Gran Tierra Power Inc. Supplies Operational and Monetary Replace

Gran Tierra Power Inc. Supplies Operational and Monetary Replace

Gran Tierra Power Inc. Supplies Operational and Monetary Replace

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  • Achieved Complete Common Manufacturing(1) of 30,556 BOPD Throughout Second Quarter-to-Date 2022
  • Complete Present Common Manufacturing(2) of 33,140 BOPD
  • Paid Down Credit score Facility Steadiness to $0
  • Acordionero and Costayaco Infill Improvement Drilling Campaigns Yielding Encouraging Outcomes
  • Spud the Firm’s First Exploration Properly of 2022 within the Putumayo Basin of Colombia on June 2, 2022
  • Secured Drilling Rig to Start Deliberate Ecuador Exploration Program Throughout Third Quarter 2022

CALGARY, Alberta, June 07, 2022 (GLOBE NEWSWIRE) — Gran Tierra Power Inc. (“Gran Tierra” or the “Firm”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) at this time introduced an operational and monetary replace. All greenback quantities are in United States {dollars}, and manufacturing quantities are on a median working curiosity earlier than royalties (“WI”) foundation except in any other case indicated. Per barrel (“bbl”) and bbl of oil per day (“BOPD”) quantities are based mostly on WI gross sales earlier than royalties.

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Message to Shareholders

Gary Guidry, President and Chief Govt Officer of Gran Tierra, commented: “Gran Tierra stays on observe and on funds with our improvement and exploration drilling applications for 2022. We’re very happy with the optimistic manufacturing outcomes that we’re seeing with each our Acordionero and Costayaco infill improvement properly applications, which have been an necessary consider our ongoing ramp up in oil manufacturing throughout 2022.

On the identical time, we now have achieved a serious milestone for the Firm by fully paying off our credit score facility on June 2, 2022. We now have considerably strengthened our steadiness sheet by steadily lowering our credit score facility steadiness from $207 million as of June 30, 2020 to $0 as of June 2, 2022.

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After a two-year pause through the low and unstable oil worth surroundings of 2020 and 2021, we’re excited with the restart of Gran Tierra’s exploration drilling marketing campaign. We spud the Churuco exploration properly within the Putumayo Basin of Colombia on June 2, 2022, which is predicted to succeed in its goal depth by mid-June 2022. In Ecuador, we now have obtained all vital licensing and secured a drilling rig which put Gran Tierra on-track to spud its first deliberate exploration properly on the Chanangue Block throughout third quarter 2022.

We consider Gran Tierra is properly positioned to optimize worth from every of our belongings via continued improvement and enhanced oil restoration actions in 2022. Our waterflood applications throughout all of our belongings proceed to carry out properly as demonstrated by our present common manufacturing(2) of 33,140 BOPD.”

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Operations Replace:

  • Manufacturing:
    • To date throughout second quarter 2022, Gran Tierra has achieved whole common manufacturing(1) of 30,556 BOPD.
    • As forecast within the Firm’s Could 3, 2022 press launch, Gran Tierra has begun to ramp up manufacturing within the latter half of second quarter 2022, as newly drilled Acordionero and Costayaco oil wells have been steadily introduced on-line. Gran Tierra’s whole present common manufacturing(2) during the last 16 days is 33,140 BOPD.
  • Acordionero:
    • Throughout 2022, Gran Tierra has efficiently drilled 12 wells (7 oil producers and 5 water injectors) within the Acordionero subject with 4 wells remaining to be drilled within the 2022 program.
    • The Firm continues to make progress with its deliberate polymer flood pilot mission on this subject, with polymer injection deliberate to start within the newly drilled AC-95i injection properly throughout third quarter 2022.
  • Costayaco and Moqueta:
    • All 5 of the 2022 deliberate Costayaco infill improvement oil wells have been drilled, with the ultimate properly presently on manufacturing check.
    • On an electrical submersible pump, the brand new CYC-45 infill oil properly has produced at a median charge of 1,618 BOPD, at a ten% water lower and gas-oil ratio of 162 customary cubic toes per stock-tank barrel, over the 11-day interval of Could 21-31, 2022.
    • The Moqueta work program of three infill improvement wells is predicted to start within the fourth quarter of 2022 and is deliberate to proceed into 2023.
  • Exploration:
    • In Ecuador, Gran Tierra is within the remaining levels of wellsite building for the deliberate Bocachico-1 exploration properly within the Chanangue Block and has began building of one other wellsite within the Charapa Block.
    • The Firm has secured a drilling rig for the upcoming exploration marketing campaign in Ecuador and plans to spud the Bocachico-1 exploration properly within the Chanangue Block throughout third quarter 2022.
    • Environmental licenses are in place for Gran Tierra’s multi-well exploration program in each the Chanangue and Charapa Blocks. Important progress has additionally been made with Gran Tierra’s environmental licensing for exploration drilling within the Iguana Block with approval anticipated throughout second half 2022.
    • In Colombia, on June 2, 2022, Gran Tierra spud the Churuco exploration properly within the Chaza Block, which is focusing on a possible, separate reservoir situated between the Firm’s Costayaco and Moqueta oil fields.

