Core Viewpoint - Gran Tierra Energy Inc. reported strong operational execution and disciplined financial management in Q1 2025, achieving record production and successful exploration efforts, while focusing on debt reduction and shareholder returns through a buyback program [2][4]. Financial Performance - Total average working interest production was 46,647 boepd, a 14% increase from Q4 2024 and a 45% increase from Q1 2024 [14]. - The company incurred a net loss of $19 million, an improvement from a net loss of $34 million in the prior quarter [14]. - Adjusted EBITDA was $85 million, compared to $76 million in the prior quarter [14]. - Net cash provided by operating activities was $73 million, up 175% from the prior quarter [14]. - Funds flow from operations was $55 million, a 25% increase from the prior quarter [14]. Operational Highlights - Gran Tierra achieved record total company average quarterly production of 46,647 boepd [4]. - Successful drilling in Ecuador resulted in two additional oil discoveries with an average production rate of approximately 1,684 bopd [5]. - In Colombia, the company drilled three wells from the Cohembi North Pad, completing them under budget and 60% faster than the previous operator [5]. - The Acordionero field maintained strong performance with average production of 13,824 boepd, a 2% increase from Q4 2024 [5]. Capital Expenditures and Liquidity - Capital expenditures for the quarter were $95 million, higher than the previous quarter due to active development programs in Canada and Ecuador [12]. - The company exited the quarter with $77 million in cash and secured an additional $75 million credit facility [4][12]. - Total debt stood at $760 million, with net debt of $683 million [14]. Exploration and Development - Gran Tierra's exploration efforts in Ecuador and Colombia continue to yield positive results, reinforcing the quality of its assets [2]. - The company plans to drill eight to ten additional wells in the Acordionero field in 2026, targeting high oil saturation areas [6]. - In Canada, the company successfully drilled two Lower Montney wells, achieving early production performance that surpassed prior offset wells by 80% [9]. Guidance and Future Outlook - Gran Tierra reaffirmed its 2025 consolidated guidance, projecting production between 47,000 and 53,000 boepd [11]. - The company anticipates operating netback of $330-370 million under various Brent oil price scenarios [11].

[First Quarter 2025 Performance Overview](index=1&type=section&id=First%20Quarter%202025%20Performance%20Overview) This section provides an overview of Gran Tierra Energy Inc.'s Q1 2025 performance, highlighting strong operational execution, financial discipline, and key achievements [Message to Shareholders](index=1&type=section&id=Message%20to%20Shareholders) Gran Tierra Energy Inc. demonstrated strong Q1 2025 operational execution and financial discipline, prioritizing debt reduction and shareholder returns through a front-loaded capital program and exploration success - The company's Q1 2025 performance was characterized by **strong operational execution and disciplined financial management**, supported by a **front-loaded capital program** with up to five active rigs[3](index=3&type=chunk) - Key priorities include **lowering leverage** through **debt reduction** and generating returns via a **share buyback program**[3](index=3&type=chunk) - Focused **exploration efforts** continue to yield **successful results**, reinforcing asset quality and long-term value creation strategy[3](index=3&type=chunk) [Key Operational Highlights](index=1&type=section&id=Key%20Operational%20Highlights) Gran Tierra achieved record Q1 2025 production of **46,647 boepd**, continued exploration success, and strengthened its balance sheet with **$77 million** cash and a new **$75 million** credit facility - Achieved **Record Total Company Average Quarterly Production of 46,647 boepd**[5](index=5&type=chunk) - **Ecuador Exploration Success** Continues with **Additional Oil Discoveries** in Iguana Block[5](index=5&type=chunk) - Exited the Quarter with **$77 Million in Cash**, Paid Down **$27 Million of Debt**, and secured a **New $75 Million Credit Facility**[5](index=5&type=chunk) [Operational Review by Region](index=1&type=section&id=Operational%20Review%20by%20Region) This section reviews Gran Tierra's Q1 2025 operational performance across Ecuador, Colombia, and Canada, highlighting drilling successes