Core Viewpoint - Gran Tierra Energy Inc. (NYSE:GTE) has experienced a significant increase in share price, driven by record production levels and positive financial guidance for the year 2025 [1][2]. Group 1: Company Performance - Gran Tierra Energy reported an average production of 48,235 barrels of oil equivalent per day (boepd) for December 2025, marking the highest monthly production in the company's history [3]. - The company estimates its total average production for Q4 2025 to be approximately 46,500 boepd and around 45,800 boepd for the full year [3]. - In Ecuador, Gran Tierra achieved a daily production rate of 10,000 barrels of oil per day (bopd) during the fourth quarter [4]. Group 2: Financial Guidance - Gran Tierra has guided for revenue between $590 million and $610 million, and adjusted EBITDA between $270 million and $290 million for the year ended December 31, 2025 [4]. Group 3: Exploration and Commitments - The company finalized all exploration commitments in Ecuador, highlighted by successful discoveries at Conejo in the Hollín and Basal Tena sands [4].

Core Viewpoint - Gran Tierra Energy Inc. has reported significant operational achievements, including record production levels and successful exploration commitments in Ecuador, alongside preliminary financial estimates for 2025, indicating a strong operational performance and growth potential for the company [1][3][4]. Production Achievements - The company achieved an average production of 48,235 boepd in December 2025, marking the highest monthly average in its history [3][4]. - In Ecuador, Gran Tierra reached a daily production rate of 10,000 bopd during the fourth quarter of 2025, with current production rates around 8,800 bopd [4]. - The Conejo wells (A-1 and A-2) continue to produce approximately 2,700 bopd, with individual IP60 rates of 1,921 bopd and 1,317 bopd respectively [4]. Exploration and Development - All exploration commitments in Ecuador have been fulfilled, highlighted by successful discoveries at Conejo, contributing to a combined IP60 rate of approximately 3,238 bopd [4]. - Multiple Field Development Plans (FDPs) have been approved, including the Iguana FDP in Q1 2026 and the Chanangue FDP in Q3 2025, with additional FDPs under review [4]. - The company is advancing its waterflood development program, with a successful injectivity test completed in the Chanangue field, and plans for further injector conversions in 2026 [4]. Financial Estimates - Preliminary unaudited financial data for the year ended December 31, 2025, estimates net debt at approximately $657 million, with capital expenditures ranging from $250 million to $270 million [7]. - Estimated revenue is projected between $590 million to $610 million, with gross profit expected to be in the range of $65 million to $75 million [7]. - Adjusted EBITDA for 2025 is estimated to be between $270 million to $290 million, reflecting strong operational performance despite challenges [7]. Operational Highlights - At Cohembi North, gross production increased to approximately 9,100 bopd, driven by successful drilling and a robust waterflood program [4]. - In Canada, Gran Tierra's Simonette asset continues to show strong performance, with new wells meeting or exceeding expectations, supporting stable production and cash flow [5]. - The company plans to drill four gross development wells in Cohembi during the first half of 2026, enhancing future production capabilities [4].

Core Viewpoint - Gran Tierra Energy Inc. has initiated an Exchange Offer for its outstanding 9.500% Senior Notes due 2029, allowing Eligible Holders to exchange these for newly issued 9.500% Senior Secured Notes due 2031, with specific terms and conditions outlined in the Exchange Offer Memorandum [1][6]. Exchange Offer Details - The Exchange Offer involves the exchange of US$716.34 million of Existing Notes for New Notes, with an Early Participation Premium of US$50 for those who participate before the Early Participation Deadline [2][10]. - Eligible Holders who tender their Existing Notes by the Early Participation Deadline will receive a Total Consideration of US$1,000 per US$1,000 principal amount, which includes the Early Participation Premium [10][11]. - The Total Consideration will be paid in a combination of cash and New Notes, with accrued interest paid in cash on the respective settlement dates [15][11]. Important Dates - The Exchange Offer commenced on January 29, 2026, with the Early Participation Deadline set for February 11, 2026, and the Expiration Deadline on February 27, 2026 [8][7]. - The Early Settlement Date is expected to be February 18, 2026, and the Settlement Date is anticipated to be March 2, 2026 [8][7]. Proposed Amendments - Alongside the Exchange Offer, the Company is soliciting consents from Eligible Holders to amend the Existing Indenture, which includes eliminating restrictive covenants and releasing collateral securing the Existing Notes [6][16]. - The amendments require the consent of at least 66-2/3% of the aggregate principal amount of Existing Notes outstanding [6][8]. Cash Consideration Structure - The cash consideration for the Total Consideration will start at US$110 million if 80% of the Existing Notes are tendered, increasing by US$750,000 for each additional 1% tendered, up to a maximum of US$125 million if 100% are tendered [11][12]. - The distribution of cash consideration per US$1,000 of Existing Notes will vary based on the total amount tendered, with specific examples provided for different participation levels [13][11]. Eligibility and Participation - The Exchange Offer is available to holders who qualify as "qualified institutional buyers" in the U.S. and "accredited investors" in Canada, with specific eligibility requirements outlined [18][21]. - Eligible Holders must complete an eligibility letter to participate in the Exchange Offer and receive the Exchange Offer Memorandum [18][21].

