THE FOLLOWING ANNOUNCEMENT IS BEING MADE PURSUANT TO THE REQUIREMENTS OF RULE 19.6(C) OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE"), WHICH, INTER ALIA, REQUIRES A PARTY TO AN OFFER TO MAKE AN ANNOUNCEMENT AT THE END OF A PERIOD OF 12 MONTHS FROM THE DATE ON WHICH THE OFFER PERIOD ENDED CONFIRMING WHETHER IT HAS TAKEN, OR NOT TAKEN, THE COURSE OF ACTION SET OUT IN ITS STATED INTENTIONS FOR IMMEDIATE RELEASE CALGARY, Alberta, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra") ...

Gran Tierra Energy (NYSEAM:GTE) Q3 2025 Earnings Call October 31, 2025 11:00 AM ET Speaker2Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's conference call for third quarter 2025 results. My name is Shannon, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following the initial remarks, we will conduct a question-and-answer session for securities analysts and institutions. Instructions will be provided at that time for you to queue up ...

Production and Operations - Gran Tierra's total average working interest production was 42,685 boepd, a 30% increase from Q3 2024, but a 10% decrease from the prior quarter due to external events in Ecuador[10] - Current production is approximately 45,200 boepd, with an expected exit rate of 47,000 to 50,000 boepd[4] - Average daily production before royalties increased to 42,685 boe/d from 32,764 boe/d in the same quarter of 2024, representing a 30% increase[15] - The Cohembi field in Colombia achieved its highest production in a decade, increasing output by approximately 135% from 2,800 to 6,700 gross bopd[6] Financial Performance - The company incurred a net loss of $20 million, compared to a net loss of $13 million in the prior quarter and net income of $1 million in Q3 2024[10] - Gran Tierra reported a net loss of $19.95 million for the three months ended September 30, 2025, compared to a net income of $1.13 million in the same period of 2024[15] - Gross profit decreased by 70% to $14.7 million compared to $48.8 million in Q3 2024[14] - Gross profit decreased to $14.67 million from $48.80 million year-over-year for the three months ended September 30, 2025[15] - Adjusted EBITDA was $69 million, down from $77 million in the prior quarter and $93 million in Q3 2024[10] - Adjusted EBITDA for the three months ended September 30, 2025, was $69.03 million, down from $92.79 million in the same period of 2024[15] - Operating expenses increased by 22% to $68 million compared to the prior quarter, and by 48% compared to Q3 2024[14] - Operating expenses rose to $68.38 million from $46.06 million year-over-year for the three months ended September 30, 2025[15] - Capital expenditures were $57 million during the quarter, higher than $51 million in the prior quarter and $53 million in Q3 2024[10] - Capital expenditures before changes in working capital were $57.34 million for the three months ended September 30, 2025, compared to $52.92 million in the prior year[15] - Free cash flow for Q3 2025 was negative $15,655,000, down from positive $7,417,000 in Q3 2024, and negative $52,302,000 for the nine months ended September 30, 2025, compared to positive $11,287,000 in the same period of 2024[32] - Net debt as of September 30, 2025, was $755 million, calculated from total debt of $804 million minus cash and cash equivalents of $49 million[32] Discoveries and Acquisitions - The company made three major discoveries in Ecuador, including the Conejo A-1 and A-2 wells, enhancing its exploration success[6] - The company is focused on integrating the assets and operations of i3 Energy following its acquisition, which closed on October 31, 2024[31] - Gran Tierra plans to pursue additional growth opportunities to strengthen its portfolio in Canada, Colombia, and Ecuador[22] Market and Pricing - Gran Tierra generated sales of $149 million, a 1% decrease from Q3 2024, primarily due to a 13% decrease in Brent pricing[14] - The average realized price before royalties was $43.44 per boe for the three months ended September 30, 2025, down from $64.61 per boe in the same quarter of 2024[16] - The company’s operating netback was $18.89 per boe for the three months ended September 30, 2025, compared to $34.18 per boe in the same period of 2024[16] - Royalties as a percentage of WI production before royalties decreased to 16% for the three months ended September 30, 2025, from 21% in the same quarter of 2024[16] Conference and Reporting - The company will host its Q3 2025 results conference call on October 31, 2025, at 9:00 a.m. Mountain Time[20]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-34018 GRAN TIERRA ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 98-0479924 ...

