Figure 1 Gran Tierra Energy Inc. Announces Strategic Partnership with Ecopetrol for The Development of Fields in the Middle Magdalena Valley Adjacent to Gran Tierra’s Largest Producing Field CALGARY, Alberta, March 17, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce that it has signed a contract (collectively, “the Contract”) whereby the Company is expected to earn, subject to regulatory approvals and other co ...

CALGARY, Alberta, March 17, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce that it has signed a contract (collectively, “the Contract”) whereby the Company is expected to earn, subject to regulatory approvals and other conditions precedent, a 49 percent working interest (“WI”) in the Tisquirama block located in the Middle Magdalena Valley Basin of Colombia (“the Block”) which contains the Tisquirama and San Roque ...

Core Viewpoint - Gran Tierra Energy Inc. has announced its 2026 Annual Meeting of Stockholders scheduled for May 8, 2026, and significant changes in its Board of Directors with multiple resignations leading to a reduced board size [1][2]. Group 1: Annual Meeting Details - The 2026 Annual Meeting of Stockholders will be held virtually on May 8, 2026, at 10:00 a.m. Mountain Time, 12:00 p.m. Eastern Time [1]. - Shareholders can access the Proxy Statement and other SEC filings for free on the SEC website [1]. Group 2: Board of Directors Changes - Four members of the Board of Directors, Evan Hazell, Sondra Scott, David Smith, and Brad Virbitsky, have resigned effective immediately [2]. - Following these resignations, the size of the Board has been reduced from nine to five directors [2]. Group 3: Company Overview - Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production in Canada, Colombia, Ecuador, and Azerbaijan [3]. - The company is developing its existing assets and has entered into a new agreement with SOCAR to explore opportunities in Azerbaijan [3].

Core Insights - CVS Group reported continued progress in providing care to animals during the interim results for the six-month period ending December 2025 [2] - The company completed its transition from AIM to the main market on January 29, 2026, aiming for improved liquidity and access to a diverse pool of capital [2] Company Developments - A new consumer-facing U.K. companion animal joint brand under CVS Vets has been launched, reflecting the company's commitment to care, value, and service [3] - CVS Group's presence in Australia is expanding, with three acquisitions completed in the reporting period and two additional practice acquisitions in the second half of the year [3] - The company has maintained disciplined capital investment to enhance facilities, clinical equipment, and technology, which is expected to drive long-term growth in shareholder value [3] Industry Engagement - CVS Group welcomes the launch of a consultation by DEFRA regarding the Veterinary Surgeons Act from 1966 and is actively engaging in the process [4] - The company is anticipating the final decision from the CMA in the coming weeks [4]

Financial Data and Key Metrics Changes - Gran Tierra reported a net loss of $193 million, or $5.45 per share, compared to a net income of $3.2 million, or $0.10 per share in 2024 [11] - Adjusted EBITDA decreased by 23% to $284 million from $367 million in 2024 [11] - Funds flow from operations were $178 million, down from $225 million in 2024 [11] - Net cash provided by operating activities increased by 31% to $313 million from $239 million in 2024 [12] - Cash and cash equivalents decreased to $83 million as of December 31, 2025, from $103 million at the end of 2024 [12] Business Line Data and Key Metrics Changes - Capital expenditures increased by 3% to $256 million due to a higher number of wells drilled in Colombia, Ecuador, and Canada [11] - Total operating expenses rose by 23% to $249 million, with operating expenses per BOE at $15.17, which is 6% lower than 2024 [13] - The company achieved an average working interest production of 45,709 barrels per day, a 32% increase from 2024 [20] Market Data and Key Metrics Changes - Gran Tierra's net oil and gas sales for the year were $597 million, a slight decrease of 4% compared to 2024 [12] - The company has approximately 50% of oil volumes hedged for 2026, with an average floor price around $60 [10] Company Strategy and Development Direction - The company is focusing on disciplined, opportunistic debt reduction and capital allocation to high-return development opportunities [8] - Entry into Azerbaijan is viewed as a capital-efficient addition to the portfolio, aligning with the strategy of pursuing risk-mitigated growth in proven basins [9] - The company aims to target a net debt to EBITDA ratio of 1x by 2028, contingent on pricing [47] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's enhanced liquidity position and stronger balance sheet entering 2026 [6] - The company is optimistic about long-term natural gas demand due to LNG expansion and structural growth in power demand [16] - Management emphasized a commitment to safe, responsible operations and community support while focusing on Free Cash Flow and debt reduction [24] Other Important Information - The company successfully executed a bond exchange with a participation rate of approximately 88%, indicating high investor confidence [6] - The company has fully undrawn capacity of CAD 75 million in its Can-Can facility [12] Q&A Session Summary Question: Exposure to near-term prices - Management explained that pricing in Colombia is based on the monthly average Brent price, while in Ecuador it is based on the prior month's pricing [27] Question: Capital allocation changes with higher prices - Management stated that the capital program for 2026 is set, and any excess free cash will likely go towards cash on the balance sheet or repurchasing outstanding debt [28] Question: Incremental hedges and war premium - Management confirmed that about 50% of production is hedged for the year and they are looking to add more hedges into 2027 [34] Question: Pipeline disruptions and production recovery - Management reported no disruption in Ecuador and confirmed production levels in Ecuador are around 8,500 to 9,000 barrels a day [35][36] Question: Production guidance post-asset disposition - Management indicated that guidance will be revised after closing the transaction, which is expected soon [40] Question: Activity in Clearwater - Management mentioned ongoing core work studies for future full field development in Clearwater [42]