All dollar amounts are in United States ("U.S.") dollars and all reserves and production volumes are on a working interest before royalties ("WI") basis (net). Reserves are expressed in barrels ("bbl"), millions of barrels ("MMBBL"), bbl of oil equivalent ("boe") or million boe ("MMBOE"), while production is expressed in boe per day ("BOEPD"), unless otherwise indicated. Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "Our 2025 year-end reserves and resources results reinforce ...

Core Insights - Gran Tierra Energy Inc. reported its 2025 year-end reserves and resources, highlighting a strong asset base with over 100% reserve replacement in South America for both proved developed producing (PDP) and proved plus probable (2P) categories [3][5][17] Reserves and Resources - The company achieved 2P reserves of 258 million barrels of oil equivalent (MMBOE) and unrisked best estimate contingent resources of 74 MMBOE in the Hoadley Glauconitic project [3][5] - Gran Tierra holds 118 million barrels of mean unrisked prospective resources across its Colombia and Ecuador prospects [3][5] - The total proved (1P) reserves are 142 MMBOE, while proved plus probable (2P) reserves are 258 MMBOE, and proved plus probable plus possible (3P) reserves are 329 MMBOE [7][17] Financial Metrics - The net present value (NPV) before tax discounted at 10% is reported as $1.5 billion for 1P, $2.5 billion for 2P, and $3.3 billion for 3P [5][7] - The net asset value (NAV) per share is $22.63 before tax and $13.62 after tax for 1P, and $51.09 before tax and $31.19 after tax for 2P [5][7] Production and Cash Flow - The company reported a reserve life index of 8 years for 1P and 15 years for 2P, indicating a robust production outlook [5][17] - PDP reserves continue to generate strong cash flow, supporting debt reduction and strengthening the balance sheet [4][5] Regional Insights - South America remains the principal source of reserves replacement and capital-efficient growth for the company, with significant new discoveries enhancing the reserves base [10][11] - In Canada, certain natural gas reserves were reclassified as contingent resources due to lower forecasted gas prices, but this reclassification has limited impact on the overall net present value [3][11] Future Development Costs - Future development costs (FDC) for 1P reserves are estimated at $888 million and $1.682 billion for 2P reserves, reflecting a decrease from the previous year primarily due to the reclassification of certain reserves [17][28]

January 2026 DIVERSIFIED OIL & GAS PRODUCER FOCUSED ON LONG TERM VALUE CREATION www.grantierra.com GENERAL ADVISORY The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. You are encouraged to conduct your own analysis and review of Gran Tierra Energy Inc. ("Gran Tierra", "GTE", or the "Company") and of the information contained in this presentation. Without limitation, you should read the entire record of publicly filed docum ...

