Gran Tierra Energy Inc. - GTE STOCK NEWS

Gran Tierra Energy Inc. (GTE) will release its 2022 fourth quarter financial and operating results on February 21, 2023, after market close. The Company will host a conference call on February 22, 2023, at 9:00 a.m. Mountain Time to discuss these results. Interested parties must register through a provided link to receive call-in details. Gran Tierra focuses on oil and natural gas exploration and production in Colombia and Ecuador and is committed to developing its existing assets while seeking growth opportunities. Further information is available on their website.

Gran Tierra Energy reported robust 2022 year-end reserves, achieving significant growth in 1P, 2P, and 3P reserves. Total additions reached 14 MMBOE (1P), 17 MMBOE (2P), and 31 MMBOE (3P) with strong replacements of 126%, 148%, and 280% respectively. Net asset values per share surged by 77% for 1P and 56% for 2P compared to 2021. The company's NPV10 before tax rose to $2.1 billion (1P), $3.0 billion (2P), and $4.1 billion (3P). Future net revenue is projected at $1.4 billion (1P) over five years. Gran Tierra maintained an average production of approximately 33,000 BOPD year-to-date in 2023, reflecting a strong start for the year.

Gran Tierra Energy reported a total average production of approximately 30,800 BOPD for 2022, meeting its guidance. The fourth quarter saw production rise to about 32,600 BOPD, with a strong December result of 33,800 BOPD. The company is actively advancing its Moqueta development campaign, with positive early results from the first well yielding an average of 1,312 BOPD. Additionally, Gran Tierra repurchased around 23 million shares in 2022 and significantly reduced its total debt by $210.1 million over two years, enhancing its financial stability.

Gran Tierra Energy, trading under GTE, announced its 2023 capital budget of $210-$250 million and cash flow forecast of $270-$320 million. The company plans to drill 18-23 development wells and 4-6 exploration/appraisal wells, projecting production between 32,000-34,000 BOPD, an 8% increase from 2022. Expected free cash flow is $135 million before exploration and $65 million after. The budget aims for profitable growth and exploration in Colombia and Ecuador, while navigating recent Colombian tax reforms which may incur $110-$130 million in current taxes.

Gran Tierra Energy reported positive production results from its recent exploration efforts in Ecuador and Colombia. The Charapa Norte-1 well in Ecuador averaged 1,188 BOPD, while the Rose-1 well in Colombia produced 305 BOPD. The company's total average production stands at approximately 33,000 BOPD as of early December 2022. Additionally, Gran Tierra has repurchased 15 million shares for $20 million since September 2022, indicating strong shareholder returns. Looking ahead, the company plans further development and exploration in 2023.

Gran Tierra Energy reported a third quarter 2022 average production of 30,391 BOPD, marking a 5% increase year-on-year. The net income was $39 million, while adjusted EBITDA rose 48% to $121 million. Net cash provided by operating activities reached $109 million, an 82% increase year-on-year. The company's cash balance stood at $118 million, with a net debt of $462 million. Exploration efforts yielded promising results in Colombia and Ecuador, with ongoing initiatives to enhance production and financial stability.

Gran Tierra Energy Inc. (GTE) will announce its third quarter 2022 financial and operating results on November 1, 2022, after market close. A conference call to discuss these results is scheduled for November 3, 2022, at 9:00 AM MT / 11:00 AM ET. Interested parties must register through a provided link to participate, as no general dial-in number will be available. The call will also be accessible via a live webcast, with an audio replay available two hours post-call until November 3, 2023.

Gran Tierra Energy Inc. (GTE) reported a 5% year-over-year increase in average production for Q3 2022, reaching 30,391 BOPD. Current production levels for Q4 2022 average around 32,000 BOPD. During September 2022, the company repurchased 10.8 million shares for $14.4 million and 6.7% of its senior notes due 2025 for $17.3 million. As of September 30, 2022, Gran Tierra holds $118 million in cash and has a net debt of $462 million. Key projects include ongoing exploration efforts in Colombia and Ecuador.

Gran Tierra Energy Inc. (NYSE: GTE) announced that the Toronto Stock Exchange has approved its normal course issuer bid to repurchase up to 36,033,969 shares, equivalent to 10% of its public float. This program, effective from September 1, 2022, to August 31, 2023, allows Gran Tierra to buy back shares at market prices, with a maximum purchase amount of USD 37.5 million. Management believes that the current share price does not reflect the company's value and that the bid could enhance shareholder value.