Core Viewpoint - Gran Tierra Energy Inc. reported strong year-end reserves for 2024, highlighting significant exploration successes in Ecuador and Colombia, and a new entry into Canada, which positions the company for future growth in proven hydrocarbon basins with established infrastructure [1][3][5]. Reserves and Production - The company achieved a year-end total of 167 million barrels of oil equivalent (MMBOE) in Proved (1P) reserves, 293 MMBOE in Proved plus Probable (2P) reserves, and 385 MMBOE in Proved plus Probable plus Possible (3P) reserves [6][8]. - Gran Tierra reported a remarkable reserves replacement of 702% for 1P, 1,249% for 2P, and 1,500% for 3P, driven by exploration success and acquisitions [5][12]. Financial Metrics - The Net Present Value (NPV) at a 10% discount rate was reported as $1.95 billion for 1P, $3.24 billion for 2P, and $4.52 billion for 3P [6][8]. - The company’s Net Asset Value (NAV) before tax was $1.27 billion for 1P, $2.56 billion for 2P, and $3.84 billion for 3P, with NAV per share of $35.24 for 1P and $71.16 for 2P [6][8]. Production and Development Costs - Gran Tierra's production rate was reported at 46,619 barrels of oil equivalent per day (BOEPD) [9]. - Finding, development, and acquisition costs (FD&A) were $4.49 per barrel for 1P, $2.52 for 2P, and $2.10 for 3P, excluding changes in future development costs [7][12]. Strategic Positioning - The company’s entry into Canada accounts for approximately 20% of its production, 23% of 1P reserves, and 26% of 2P reserves, enhancing its portfolio in competitive fiscal regimes [3][12]. - Gran Tierra aims to generate shareholder value through a focus on portfolio longevity, cash flow growth, and low decline rates via enhanced oil recovery techniques [4][12].

Core Insights - Gran Tierra Energy Inc. announced its 2025 capital budget, production guidance, and operational updates, highlighting a balanced, returns-focused approach to capital allocation and a significant increase in production guidance for 2025 [1][2][4]. 2025 Guidance - The company forecasts a production range of 47,000 to 53,000 BOEPD for 2025, representing a 44% increase from the 2024 production of 34,710 BOEPD [2][5]. - The capital expenditure budget for 2025 is set between $240 million and $280 million, with expected cash flow ranging from $260 million to $300 million [5][6]. - The budget includes plans for 10-14 development wells and 6-8 high-impact exploration wells [5][6]. Capital Allocation - Approximately 55% of the capital program will be allocated to Colombia, 30% to Ecuador, and 15% to Canada [6][7]. - The company plans to allocate up to 50% of free cash flow after exploration to share buybacks [5][10]. Operational Focus - Gran Tierra aims to grow reserves and production across its Colombian, Ecuadorian, and Canadian assets, with a focus on high-impact exploration and infrastructure projects [3][4]. - The company has drilled 10 exploration wells since 2021, achieving 9 discoveries and plans to drill additional wells in Ecuador and Colombia in 2025 [3][4]. Safety and Sustainability - Gran Tierra reported 27.8 million person-hours without a Lost Time Injury (LTI) in 2024, marking the safest year in its history [8]. Financial Metrics - The company expects operating netback to range from $330 million to $550 million, with EBITDA projected between $300 million and $500 million for 2025 [6][7]. - Free cash flow is forecasted to be $90 million before exploration and $20 million after exploration in the base case [5][10]. Development Plans - In Colombia, the Suroriente block will see the drilling of 5-7 gross development wells, while in Ecuador, 2-3 appraisal wells are planned [7][10]. - The company is also focusing on optimizing production through waterflood expansion and facility upgrades in its existing fields [10].

| --- | --- | |---------------------|-------| | | | | November 2024 | | | | | | DIVERSIFIED | | | | | | 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 presen ...

