Gran Tierra Energy - GTE STOCK NEWS

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.

Gran Tierra Energy (GTE) reported significant growth in 2021, achieving net income of $42 million—the highest since 2018—alongside a 150% increase in adjusted EBITDA to $242 million. Average production rose to 26,507 BOPD, a 17% increase from 2020. The company expects 2022 production to hit between 30,500 and 32,500 BOPD, supported by successful drilling campaigns. Gran Tierra also noted substantial reserve replacements and improved net asset values, with a 1P net asset value per share of $2.61, up 127% from 2020. Free cash flow was reported at $37 million, the highest since 2012.

Gran Tierra Energy Inc. (NYSE American: GTE) will release its 2021 fourth quarter and full year financial results on February 22, 2022, post-market close. A conference call is scheduled for February 23, 2022, at 11:00 a.m. Eastern Time to discuss these results. Interested parties may access a live webcast on the company’s investor relations page. The webcast will be archived until March 2, 2022. For inquiries, contact investor relations at +1-403-265-3221. Gran Tierra focuses on oil and gas exploration and production in Colombia and Ecuador.

Gran Tierra Energy (GTE) reported strong 2021 reserves growth, achieving 148% PDP and 123% 1P reserves replacement. The company added 14.3 MMBOE of PDP reserves and 11.9 MMBOE of 1P reserves. The finding and development costs were $9.51 per barrel for PDP. The after-tax NAV per share rose by 124% for 1P reserves to $1.59 and by 31% for 2P reserves to $2.92. Strong results at key oil fields contributed to these increases, positioning Gran Tierra for further growth in 2022.

Gran Tierra Energy Inc. (GTE) reported a significant corporate update on January 18, 2022. The company achieved a current average production of approximately 30,000 BOPD, surpassing its 2021 average of 26,500 BOPD. It successfully reduced its credit facility debt by 64%, down to $67.5 million, with expectations to eliminate it entirely in the first half of 2022. Gran Tierra's 2022 capital program, with allocations of $220-240 million, aims to generate cash flow of $270-290 million at $70/bbl Brent prices. A SASB report was also published to enhance ESG transparency.