and production optimizations [Ecuador Operations](index=1&type=section&id=Ecuador%20Operations) Gran Tierra successfully drilled two additional oil discoveries, Iguana B1 and B2, in Ecuador's Iguana Block, achieving record drilling times and producing approximately **1,684 bopd** - Successfully drilled **two additional oil discoveries**, Iguana B1 and Iguana B2 wells, on the Iguana Block[6](index=6&type=chunk) - Combined wells produced an average of **~1,684 bopd** over 30 days from the U-Sand formation[6](index=6&type=chunk) - Iguana B1 well was drilled and completed in **record time and under budget**, setting a new pace for Ecuador exploration[6](index=6&type=chunk) [Colombia Operations](index=1&type=section&id=Colombia%20Operations) In Colombia, Gran Tierra successfully drilled three wells at Cohembi North Pad, completed the Cohembi Central Processing Facility, and increased Acordionero field production by **2%** QoQ through waterflood optimization - Successfully drilled the **first three of five wells** from the Cohembi North Pad, **60% faster and under budget**[6](index=6&type=chunk) - Cohembi civil, electrical, and mechanical field works reached **100% mechanical completion**[10](index=10&type=chunk) - Acordionero field production **increased 2%** from Q4 2024 to **13,824 boepd** in Q1 2025, with current production (April 2025) at **~14,500 boepd (5% increase)** from Q1 average due to waterflood optimization[10](index=10&type=chunk) [Canada Operations](index=2&type=section&id=Canada%20Operations) In Canada, Gran Tierra successfully drilled two Lower Montney wells at Simonette, exceeding type curves with **814 boe/d** gross production, acquired **21** prospective land sections, and participated in two successful Clearwater wells - Successfully drilled and completed **two Lower Montney wells** at Simonette, with average gross production of **814 boe/d (84% liquids)** after 21 days, **surpassing prior offset well performance by 80%** and **exceeding budgeted type curves**[10](index=10&type=chunk) - Acquired **21 sections** of prospective land in Central Alberta, adding **over 50 potential drilling opportunities**[10](index=10&type=chunk) - Participated in the successful drilling of **two gross (0.5 net) wells** at Clearwater, including a 4-legged injector for a waterflood pilot and a 14-legged non-op well to test heavy oil productivity[10](index=10&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) This section analyzes Gran Tierra's Q1 2025 financial performance, covering consolidated highlights, funds flow, debt, capital expenditures, and detailed revenue and expense analysis [Consolidated Financial Highlights](index=2&type=section&id=Consolidated%20Financial%20Highlights) Gran Tierra reported a Q1 2025 net loss of **$19 million**, an improved **Adjusted EBITDA of $85 million**, and a significant **175% QoQ** increase in net cash from operating activities to **$73 million** Q1 2025 Consolidated Financial Highlights | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (Loss) | $(19) million | $(34) million | $0 million | | Adjusted EBITDA | $85 million | $76 million | $95 million | | Net Cash Provided by Operating Activities | $73 million | $26.6 million | $60.8 million | - Total average WI production was **46,647 boepd**, **14% higher** than Q4 2024 and **45% higher** than Q1 2024, driven by Canadian production and Ecuador exploration success[10](index=10&type=chunk) - Net Debt to Adjusted EBITDA (twelve-month trailing) was **1.9 times**, with a long-term target of **1.0 times**[10](index=10&type=chunk) [Key Financial Metrics Deep Dive](index=3&type=section&id=Key%20Financial%20Metrics%20Deep%20Dive) Gran Tierra's Q1 2025 Funds Flow from Operations increased **25% QoQ** to **$55 million**, supported by **$77 million** cash and **$110 million** undrawn credit, while capital expenditures rose to **$95 million** and oil sales increased **16% QoQ** to **$171 million** [Funds Flow, Cash & Debt, and Liquidity](index=3&type=section&id=Funds%20Flow%2C%20Cash%20%26%20Debt%2C%20and%20Liquidity) This section details Gran Tierra's Q1 2025 funds flow from operations, cash balance, total debt, net debt, and liquidity position Funds Flow from Operations and Cash/Debt | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :-------------------------- | :------ | :------ | :------ | | Funds Flow from Operations | $55 million | $44 million | $74 million | | Cash Balance (as of Mar 31) | $77 million | - | - | | Total Debt (as of Mar 31) | $760 million | - | - | | Net Debt (as of Mar 31) | $683 million | - | - | - Funds flow from operations **increased 25%** from Q4 2024 but **decreased 26%** from Q1 2024 due to lower oil prices[12](index=12&type=chunk) - Repaid **$25 million** of 6.25% Senior Notes due 2025 and repurchased **$2 million** of 9.5% Senior Notes due 2029[12](index=12&type=chunk) - Secured approximately **$110 million** in undrawn credit and lending facilities, including a new **$75 million** reserve-based lending facility in Colombia[12](index=12&type=chunk) [Capital Expenditures and Share Buybacks](index=3&type=section&id=Capital%20Expenditures%20and%20Share%20Buybacks) This section outlines Gran Tierra's Q1 2025 capital expenditures and share buyback activities, reflecting investment in development programs and shareholder returns Capital Expenditures | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :----------------- | :------ | :------ | :------ | | Capital Expenditures | $95 million | $79 million | $55 million | - Capital expenditures **increased** due to the Canadian development program, active Ecuador exploration, and Cohembi field development in Colombia[12](index=12&type=chunk) - Repurchased **453,050 shares** in Q1 2025, contributing to approximately **5.2 million shares (15% of shares outstanding on Jan 1, 2023)** repurchased since January 1, 2023[12](index=12&type=chunk) [Revenue and Expense Analysis](index=3&type=section&id=Revenue%20and%20Expense%20Analysis) This section provides a detailed analysis of Gran Tierra's Q1 2025 oil sales, South American quality and transportation discounts, operating expenses, and transportation expenses Oil Sales and Expenses | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :------------------------------------ | :------ | :------ | :------ | | Oil Sales | $171 million | $147 million | $158 million | | South American Quality & Trans. Discounts | $11.58/bbl | $13.94/bbl | $15.36/bbl | | Operating Expenses | $67 million | $61 million | $48 million | | Operating Expenses (per boe) | $15.89/boe | $16.39/boe | $16.40/boe | | Transportation Expenses | $7 million | $4 million | $4.5 million | - Oil sales **increased 16% QoQ and 8% YoY**, driven by **45% higher sales volumes** and tightening oil differentials, offsetting lower Brent pricing[12](index=12&type=chunk) - South American quality and transportation discounts **decreased to $11.58 per bbl**, down from $13.94 in Q4 2024 and $15.36 in Q1 2024, indicating improved realized prices[12](index=12&type=chunk) - Operating expenses **increased 11% QoQ and 39% YoY** in total, primarily due to new Canadian operations and increased production volumes, but **decreased 3% on a per boe basis** compared to Q1 2024 and Q4 2024[12](index=12&type=chunk) - Transportation expenses **increased 62% QoQ and 51% YoY** due to new Canadian operations and higher sales volumes in Ecuador[12](index=12&type=chunk) [2025 Outlook and Guidance](index=4&type=section&id=2025%20Outlook%20and%20Guidance) This section presents Gran Tierra's reconfirmed 2025 consolidated and country-specific guidance, including production targets, commodity price assumptions, capital expenditures, and free cash flow projections [Consolidated 2025 Guidance](index=4&type=section&id=Consolidated%202025%20Guidance) Gran Tierra reconfirms its 2025 consolidated guidance, projecting **47,000-53,000 boepd** production, **$240-280 million** in capital expenditures, and **$20 million** free cash flow under a **$75/bbl** Brent oil price base case 2025 Consolidated Guidance (Base Case) | Metric | Base Case | | :-------------------------------- | :-------- | | Brent Oil Price ($/bbl) | 75.00 | | WTI Oil Price ($/bbl) | 71.00 | | AECO Natural Gas Price ($CAD/thousand cubic feet) | 2.50 | | Production (boepd) | 47,000-53,000 | | Operating Netback ($ million) | 430-470 | | EBITDA ($ million) | 380-420 | | Cash Flow ($ million) | 260-300 | | Capital Expenditures ($ million) | 240-280 | | Free Cash Flow ($ million) | 20 | | Number of Development Wells (gross) | 10-14 | | Number of Exploration Wells (gross) | 6-8 | Budgeted Costs per boe (2025) | Cost Category | Costs per boe ($/boe) | | :---------------------- | :-------------------- | | Lifting | 12.00-14.00 | | Workovers | 1.50-2.50 | | Transportation | 1.00-2.00 | | General and Administration | 2.00-3.00 | | Interest | 4.00-4.50 | | Current Tax | 2.00-3.00 | [Country-Specific 2025 