Gran Tierra Energy Inc. Provides Update Regarding Proposed Sale of 218,012,500 Common Shares in PetroTal Corp.
Gran Tierra Energy announced the termination of a purchase agreement with Remus Horizons for the sale of 218,012,500 common shares in PetroTal Corp. This decision allows Gran Tierra to retain its beneficial interest in these shares, which had a market value of approximately US$56 million as of January 15, 2021. The move reflects a change in a material fact from GTRL's early warning report dated December 14, 2020. An amended early warning report will be filed to provide additional details regarding this matter.
- Gran Tierra retains beneficial interest in 218,012,500 shares of PetroTal, valued at approximately US$56 million.
- Termination of the sale agreement prevents potential loss of significant share value.
- None.
CALGARY, Alberta, Jan. 18, 2021 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced that Gran Tierra Resources Ltd. (“GTRL”), a wholly owned subsidiary of Gran Tierra, has terminated the purchase agreement with Remus Horizons PCC Limited regarding the proposed sale by GTRL of 218,012,500 common shares in the capital of PetroTal Corp (“PetroTal”).
As of market close on January 15, 2021, the 246,100,000 shares of PetroTal owned by GTRL had a market value of approximately US
Contact Information
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
Rodger Trimble
Vice President, Investor Relations
+1-403-265-3221
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 and Ecuador. The Company is focused on its existing portfolio of assets in Colombia and Ecuador and will pursue new growth opportunities throughout Colombia and Latin America, leveraging our financial strength. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London 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 SEC website at http://www.sec.gov and on SEDAR at http://www.sedar.com and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Early Warning Disclosure
The termination described above reflects a change in a material fact contained in GTRL’s early warning report dated December 14, 2020 as GTRL now retains its beneficial interest in respect of the 218,012,500 common shares in the capital of PetroTal Corp. that were subject to the noted purchase agreement. The remaining facts of the early warning report remain current and a copy of an amended early warning report with additional information in respect of the foregoing matters will be filed and made available on PetroTal Corp.’s SEDAR profile at www.sedar.com. To obtain a copy of the early warning report, you may also contact Ryan Ellson, Chief Financial Officer of Gran Tierra and a director of GTRL at (403) 767-6501.
FAQ
Why did Gran Tierra terminate the purchase agreement with Remus Horizons regarding PetroTal shares?
What is the market value of PetroTal shares owned by Gran Tierra?
What is the ticker symbol for Gran Tierra Energy?
What will happen next regarding the early warning report after the termination of the purchase agreement?