Core Insights - Gran Tierra Energy Inc. reported financial and operational results for Q3 2025, highlighting continued operational success and exploration achievements in Ecuador and Colombia [1][2][4] Production and Operations - Total average working interest production was 42,685 barrels of oil equivalent per day (boepd), a 30% increase compared to Q3 2024 [10] - Current production is approximately 45,200 boepd, with an expected exit rate of 47,000 to 50,000 boepd [4][14] - Production was temporarily impacted by a landslide in Ecuador and trunk line repairs at the Moqueta field, leading to deferred production rather than lost production [4][12] Exploration Success - In Ecuador, the Conejo A-1 and A-2 wells achieved significant exploration success, with Conejo A-1 producing at stabilized rates of 1,328 barrels of oil per day (bopd) [7][11] - The Chanangue-1 well re-entered and tested previously bypassed formations, currently producing approximately 600 bopd [11] - In Colombia, the Cohembi field reached production levels not seen in over a decade, with output increasing by approximately 135% [3][11] Financial Performance - Gran Tierra incurred a net loss of $20 million in Q3 2025, compared to a net loss of $13 million in the prior quarter [14][16] - Adjusted EBITDA was $69 million, down from $77 million in the prior quarter [14][16] - Capital expenditures were $57 million during the quarter, primarily focused on exploration drilling and infrastructure [14][16] Capital Structure and Liquidity - The company secured a $200 million prepayment facility and increased its Canadian credit facility from C$50 million to C$75 million [6][9] - As of September 30, 2025, Gran Tierra had a cash balance of $49 million and total debt of $804 million [14][16] Operational Metrics - Operating netback was $18.89 per boe, down 12% from the prior quarter, primarily due to increased operating expenses [14][15] - Gross profit decreased 70% to $14.7 million compared to $48.8 million in Q3 2024 [14][16] - Total operating expenses increased by 22% to $68 million, attributed to higher workover activities and lifting costs [14][16]

Core Viewpoint - Gran Tierra Energy Inc. has entered into crude oil sale and purchase agreements, enhancing its financial flexibility and capital structure through prepayment arrangements [1][2][4]. Group 1: Oriente Crude Oil Agreements - The agreements involve an initial advance of up to $150 million, with a potential additional advance of $50 million, contingent on certain conditions [2]. - The advances will be fulfilled through scheduled deliveries of Ecuadorian Oriente crude oil production, aimed at strengthening the company's balance sheet [2]. Group 2: Capital Structure Optimization - Gran Tierra has amended its Colombian credit facility, reducing the borrowing base from $75 million to $60 million and adjusting financial covenants to accommodate the prepayment structure [3]. - The amendment allows the execution and performance of the Oriente Crude Oil Agreements, further optimizing the company's capital structure [3]. Group 3: Management Commentary - The Chief Financial Officer emphasized that the prepayment agreement enhances financial flexibility and reflects strong confidence from partners in Gran Tierra's operations [4]. - The company remains committed to maintaining financial discipline and generating sustainable free cash flow through efficient production and prudent capital allocation [4]. Group 4: Company Overview - Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production in Canada, Colombia, and Ecuador [8]. - The company is actively developing its existing asset portfolio while pursuing new growth opportunities to strengthen its overall position [8].

Core Viewpoint - Gran Tierra Energy Inc. will release its third quarter financial and operating results for 2025 on October 30, 2025, after market hours, followed by a conference call on October 31, 2025, at 9:00 a.m. Mountain Time [1] Group 1: Conference Call Participation - Interested parties must register through a provided link to participate in the conference call, as there is no general dial-in number [2] - After registration, participants will receive a unique PIN and call-in details, with an option for a "Call Me" feature for convenience [2] Group 2: Webcast and Replay - A live webcast of the conference call will be accessible via a link on Gran Tierra's website, and an audio replay will be available for two hours post-call, lasting until October 31, 2026 [3] 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, and Ecuador, with ongoing development of its asset portfolio and pursuit of new growth opportunities [4]

