Gran Tierra Energy Inc. - GTE STOCK NEWS

Gran Tierra Energy Inc. will release its 2023 second quarter financial and operating results on August 1, 2023, and host a conference call on August 2, 2023.

Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has provided an operational update for Q2 2023. The company achieved total average production of approximately 33,800 BOPD, a 7% increase from Q1 2023. Year-to-date average production stands at 32,900 BOPD, with current production at 34,800 BOPD.

The company expects 2023 capital expenditures to be at the lower end of the previously guided range of $210-$230 million. In the first half of 2023, Gran Tierra drilled 21 development wells, including 14 new producers and 7 new injectors. The Acordionero field averaged approximately 18,000 BOPD in Q2 2023.

Gran Tierra completed its drilling campaigns at Costayaco and Moqueta fields. The CYC-54 well, the northernmost well in Costayaco, showed promising results with a 48-hour production test rate of 1,464 BOPD. The company plans to release its Q2 2023 financial results on August 1, 2023.

Gran Tierra Energy Inc. announced an operational update, reporting a 6% increase in average production for the second quarter of 2023 compared to the first quarter. The company has completed most of its development program for the year, with 19 development wells drilled. They expect higher oil production for the rest of the year and believe they are well positioned to grow production and optimize value.

Gran Tierra Energy Inc. (NYSE American:GTE) (TSX:GTE) (LSE:GTE) has completed its previously announced 1-for-10 reverse stock split. The split was approved by the board in February 2023 and by stockholders on May 3, 2023. Trading on a split-adjusted basis began on May 5, 2023, on the NYSE American and LSE, with TSX following on May 8, 2023.

The reverse split combined every ten issued shares into one, reducing the number of outstanding shares from approximately 333.0 million to 33.3 million. The company's stock will trade under the same symbol 'GTE' with new CUSIP and ISIN numbers. Fractional shares were rounded up or down to the nearest whole number. The split did not directly impact market capitalization or modify voting rights.

Stockholders with book-entry shares or those held through a nominee will see changes reflected in their accounts. Registered shareholders will receive instructions from Odyssey Trust Company, the exchange agent, to exchange old certificates for new ones.

Gran Tierra Energy Inc. reported its financial and operating results for the first quarter of 2023. Total average production increased by 8% compared to the same period last year. The net loss was $10 million, while adjusted EBITDA reached $89 million. The company's cash balance is $106 million with a net debt of $466 million. Gran Tierra also announced progress in its Colombia development campaign with 14 wells drilled in the quarter.

Gran Tierra Energy has entered an agreement with Ecopetrol to extend the Suroriente Block contract for 20 years, enhancing operational stability and potential value creation. The company plans to invest $123 million over three years funded through internal cash flow, focusing on enhanced oil recovery (EOR) projects. Gran Tierra has increased its oil production significantly, from an average of 6,203 barrels per day in February 2019 to 8,167 barrels per day in Q1 2023, marking a 32% growth despite no new wells drilled since 2018. The agreement awaits regulatory approval and aims to solidify Gran Tierra's position in the Putumayo Basin while fostering long-term partnerships with Ecopetrol.

Gran Tierra Energy (NYSE American: GTE) announced impressive operational results for Q1 2023, achieving an average production of approximately 31,700 BOPD, marking an 8% increase from Q1 2022. Production in the Acordionero field reached 20,000 BOPD, the highest level since Q2 2019. The company initiated substantial share buybacks, acquiring about 13 million shares for $10.7 million, and also conducted bond buybacks totaling $8 million in face value of its 2025 bonds. These actions reflect Gran Tierra's commitment to enhancing shareholder value and strengthening its balance sheet.