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, is pleased to provide today an operations update. All
dollar amounts are in United States ("
U.S.")
dollars and all production, reserves and resources volumes are on a
working interest before royalties ("
WI") basis,
unless otherwise stated.
Highlights
- Production
- Gran Tierra's Colombia only production averaged a record high
of 34,477 barrels of oil equivalent per day
("BOEPD") during fourth quarter 2017, which was
21% higher compared with 28,481 BOEPD in first quarter of 2017 and
6% higher compared with 32,570 BOEPD in third quarter of 2017
- The Company's Colombia only production in fourth quarter 2017
was also up 53% from second quarter 2015 when the strategy to
refocus Gran Tierra on Colombia began
- Continued Strong Performance at Acordionero, 100%
WI
- Record Production: Since acquiring the
Acordionero field in the Middle Magdalena Valley Basin
("MMV") in August 2016, Gran Tierra has increased
its production by 248% to a record high average rate during January
2018 of 16,478 barrels of oil per day
("bopd")
- Free Cash Flow: From the acquisition date of
August 23, 2016, until December 31, 2017, the MMV assets have
generated $172 million in oil and natural gas sales and $127
million of operating netback1, while the Company made capital
investments of $105 million
- Active 2018 Development Program: the Company
plans to drill 8 development oil wells, 3 water injectors and 1
water source well, as well as expand the central processing
facilities
- Enhanced Oil Recovery (“EOR”): Gran Tierra's
plans for early optimization and EOR are underway with a source
injection water well on stream, injectivity and facility tests
successfully executed and the waterflood now into the full
development phase
- Strong A-Limestone Production from Vonu-1 Exploration
Well, Putumayo 1 ("PUT-1") Block, 55% WI
- This important discovery well in the A-Limestone is currently
producing 1,974 bopd (100% gross) from the A-Limestone, or 1,086
bopd WI, with less than 1% water cut (January 2018 average)
- Vonu-1 is Gran Tierra's strongest A-Limestone well to date in
terms of oil production performance and has already produced a
cumulative 415,000 barrels ("bbl") of oil (100%
gross)
- Progress with A-Limestone Results in Costayaco, Chaza
Block, 100% WI
- Six wells from the Costayaco field have now produced from the
A-Limestone an approximate combined cumulative 1,000,000 bbl of
oil, with less than 1% water cut, since September 19, 2016, when
CYC-19 was brought on production as the Company's first A-Limestone
test well
- The CYC-30 vertical well, drilled in third quarter 2017,
yielded encouraging results from the A-Limestone after the initial
completion; however, after stimulation, pressure analysis indicates
that the completion fluids damaged the formation
- Gran Tierra is working to redesign and optimize the completion
fluids to be more compatible with the A-Limestone
- The completion rig has been brought back to CYC-30 to
re-stimulate the well with the optimized completion fluids and to
recommence production testing
- The plan is to apply the Company's learnings from CYC-30 to
Siriri-1 and to future wells in the A-Limestone
- Ongoing A-Limestone Assessment in Siriri-1 Exploration
Well, Putumayo 4 ("PUT-4") Block, 100% WI
- During December 2017, 15 feet out of 70 feet of oil pay
in the A-Limestone were perforated and stimulated
- An oil gradient was measured in the wellbore using wireline
pressure gauges and samples of oil were recovered; the oil
properties tested 29o API and fingerprint analysis suggests that
the oil is from a similar source as the Vonu-1 well
- The well is currently shut-in with a static wellhead pressure
of 1,720 pounds per square inch
- The potential for further stimulation of the A-Limestone is
currently being studied
- Shallower potential net oil pay has been identified in the M2
Limestone, the N Sand and the Upper Pepino Sand; the Company plans
to test the N Sand after full assessment of the A-Limestone is
completed
- Successful Infill Development Well in Legacy Reservoirs
in Costayaco, Chaza Block, 100% WI
- In first quarter 2018, Gran Tierra drilled the fastest well yet
in Costayaco, the CYC-31, an infill development well which
encountered good reservoir in the N, U and Caballos Sands, as well
as the M2 and A-Limestones; production testing of the well in the U
and Caballos Sands is currently underway; an additional two infill
development wells are planned to be drilled later in 2018 towards
the top of the Costayaco structure to continue
optimizing reservoir management and oil recovery
- Consistent Performance with N Sand Wells in Putumayo 7
("PUT-7") Block, 100% WI
- Cumplidor-1: production has averaged 678 bopd of 19o API oil
and less than 1% water cut since July 1, 2017