Financial Data and Key Metrics Changes - Gran Tierra reported a net loss of $193 million, or $5.45 per share, compared to a net income of $3.2 million, or $0.10 per share in 2024 [9] - Adjusted EBITDA decreased by 23% to $284 million from $367 million in 2024 [9] - Funds flow from operations were $178 million, down from $225 million in 2024 [9] - Net cash provided by operating activities increased by 31% to $313 million from $239 million in 2024 [10] - Cash and cash equivalents decreased to $83 million as of December 31, 2025, from $103 million at the end of 2024 [10] Business Line Data and Key Metrics Changes - Capital expenditures increased by 3% to $256 million due to a higher number of wells drilled in Colombia, Ecuador, and Canada [9] - Total operating expenses rose by 23% to $249 million, with operating expenses per BOE at $15.17, which is 6% lower than 2024 [11] Market Data and Key Metrics Changes - Gran Tierra's net oil and gas sales for the year were $597 million, a slight decrease of 4% compared to 2024 [10] - The company achieved an average working interest production of 45,709 barrels per day, representing a 32% increase from 2024 [17] Company Strategy and Development Direction - The company is focusing on disciplined, opportunistic debt reduction and enhancing liquidity through a bond exchange and prepayment agreement [5][6] - Entry into Azerbaijan is viewed as a capital-efficient addition to the portfolio, aligning with the strategy of pursuing risk-mitigated growth in proven basins [7] - The company aims to target net debt to EBITDA of 1x by 2028, contingent on pricing [42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational focus on cash flow generation and maximizing the value of a diversified portfolio [19] - The company is committed to safe, responsible operations and supporting local communities while enhancing long-term value [19] Other Important Information - The company has hedged approximately 50% of oil volumes for 2026, with an average floor price around $60 [8] - Year-end 2025 NAV per share was $22.61 before tax on a 1P basis, reflecting a meaningful discount compared to the current share price [16] Q&A Session Summary Question: Exposure to near-term prices and capital allocation changes - Management explained pricing mechanisms in Colombia, Ecuador, and Canada, and stated that capital expenditures for 2026 are set, with a focus on debt reduction and free cash flow generation [22][23] Question: Incremental hedges and war premium effects - Management confirmed that about 50% of production is hedged for the year and that they are looking to add more hedges into 2027 [29] Question: Pipeline disruptions and production recovery - Management reported no disruption in Ecuador and confirmed production levels in Ecuador are stable, with ongoing water injection pilot tests [31][32] Question: Production guidance and asset disposition - Management indicated that production guidance will be revised after closing a transaction expected soon [36] Question: Debt reduction targets - Management reiterated the target of achieving a net debt to EBITDA ratio of 1x by 2028, depending on pricing conditions [42] Question: Hedging program ceiling price - Management stated the average ceiling price for hedges is approximately $74 [47] Question: Allocation between share buybacks and debt reduction - Management emphasized a focus on debt reduction, with any excess cash prioritized for repurchasing outstanding debt over share buybacks [49]

