confirmed by the Information Agent for the Exchange Offers.

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Gran Tierra Energy Inc. Announces Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures

Gran Tierra Energy Inc. Announces Exchange Offers of Certain Existing Notes for New Notes and the Solicitations of Consents to Proposed Amendments to the Existing Indentures

Gran Tierra Energy Inc. (" Gran Tierra " or the " Company ") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the commencement of offers to Eligible Holders (as defined herein) to exchange (such offers, the " Exchange Offers ") (i) any and all of the outstanding 6.25% Senior Notes due 2025 issued by Gran Tierra Energy International Holdings Ltd. (" GTEIH ") on February 15, 2018 (CUSIP: 38502HAA3 G4066TAA0; ISIN: US38502HAA32 USG4066TAA00) (the " 2025 Notes "), and (ii) any and all of the outstanding 7.750% Senior Notes due 2027 issued by the Company on May 23, 2019 (CUSIP: 38502JAA9 U37016AA7; ISIN: US38502JAA97 USU37016AA70) (the " 2027 Notes " and, together with the 2025 Notes, the " Existing Notes ") for newly issued 8.750% Senior Secured Amortizing Notes due 2029 (the " New Notes "), pursuant to the terms and subject to the conditions set forth in the exchange offer memorandum and consent solicitation statement, dated May 24, 2022 in respect of the Exchange Offers and Consent Solicitations (as defined below) (the " Exchange Offer Memorandum "). Any capitalized terms used in this press release without definition have the respective meanings assigned to such terms in the Exchange Offer Memorandum.

Existing Notes CUSIP/ISIN Numbers Principal Amount Outstanding Early Participation Premium ( 1) Exchange Consideration ( 2) Total Consideration ( 3 )
6.25% Senior Notes due 2025 38502HAA3 / G4066TAA0
US38502HAA32 / USG4066TAA00
US$300,000,000 US$50 US$950 US$1,000
7.750% Senior Notes due 2027 38502JAA9 / U37016AA7
US38502JAA97 / USU37016AA70
US$300,000,000 US$50 US$950 US$1,000

(1)  Premium payable in principal amount of New Notes on the Settlement Date (as defined below) per each US$1,000 aggregate principal amount of Existing Notes validly tendered (and not validly withdrawn) on or before the Early Participation Deadline (as defined below).
(2)  Principal amount of New Notes per each US$1,000 aggregate principal amount of Existing Notes validly tendered (and not validly withdrawn) on or before the Expiration Deadline (as defined below). Does not include the Early Participation Premium or the applicable Accrued Interest (as defined below). Accrued Interest will be paid in cash on the Settlement Date. Holders who tender after the Early Participation Deadline but prior to the Expiration Deadline will receive only the Exchange Consideration (and Accrued Interest).
(3)  Total Consideration includes the Early Participation Premium. Total Consideration payable in principal amount of New Notes on the Settlement Date per each US$1,000 aggregate principal amount of Existing Notes validly tendered (and not validly withdrawn) on or before the Early Participation Deadline. Does not include the applicable Accrued Interest, which will be paid in cash on the Settlement Date. Holders who tender after the Early Participation Deadline but prior to the Expiration Deadline will receive only the Exchange Consideration. Holders who tender after the Early Participation Deadline but prior to the Expiration Deadline will receive only the Exchange Consideration.

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Gran Tierra Energy Announces Final Voting Results of its Annual Meeting of Stockholders

Gran Tierra Energy Announces Final Voting Results of its Annual Meeting of Stockholders

Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the voting results from the Company's annual meeting of stockholders held on May 4, 2022.

Final Voting Results of Gran Tierra's Annual Meeting of Stockholders: Stockholders elected all nine individuals nominated by Gran Tierra. In addition, stockholders voted "FOR" the ratification of the appointment of KPMG LLP as Gran Tierra's independent registered public accounting firm for the fiscal year ending December 31, 2022, "FOR" the approval, on an advisory basis, of the compensation of Gran Tierra's named executive officers, "EVERY YEAR" as the preferred frequency of solicitation of stockholder advisory votes on the compensation of Gran Tierra's Named Executive Officers, and "FOR" the approval of the 2007 Equity Incentive Plan, as amended. The detailed results of the vote are as follows:

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Gran Tierra Energy Inc. Announces First Quarter 2022 Results

Gran Tierra Energy Inc. Announces First Quarter 2022 Results

  • Achieved Average Total Production of 29,362 BOPD, Up 20% Year-on-Year
  • Generated Net Income of $14 Million
  • Increased Adjusted EBITDA (1) to $119 Million, Up 185% Year-on-Year
  • Grew Net Cash Provided by Operating Activities to $104 Million, Up 148% Year-on-Year
  • Increased Funds Flow from Operations (1) to $87 Million, Up 201% Year-on-Year
  • Generated Free Cash Flow (1) of $46 Million, Highest Since Fourth Quarter 2012
  • Credit Facility Balance Paid Down to $40 Million at March 31, 2022, Current Balance of $10 Million
  • Balance of Credit Facility Expected to be Fully Paid Down Before End of Second Quarter 2022
  • 2021 Sustainability Report to be Released May 4, 2022
  • Acordionero and Costayaco Infill Development Drilling Campaigns Yielding Encouraging Results
  • Expect to Meet Full Year 2022 Guidance of 30,500-32,500 BOPD

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 March 31, 2022 (" the Quarter "). 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 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 May 3, 2022.

