Gran Tierra Energy Inc. - GTE STOCK NEWS

Gran Tierra Energy reported a total average production of 30,607 BOPD in Q2 2022, marking a 25% increase year-over-year and the highest since 2019. The production rose 4% from Q1 2022. As of June 30, 2022, the company had $109 million in cash and had completely repaid its credit facility, which was reduced from $207 million since June 2020. The company continues to advance its exploration programs in Ecuador and Colombia.

Gran Tierra Energy Inc. (NYSE American: GTE) has announced the immediate termination of its Exchange Offers for the 6.25% Senior Notes due 2025 and 7.750% Senior Notes due 2027. As a result, no Existing Notes tendered will be exchanged for the newly proposed 8.750% Senior Secured Amortizing Notes due 2029. Additionally, the solicitation for consents regarding amendments to the Existing Indentures has been canceled, leaving the Existing Notes outstanding. Eligible Holders are advised that previously tendered notes will be returned promptly.

Gran Tierra Energy Inc. (GTE) reported strong operational and financial performance for 2022. The company achieved a total average production of 30,556 BOPD in the second quarter and has ramped this up to 33,140 BOPD. A key milestone was reached with the full repayment of its credit facility, reducing the balance from $207 million to $0 as of June 2, 2022. Upcoming drilling includes the Churuco exploration well in Colombia and a planned exploration program in Ecuador. The company's ongoing development projects show promising results, reinforcing their growth strategy.

Gran Tierra Energy announced early participation results for its exchange offers of 6.25% Senior Notes due 2025 and 7.750% Senior Notes due 2027 for newly issued 8.750% Senior Secured Amortizing Notes due 2029. As of June 7, 2022, approximately 36.90% of the 2025 Notes and 40.79% of the 2027 Notes had been tendered for exchange. The Expiration Deadline for the offers is June 22, 2022. Eligible Holders will receive US$950 in New Notes for every US$1,000 of Existing Notes exchanged, plus an early participation premium. Settlement is expected on June 24, 2022.

Gran Tierra Energy has initiated exchange offers for its outstanding Senior Notes, specifically the 6.25% Notes due 2025 and the 7.750% Notes due 2027. Holders can exchange these for newly issued 8.750% Senior Secured Amortizing Notes due 2029. The total consideration for validly tendered notes includes an early participation premium of $50. The offers commence on May 24, 2022, with key deadlines for participation set for June 7 and June 22, 2022. The company aims to eliminate restrictive covenants in existing notes through proposed amendments.

Gran Tierra Energy Inc. held its annual meeting on May 4, 2022, where stockholders voted in favor of all nominated directors. Key approvals included KPMG LLP as independent auditor for 2022 and the advisory vote on executive compensation for the upcoming year. The equity incentive plan was also approved. Notably, 96% of votes supported KPMG's appointment, while 88.9% backed the executive compensation plan. The company continues its focus on oil and gas exploration in Colombia and Ecuador.

Gran Tierra Energy reported impressive Q1 2022 results, achieving an average total production of 29,362 BOPD, a 20% increase year-on-year. The company generated a net income of $14 million, significantly reversing a $37 million loss from Q1 2021. Adjusted EBITDA surged to $119 million, up 185% year-on-year. Free cash flow reached $46 million, the highest since Q4 2012. The company also reduced its credit facility balance to $10 million and anticipates meeting its full-year production guidance of 30,500-32,500 BOPD.

Gran Tierra Energy Inc. (NYSE American:GTE) will release its 2022 Q1 financial and operational results on May 3, 2022. The Company's Annual Meeting of Stockholders is scheduled for May 4, 2022, at 11:00 a.m. MT, to be conducted virtually. Shareholders can participate online, with voting details provided in the Proxy Statement. Gran Tierra is focused on oil and natural gas exploration in Colombia and Ecuador, aiming to develop its asset portfolio while pursuing new growth opportunities. More information can be found on their website.

Gran Tierra Energy reported a 20% year-on-year increase in average production for Q1 2022, reaching 29,362 BOPD. The company anticipates meeting its 2022 production guidance of 30,500-32,500 BOPD. Significant debt reduction was noted, with the credit facility balance down 41% to $40 million, while cash reserves stood at $59 million. With Brent prices forecast to rise to $95/bbl, projected 2022 cash flow could reach $410-430 million. Key development activities are ongoing in the Acordionero and Costayaco fields.