Financial Data and Key Metrics Changes - Gran Tierra reported a net loss of $193 million, or $5.45 per share, compared to a net income of $3.2 million, or $0.10 per share in 2024 [7] - Adjusted EBITDA decreased by 23% to $284 million from $367 million in 2024 [8] - Funds flow from operations were $178 million, down from $225 million in 2024 [8] - Net cash provided by operating activities increased by 31% to $313 million from $239 million in 2024 [9] - Cash and cash equivalents decreased to $83 million as of December 31, 2025, from $103 million at the end of 2024 [9] Business Line Data and Key Metrics Changes - Capital expenditures increased by 3% to $256 million due to a higher number of wells drilled in Colombia, Ecuador, and Canada [7] - Net oil and gas sales were $597 million, a slight decrease of 4% compared to 2024 [9] - Total operating expenses rose by 23% to $249 million, with operating expenses per BOE at $15.17, which is 6% lower than 2024 [10] Market Data and Key Metrics Changes - Gran Tierra achieved an average working interest production of 45,709 barrels per day, representing a 32% increase from 2024 [14] - The company reported greater than 100% reserve replacement in South America, with 142 million barrels of oil equivalent of 1P reserves and 258 million barrels of oil equivalent of 2P reserves [11] Company Strategy and Development Direction - The company is focusing on disciplined, opportunistic debt reduction and enhancing liquidity through a bond exchange and prepayment agreement [4][5] - Entry into Azerbaijan is viewed as a capital-efficient addition to the portfolio, aligning with the strategy of pursuing risk-mitigated growth in proven basins [5] - The company aims to maintain a strong foundation of PDP reserves while pursuing organic and inorganic growth opportunities [12][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate cash flow and maximize the value of its diversified portfolio [14][17] - The company is targeting a net debt to EBITDA ratio of 1x by 2028, contingent on pricing conditions [41] - Management emphasized a commitment to safe operations and community support while focusing on free cash flow and debt reduction [17] Other Important Information - The company has layered in hedges to support cash flow stability in 2026, with oil volumes approximately 50% hedged [6] - The company has a fully undrawn cane craft facility with a capacity of CAD 75 million [9] Q&A Session Summary Question: Can you talk about your exposure to near-term prices? - The company is paid based on the monthly average Brent price in Colombia and M minus one pricing in Ecuador, with a sensitivity analysis indicating $130 million of free cash flow at $75 oil prices [20][21] Question: How much incremental hedges have you put on? - About 50% of production is hedged for the year, with some hedges being added for Q1 2027 [28] Question: Is there any concern about Ecuador production? - There is no disruption in Ecuador, and production is currently stable at 8,500 to 9,000 barrels per day [30] Question: What is the target for debt reduction? - The company is targeting a net debt to EBITDA ratio of 1x by 2028, contingent on pricing [41] Question: What is the average ceiling price for hedges? - The average ceiling price for hedges is approximately $74 [46] Question: How will you allocate excess free cash flow? - The first choice is to repurchase outstanding debt, with a 2 to 1 obligation for debt reduction versus share buybacks [48]