Core Insights - Gran Tierra Energy Inc. has appointed Brad Virbitsky as an independent director to its Board of Directors effective September 30, 2025 [1] Group 1: Appointment Details - Brad Virbitsky is a portfolio manager and partner at Equinox Partners LLC, with over 30 years of experience in natural resources and emerging markets [2] - He has over a decade of experience advising management teams and boards on long-term corporate and financial strategies, with deep expertise in the global energy sector [2] - His previous roles include serving as a director of Crew Energy, where he participated in governance and audit committees and was involved in the successful sale of Crew to Tourmaline at a 70% premium [3] Group 2: Educational Background - Mr. Virbitsky holds a Bachelor of Arts in Philosophy with Honors from Princeton University and a Certificate in Finance from the Bendheim Center [4] - He has completed professional development courses including S&P valuation and oil and gas reserve analysis training [4] 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, and Ecuador [5] - The company is developing its existing asset portfolio and pursuing new growth opportunities to strengthen its position [5]

Core Viewpoint - Gran Tierra Energy Inc. has announced the acquisition of GeoPark Ecuador S.A. and Frontera Energy Colombia Corp's interests in the Perico and Espejo Blocks in Ecuador for a total purchase price of US$15.55 million, with additional contingent consideration based on production milestones [1][2][3]. Group 1: Acquisition Details - The total purchase price for the Blocks and Consortiums is US$15.55 million, subject to customary working capital adjustments as of January 1, 2025 [2] - An additional contingent consideration of $1.5 million is payable upon the Perico Block achieving cumulative gross production of two million barrels from January 1, 2025 [2] - The acquisitions are expected to close upon satisfaction of customary closing conditions, including regulatory approvals, anticipated no earlier than Q4 2025 [2][6] Group 2: Strategic Importance - The acquisitions represent a strategic expansion in Ecuador's Oriente Basin, enhancing Gran Tierra's existing operations and exploration potential [3][5] - The Perico Block is adjacent to Gran Tierra's operated Iguana Block, where recent oil discoveries were made, providing a natural extension for exploration success [4][5] - The Espejo Block, while further south, offers opportunities to enhance existing reserves and leverage regional economies of scale [4][5] Group 3: Operational Insights - The Blocks to be acquired include existing production of approximately 2,000 barrels of oil per day, translating to a purchase price of about $7,750 per flowing barrel [5] - Gran Tierra's established presence and technical expertise in the region position the company to unlock further value from these assets through efficient enhanced oil recovery techniques [5] - The acquisitions will complement Gran Tierra's ongoing exploration and development activities in Ecuador [6]

Core Insights - Gran Tierra Energy reported record production of 47,196 barrels of oil equivalent per day in Q2 2025, driven by an expanded Canadian portfolio [1][5] - Despite operational growth, revenue declined by 8% year over year to $152 million due to weaker commodity prices, resulting in a net loss of $13 million compared to a profit of $36 million in Q2 2024 [1][2] Financial Performance - Net income decreased significantly to $(13 million) from $36 million, marking a 136.1% decline [2] - Revenue fell to $152 million from $165 million, an 8.4% decrease [2] - Adjusted EBITDA dropped 25.2% to $77 million [2] - Funds flow from operations increased by 17.4% to $54 million [2] - Free cash flow turned positive at $2.7 million, improving from $(15.1 million) [2] Production and Operational Highlights - Average daily production increased by 43.9% year over year, reaching 47,196 boe/d [2] - The Canadian segment contributed 17,496 boe/d, with new wells exceeding expectations despite lower realized prices [6] - Colombia's Acordionero field benefited from waterflood optimization, enhancing oil recovery [5][14] Cost Management and Efficiency - Operating costs per barrel improved to $13.42, the lowest since Q1 2022 [7] - Drilling costs in the Colombian Cohembi field decreased by 47% compared to previous operators [7] - Operating netback fell to $21.39, significantly lower than $38.80 in Q2 2024 due to lower sales prices and the inclusion of Canadian volumes [11] Strategic Developments - The company entered a binding agreement to exit the UK North Sea, expected to close in Q3 2025 [8] - A $14 million gain from hedging activities helped mitigate the impact of lower oil prices [8][10] - A $200 million prepayment facility was signed to enhance liquidity and balance sheet flexibility [9][12] Regional Performance - Colombia remained the core revenue source, with the Acordionero field averaging around 14,200 barrels per day [14] - Ecuador's operations showed positive results from successful drilling in the Iguana Block [15] - Canadian operations, while adding scale, realized lower prices and margins compared to South America [15] Management Outlook - No updated financial guidance was provided, but prior expectations for FY2025 production were set at 47,000 to 53,000 boe/d [17] - Investors are advised to monitor realized oil pricing and the integration of Canadian assets for future performance [18]