Gran Tierra Energy Inc. Announces Restoration of Production

Gran Tierra Energy release

CALGARY, Alberta, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) today announced an operations update. All dollar amounts are in United States dollars and all production volumes are on a working interest before royalties (“WI”) basis and are expressed in barrels (“bbl”) of oil per day (“BOPD”), unless otherwise stated.

Key Highlights:

• End of Colombian Blockades Affecting Gran Tierra: As previously announced by Gran Tierra on November 1, 2021, a localized farmers’ blockade directed at the Colombian government, not Gran Tierra, resulted in the Suroriente (Gran Tierra 52% WI) and PUT-7 (Gran Tierra 100% WI) Blocks being temporarily shut-in. The blockade started during the last week of October 2021, and the Colombian government has been successful at negotiating an end to this blockade.
• Current Production Ramping Back Up: Now that the blockade has ended, the Company is working to quickly restore Suroriente's and PUT-7's production levels to their current approximate capacity of 4,400-4,600 BOPD. Gran Tierra's current average total production¹ is back up to approximately 30,500 BOPD.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We are pleased that we are safely and diligently ramping operations back up in the southern region of the Putumayo Basin. The Colombian government has been very supportive in resolving the blockade and disruption in the area where we have operations. Although the blockade modestly impacted Gran Tierra's fourth quarter of 2021 production volumes, we believe that barrels not produced this quarter will simply be deferred to future quarters, with no expected impact on reserves. With production restored and strong world oil prices, we are excited about the fourth quarter of 2021 and all of 2022.”

¹ Approximate average production over the 3-day period during November 7-9, 2021.