Guidance](index=4&type=section&id=Country-Specific%202025%20Guidance) Gran Tierra's 2025 country-specific guidance projects Canada contributing **18-19 kboepd**, Colombia **25-27 kboepd**, and Ecuador **4-7 kboepd**, with Colombia expected to have the highest realized price and operating netback 2025 Budget by Country - Base Case | Metric | Canada | Colombia | Ecuador | | :-------------------------- | :------- | :------- | :------- | | Production (kboepd) | 18 - 19 | 25 - 27 | 4 - 7 | | Realized Price ($/boe) | 22 - 24 | 51 - 53 | 43 - 45 | | Operating and Transportation Expense ($/boe) | 10 - 12 | 19 - 21 | 12 - 14 | | Operating Netback ($/boe) | 10 - 14 | 30 - 34 | 29 - 33 | - Canada's production is comprised of approximately **50% natural gas, 21% oil, and 29% natural gas liquids**[13](index=13&type=chunk) [Supplementary Information](index=6&type=section&id=Supplementary%20Information) This section provides detailed financial and operational tables, definitions of non-GAAP measures, clarifications on oil and gas information, forward-looking statements, and corporate contact details [Detailed Financial and Operational Tables](index=6&type=section&id=Detailed%20Financial%20and%20Operational%20Tables) This section offers comprehensive financial and operational data, including consolidated results and specific breakdowns for South American and Canadian operations, enabling detailed performance analysis [Consolidated Financial Data](index=6&type=section&id=Consolidated%20Financial%20Data) This section presents consolidated financial data for Gran Tierra, including net income, sales, operating netback, Adjusted EBITDA, cash from operations, capital expenditures, and production Consolidated Financial Data (Three Months Ended) | Metric | March 31, 2025 | March 31, 2024 | December 31, 2024 | | :------------------------------------------ | :------------- | :------------- | :---------------- | | Net Income (Loss) ($000s) | $(19,280) | $(78) | $(34,210) | | Oil, Natural Gas and NGL Sales ($000s) | $170,533 | $157,577 | $147,290 | | Operating Netback ($000s) | $96,268 | $104,527 | $82,241 | | Adjusted EBITDA ($000s) | $85,162 | $94,792 | $76,168 | | Net Cash Provided by Operating Activities ($000s) | $73,230 | $60,827 | $26,607 | | Capital Expenditures ($000s) | $94,727 | $55,331 | $78,579 | | Average Daily WI Production Before Royalties (boe/d) | 46,647 | 32,242 | 41,009 | | Cash Netback ($/boe) | $13.04 | $25.13 | $11.90 | [South American Operational Data](index=8&type=section&id=South%20American%20Operational%20Data) This section provides detailed operational data for Gran Tierra's South American operations, including oil sales, operating netback, production, and royalty rates South American Operational Data (Three Months Ended) | Metric | March 31, 2025 | March 31, 2024 | December 31, 2024 | | :------------------------------------------ | :------------- | :------------- | :---------------- | | Oil Sales ($000s) | $138,671 | $157,577 | $128,335 | | Operating Netback ($000s) | $83,540 | $104,527 | $73,607 | | Average Daily WI Production Before Royalties (boe/d) | 29,686 | 32,242 | 29,695 | | Royalties, % of WI Production Before Royalties | 20% | 20% | 19% | | Operating Netback ($/boe) | $30.79 | $35.37 | $27.61 | - South American average realized price was **$51.11/bbl** in Q1 2025, **down from $53.32/bbl** in Q1 2024[17](index=17&type=chunk) [Canadian Operational Data](index=9&type=section&id=Canadian%20Operational%20Data) This section details operational data for Gran Tierra's Canadian operations, including oil, natural gas, and NGL sales, operating netback, production, and royalty rates Canadian Operational Data (Three Months Ended) | Metric | March 31, 2025 | March 31, 2024 | December 31, 2024 | | :------------------------------------------ | :------------- | :------------- | :---------------- | | Oil Sales ($000s) | $21,269 | $— | $14,832 | | Natural Gas Sales ($000s) | $7,561 | $— | $3,546 | | NGL Sales ($000s) | $7,997 | $— | $4,193 | | Operating Netback ($000s) | $12,728 | $— | $8,634 | | Average Daily WI Production Before Royalties (boe/d) | 16,961 | $— | 11,314 | | Royalties, % of WI Production Before Royalties | 13% | —% | 14% | | Operating Netback ($/boe) | $8.33 | $— | $8.30 | - Gran Tierra entered Canada with the **acquisition of i3 Energy**, which closed **October 31, 2024**, hence no comparative data for Q1 2024[20](index=20&type=chunk) - Canadian average realized price for crude oil was **$65.23/bbl**, natural