- Confianza-1: was perforated in two bypassed N Sand zones and
started producing from all three zones on December 5, 2017; since
the recompletion, production has average 751 bopd of 19o API oil,
with less than a 1% water cut, an increase of approximately 450
bopd
- A drilling rig is currently being mobilized to the
Cumplidor-Confianza drilling pad site with a plan to begin drilling
2 additional development wells in sequence, starting in late first
quarter 2018
Gary Guidry, President and Chief Executive
Officer of Gran Tierra, commented "We are very proud of the ongoing
excellent results that our technical and operational teams have
delivered over the last 18 months from the Acordionero field, which
has exceeded our original expectations for production growth and
profitability. Acordionero was Gran Tierra's growth engine
throughout 2017 in terms of material production and reserves
increases. Since acquiring Acordionero in August 2016, our teams
have increased the field's production by 248% to almost 16,500 bopd
as of January 2018. Since the acquisition and during an active
capital program in which we have drilled and brought online 11 oil
wells, two water injectors and one water source well, the
Acordionero field has also generated free cash flow and we expect
that to continue as we further develop the field.
With the ongoing ramp up of Acordionero, our
average Colombia production increased to a record high of almost
34,500 BOEPD in fourth quarter 2017, which was 21% higher compared
with first quarter 2017. We are very pleased that this 2017
production growth was organic and achieved through the drill bit.
The all-time high production that we achieved in fourth quarter
2017 also represented growth of 53% from second quarter 2015.
Our A-Limestone play in the Putumayo Basin
continues to deliver strong production results from the Vonu-1 well
on the PUT-1 Block and the Costayaco field. We are confident that
the A-Limestone may represent a significant basin-wide conventional
carbonate oil resource play, as recognized by our independent
qualified reserve evaluator McDaniel & Associates Consultants
Ltd. at 2017 year-end, who assigned Gran Tierra gross unrisked mean
prospective resources in the A-Limestone of 822 million barrels of
oil equivalent2. As expected with any new play, there are
occasional challenges such as the Siriri-1 and CYC-30 wells and a
learning curve which we are quickly navigating. The A-Limestone
play is still in its infancy and is barely more than a year old. We
remain very encouraged about the material prospectivity of the
A-Limestone. We look forward to many more years of drilling in this
exciting new play in the Putumayo Basin.
With our large prospective resource base
throughout Colombia, we plan to drill 30 to 35 exploration wells
over the next three years, which are all expected to be funded by
cash from operating activities. This exploration campaign is
designed to test the vast majority of our massive portfolio of
total unrisked mean prospective resources of 1.462 billion barrels
of oil equivalent2, including our dominant position in the Putumayo
Basin oil play fairways of the A-Limestone, other carbonates and
the N Sand.
Our strategy of focusing on capital efficiency
and returns on invested capital is delivering results on many
fronts in Colombia. With our self-funded, sustainable business
model, we believe Gran Tierra is well-positioned for potential
profitable growth throughout 2018 and beyond."
ADDITIONAL INFORMATION
Gran Tierra Production Growth Since
2015
From fourth quarter 2015 through fourth quarter
2017, the Company's Colombia production has grown at a compound
annual rate of 23% (see graph below). Gran Tierra's Colombia
production averaged a record high of 34,477 BOEPD during fourth
quarter 2017, which was 21% higher compared with 28,481 BOEPD in
the first quarter of 2017 and 6% higher compared with 32,570 BOEPD
in third quarter of 2017.
Acordionero Field Development (Gran
Tierra 100% WI and Operator)
After acquiring the MMV assets in August 2016,
Gran Tierra spud its first Acordionero development well as operator
in October 2016 and has since drilled, completed and brought on
production 11 oil wells, two water injection wells and one water
source well. The AC-14i water injection well and the AC-18, AC-16
and AC-21 development oil wells were brought on stream during
fourth quarter 2017. Following AC-21, drilling commenced from the
new AC-6 pad at the end of December 2017 with the AC-20 development
oil well. Completion operations for AC-20 commenced at the
end of January 2018 and the well was brought online February 26,
2018. The second new well on this pad, AC-6, spud on February
9, 2018. Gran Tierra expects to drill a total of four
development oil wells and one injector from the AC-6 pad by the end
of the second quarter 2018.
