Gran Tierra Energy - GTE STOCK NEWS

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.

Gran Tierra Energy reported an average production of 28,957 BOPD for Q3 2021, a 53% increase year-over-year, and $35 million net income, up 299% from the previous quarter. Funds flow from operations surged by 197% to $69 million, with free cash flow reaching $34 million, the highest since Q4 2012. The company paid down its credit facility to $130 million and forecasts a 2021 EBITDA of $265-285 million. However, production guidance was adjusted downwards to 26,500-27,500 BOPD due to a blockade affecting some operations.

Gran Tierra Energy Inc. (NYSE American: GTE) is set to release its 2021 third quarter financial and operating results on November 1, 2021, after market close. A conference call to discuss these results will occur on November 2, 2021, at 11:00 a.m. Eastern Time. Interested parties can join via toll-free numbers in North America (+1-844-348-3792) and the UK (+44 (0)80 0028 8438), or access a live webcast on the company's investor relations page. An audio replay will be available until November 9, 2021.

Gran Tierra Energy achieved an average production of approximately 29,000 BOPD in Q3 2021, a 26% increase from Q2 2021, marking its highest level since early 2020. The current average production has risen to 30,600 BOPD. The company reduced its credit facility balance to $140 million, down from $190 million at the end of 2020. Despite challenges from blockades earlier in the year that deferred production, Gran Tierra does not foresee any negative impact on oil reserves. A strong operational ramp-up and favorable Brent prices are expected to enhance performance in Q4 2021.

Gran Tierra Energy has appointed Alison Redford as an independent director, effective September 1, 2021. With extensive experience in regulatory reform and governance, she has advised governments in countries like Pakistan and South Sudan. Redford served as Alberta's Premier from 2011 to 2014 and brings valuable perspectives to the board. The Board Chair, Robert Hodgins, welcomes her expertise, indicating potential benefits for the company. Gran Tierra continues to focus on oil and gas exploration in Colombia and Ecuador.

Gran Tierra Energy reported an average total production of 23,035 BOPD for Q2 2021, marking a 14% year-over-year increase but a 6% decrease from Q1 2021 due to blockades in Colombia. The company reaffirms its 2021 production guidance of 27,500-28,500 BOPD and forecasts free cash flow of $100-120 million in the second half of the year. Operating expenses dropped by 9% to $12.46/bbl, while EBITDA rose to $34 million. Gran Tierra has successfully navigated the challenges posed by the blockades and anticipates continued operational improvements.

Gran Tierra Energy announced it will release its 2021 second quarter financial results on August 3, 2021, post-market close. A conference call to discuss these results will take place on August 4, 2021, at 11:00 a.m. ET. Interested parties can access the call via multiple phone lines, including toll-free options, and a live webcast will be available on Gran Tierra's investor relations page. An audio replay will also be accessible until August 11, 2021. Gran Tierra operates in Colombia and Ecuador, focusing on oil and natural gas exploration and production.