Gran Tierra Energy Inc. - GTE STOCK NEWS

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.

Gran Tierra Energy Inc. (GTE) announced the successful completion of its semi-annual credit facility redetermination. The Company has downscaled its borrowing capacity from $215 million to $150 million, optimizing its bank-syndicated credit facility to align with its forecast for 2022 production and cash flow. Gran Tierra anticipates reducing its credit facility balance to under $70 million by year-end and expects to fully repay the facility within the first half of 2022, leveraging projected free cash flow and tax receivables recovery.

Gran Tierra Energy (NYSE American:GTE) announced a 2022 capital expenditure budget of $220-240 million and projected cash flow of $270-290 million. The company forecasts production of 30,500-32,500 BOPD, a 19% increase from 2021. Gran Tierra aims to generate $40-60 million in free cash flow after funding its exploration program. The company expects to fully repay its credit facility, reducing its balance to under $70 million in 2021. Fitch Ratings upgraded Gran Tierra to ‘B-’, reflecting improved debt metrics.

Gran Tierra Energy has announced the sale of 137,093,750 common shares of PetroTal Corp. through its subsidiary, Gran Tierra Resources Limited, for approximately US$30.1 million. The shares were sold at US$0.2198 each, representing a 10.8% discount from PetroTal's closing price on November 25, 2021. The proceeds will be utilized to reduce debt and for general corporate purposes. Post-transaction, Gran Tierra Resources will no longer hold any shares of PetroTal.

Gran Tierra Energy announced a positive operations update, reporting an average total production of 30,500 BOPD. The recent end to a localized farmers’ blockade in Colombia has allowed production from Suroriente and PUT-7 blocks to resume. Current capacity for these blocks is 4,400-4,600 BOPD. Despite a minor impact on fourth-quarter production volumes due to the blockade, the company expects no long-term effect on reserves. Gran Tierra remains optimistic about future production and benefits from high oil prices in 2022.