Gran Tierra Energy Inc. - GTE STOCK NEWS

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.

Gran Tierra Energy reports that Colombian blockades affecting its operations have been lifted, allowing production to ramp back up to an average of 29,000 BOPD. The company forecasts second half 2021 production to average 30,000-32,000 BOPD. Updated guidance indicates a projected EBITDA of $265-285 million and cash flow of $215-235 million for the year, primarily driven by rising Brent oil prices, which are now expected to average $69.00/bbl. The credit facility balance has been reduced to $175 million as of June 30, 2021.

Gran Tierra Energy has confirmed the results of its semi-annual credit facility redetermination, maintaining the existing terms with no changes. Additionally, at the annual stockholders meeting, all eight nominated directors were elected. Key votes included a 96.5% approval for the appointment of KPMG LLP as the independent auditor and a 86.8% approval for executive compensation. The Company continues to focus on oil and natural gas exploration in Colombia and Ecuador, with further growth opportunities being pursued. Next credit facility redetermination is scheduled for November 2021.

Gran Tierra Energy (GTE) provides an update on the impact of ongoing national protests in Colombia. Recent protests have led to blockades affecting key transportation routes, resulting in a temporary production reduction of approximately 5,250 bopd, decreasing total production from 29,600 bopd to 24,350 bopd as of May 16, 2021.

Gran Tierra expects to restore production within one to two weeks if blockades are lifted. The company maintains its 2021 production guidance of 28,000-30,000 bopd if conditions improve.

Gran Tierra Energy announced the adjournment of its 2021 Annual Meeting due to insufficient quorum, with only 46% of shares represented. The meeting will now take place virtually on June 2, 2021. Stockholders are encouraged to vote to meet the quorum requirement of 50%. Further operational and financial details are available in the company’s recently released documents. Gran Tierra will cover the expenses related to proxy solicitation, estimated at $15,000.

Gran Tierra Energy Inc. (GTE) reported an average production of 24,463 BOPD for Q1 2021, a 12% increase from Q4 2020. Current production has risen to 28,200 BOPD. The company reaffirms its 2021 guidance of 28,000-30,000 BOPD, with a capital budget of $130-150 million. Revised forecasts include cash flow of $205-225 million and EBITDA of $255-275 million. Operating expenses decreased by 19% compared to last year, with a narrowed net loss of $37 million. Gran Tierra focuses on debt reduction and sustainability, achieving a 60% reduction in greenhouse gas emissions.

Gran Tierra Energy Inc. (NYSE American: GTE) will release its 2021 first quarter financial results on May 4, 2021, after market close. The company's Annual Meeting of Stockholders is scheduled for May 5, 2021, at 1:30 PM MT. The meeting will be held virtually to ensure safety amid the COVID-19 pandemic. Shareholders can participate by logging in with a password and control number to vote and ask questions. Gran Tierra focuses on oil and gas exploration and production in South America, particularly Colombia and Ecuador.