Key Highlights of the Quarter:

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Purepoint Uranium Group Inc. Announces Adoption of Omnibus Incentive Plan

Purepoint Uranium Group Inc. Announces Adoption of Omnibus Incentive Plan

Purepoint Uranium Group Inc. (TSXV: PTU) ("Purepoint" or the "Company") is pleased to announce that its proposed adoption of a new omnibus equity incentive compensation plan (the "Omnibus Plan") was approved by the Company's shareholders at its annual and special meeting of shareholders held on June 29, 2022 (the "Meeting"). The Omnibus Plan replaced the Company's existing stock option plan and includes a 10% "rolling" option plan permitting a maximum of 10% of the issued and outstanding common shares of the Company as at the date of any option grant to be reserved for option grants and a fixed plan permitting 36,888,943 common shares of the Company to be reserved for grant of restricted share units and performance share units. Please refer to the Company's management information circular dated May 13, 2022 which is available under the Company's profile at www.sedar.com for a copy and summary of the Omnibus Plan.

About Purepoint

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CanAlaska Commences Airborne Survey at Geikie Project in Athabasca Basin

CanAlaska Commences Airborne Survey at Geikie Project in Athabasca Basin

Airborne Magnetics and Radiometrics to Confirm Existing Targets and Generate New Targets, Preparing for Planned Summer Ground Prospecting Program

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") is pleased to announce it has commenced a high-resolution helicopter-borne aeromagnetics and radiometrics survey on it's Geikie project in the Athabasca Basin (Figure 1). The survey consists of 3,731 line-km's of airborne surveying at 100 m line-spacing across the Geikie project to identify magnetic and radiometric anomalies for future targeted ground prospecting and drilling.

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FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

FORTUNE BAY INTERSECTS ELEVATED RADIOACTIVITY IN MAIDEN DRILL PROGRAM AT THE STRIKE URANIUM PROJECT

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) ("Fortune Bay" or the "Company") is pleased to announce initial drill results for its 100% owned Strike Uranium Project ("Strike" or the "Project"), located in northern Saskatchewan (see Figures 1 and 2). A total of nine drill holes were completed comprising 2,064 metres. Results included shallow intersections of elevated radioactivity, between 35 and 95 metres below surface, within favorable geological settings for high-grade, basement hosted deposits typical of the Athabasca Basin.

Highlights:

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ValOre Metals

ValOre Reports Encouraging Trench Results from Tróia Target, Pedra Branca

ValOre Metals Corp. ("ValOre"; TSX ‐ V: VO; OTC: KVLQF; Frankfurt: KEQ0, "the Company") today announced trench channel sample assay results from the Tróia target ("Tróia") at ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil.

"Our geological team continues to deliver at the Pedra Branca palladium-platinum project. Tróia joins Ipueiras and Galante East in our pipeline of drill-ready targets," stated ValOre's V.P. of Exploration, Colin Smith. "The trench results at the Tróia target confirm the presence of in-situ PGE mineralization intercepted in previously reported Trado ® auger drilling and rock sampling and demonstrate potential continuity of the target chromite-bearing ultramafic rocks over 600 m along trend. Mineralization and the target ultramafic intrusion remain fully open at depth and warrant follow-up core or RC drilling."

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Purepoint Uranium Initiates Program at 100% Owned Carson Lake Project

Purepoint Uranium Initiates Program at 100% Owned Carson Lake Project

Purepoint Uranium Group Inc. (TSXV: PTU) (OTCQB: PTUUF) ("Purepoint" or the "Company") today announced the commencement of an airborne gravitymagnetic survey over their 100% owned Carson Lake Uranium Project which lies on the north-eastern edge of the Athabasca Basin, Saskatchewan, Canada.

The Carson Lake project covers the northeast extension of a major conductive trend that is also present on Purepoint's Red Willow project. The current airborne gravity survey results will help further define north-south trending structures and geologic contacts interpreted from prior magnetic survey results. Interpreted structures that crosscut the conductive trend are considered prospective exploration target areas as structural complexity may have developed and trapped uranium-rich fluids.

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CanAlaska Commences Airborne Survey at Key Extension Project in Athabasca Basin

CanAlaska Commences Airborne Survey at Key Extension Project in Athabasca Basin

Airborne Magnetics and Radiometrics to Confirm Targeting Near Large Gravity Anomalies

Summer Ground Prospecting and Drill Program Now Permitted

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