Oil and Gas

Gran Tierra Energy

Gran Tierra Energy

TSX:GTE

Top Tier Conventional Oil Assets Under Waterflood

​Company Highlights

  • Gran Tierra is an international oil and gas company focused on exploration and production in Colombia and Ecuador.
  • The company leverages waterflooding to improve oil recovery at each of its assets, which are world-class candidates for this enhanced recovery technique.
  • Gran Tierra plans to drill several new wells throughout 2022 in addition to conducting exploration programs at its other assets.
  • Acordionero, the company’s flagship project, has already produced over US$1.3 billion in oil and gas sales since 2016. Additionally, 14-16 new wells are scheduled to be drilled in this oil field this year.
  • The company focuses on enhancing oil recovery at each producing asset to maximize the value of all its reservoirs.
  • ESG ratings are essential for Gran Tierra, and the company has already planted 1.2 million trees in Colombia, alongside other environmental initiatives.
  • A strong management team with directly relevant experience leads the company towards its goals.
CEO Interviews
Press Releases
INNspired

​Overview

“I believe we're in a multi-year bull market for oil,” said Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners. He shared further, “What we saw throughout 2021, continuing into 2022, is the lack of significant production growth from all over the world.” In the interview, Nuttall also shared that the fear of peak demand is leading to a reality of peak supply, setting the table for an oil supply crisis.

According to the Short Term Energy Outlook released by the US Energy Information Administration (EIA), oil prices will average $107.37 per barrel in 2022.

Oil is produced around the globe, and Latin America is one of the largest producers of the resource. Colombia is the third largest oil producer in Latin America. The country began exporting oil in the 1980s and significantly boosted production over the past few decades, going from 550,000 barrels per day in 2007 to roughly 900,000 barrels per day. This improvement is primarily attributable to the country’s reforms of energy laws which encouraged a dramatic increase in international investments.

Gran Tierra Energy (TSX:GTE,NYSE:GTE,LSE:GTE) is an oil and gas exploration and development company with producing assets and exploration prospects in Colombia and Ecuador. The company operates the production from the vast majority of its assets, which gives it control over where and when to drill. Gran Tierra is focusing on enhancing recovery by utilizing the waterflooding process that results in higher oil recovery rates and modest future development costs. The company has plans to conduct additional exploration and development operations throughout 2022 and 2023.

Gran Tierra Energy

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Overview

“I believe we're in a multi-year bull market for oil,” said Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners. He shared further, “What we saw throughout 2021, continuing into 2022, is the lack of significant production growth from all over the world.” In the interview, Nuttall also shared that the fear of peak demand is leading to a reality of peak supply, setting the table for an oil supply crisis.

According to the Short Term Energy Outlook released by the US Energy Information Administration (EIA), oil prices will average $107.37 per barrel in 2022.

Oil is produced around the globe, and Latin America is one of the largest producers of the resource. Colombia is the third largest oil producer in Latin America. The country began exporting oil in the 1980s and significantly boosted production over the past few decades, going from 550,000 barrels per day in 2007 to roughly 900,000 barrels per day. This improvement is primarily attributable to the country’s reforms of energy laws which encouraged a dramatic increase in international investments.

Gran Tierra Energy (TSX:GTE,NYSE:GTE,LSE:GTE) is an oil and gas exploration and development company with producing assets and exploration prospects in Colombia and Ecuador. The company operates the production from the vast majority of its assets, which gives it control over where and when to drill. Gran Tierra is focusing on enhancing recovery by utilizing the waterflooding process that results in higher oil recovery rates and modest future development costs. The company has plans to conduct additional exploration and development operations throughout 2022 and 2023.

Gran Tierra Energy - South America

The company is currently increasing its production at its flagship project, Acordionero, by drilling 14-16 new development wells throughout 2022. Since the project’s acquisition in 2016, it has produced roughly 29 million barrels of oil (MMbbl) and generated approximately US$1.3 billion in oil and gas sales. In addition, drilling and completion costs have steadily decreased by over 50 percent during the past four years. The drilling of new development wells is also slated for this year at two of Gran Tierra’s other major fields, Costayaco and Moqueta. All the company’s oil fields have access to robust transportation infrastructure and benefit from a stable economic environment.