gas **$1.69/mcf**, and NGLs **$17.67/bbl** in Q1 2025[19](index=19&type=chunk) [Non-GAAP Measures Definitions and Reconciliations](index=9&type=section&id=Non-GAAP%20Measures%20Definitions%20and%20Reconciliations) This section defines and reconciles non-GAAP financial measures, including Funds Flow from Operations, Operating Netback, Net Debt, Cash Netback, EBITDA, and Adjusted EBITDA, which provide supplemental financial performance information - **Non-GAAP measures** like Funds Flow from Operations, Operating Netback, Net Debt, Cash Netback, EBITDA, and Adjusted EBITDA are used to analyze financial performance but do not have standardized meanings under GAAP[19](index=19&type=chunk)[31](index=31&type=chunk) - Operating netback is defined as **oil sales less operating and transportation expenses**[32](index=32&type=chunk) - Cash netback is defined as **net income or loss adjusted for various non-cash items** and other specific expenses/gains[33](index=33&type=chunk) - EBITDA is **net income adjusted for DD&A, interest, and income tax**; Adjusted EBITDA **further adjusts for non-cash lease expense, lease payments, foreign exchange, stock-based compensation, transaction costs, other gains/losses, and unrealized derivative instruments**[33](index=33&type=chunk) [Presentation of Oil and Gas Information](index=15&type=section&id=Presentation%20of%20Oil%20and%20Gas%20Information) This section clarifies the presentation of oil and gas information, including boe conversion ratios, preliminary well test results, and the definition of "potential drilling opportunities," emphasizing their non-indicative nature for future commercial recovery - Boe conversion ratio of **6 Mcf natural gas to 1 boe** is based on **energy equivalency, not value equivalency** at the wellhead, and may be misleading if used in isolation[35](index=35&type=chunk) - Well test results and log interpretations are **preliminary** and **not necessarily indicative of long-term performance, ultimate recovery, or commercial quantities**[36](index=36&type=chunk) - "**Potential drilling opportunities**" refer to **unbooked locations internally estimated for drilling**, with **no certainty of resulting in additional reserves, resources, or production**[39](index=39&type=chunk) [Forward-Looking Statements and Legal Advisories](index=11&type=section&id=Forward-Looking%20Statements%20and%20Legal%20Advisories) This section outlines forward-looking statements regarding business strategy, capital spending, liquidity, and commodity prices, highlighting material factors, assumptions, and risks that could cause actual results to differ - The press release contains **forward-looking statements** regarding business strategy, capital spending, liquidity, and commodity prices, based on expectations and assumptions about operational, regulatory, and industry conditions[26](index=26&type=chunk) - Important factors that could cause actual results to differ materially include **operational difficulties** (e.g., guerilla activity, strikes), **global and regional changes in demand/supply/prices**, **commodity price volatility**, and **geopolitical events**[27](index=27&type=chunk)[28](index=28&type=chunk) - Gran Tierra **disclaims any intention or obligation to update or revise forward-looking statements**, except as required by applicable law, and cautions that financial outlooks should not be used for purposes other than those disclosed[29](index=29&type=chunk)[30](index=30&type=chunk) [Corporate Information and Contacts](index=11&type=section&id=Corporate%20Information%20and%20Contacts) This section provides details on upcoming events, corporate resources, and contact information, including the Q1 2025 results conference call, sustainability report, and investor relations contacts - Gran Tierra will host its **first quarter 2025 results conference call** on Friday, **May 2, 2025**, at 9:00 a.m. Mountain Time[21](index=21&type=chunk) - The **2024 Sustainability Report and Corporate Presentation** are available on the Company's website[22](index=22&type=chunk)[23](index=23&type=chunk) - 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 common stock trading on NYSE American, TSX, and LSE under GTE[24](index=24&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ or (Exact name of registrant as specified in its charter) ☐ Delaware 98-0479924 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. QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ( ...