The table below summarizes the productivity from
recent Acordionero development oil wells:
Well |
IP30 (bopd)1 |
Start Date |
Producing Zone |
AC-21 |
1,537 |
Dec.08, 2017 |
Lisama
A+C |
AC-20 |
1,2292 |
Feb.26, 2018 |
Lisama
A+C |
1 IP30 represents initial production averaged over first 30
days of production |
2 AC-20 production is single day rate for February 26,
2018 |
AC-14i injection tests were successfully
conducted in November 2017 in the Lisama A and C Sands. The
AC-8i water injection well was stimulated in December 2017 to
improve Lisama C Sand injectivity. Both wells have been injecting
water continuously into the Lisama Sands since early December
2017.
MMV Exploration and
Appraisal
Elsewhere in the MMV, Gran Tierra spud the
Ayombero-1 exploration well on November 13, 2017, which is
targeting the La Luna Formation conventional fractured carbonate
oil play. This well was drilled within the Midas Norte Block (GTE
100% WI). Gran Tierra produces from the La Luna Formation at the
Chuira field, west of the Ayombero location. Testing this play is
designed to help Gran Tierra better understand the potential of the
La Luna. After encouraging indications of oil presence while
drilling and well log results in the La Luna Formation,
casing was set and completion operations commenced in February
2018. Operations are ongoing and results are expected
by the end of first quarter 2018.
Gran Tierra spud the Totumillo exploration well
on January 28, 2018, within the Acordionero exploitation area,
which is designed to target Lisama Sand reservoirs similar to
Acordionero's but in a separate structural accumulation. Drilling
operations are currently ongoing.
The Ayombero and Totumillo exploration wells may
demonstrate additional diversified potential within the original
acquisition of the MMV assets.
PUT-1 Block (Gran Tierra 55% WI and
Operator)
With the success of the A-Limestone in the
Vonu-1 exploration well in the PUT-1 Block, Gran Tierra is
currently evaluating options to drill new wells in the block
starting later in 2018. As Vonu-1 also discovered oil in the U Sand
and net oil pay in the N Sand, the Company's evaluation is designed
to identify the best drilling locations to test the stacked
multi-zone potential of the PUT-1 Block.
Gas-to-Power Upgrades, Chaza Block,
(Gran Tierra 100% WI and Operator)
Gran Tierra is now in a position to generate all
of its electricity needs using associated natural gas production
for fuel in the Costayaco field and plans to be in a similar
position for the Moqueta field early in second quarter 2018. The
Company has a combined generation capability of over 9 megawatts
("MW") at Costayaco and plans to increase the
existing 1 MW capability to 4 MW at Moqueta. These gas-to-power
upgrades are designed to allow full independence from the national
electricity grid and provide continuous reliable power supply to
Gran Tierra's wells, injection pumps and facilities.
Nancy-Burdine-Maxine (“NBM”) Block (Gran
Tierra 100% WI and Operator)
Nancy-1 well was successfully reactivated in the
N Sand on January 6, 2018 using a jet pump. The well was last
produced by the previous operator in June 2015. Between January 6
and February 19, 2018, the well produced 14,667 barrels of oil, for
an average producing day rate of 402 bopd. Average water cut
over the week to February 19, 2018 was 5.8%, and average GOR over
the same week was 79 scf/bbl.
Gran Tierra has moved the rig from Nancy-1 to
the currently shut-in Burdine-5 well to test the A-Limestone, which
Company analysis indicates may be prospective across the block.
Operations are currently ongoing.
1 Operating netback is a non-GAAP measure and
does not have a standardized meaning under generally accepted
accounting principles in the United States of America
("GAAP"). Refer to "Non-GAAP Measures" in this press release
for a description of this non-GAAP measure and a reconciliation to
the most directly comparable measure (oil and natural gas sales)
calculated and presented in accordance with GAAP.
2 All resources values and ancillary information
contained in this press release have been 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 are based on the Company's 2017 year-end estimated prospective
resources as evaluated by the Company's independent qualified
reserve evaluator McDaniel & Associates Consultants Ltd.