Gran Tierra Energy

Gran Tierra benefits from large spare capacity in pipelines & trucking in Colombia & Ecuador

Waterflooding is a secondary recovery method to enhance overall oil recovery. Water is injected into the oil reservoir, and the influx of water displaces oil from porous rocks where oil is accumulated and pushes the oil towards producing wells. Additionally, adding water maintains or improves the pressure of the reservoir, which increases the productivity of the producing wells. While not every oil reservoir in the world is suitable for waterflooding, all of Gran Tierra’s major oil fields are considered world-class candidate for this enhanced recovery technique.

In a recent interview, CEO Gary Guidry stated, “We’re spending most of our efforts continuing to enhance oil recovery with waterflooding. So, what we’re doing this year is implementing waterfloods and testing polymers to see if we can enhance recovery even further. Our forecast this year is 30,500-32,500 barrels of oil per day of average production, and we’re quite comfortable with that prediction.”

ESG ratings are essential to the company, and Gran Tierra has planted over 1.2 million trees since 2018. Guidry continued, “We’re quite proud of what we do. For the past five years, we’ve put a lot of effort and money into reforestation. Unfortunately, there’s been a lot of clear-cutting in Colombia, but we’ve gone in behind that cutting with our partner, Conversation International, to advance reforestation projects.”

A strong management team leads Gran Tierra with experience ranging from natural resources to corporate administration. Gary Guidry has over 40 years of experience maximizing the value of assets in the oil and gas industry, including at previous companies with assets in Latin America. Ryan Ellson, CFO, has over 22 years of experience in international finance and accounting. Phillip Abraham, VP of Legal and Business Development, brings 27 years of experience in positions at major law firms. Additional managers bring experience in corporate responsibility and investor relations.

Company Highlights

  • Gran Tierra is an international oil and gas company focused on exploration and production in Colombia and Ecuador.
  • The company leverages waterflooding to improve oil recovery at each of its assets, which are world-class candidates for this enhanced recovery technique.
  • Gran Tierra plans to drill several new wells throughout 2022 in addition to conducting exploration programs at its other assets.
  • Acordionero, the company’s flagship project, has already produced over US$1.3 billion in oil and gas sales since 2016. Additionally, 14-16 new wells are scheduled to be drilled in this oil field this year.
  • The company focuses on enhancing oil recovery at each producing asset to maximize the value of all its reservoirs.
  • ESG ratings are essential for Gran Tierra, and the company has already planted 1.2 million trees in Colombia, alongside other environmental initiatives.
  • A strong management team with directly relevant experience leads the company towards its goals.

Key Projects

Gran Tierra Energy -2021 Reserves
Gran Tierra Energy - Acordionero Snapshot
Gran Tierra Energy - Costayaco Snapshot
Gran Tierra Energy - Moqueta Snapshot
Gran Tierra Energy - Suroriente Snapshot

Management Team

Gary S. Guidry - President and Chief Executive Officer

Gary Guidry has more than 40 years of experience developing and maximizing assets in the international oil and gas industry. Guidry has direct experience managing large, international projects, including assets in Latin America, Africa, the Middle East and Asia. Most recently, Guidry was the President and CEO of Caracal Energy, a London Stock Exchange listed Company with operations in Chad, Africa. He held that position from mid-2011 until the Company was acquired by Glencore plc for $1.8 billion in mid-2014. In 2014, He was awarded the Oil Council Executive of the Year award for his leadership role with Caracal. Prior to Caracal, Guidry was the President and CEO of Orion Oil and Gas (TSX listed), which operated in western Canada from mid-2009 until mid-2011 when it was sold. From May 2005 until December 2008, he was the President and CEO of Tanganyika Oil Company (TSX listed) which operated in Syria and Egypt. Prior to Tanganyika, Guidry was CEO of Calpine Natural Gas Trust. He is an Alberta-registered Professional Engineer and a member of APEGA. He received a Bachelor of Science in Petroleum Engineering from Texas A&M University in 1980.

