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Gran Tierra Energy Inc. (GTE) is an independent international energy company focused on the acquisition, exploration, development, and production of oil and gas. Headquartered in Calgary, Canada, the company strategically concentrates on onshore oil and gas properties in Colombia. Gran Tierra is publicly listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbols GTE.
The company is committed to growth and value creation, aiming to reposition itself as the leading independent oil producer in Colombia. Gran Tierra produces light and medium crude oil, as well as natural gas. The majority of its revenue is derived from its operations in Colombia, with additional prospective properties located in Ecuador.
Gran Tierra takes pride in its partnerships with local communities, implementing shared value, sustainable community, and social responsibility programs. Recent achievements include significant advancements in exploration and increased production capacity, contributing to the company's robust financial condition. Gran Tierra continues to pursue strategic initiatives and maintain strong financial stewardship to ensure long-term success.
The company remains resilient in the face of challenges, such as geopolitical events and fluctuations in market conditions. Gran Tierra actively manages risks and maintains operational efficiency, adapting to changing environments to protect and enhance shareholder value.
For the latest updates, news, and developments about Gran Tierra Energy Inc., visit StockTitan and stay informed about their ongoing projects and financial performance.
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. (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.
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