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Monetary Replace:

  • As of June 2, 2022, Gran Tierra has fully paid off its credit score facility. As a part of a give attention to vital debt discount, the Firm steadily diminished its credit score facility steadiness from $207 million as of June 30, 2020 to $0 as of June 2, 2022. Gran Tierra might, at its discretion, terminate or substitute the credit score facility.

(1) Gran Tierra’s whole common manufacturing throughout second quarter-to-date 2022 is for the interval of April 1, 2022 to June 6, 2022.
(2) Gran Tierra’s whole present common manufacturing is for the 16-day interval of Could 22, 2022 to June 6, 2022.

Company Presentation:

Gran Tierra’s Company Presentation has been up to date and is accessible on the Firm web site at www.grantierra.com.

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Contact Info

For investor and media inquiries please contact:

Gary Guidry
President & Chief Govt Officer

Ryan Ellson
Govt Vice President & Chief Monetary Officer

Rodger Trimble
Vice President, Investor Relations

+1-403-265-3221

[email protected]

About Gran Tierra Power Inc.

Gran Tierra Power Inc. along with its subsidiaries is an unbiased worldwide vitality firm presently centered on oil and pure gasoline exploration and manufacturing in Colombia and Ecuador. The Firm is presently creating its present portfolio of belongings in Colombia and Ecuador and can proceed to pursue extra development alternatives that might additional strengthen the Firm’s portfolio. The Firm’s frequent inventory trades on the NYSE American, the Toronto Inventory Change and the London Inventory Change beneath the ticker image GTE. Extra data regarding Gran Tierra is accessible at www.grantierra.com. Info on the Firm’s web site (together with the Company Presentation referenced above) doesn’t represent part of this press launch. Investor inquiries could also be directed to [email protected] or (403) 265-3221.

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Gran Tierra’s U.S. Securities and Change Fee (“SEC”) filings can be found on the SEC web site at www.sec.gov. The Firm’s Canadian securities regulatory filings can be found on SEDAR at www.sedar.com and UK regulatory filings can be found on the Nationwide Storage Mechanism (“the NSM”) web site at https://information.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra’s filings on the SEC, SEDAR and the NSM web sites are usually not integrated by reference into this press launch.

Ahead Trying Statements and Authorized Advisories:

This press launch incorporates opinions, forecasts, projections, and different statements about future occasions or outcomes that represent forward-looking statements throughout the that means of the USA Non-public Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended, and monetary outlook and ahead wanting data throughout the that means of relevant Canadian securities legal guidelines (collectively, “forward-looking statements”). Using the phrases “anticipate,” “plan,” “can,” “will,” “ought to,” “steering,” “forecast,” “sign,” “progress” and “believes”, derivations thereof and related phrases determine forward-looking statements. Specifically, however with out limiting the foregoing, this press launch incorporates forward-looking statements concerning: the Firm’s anticipated future manufacturing, drilling program and expectations as to debt compensation. The forward-looking statements contained on this press launch replicate a number of materials elements and expectations and assumptions of Gran Tierra together with, with out limitation, that Gran Tierra will proceed to conduct its operations in a way in keeping with its present expectations, pricing and price estimates (together with with respect to commodity pricing and alternate charges), and the overall continuance of assumed operational, regulatory and business circumstances in Colombia and Ecuador, and the flexibility of Gran Tierra to execute its enterprise and operational plans within the method presently deliberate.

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Among the many necessary elements that would trigger precise outcomes to vary materially from these indicated by the forward-looking statements on this press launch are: Gran Tierra’s operations are situated in South America and surprising issues can come up as a result of guerilla exercise, strikes, native blockades or protests; technical difficulties and operational difficulties might come up which affect the manufacturing, transport or sale of our merchandise; different disruptions to native operations; international well being occasions (together with the continuing COVID-19 pandemic); international and regional adjustments within the demand, provide, costs, differentials or different market circumstances affecting oil and gasoline, together with adjustments ensuing from a world well being disaster, the Russian invasion of Ukraine, or from the imposition or lifting of crude oil manufacturing quotas or different actions that may be imposed by OPEC and different producing international locations and the ensuing firm or third-party actions in response to such adjustments; adjustments in commodity costs, together with a chronic decline in these costs relative to historic or future anticipated ranges; the danger that present international financial and credit score circumstances might affect oil costs and oil consumption greater than Gran Tierra presently predicts, which may trigger Gran Tierra to additional modify its technique and capital spending program; costs and markets for oil and pure gasoline are unpredictable and unstable; the impact of hedges; the accuracy of productive capability of any specific subject; geographic, political and climate circumstances can affect the manufacturing, transport or sale of our merchandise; the flexibility of Gran Tierra to execute its marketing strategy and notice anticipated advantages from present initiatives; the danger that surprising delays and difficulties in creating presently owned properties might happen; the flexibility to exchange reserves and manufacturing and develop and handle reserves on an economically viable foundation; the accuracy of testing and manufacturing outcomes and seismic information, pricing and price estimates (together with with respect to commodity pricing and alternate charges); the danger profile of deliberate exploration actions; the results of drilling down-dip; the results of waterflood and multi-stage fracture stimulation operations; the extent and impact of supply disruptions, gear efficiency and prices; actions by third events; the well timed receipt of regulatory or different required approvals for our working actions; the failure of exploratory drilling to end in business wells; surprising delays as a result of restricted availability of drilling gear and personnel; volatility or declines within the buying and selling worth of our frequent inventory or bonds; the danger that Gran Tierra doesn’t obtain the anticipated advantages of presidency applications, together with authorities tax refunds; Gran Tierra’s skill to adjust to monetary covenants in its credit score settlement and indentures and make borrowings beneath its credit score settlement; and the danger elements detailed every so often in Gran Tierra’s periodic reviews filed with the SEC, together with, with out limitation, beneath the caption “Threat Components” in Gran Tierra’s Annual Report on Kind 10-Ok for the yr ended December 31, 2021 and its different filings with the SEC. These filings can be found on the SEC web site at www.sec.gov and on SEDAR at www.sedar.com.