Core Points - Gran Tierra Energy Inc. will release its 2025 first quarter financial and operating results on May 1, 2025, after market close [1] - The company will host a conference call on May 2, 2025, at 9:00 a.m. Mountain Time to discuss the results [1] - Gran Tierra's 2025 Annual Meeting of Stockholders is scheduled for May 2, 2025, at 10:00 a.m. Mountain Time, and will be a virtual-only meeting [2] Participation Details - Shareholders can participate in the virtual Annual Meeting by registering electronically and must have a control number to vote and submit questions [3] - Instructions for voting, appointing a proxyholder, and attending the meeting are available in the Proxy Statement on the company's website [4] - Interested parties can register for the first quarter conference call through a provided link, and a unique PIN will be issued for participation [5] Additional Information - An audio replay of the conference call will be available two hours after the call and accessible until May 2, 2026 [6] - Shareholders can obtain a free copy of the proxy statement and other SEC filings through the SEC website [7] - Gran Tierra Energy Inc. is focused on oil and natural gas exploration and production in Canada, Colombia, and Ecuador [9]

Core Viewpoint - Gran Tierra Energy Inc. has successfully closed a new reserve-based lending facility with commitments of up to US$75 million, enhancing its liquidity and operational flexibility during a volatile market period [1][2]. Group 1: Credit Facility Details - The new credit facility has a final maturity date of 36 months from the closing date [1][6]. - The facility includes a commitment of US$75 million, which will be redetermined annually starting May 1, 2026 [6]. - Interest on the facility is based on a Term Secured Overnight Financing Rate plus a margin of 4.50% per annum [6]. - The loan is secured by economic rights over certain contracts and Gran Tierra's Colombian commercial establishment [6]. Group 2: 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 [3]. - The company is committed to developing its existing asset portfolio and pursuing new growth opportunities [3].

Financial Data and Key Metrics Changes - Gran Tierra Energy closed 2024 with record highs across all reserve categories and achieved its highest ever quarterly production in Q4, with an average working interest production of 34,710 BOE per day, a 6% increase from 2023 [6][9] - The company reported a net income of $3 million or $0.10 per share in 2024, compared to a net loss of $6.3 million per share in 2023 [11] - Adjusted EBITDA for 2024 was $367 million, an 8% decrease from $399 million in 2023, while funds from operations were $223 million or $7.02 per share, down from $277 million in 2023 [12] - Cash and cash equivalents increased to $103 million as of December 31, 2024, compared to $62 million at the end of 2023 [13] Business Line Data and Key Metrics Changes - Gran Tierra's capital expenditures increased by 3% to $234 million in 2024, driven by a higher number of wells drilled [11] - The company plans to allocate roughly 25% of its total capital program to exploration in 2025, equating to six to eight exploration wells [10] Market Data and Key Metrics Changes - Gran Tierra's net oil sales for 2024 were $622 million, a slight decrease of 2% compared to 2023 [14] - Operating costs for 2024 were $202 million, an 8% increase from $187 million in 2023, with operating expenses per BOE at $16.14, a 2% increase from 2023 [14] Company Strategy and Development Direction - The company is focusing on execution and unlocking the full potential of its oil-weighted portfolio, which holds over 293 million BOE of 2P reserves [6] - Gran Tierra is committed to share buybacks as a key pillar of shareholder returns, with a current 1P net asset value of $35.23 per share [7][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reducing operating costs in 2025, anticipating a decrease due to the ramp-up of production in Ecuador and the transition to more permanent facilities [31][32] - The company expects production growth of 5% to 10% in 2026, supported by its extensive asset base [33] Other Important Information - Gran Tierra achieved year-end reserves of 167 million BOE 1P, 293 million BOE 2P, and 385 million BOE 3P, with excellent reserves replacement results [21] - The company is well-positioned for long-term commodity cycles, with approximately 20% of its production now attributed to natural gas [22] Q&A Session Summary Question: Higher cost of sales in 2024 and future expectations - Management expects costs to trend down in 2025 due to various factors including the removal of diesel subsidies and higher natural gas prices [31][32] Question: Production expectations for 2026 and 2027 - Management is comfortable with a production growth of 5% to 10% based on the current asset base and reserves [33] Question: Sale of production from different regions - Most production in Canada is sold domestically, and management believes the company is insulated from potential tariff impacts [35][36] Question: Capital structure changes and integration of I3 assets - The company plans to fund maturing debt through cash on hand and available credit facilities, with a focus on reducing net debt [46] Question: Discounts in Colombia and additional committed lines - Discounts in Colombia have