(“McDaniel”) in reports with an effective date of
December 31, 2017 (the "GTE McDaniel Prospective
Resources Report"), unless otherwise expressly stated.
Contact Information
For investor and media inquiries please
contact:
Gary GuidryChief Executive Officer
Ryan EllsonChief Financial Officer
Rodger TrimbleVice President, Investor
Relations
403-265-3221info@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. The
Company is focused on its existing portfolio of assets in Colombia
and will pursue new growth opportunities throughout Colombia,
leveraging our financial strength. The Company’s common shares
trade on the NYSE American and the Toronto 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 Gran Tierra’s reports filed with
the Canadian Securities Administrators are available on SEDAR at
http://www.sedar.com.
Forward Looking Statements and Legal
Advisories:
This press release contains opinions, forecasts,
projections, guidance, plans 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”). Such
forward-looking statements include, but are not limited to, the
Company’s future operations including planned operations, the
exploration and development of the Company's blocks, areas and
fields, the Company's expectations regarding certain plays, the
Company's business model and the Company’s plans, including
completion and testing plans, objectives, expectations, evaluations
and intentions regarding production, exploration and exploration
upside and development, the Company’s projected and forecasted
growth and results, expected allocation of capital and drilling
including trends, infrastructure schedules and the expected timing
of certain projects.
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 drilling down-dip, the effects of
waterflood and high pressure stimulation operations, the extent and
effect of delivery disruptions, and the general continuance of
current or, where applicable, assumed operational, regulatory and
industry conditions including in areas of potential expansion, and
the ability of Gran Tierra to access capital and other resources
and to execute its current business and operational plans in the
manner currently planned. Gran Tierra believes the material
factors, expectations and assumptions reflected in the
forward-looking statements are reasonable at this time but no
assurance can be given that these factors, expectations and
assumptions will prove to be correct.
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 Colombia, and unexpected problems can
arise due to guerrilla activity; technical difficulties and
operational difficulties may arise which impact the production,
transport or sale of the Company's products, including
instability of electricity supply at our production facilities;
geographic, political and weather conditions can impact the
production, transport or sale of the Company's 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
and its drilling and development plan; the risk that unexpected
delays and difficulties in developing currently owned properties
may occur; the timely receipt of regulatory or other required
approvals for the Company's operating 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 remain weak or further
decline, or 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, 2018. These filings
are available on the Securities and Exchange Commission
website at http://www.sec.gov and on SEDAR at www.sedar.com.
Although the current guidance, capital spending program and long
term strategy of Gran Tierra is based upon the current expectations
of the management of Gran Tierra, should any one of a number of
issues arise, Gran Tierra may find it necessary to alter its
business strategy and/or capital spending program and there can be
no assurance as at the date of this press release as to how those
funds may be reallocated or strategy changed and how that would
impact Gran Tierra's results of operations and financing
position.
Statements relating to “resources” are also
deemed to be forward-looking statements, as they involve the
implied assessment, based on certain estimates and assumptions,
including that the resources described can be profitably produced
in the future.
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 securities laws. Gran
Tierra’s forward-looking statements are expressly qualified in
their entirety by this cautionary statement.
The estimates of future production set forth in
this press release 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 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 production and operational
information for 2018. 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. These projections may also be
considered to contain future-oriented financial information or a
financial outlook. 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.
Non-GAAP Measures:
Operating netback is a non-GAAP measure which
does not have a standardized meaning prescribed under GAAP.
Management views this supplemental measure as a performance
measure. Investors are cautioned that this measure should not be
construed as an alternative to net income or loss or other measures
of financial performance as determined in accordance with GAAP. Our
method of calculating this measure may differ from other companies
and, accordingly, may not be comparable to similar measures used by
other companies. Operating netback, as presented, is defined as oil
and natural gas sales less operating and transportation expenses.
