Gran Tierra Energy Inc. - GTE STOCK NEWS

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.

Gran Tierra Energy Inc. (NYSE American: GTE) announced that its subsidiary, Gran Tierra Resources Limited, has sold 109,006,250 common shares of PetroTal Corp. at US$0.13623 each, totaling approximately US$14.8 million. This sale reduces GTRL's ownership in PetroTal from 30.15% to 16.80%, leaving 137,093,750 shares valued at about US$32 million as of January 20, 2021. The sale was made for investment purposes, with potential future transactions indicated depending on market conditions.

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 Energy announced a financial update on December 14, 2020, following a private agreement by Remus Horizons PCC Limited to purchase 218,012,500 common shares of PetroTal for approximately GBP 21.67 million. This transaction represents about 26.7% of PetroTal's outstanding shares. Post-transaction, Gran Tierra's subsidiary will hold 3.44% of PetroTal shares. CEO Gary Guidry emphasized the commitment to financial discipline and acknowledged PetroTal's management for their operational achievements in the Bretana oil field.

Gran Tierra Energy has announced a financial update, revealing a revised credit facility borrowing base of $215 million, with $200 million readily available. The company forecasts a 2021 capital budget between $130-$150 million and predicts production of 28,000-30,000 BOPD. Cash flow expectations are between $150-$170 million. The company has resumed development drilling at the Acordionero Oil Field and plans to drill several new wells. Additionally, they aim to focus on debt reduction and cash flow generation in 2021.

Gran Tierra Energy reported its Q3 2020 results, revealing an average production of 18,944 BOPD, a 6% decrease from Q2 2020. Despite the decline, October production surged to 22,000 BOPD. The company collected $97 million in tax receivables, reducing its credit facility to $200 million and increasing cash to $21 million. Operating costs fell significantly to $12.63/bbl, and the net loss was $108 million, down from $371 million in the previous quarter. Gran Tierra plans to leverage its strong financial position for a fruitful 2021.