Industry Overview - The Zacks Oil and Gas - Exploration and Production - Canadian industry is heavily influenced by oil and gas prices, which directly affect cash flow, spending plans, and investor confidence [1][2] - The industry faces challenges such as prolonged price weakness, infrastructure issues, and regulatory uncertainty, leading to production delays and inconsistent results [1][5] - Despite these challenges, improved market access, better pipeline utilization, and stricter capital discipline have helped stabilize margins and reduce pricing discounts [1][4] Current Market Conditions - The industry currently holds a Zacks Industry Rank of 232, placing it in the bottom 3% of 243 Zacks industries, indicating bearish near-term prospects [6][8] - Analysts have revised earnings estimates for the industry down by 22% for 2026 over the past year, reflecting a negative outlook for earnings growth potential [8] Performance Metrics - Over the past year, the industry has increased by 8.9%, outperforming the broader Zacks Oil - Energy Sector's 3.3% increase but lagging behind the S&P 500's 19.3% rise [10] Valuation - The industry is currently trading at a trailing 12-month EV/EBITDA ratio of 5.37, significantly lower than the S&P 500's 18.94 and slightly below the sector's 5.62 [14] Key Companies Canadian Natural Resources (CNQ) - Canadian Natural is one of the largest independent energy producers in Canada, with a diversified portfolio and a market capitalization of around $72 billion [17][19] - The company focuses on maximizing free cash flow and shareholder returns, maintaining financial flexibility across commodity cycles [18] InPlay Oil (IPOOF) - InPlay Oil is a Canadian light-oil producer with a market capitalization of around $272 million, producing about 18,500 barrels of oil equivalent per day [22][24] - The company emphasizes capital discipline and has a Zacks Consensus Estimate indicating 300% year-over-year growth in 2026 earnings per share [24] Gran Tierra Energy (GTE) - Gran Tierra Energy operates in Colombia, Ecuador, and Canada, controlling over 2.7 million gross acres and producing roughly 46,600 barrels of oil equivalent per day [27][28] - The company has a market capitalization of around $175 million and a Zacks Consensus Estimate indicating 28.1% growth in 2026 earnings [29]

Core Viewpoint - Gran Tierra Energy Inc. has announced its 2026 capital budget, production guidance, and operational updates, focusing on generating free cash flow and maximizing the value of its diversified portfolio following the completion of exploration commitments in Ecuador [1][2][3]. 2026 Capital Budget and Production Guidance - The 2026 capital budget is designed to support high-return, quick-payout development projects across South America and Canada, with a production target of approximately 42,000 to 47,000 barrels of oil equivalent per day (boepd) [5][6]. - The budget includes various scenarios for Brent and WTI oil prices, with Brent projected at $55 to $75 per barrel and WTI at $51 to $71 per barrel [5]. Financial Projections - The company anticipates operating netback ranging from $245 million to $465 million, EBITDA between $220 million and $415 million, and cash flow of $130 million to $290 million, depending on the price scenarios [5]. - Free cash flow is targeted at $10 million to $140 million, with a focus on achieving $60 million to $80 million in the base case [6][5]. Debt Management - Gran Tierra plans to address the $180 million amortization of its 2029 notes due in October 2026, supported by strong liquidity and a resilient cash-generating asset base [3][6]. - The company has repurchased $20 million of its 2029 notes, reducing the outstanding balance to $718 million [6]. Operational Updates - The successful acquisition of the Perico and Espejo blocks in Ecuador is expected to enhance the company's portfolio and operational synergies, with production in Ecuador projected to reach approximately 8,500 to 9,500 bopd by the end of 2025 [4][9]. - Current corporate production is estimated at 48,000 to 49,000 boepd, with ongoing development programs in Colombia and Ecuador [4][6]. Strategic Focus - Gran Tierra is transitioning its Ecuador program from exploration to appraisal and development, aiming to maximize free cash flow while integrating recent discoveries into its growth strategy [6][8]. - The company is implementing structural cost-saving initiatives to improve operational efficiency and reduce costs across its portfolio [6].

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued firms within the sector, including Gran Tierra [1] - The author emphasizes the importance of understanding the balance sheet, competitive position, and development prospects of these companies [1] - The investing group, Oil & Gas Value Research, aims to uncover under-followed oil companies and midstream firms that present compelling investment opportunities [2] Group 2 - The industry is characterized as a boom-bust, cyclical market, requiring patience and experience for successful investment [2] - The group provides an active chat room for investors to discuss recent information and share investment ideas [2]

Core Points - Gran Tierra Energy Inc. has confirmed compliance with post-offer intention statements regarding its acquisition of i3 Energy plc, which was completed on October 31, 2024 [3] Group 1 - Gran Tierra completed the acquisition of the entire issued and to be issued share capital of i3 Energy plc through a Court-sanctioned scheme of arrangement [3] - The acquisition became effective on October 31, 2024, following the announcement made on August 19, 2024 [3] - Gran Tierra has confirmed in writing to The Panel on Takeovers and Mergers that it has adhered to the intentions stated in its previous announcements [3]