Financial Data and Key Metrics Changes - Gran Tierra generated $60 million of funds flow from operations, or $1.96 per share, which was up 31% from the prior quarter [8] - Adjusted EBITDA was $93 million compared to $103 million in the prior quarter [8] - The company generated net income of $1 million [8] - As of September 30, 2024, the company had a cash balance of $278 million and net debt of $509 million, with expectations for the cash balance to decrease by approximately $170 million due to the i3 acquisition [8] - Oil sales were $151 million, down 9% from the prior quarter due to lower prices and wider oil differentials [9] - The operating netback was $34.18 per barrel, down 12% from the prior quarter [10] Business Line Data and Key Metrics Changes - Total average working interest production was 32,764 barrels of oil per day, consistent with the prior quarter [12] - Capital expenditures were $53 million, lower than the $61 million in the prior quarter [12] - Operating expenses decreased by 2% to $46 million compared to the prior quarter [13] - Transportation expenses decreased by 31% to $3.9 million due to shorter delivery distances [13] Market Data and Key Metrics Changes - Brent averaged $78.71 per barrel, down 7% from the prior quarter [9] - The company's quality and transportation discounts per barrel were $14.10, higher than the $12.79 in the prior quarter [9] Company Strategy and Development Direction - The acquisition of i3 Energy diversifies Gran Tierra into Canada and adds significant drilling locations and production capacity [5][6] - The company plans to focus on oil-weighted opportunities in Canada while continuing to develop high-impact oil opportunities in South America [7] - Gran Tierra aims to optimize waterflood performance and increase production through ongoing projects in Colombia and Ecuador [14][15] Management's Comments on Operating Environment and Future Outlook - Management expects cash taxes to decrease in the fourth quarter due to oil price fluctuations [22] - The company anticipates a lower overall tax rate in 2025 compared to 2024 [23] - Management is optimistic about the integration of i3 Energy and the growth potential in both Canadian and South American markets [27][28] Other Important Information - Gran Tierra has paused its share buyback program due to the i3 acquisition, with only 370,000 shares repurchased during the quarter [10] - The company has a long-term net debt-to-EBITDA target of 1x or less [8] Q&A Session Summary Question: What will the tax position look like post-acquisition? - Management expects cash taxes to decrease, with a move to a 10% surtax in the fourth quarter due to oil prices [22][23] Question: How is the buyback program connected to the company? - The buyback is funded through free cash flow, and the company has an automatic share purchase plan in place [24] Question: What drove the acquisition of i3 Energy? - The acquisition provides a platform for growth in Western Canada and diversification of oil and gas assets [27] Question: What is the outlook for 2025 guidance? - Management expects to provide 2025 guidance in early January [33] Question: How will capital expenditures change in 2025? - Capital expenditures are expected to increase due to opportunities in Canadian assets, with a focus on oil-weighted projects [34] Question: What is the expectation for the discount rate to Brent? - The discount rate is expected to continue due to wider differentials influenced by increased crude supply [36] Question: How will production and cash flow be divided between Canada and South America? - South America is expected to remain the majority contributor to adjusted EBITDA, but Canada is anticipated to grow significantly [39]