Ryan Ellson - Chief Financial Officer and Executive Vice President, Finance

Ryan Ellson has over 22 years of experience in a broad range of international corporate finance and accounting roles. Most recently, he was Head of Finance for Glencore E&P (Canada) Inc. and prior thereto Vice President, Finance at Caracal Energy Inc., a London Stock Exchange listed company with operations in Chad, Africa. Glencore E&P (Canada) purchased Caracal in July 2014. Prior to Caracal, Ellson held several management and executive positions with companies operating in Egypt, India and Canada. He has overseen the financial and accounting functions, implemented and oversaw internal financial controls, secured reserve-based lending facilities and has been involved in multiple capital raises and acquisitions. Ellson is a Chartered Accountant and holds a Bachelor of Commerce and a Master of Professional Accounting from the University of Saskatchewan. He has completed the Leadership for Senior Executives program at Harvard Business School and several executive education programs at The Wharton School of the University of Pennsylvania. Ellson is currently a Director of PetroTal Corp. and Canary Biofuels Inc.

Phillip Abraham - Vice President, Legal and Business Development

Phillip Abraham is a lawyer with over 27 years of corporate and legal experience. His legal experience includes positions at prominent law firms and in corporate legal environments and is broadly based with a focus on international energy law. Abraham’s corporate experience extends to a variety of leadership positions with Cenovus Energy, Encana Corporation and Nexen Inc. His experience in oil and gas includes onshore and offshore projects located in Canada and various international jurisdictions in Latin America, Europe, Africa, Asia and the Middle East. Abraham is a member of Law Society of Alberta, holds both a B.A. and an LL.M. from the University of Calgary and a LL.B. from the University of Victoria, and was first called to the bar in British Columbia in 1997. He is credited as the author of various publications and has presented in numerous professional forums.

Jim Evans - Vice President, Corporate Services

Jim Evans has over 28 years of experience including working the last 16 years in the international oil and gas industry. Most recently Evans was the Head of Compliance & Corporate Services for Glencore E&P (Canada) and prior thereto Vice President of Compliance & Corporate Services at Caracal Energy where he oversaw the execution of corporate strategy and goals, developed and implemented a robust corporate compliance program, and managed all aspects of IT, document control, security and administration. Evans also managed the recruitment, training and retention of staff in both Calgary and Chad. He oversaw the growth of the Company from seven employees to in excess of 400 as Caracal Energy exceeded 20,000 barrels of oil per day at the time of sale to Glencore. Prior to Caracal, Evans held senior management and executive positions at Orion Oil and Gas and Tanganyika Oil, with operating experience in Egypt, Syria and Canada. He holds a Bachelor of Commerce degree from the University of Calgary.

Diego Perez-Claramunt - Vice President, Health Safety and Environment (HSE) & Corporate Social Responsibility (CSR)

Diego Perez-Claramunt has over 24 years of experience in the international oil and gas industry and has held numerous senior executive positions in the area of Health, Safety, Environment and Social Performance. In previous roles at Shell, he worked in the Middle East, North Africa and Africa, overseeing Social and Environmental activities and implementing numerous community development programs in these regions. Most recently, he has successfully led Gran Tierra’s HSE, CSR and Licensing teams as the Director, undertaking respectful community engagement and establishing lasting stakeholder relationships. Perez-Claramunt holds a Bachelor’s degree in Business Management, Marketing and Related Support Services from the Instituto de Ciencias del Mercado, and he completed MIT’s Executive Program for General Management.

Rodger Trimble - Vice President, Investor Relations

Rodger Trimble is a Professional Engineer with over 38 years of experience in domestic and international basins in various management positions. Prior to joining Gran Tierra, Trimble was Head of Corporate Planning, Budgeting & Finance with Glencore E&P Canada Inc. and prior thereto Director Corporate Planning, Budget & Business Development with Caracal Energy Inc. (acquired by Glencore E&P). He has held several senior management positions ranging from Country Manager in Argentina with Canadian Hunter Exploration, Vice President, Exploitation with Esprit Energy Trust, Manager, Reservoir Engineering with Apache Canada Inc. and Manager, Upstream Evaluations – Frontiers & International with Husky Energy. Trimble is an Alberta-registered Professional Engineer and a member of APEGA. He received a Bachelor of Science in Petroleum Engineering (with Distinction) from Stanford University.