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The forward-looking statements contained on this press launch are based mostly on sure assumptions made by Gran Tierra based mostly on administration’s expertise and different elements believed to be acceptable. Gran Tierra believes these assumptions to be affordable presently, however the forward-looking statements are topic to danger and uncertainties, a lot of that are past Gran Tierra’s management, which can trigger precise outcomes to vary materially from these implied or expressed by the forward-looking statements. Specifically, the unprecedented nature of the present financial downturn, pandemic and business decline might make it notably troublesome to determine dangers or predict the diploma to which recognized dangers will affect Gran Tierra’s enterprise and monetary situation. All forward-looking statements are made as of the date of this press launch and the truth that this press launch stays obtainable doesn’t represent a illustration by Gran Tierra that Gran Tierra believes these forward-looking statements proceed to be true as of any subsequent date. Precise outcomes might differ materially from the anticipated outcomes expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as expressly required by relevant regulation.

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The estimates of future manufacturing, money positions, whole capital, sure bills and prices, debt repayments and debt positions could also be thought-about to be future-oriented monetary data or a monetary outlook for the needs of relevant Canadian securities legal guidelines. Monetary outlook and future-oriented monetary data contained on this press launch about potential monetary efficiency, monetary place or money flows are supplied to provide the reader a greater understanding of the potential future efficiency of the Firm in sure areas and are based mostly on assumptions about future occasions, together with financial circumstances and proposed programs of motion, based mostly on administration’s evaluation of the related data presently obtainable, and to develop into obtainable sooner or later. Specifically, this press launch incorporates projected monetary and operational data for 2022. These projections comprise forward-looking statements and are based mostly on a lot of materials assumptions and elements set out above. Precise outcomes might differ considerably from the projections offered herein. The precise outcomes of Gran Tierra’s operations for any interval may differ from the quantities set forth in these projections, and such variations could also be materials. See above for a dialogue of the dangers that would trigger precise outcomes to differ. The longer term-oriented monetary data and monetary outlooks contained on this press launch have been permitted by administration as of the date of this press launch. Readers are cautioned that any such monetary outlook and future-oriented monetary data contained herein shouldn’t be used for functions apart from these for which it’s disclosed herein. The Firm and its administration consider that the potential monetary data has been ready on an inexpensive foundation, reflecting administration’s finest estimates and judgments, and symbolize, to the perfect of administration’s data and opinion, the Firm’s anticipated plan of action. Nonetheless, as a result of this data is very subjective, it shouldn’t be relied on as essentially indicative of future outcomes. See Gran Tierra’s press releases dated January 18, 2022, April 19, 2022, and Could 3, 2022 respectively, for extra data concerning the 2022 steering referred to herein. This press launch doesn’t represent a suggestion to purchase or the solicitation of a suggestion to promote any securities.

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Presentation of Oil and Fuel Info

References to a formation the place proof of hydrocarbons has been encountered shouldn’t be essentially an indicator that hydrocarbons shall be recoverable in business portions or in any estimated quantity. Gran Tierra’s reported manufacturing is a mixture of gentle crude oil and medium and heavy crude oil for which there’s not a exact breakdown for the reason that Firm’s oil gross sales volumes sometimes symbolize blends of a couple of sort of crude oil. Properly check outcomes ought to be thought-about as preliminary and never essentially indicative of long-term efficiency or of final restoration. Properly log interpretations indicating oil and gasoline accumulations are usually not essentially indicative of future manufacturing or final restoration. Whether it is indicated {that a} strain transient evaluation or well-test interpretation has not been carried out, any information disclosed in that respect ought to be thought-about preliminary till such evaluation has been accomplished. References to thickness of “oil pay” or of a formation the place proof of hydrocarbons has been encountered shouldn’t be essentially an indicator that hydrocarbons shall be recoverable in business portions or in any estimated quantity.

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