Financial Performance - Gran Tierra achieved $1 million in net income and generated $60 million in funds flow from operations, an increase of 31% from the prior quarter[1]. - Gran Tierra's net income for the quarter was $1.13 million, down from $6.53 million in the prior quarter[18]. - Net income for the three months ended September 30, 2024, was $1,133, compared to $6,527 for the same period in 2023, indicating a decline of approximately 83.7%[26]. - EBITDA for the three months ended September 30, 2024, was $97.365 million, down 15.6% from $115.382 million in the same period of 2023[28]. - Adjusted EBITDA for the quarter was $93 million, compared to $103 million in the prior quarter[14]. - Adjusted EBITDA for the three months ended September 30, 2024, was $92.794 million, a decrease of 22.2% from $119.235 million in the same period of 2023[28]. - Gran Tierra generated oil sales of $151 million, down 16% from Q3 2023, primarily due to weaker Brent pricing and 4% lower sales volumes[16]. - Free cash flow for the three months ended September 30, 2024, was $7.417 million, down 79.3% from $35.920 million in the same period of 2023[29]. - The company reported free cash flow of $7,417, a significant decrease from $35,920 in the prior quarter[18]. - Cash netback for the three months ended September 30, 2024, was $60,338, down from $79,000 in the same period of 2023, representing a decrease of approximately 23.6%[27]. - Cash netback per bbl was $20.34, an increase from $15.85 in the prior quarter, but a decrease from $25.48 a year ago[17]. - Gran Tierra's return on average capital employed was 17% during the quarter and 16% over the trailing 12 months[15]. - Gran Tierra's return on average capital employed for the three months ended September 30, 2024, was 17%, compared to 16% for the previous period[26]. Production and Operations - Total average working interest production for Q3 2024 was 32,764 BOPD, consistent with the prior quarter[13]. - The company successfully drilled its sixth consecutive oil discovery in Ecuador, achieving cumulative production of over 1 million barrels of oil[8]. - The acquisition of i3 Energy added 253 net booked drilling locations and increased Gran Tierra's PDP reserves by 42 million bbls of oil equivalent, a 96% increase[2]. - The company plans to drill 19 gross wells in Q4 2024, targeting core operating areas in Canada[5]. - Acordionero water treatment facilities expansion is expected to increase water handling capacity by 21,500 bbls per day, a 35% increase[12]. Expenses and Liabilities - Capital expenditures for the quarter were $53 million, lower than the $61 million in the prior quarter but up from $43 million in Q3 2023[15]. - Operating expenses decreased by 2% to $46 million compared to the prior quarter, and by 7% from Q3 2023, mainly due to lower lifting costs[16]. - Transportation expenses decreased by 31% to $4 million compared to the prior quarter, but increased by 2% from Q3 2023[16]. - General and administrative expenses before stock-based compensation were $3.20 per bbl, down from $3.77 in the prior quarter[16]. - Interest expense for the three months ended September 30, 2024, was $19.892 million, an increase of 47.9% compared to $13.503 million in the same period of 2023[28]. - DD&A expenses for the three months ended September 30, 2024, were $55.573 million, slightly up from $55.019 million in the same period of 2023[28]. - Gran Tierra exited the quarter with $278 million in cash and total debt of $787 million, resulting in net debt of $509 million[14]. - Net debt as of September 30, 2024, was $509 million, calculated from total debt of $787 million minus cash and cash equivalents of $278 million[30]. Future Outlook and Risks - Gran Tierra continues to pursue additional growth opportunities to strengthen its portfolio in Canada, Colombia, and Ecuador[21]. - The company plans to continue its drilling program and capital expenditures while monitoring commodity prices, including future gas pricing in Canada[22]. - Gran Tierra's financial outlook is subject to various risks, including geopolitical events and changes in commodity prices, which may impact operational performance[23]. - Gran Tierra's acquisition of i3 Energy is expected to provide anticipated benefits and operating synergies, although specific financial guidance for 2024 is no longer applicable on a combined company basis[23]. Non-GAAP Measures - The company emphasizes that non-GAAP measures, such as operating netback and cash netback, are useful for analyzing financial performance and should not be viewed as alternatives to GAAP measures[24]. - The company's operating netback was $34.18 per bbl, down 12% from the prior quarter and down 16% from Q3 2023[16]. - Average realized price per bbl was $51.03, down from $58.03 in the prior quarter[19].

CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra”) (NYSE American: GTE)(TSX: GTE)(LSE: GTE), today announces that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to make a normal course issuer bid (the “Bid”) for its shares of common stock (the “Shares”). As of October 31, 2024, there were 36,460,141 Shares issued and outstanding and the public float was 35,458,717 Shares. Pursuant to the Bid, Gran Tierra will be able to purchase for cancellat ...

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, 2024 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 98-04799 ...

Gran Tierra Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well and Has Achieved Cumulative Production of Over 1 Million Barrels of Oil in Ecuador Gran Tierra Achieved $1 Million in Net Income and Generated $60 Million in Funds Flow from Operations(2), an Increase of 31% from Prior QuarterThird Quarter 2024 Total Average WI Production of 32,764 BOPDOperating Netback of $101 Million and Adjusted EBITDA of $93 Million(1)(4)Exited the Quarter with $278 Million in Cash Entered into ne ...

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) -- 31 October 2024 RECOMMENDED AND FINAL CASH AND SHARE ACQUISITION for i3 Energy plc ("i3 Energy") by Gran Tierra Energy Inc. ("Gran Tierra") to be implemented by way of a scheme of arrangement under Part 26 of t ...

CALGARY, Alberta, Oct. 28, 2024 (GLOBE NEWSWIRE) --  Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2024 third quarter financial and operating results on Monday, November 4, 2024, before market open. Gran Tierra will host its 2024 third quarter results conference call on the same day, Monday, November 4, 2024, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may register for the conference call ...