narrowed significantly, and the company is working on negotiating an additional line of credit [52][54] Question: Expectations for the Iguana exploration well and LNG Canada Phase one - The Iguana well is currently in the completion phase, and management expects natural gas prices to be choppy in the short term but is bullish long-term [57][58] Question: Plans for debt reduction and share repurchases - Management plans to allocate 50% of additional free cash flow to debt reduction and 50% to share repurchases [62] Question: Political environment in Ecuador - Management is optimistic about the political situation in Ecuador, expecting a continuation of a business-friendly approach [65] Question: Market reaction and shareholder support - The company will continue share buybacks as a primary tool to support shareholder value amidst market fluctuations [69]

February 2025 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 docu ...

Reserves and Production - Gran Tierra achieved a record high of 167 million barrels of oil equivalent (MMBOE) in 1P reserves, 293 MMBOE in 2P reserves, and 385 MMBOE in 3P reserves as of December 31, 2024[7]. - The company reported a 702% replacement rate for 1P reserves, 1,249% for 2P reserves, and 1,500% for 3P reserves, driven by exploration successes in Colombia and Ecuador, as well as entry into Canada[6]. - Total liquids 1P and 2P reserves increased to 128 million barrels and 217 million barrels of oil equivalent, respectively, with reserve life indices rising to 10 years for 1P and 17 years for 2P[5]. - Gran Tierra's total production rate was reported at 46,619 boe per day (BOEPD) for the fourth quarter of 2024[8]. - Total proved reserves amount to 166,652 Mboe, with 81,877 Mboe classified as proved developed producing[20]. - The reserve life index for total proved reserves is estimated at 10 years, while total proved plus probable reserves have a reserve life index of 17 years[24]. - Approximately 20% of Gran Tierra's production and 23% of its 1P reserves are now attributed to conventional natural gas and shale gas following the entry into Canada[3]. Financial Performance and Projections - Gran Tierra's net present value (NPV) before tax at a 10% discount is estimated at $1.95 billion for 1P, $3.24 billion for 2P, and $4.52 billion for 3P[7]. - The company reported a net asset value (NAV) per share of $35.24 before tax and $19.53 after tax for 1P reserves, and $71.16 before tax and $41.05 after tax for 2P reserves[7]. - Gran Tierra's 2025 base case guidance for cash flow is projected at $280 million, which is 27% of the 1P future development capital (FDC) and 15% of the 2P FDC[14]. - The company reported reserve additions of 190,562 Mboe for total proved plus probable plus possible reserves, with finding, development, and acquisition (FD&A) costs of $6.92 per boe including FDC[35]. - The company anticipates significant operational and financial performance improvements for 2025, with projections based on current management expectations[46]. - Gran Tierra's financial outlook is based on assumptions about future economic conditions and operational plans, which may not materialize as expected[46]. - The company acknowledges the volatility in oil and natural gas prices, which could impact its financial performance and strategy[43]. Costs and Expenditures - Finding, development, and acquisition costs were reported at $4.49 per barrel of oil equivalent (boe) for 1P, $2.52 for 2P, and $2.10 for 3P, excluding changes in future development costs[5]. - Future development costs (FDC) for 2P reserves increased to $1,809 million at year-end 2024 from $923 million at year-end 2023, primarily due to the acquisition of i3 Energy plc[25]. - The company’s capital expenditures for the year ended December 31, 2024, totaled $400,532,000[27]. - The average finding, development, and acquisition costs for total proved reserves, excluding FDC, were reported at $4.49 per boe[30]. Strategic Focus and Growth - The company is focused on expanding its portfolio in Canada, Colombia, and Ecuador while pursuing new growth opportunities[39]. - The acquisition of i3 Energy is expected to provide operational synergies and benefits, although successful integration remains a key factor[42]. - The company is focused on organic and inorganic growth opportunities, with a strategy that may include acquisitions[42]. - Gran Tierra's capital spending plans and long-term strategy are subject to change based on operational, regulatory, and market conditions, highlighting the uncertainty in guidance[45]. Market Conditions and Risks - Forecasted Brent crude oil prices are projected to reach $83.46 per barrel by 2029, while WTI crude oil prices are expected to be $79.22 per barrel[37]. - Gran Tierra's operations are influenced by geopolitical events and local disruptions, which could materially affect production and sales[43]. - Investors are encouraged to review the risk factors and disclosures in the company's Annual Report on Form 10-K and other SEC filings[67]. - Gran Tierra is subject to SEC reporting requirements, including the disclosure of proved, probable, and possible reserves in accordance with U.S. federal securities law[64]. - The company prepares financial statements in accordance with U.S. GAAP, which includes supplementary disclosures regarding oil and gas activities[64].

