Gran Tierra Energy - GTE STOCK NEWS

Gran Tierra Energy has confirmed the results of its semi-annual credit facility redetermination, maintaining the existing terms with no changes. Additionally, at the annual stockholders meeting, all eight nominated directors were elected. Key votes included a 96.5% approval for the appointment of KPMG LLP as the independent auditor and a 86.8% approval for executive compensation. The Company continues to focus on oil and natural gas exploration in Colombia and Ecuador, with further growth opportunities being pursued. Next credit facility redetermination is scheduled for November 2021.

Gran Tierra Energy (GTE) provides an update on the impact of ongoing national protests in Colombia. Recent protests have led to blockades affecting key transportation routes, resulting in a temporary production reduction of approximately 5,250 bopd, decreasing total production from 29,600 bopd to 24,350 bopd as of May 16, 2021.

Gran Tierra expects to restore production within one to two weeks if blockades are lifted. The company maintains its 2021 production guidance of 28,000-30,000 bopd if conditions improve.

Gran Tierra Energy announced the adjournment of its 2021 Annual Meeting due to insufficient quorum, with only 46% of shares represented. The meeting will now take place virtually on June 2, 2021. Stockholders are encouraged to vote to meet the quorum requirement of 50%. Further operational and financial details are available in the company’s recently released documents. Gran Tierra will cover the expenses related to proxy solicitation, estimated at $15,000.

Gran Tierra Energy Inc. (GTE) reported an average production of 24,463 BOPD for Q1 2021, a 12% increase from Q4 2020. Current production has risen to 28,200 BOPD. The company reaffirms its 2021 guidance of 28,000-30,000 BOPD, with a capital budget of $130-150 million. Revised forecasts include cash flow of $205-225 million and EBITDA of $255-275 million. Operating expenses decreased by 19% compared to last year, with a narrowed net loss of $37 million. Gran Tierra focuses on debt reduction and sustainability, achieving a 60% reduction in greenhouse gas emissions.

Gran Tierra Energy Inc. (NYSE American: GTE) will release its 2021 first quarter financial results on May 4, 2021, after market close. The company's Annual Meeting of Stockholders is scheduled for May 5, 2021, at 1:30 PM MT. The meeting will be held virtually to ensure safety amid the COVID-19 pandemic. Shareholders can participate by logging in with a password and control number to vote and ask questions. Gran Tierra focuses on oil and gas exploration and production in South America, particularly Colombia and Ecuador.

Gran Tierra Energy reported a significant first quarter production increase to 24,463 BOPD, a 12% rise from the prior quarter, with current average production reaching 28,930 BOPD, the highest since February 2020. The Acordionero field achieved 16,400 BOPD, marking its highest output since September 2019. The company reaffirmed its full-year production guidance of 28,000-30,000 BOPD.

As of March 31, 2021, Gran Tierra reduced its credit facility balance to $180 million and increased cash reserves to $20 million.

Gran Tierra Energy announced strong operational results for 2020, realizing a 100% Proved and 133% Proved Developed Producing reserves replacement. The average production was 22,624 bopd, with a forecast of 28,000-30,000 bopd for 2021, reflecting a 24-33% growth. Operating and G&A costs were reduced by $92 million, achieving the best safety year with zero lost time incidents. The company reported a net loss of $778 million, but significant savings and improved operational efficiencies bode well for future performance.

Gran Tierra Energy Inc. (NYSE American: GTE) will release its 2020 fourth quarter and full year financial results on February 24, 2021, after market close. A conference call to discuss the results is scheduled for February 25, 2021, at 11:00 a.m. Eastern Time. Investors can join the call via toll-free numbers for North America and the UK or access a live webcast on the company's investor relations page. An audio replay will be available until March 4, 2021. Gran Tierra focuses on oil and gas exploration in South America, with a portfolio aimed at future growth.

Gran Tierra Energy announced its 2020 year-end reserves, achieving a 100% replacement of 1P reserves with an addition of 8.3 MMBOE. The company reported a finding and development cost of $2.65 per BOE and highlighted a robust 1P net asset value of $1.15 per share. Their best safety performance occurred in 2020 with zero lost time incidents. Gran Tierra plans a balanced capital budget of $130-150 million for 2021, focusing on debt reduction and free cash flow generation from major oil fields.