Lawrence West - Vice President, Exploration

Lawrence West has 43 years of experience as an executive, explorationist, and geologist. Most recently, West was Vice President, Exploration at Caracal Energy. He built a multi-disciplinary team to assess resources and grow reserves in the interior rift basins within Chad and led a successful exploration program. During his tenure he successfully executed two large 2D/3D seismic shoots in remote frontier basins, on time and on budget. Prior to Caracal, he was involved with starting and growing several public and private companies, including Reserve Royalty Corp., Chariot Energy, Auriga Energy and Orion Oil and Gas. West worked at Alberta Energy Company (AEC), where he was on the team that merged with Conwest. He built and led the AEC East team to the Rocky Mountain USA basins. His career began with Imperial Oil working on prospect and reservoir characterization, in multi-disciplinary teams, and as a technical mentor to exploration teams. West has an Honours Bachelor of Science in Geology from McMaster University and an MBA, specializing in economics from the University of Calgary.

Rob Will - Vice President, Asset Management

Rob Will has over 36 years of experience in the oil and gas industry, most recently as the Chief Operating Officer at Trident Exploration Corp and Cona Resources LTD. He has extensive technical experience in reservoir management, production and operations throughout his career and has had exposure to a broad spectrum of hydrocarbon and geologic-play types. Recently at Cona Resources LTD (formerly Northern Blizzard Resources Inc.) he led the identification, design, and construction stages of Northern Blizzard’s thermal SAGD project and played a key role in Northern Blizzard’s successful initial public offering (IPO) during his tenure as V.P. of Business Development. Throughout his career, Will has demonstrated strong leadership, mentorship and resulting value creation. He has a Bachelor of Geological Engineering degree, graduating with Great Distinction, and a Master of Chemical Engineering degree (petroleum).

Country Management

Manuel Buitrago - President and Country Manager, Colombia

Manuel Buitrago has over 20 years of experience in a broad range of international corporate finance, management and business development roles working for publicly listed companies. Most recently, Buitrago was the President and Country Manager for Gran Tierra Energy Mexico and prior to that was the Senior Finance Manager for Gran Tierra Energy in Colombia. He was responsible for all finance functions and supported new business opportunities and post M&A integration. Previously he was the CFO of PetroTiger from 2010 to 2014. He has held positions of increasing responsibility with British Petroleum in the UK and Europe, Occidental Petroleum and MPX and OGX entities in Colombia and Brazil. Buitrago has a Bachelor of Business Administration degree, with a major in International Business from Schiller International University and holds a Master of International Accounting degree from Javeriana University in Colombia. He has also furthered executive education studies in management, finance and M&A at the University of Chicago, Thunderbird University and Northwestern University.

Enrique Villalobos - President and Country Manager, Ecuador

Enrique Villalobos has 25 years of international experience in Oil and Gas E&P in North Africa, Europe and Latin America. Prior to joining Gran Tierra Energy in 2014, Villalobos worked at Repsol and ExxonMobil in several positions. His experience in these positions ranged from light oil and gas large field development planning in Libya, to business development in Europe, Asia and Africa. In these former roles he also led the operations for the exploration of unconventionals in Morocco and Colombia, managed large technical teams responsible for cost effective full field development and operations of light to heavy remote oil fields onshore Colombia and Venezuela. Villalobos has also been a post-graduate university professor at the Universidad de Los Andes in Bogotá, Colombia teaching production engineering. He has an Oil and Gas MBA from the Robert Gordon University in Aberdeen Scotland, UK, where he graduated with Merit as well as a degree in Petroleum Engineering from Universidad de America in Bogota, Colombia.

*Disclaimer: This profile is sponsored by Gran Tierra Energy ( TSX:GTE ). This profile provides information which was sourced by the Investing News Network (INN) and approved by Gran Tierra Energy in order to help investors learn more about the company. Gran Tierra Energy is a client of INN. The company's campaign fees pay for INN to create and update this profile.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Gran Tierra Energy and seek advice from a qualified investment advisor.

Gran Tierra Energy

Gran Tierra Energy Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

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