Colombia and Ecuador
Press Release

Gran Tierra Energy Inc. Provides Operational and Financial Update

Bnamericas Published: Monday, January 09, 2023

Gran Tierra Energy release

CALGARY, Alberta, Jan. 09, 2023 (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 of oil 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 announce that our 2022 total Company average production was approximately 30,800 BOPD which was within our guidance despite several social disruptions and a delay in our Moqueta drilling program. Our Moqueta development campaign is well underway with two of the five planned wells having been spud thus far. The initial production results of the first well are encouraging with a stable average rate of 1,312 BOPD. We are very excited for what 2023 holds for the Company and expect to build off the momentum from the strong finish to 2022.”

Operations Update:

  • Production 
    • During fourth quarter 2022, Gran Tierra’s total average production was approximately 32,600 BOPD.
    • December 2022 total Company average production was approximately 33,800 BOPD.
    • Gran Tierra’s total average production for the full year 2022 was approximately 30,800 BOPD which is within the Company’s prescribed guidance.
  • Colombia Development: 
    • Moqueta Development Campaign: 
      • Testing began on the first Moqueta well which was spud on November 28, 2022. From December 23, 2022, to January 9, 2022, the Moqueta-24 well has been producing on a jet pump at a stable average rate of 1,312 BOPD (28-degree API gravity) and 193 bbl of water ("BWPD") with a gas-oil ratio of 170 standard cubic feet per stock tank bbl.
      • On January 3, 2023, the Company spud its second development well in the Moqueta field. This well is expected to reach its planned total depth by mid-January 2023.
    • Acordionero Development: 
      • Waterflood success at Acordionero resulted in December 2022 total Company average production for this field of approximately 17,800 BOPD, the highest level since the second quarter of 2019.
      • Water injection at Acordionero reached a new record of over 60,000 BWPD in December 2022.
    • Suroriente Development: 
      • As a result of the successful increase in water injection, expansion of facilities, and minimal disruptions, the Suroriente Block produced an average of 8,700 BOPD gross (4,500 BOPD WI) in the fourth quarter of 2022, the highest level since the second quarter of 2015 despite not drilling a well since the first quarter of 2018.

Shareholder Returns:

  • Share Buybacks: Pursuant to Gran Tierra’s current normal course issuer bid, Gran Tierra purchased approximately 23 million shares during 2022, representing about 6.2% of shares outstanding as of June 30, 2022.

Debt Repayment:

  • As part of Gran Tierra’s focus on significant debt reduction, the Company reduced its total debt by $87.6 million in 2022 and by a further $122.5 million in 2021, for a reduction of total debt of $210.1 million over the past two fiscal years.

Corporate Presentation:

Gran Tierra’s Corporate Presentation is available on the Company website at www.grantierra.com.

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