Ecuador and Colombia
Press Release

Gran Tierra Energy Inc. Provides Operational and Financial Update

Bnamericas Published: Monday, December 05, 2022

Gran Tierra Energy release

CALGARY, Alberta, Dec. 05, 2022 (GLOBE NEWSWIRE) -- 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 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: “We are excited to share further updates on our exploration program. The Company has recently drilled four independent prospects, two in Ecuador and two in Colombia. All four have produced oil from different reservoir zones. We believe these prospects may offer future development opportunities in 2023 and beyond.

In the Oriente Basin of Ecuador, we are particularly pleased with the results of the Charapa Norte-1 well, which is producing over 1,100 BOPD with virtually no water. We believe the Charapa Norte prospect offers future well locations that Gran Tierra could potentially drill in 2023, which would further delineate the Hollin Sand in the Charapa Block.

In the Putumayo Basin of Colombia, ongoing positive results from the Rose-1 well, which is producing about 300 BOPD and virtually no water, may indicate that there are potential future well locations in the ALEA-1848 Block that could also be drilled.

With fourth quarter-to-date 2022 total Company average production(1) of approximately 32,000 BOPD, and current total average production of about 33,000 BOPD, we look forward to finishing 2022 on a strong note. We are also excited about our 2023 development and exploration capital programs and potential future share and bond buybacks. We plan to issue a press release outlining our 2023 production and financial guidance on or around December 8, 2022.”

Operations Update:

  • Production 
    • During fourth quarter-to-date 2022, Gran Tierra’s total average production(1) has been approximately 32,000 BOPD.
    • The Company’s current total average production is approximately 33,000 BOPD.
  • Ecuador Exploration: 
    • Charapa Block (Gran Tierra 100% WI) – Charapa Norte-1 Well: 
      • Gran Tierra’s second Ecuador well has been successfully completed in the Hollin Sand and is now being production tested.
      • During a 4-day period (December 1 to December 4, 2022), the Charapa Norte-1 well produced on a jet pump with minimal draw down at a stable average rate of 1,188 BOPD (29-degree API gravity oil) and 1 bbl of water (“BWPD”), with a gas-oil ratio (“GOR”) of 120 standard cubic feet per stock tank bbl (“scf/bbl”).
      • Gran Tierra plans to continue to monitor and adjust the injection pressure of this well’s jet pump for optimal production performance.
      • The Company is also currently planning to drill two follow-up exploration wells on the Charapa Block during 2023.
    • Chanangue Block (Gran Tierra 100% WI) – Bocachico-1 Well: 
      • Gran Tierra’s first Ecuador well has been producing from the T Sand.
      • The Bocachico-1 is producing at a stable average rate of 227 BOPD (36-degree API gravity oil) and 264 BWPD, with a GOR of 487 scf/bbl. The Company continues to evaluate potential to isolate the source of water production in this well.
      • Using 3D seismic data, the Company plans to drill two follow-up exploration wells on the Chanangue Block during 2023.
  • Colombia Exploration: 
    • ALEA-1848 Block (Gran Tierra 100% WI) – Rose-1 Well: 
      • The Rose-1 well has been producing from the N Sand on a jet pump and is producing at a stable average rate of 305 BOPD (15.5-degree API gravity oil) and 2 BWPD, with a GOR of 13 scf/bbl.
      • Gran Tierra has provided a notice of discovery for the Rose-1 well to Colombia’s Agencia Nacional de Hidrocarburos (“ANH”) and, while continuing to produce the Rose-1 well, plans to prepare an evaluation area proposal for submission to the ANH prior to the end of 2022.
    • Midas Block (Gran Tierra 100% WI) – Gaitas-1 and -2 Wells: 
      • Based on the encouraging results of the Gaitas-1 exploration well, the Company has submitted a notice of discovery to the ANH.
      • Gran Tierra has also drilled and completed the Gaitas-2 exploration well, which penetrated the Umir Formation.
      • Gaitas-2 has found potential oil reservoir in the Lisama A and C Sands. The Lisama Sands are the reservoir zones which produce oil at Gran Tierra’s Acordionero oil field, which is located approximately 7 kilometers to the north of the Gaitas wells. Production testing of the Lisama A Sand is currently underway at Gaitas-2.
  • Colombia Development: 
    • Moqueta Development Campaign: 
      • On November 28, 2022, the Company spud the first development well in the Moqueta field since 2016. This well is expected to reach its planned total depth by mid-December 2022.
    • Drilling Rigs Secured for 2023: 
      • The Company has executed all required service contracts for planned 2023 development drilling in Colombia.

Financial Update:

  • Share Buybacks: Pursuant to Gran Tierra’s current normal course issuer bid, Gran Tierra has purchased approximately 15 million shares since September 1, 2022, representing about 4.1% of shares outstanding, for a total purchase price of $20 million, at an average price of approximately $1.33 per share.

(1) Gran Tierra’s fourth quarter-to-date 2022 total Company average production is for the period of October 1 – December 4, 2022.

Corporate Presentation:

Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at

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