Production and Sales - For the year ended December 31, 2025, total production of oil, natural gas, and NGL was 14,031,643 boe, a decrease from 10,207,636 boe in 2024[75] - The average sales price of oil per boe for 2025 was $42.53, down from $60.92 in 2024, reflecting a significant price decline[75] - Operating expenses of oil per boe increased to $18.94 in 2025 from $21.63 in 2024, indicating rising operational costs[75] - In 2025, Colombia accounted for approximately 53% of total production, with the Acordionero field contributing 29% of the total production[80] - The company drilled a total of 22 gross wells in 2025, with 14.9 net wells, compared to 30 gross wells in 2024[77] Assets and Operations - As of December 31, 2025, the company had 1,188,667 gross acres in Colombia, with 320,048 acres developed and 868,619 acres undeveloped[79] - Long-lived assets are primarily located in Colombia, Ecuador, and Canada, with no significant assets held in the United States[90] - The company operates in Colombia through Gran Tierra Energy Colombia GmbH and Gran Tierra Operations Colombia GmbH, which are qualified as operators by the ANH[92] - In Ecuador, the company holds three Production Sharing Contracts (PSCs) with a four-year exploration period and up to 20 years of production, having received a two-year extension for all contracts in 2021[100] - The company acquired 100% working interests in the Perico and Espejo Blocks in Ecuador, becoming the operator in all five Blocks in the country[101] Workforce - The company has 406 full-time employees as of February 27, 2026, down from 431 at the end of 2024, with a distribution of 137 in Canada, 217 in Colombia, and 52 in Ecuador[105] Financial Risks and Management - Financial hedging instruments are employed to manage commodity price risks and stabilize future cash flows[85] - The company is exposed to commodity price risk, with revenues influenced by oil and gas prices, primarily linked to Brent and WTI pricing[351] - 81% of the company's revenues are related to the U.S. dollar price of Brent, with the remainder linked to Canadian dollar prices[352] - A 1% strengthening of the Colombian peso against the U.S. dollar results in a foreign exchange loss of approximately $0.4 million on accounts payable[353] - The company’s Canadian and Colombian credit facilities remained undrawn as of December 31, 2025[354] - The company manages market risks by limiting investments to high-quality bank issues and government-backed securities, with a 10% change in interest rates not expected to materially affect the investment portfolio[355] Environmental Management - The company has implemented a Corporate Environmental Management Plan based on World Bank standards, ensuring compliance with environmental regulations across its operations[104] Competition - The company faces significant competition from local and multinational companies, impacting its ability to acquire properties and secure resources[89]

Core Insights - Gran Tierra Energy Inc. reported its financial and operational results for Q4 and the year ended December 31, 2025, highlighting a strong operational position and improved financial flexibility [1][2]. Financial Performance - The company achieved a 2025 adjusted EBITDA of $284 million, a decrease of 23% from $367 million in 2024 [11]. - Net cash provided by operating activities was $313 million, up 31% from $239 million in 2024 [11]. - Gran Tierra reported a net loss of $193.1 million or $5.45 per share for 2025, compared to a net income of $3.2 million or $0.10 per share in 2024 [11][20]. - Total operating expenses increased by 23% to $248.7 million in 2025, with operating expenses per boe at $15.17, which is 6% lower than in 2024 [11][20]. Production and Reserves - The company achieved an average working interest production of 45,709 BOEPD in 2025, representing a 32% increase from 2024 [6][11]. - Gran Tierra's 2025 year-end reserves included 142 million boe (1P), 258 million boe (2P), and 329 million boe (3P) [7][10]. - The company experienced over 100% reserve replacement in South America, with PDP reserves additions of 11 million boe [10]. Operational Highlights - Gran Tierra's fourth quarter production averaged 46,344 BOEPD, a 13% increase from Q4 2024 [6]. - The company achieved its best safety performance on record in 2025, with a total recordable incident frequency (TRIF) of 0.02 [17]. - The company successfully completed a bond exchange with approximately 88% participation, extending its maturity profile and reducing total bond debt outstanding [2][14]. Strategic Developments - Gran Tierra entered into an exploration, development, and production sharing agreement with SOCAR in Azerbaijan, securing a 65% participating interest [9]. - The company streamlined its capital commitments in Ecuador and Colombia, enhancing liquidity and capital allocation flexibility [9]. - The 2026 Suroriente drilling campaign includes the Raju-2 well, currently producing approximately 790 barrels of oil per day, exceeding initial expectations [9].

Group 1 - The press release includes forward-looking statements as defined by various securities laws, indicating that these statements are not guarantees of future performance [1] - The company cannot assure that the assumptions underlying the forward-looking statements will be correct, and actual results may differ materially due to various risks and uncertainties [1] - The company disclaims any obligation to publicly update or revise any forward-looking statements unless required by securities laws [1]