Management believes that operating netback is a useful supplemental
measure for management and investors to analyze financial
performance and provides an indication of the results generated by
our principal business activities prior to the consideration of
other income and expenses. A reconciliation from oil and natural
gas sales (GAAP) to operating netback is provided in the table
below:
|
Middle Magdalena Valley - acquisition date
until December 31, 2017 |
(Thousands of
U.S. Dollars) |
|
Oil and natural gas
sales |
$ |
171,982 |
|
Operating expenses |
(23,732 |
) |
Transportation
expenses |
(21,733 |
) |
Operating
netback |
$ |
126,517 |
|
Disclosure of Oil and Gas
Information
Gran Tierra's Statement of Reserves Data and
Other Oil and Gas Information on Form 51-101F1 dated effective as
at December 31, 2017 (the "GTE 51-101F1"), which
includes disclosure of its oil and gas reserves and other oil and
gas information in accordance with NI 51-101 forming the basis of
this press release, is available on SEDAR at www.sedar.com.
Estimates of net present value contained herein
do not necessarily represent fair market value of resources.
Estimates of resources and future net revenue for individual
properties may not reflect the same level of confidence as
estimates of resources and future net revenue for all properties,
due to the effect of aggregation.
BOEs have been converted on the basis of six
thousand cubic feet (“Mcf”) natural gas to 1
barrel of oil. BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. In addition, given that the value ratio based on the
current price of oil as compared with natural gas is significantly
different from the energy equivalent of six to one, utilizing a BOE
conversion ratio of 6 Mcf: 1 bbl would be misleading as an
indication of value.
See the GTE 51-101F1 for additional definitions
regarding terms used in this press release.
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. 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.
Investors are urged to consider closely the
disclosures and risk factors in the Company's Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and in the other reports and
filings with the SEC, available from the Company's offices or
website. These forms can also be obtained from the SEC via the
internet at www.sec.gov.
Prospective Resources
Prospective resources are those quantities of
petroleum estimated, as of a given date, to be potentially
recoverable from undiscovered accumulations by application of
future development projects. Prospective resources have both an
associated chance of discovery and a chance of development. Not all
exploration projects will result in discoveries. The chance that an
exploration project will result in the discovery of petroleum is
referred to as the "chance of discovery." Thus, for an undiscovered
accumulation the chance of commerciality is the product of two risk
components-the chance of discovery and the chance of development.
There is no certainty that any portion of the prospective resources
will be discovered. If discovered, there is no certainty that it
will be commercially viable to produce any portion of the
prospective resources.
Estimates of the Company's prospective resources
are based upon the GTE McDaniel Prospective Resources Report. The
estimates of prospective resources provided in this press release
are estimates only and there is no guarantee that the estimated
prospective resources will be recovered. Actual resources may be
greater than or less than the estimates provided in this in this
press release and the differences may be material. There is no
assurance that the forecast price and cost assumptions applied by
McDaniel in evaluating Gran Tierra's prospective resources will be
attained and variances could be material. There is no uncertainty
that any portion of the prospective resources will be discovered.
If discovered, there is no certainty that it will be commercially
viable to produce any portion of the prospective resources.
Estimates of prospective resources are by their
nature more speculative than estimates of proved reserves and would
require substantial capital spending over a significant number of
years to implement recovery. Actual locations drilled and
quantities that may be ultimately recovered from our properties
will differ substantially. In addition, we have made no commitment
to drill, and likely will not drill, all of the drilling locations
that have been attributable to these quantities.
The prospective resources in this press release
are classified as “mean” representing the arithmetic average of the
expected recoverable volume. It is the most accurate single point
representation of the volume distribution.
For a discussion of Gran Tierra’s interest in
the prospective resources, the location of the prospective
resources, the product type reasonably expected, the risks and
level of uncertainty associated with recovery of the resources, the
significant positive and negative factors relevant to the estimate
of the prospective resources, a description of the applicable
projects maturity sub -categories and other relevant information
regarding the prospective resources estimates, please see the GTE
NI 51-101F1 available on SEDAR at www.sedar.com.
Disclosure of Reserve Information and
Cautionary Note to U.S. Investors
In this press release, the Company uses the term
prospective resources. The SEC guidelines strictly prohibit the
Company from including prospective resources in filings with the
SEC. Investors are urged to consider closely the disclosures and
risk factors in the Company's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and in the other reports and filings with the
SEC, available from the Company's offices or website. These forms
can also be obtained from the SEC website at www.sec.gov or by
calling 1-800-SEC-0330.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/df05dcf9-ec79-4250-bdb0-6b1188e07aa3
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