Production and Operations - Total production of oil, natural gas, and NGLs for the year ended December 31, 2024, was 10,207,636 boe, a decrease of 10% from 9,526,270 boe in 2023[76] - Colombia accounted for approximately 85% of total production, with the Acordionero field contributing 44% of the company's total production in 2024[81] - The company drilled 30 wells in 2024, with 10 productive development wells and 6 productive exploration wells in Colombia and Ecuador[78] - As of December 31, 2024, the company had 1,652 gross oil wells and 1,699 gross natural gas wells across its operations in Colombia, Canada, and Ecuador[79] - Developed acreage as of December 31, 2024, totaled 1,185,443 gross acres, with 330,025 acres in Colombia and 855,418 acres in Canada[80] Financial Performance - Average sales price of oil per boe for 2024 was $60.92, down from $66.86 in 2023, reflecting a decrease of approximately 9%[76] - Operating expenses of oil per boe increased to $21.63 in 2024 from $21.14 in 2023, representing a rise of about 2.3%[76] - The company reported that 97% of its revenues are tied to the U.S. dollar price of Brent crude oil, with foreign currency risks primarily related to the Colombian peso[307][308] - At December 31, 2024, Gran Tierra Energy's credit facility remained undrawn, compared to $36.4 million drawn at the end of 2023, indicating improved liquidity management[309] - A 10% change in interest rates would not materially affect the value of Gran Tierra Energy's investment portfolio, which is focused on preservation of principal and liquidity[310] Risk Management - The company employs financial hedging instruments to manage commodity price risks and stabilize future cash flows[87] - The oil and gas industry is highly competitive, with significant competition from local and multinational companies impacting the company's ability to acquire properties and secure resources[91] Regulatory and Contractual Framework - Gran Tierra Energy operates in Colombia, Ecuador, and Canada, with a focus on oil and gas properties under various contracts with local authorities[94][100][103] - In Colombia, the company operates under contracts with the ANH, allowing it to retain rights to produce all reserves and income from exploration blocks, with production periods lasting up to 24 years[97][99] - The company holds three Participation Contracts in Ecuador, which were extended by two years in Q2 2021, allowing for exploration periods typically lasting four years[101] Workforce and Employment - As of December 31, 2024, Gran Tierra Energy had 431 full-time employees, an increase from 351 in 2023, with the majority located in Colombia[106] - The company emphasizes equal opportunity employment and has programs to increase gender and diversity representation among its workforce[109] Environmental Management - The company has implemented a web-based reporting system for tracking environmental compliance incidents and corrective actions, reflecting its commitment to environmental management[105] - Gran Tierra Energy's environmental management system is ISO14001:2015 certified, demonstrating compliance with international best practices[105]

Core Insights - Gran Tierra Energy Inc. reported record highs in reserves and production for the year ended December 31, 2024, setting a strong foundation for future growth [2][5][10] - The company is focusing on exploration drilling in Ecuador and integrating new operations in Canada, with plans to drill 6 to 8 high-impact exploration wells in 2025 [3][9] - Gran Tierra successfully repurchased 6.7% of its outstanding shares in 2024, reflecting confidence in its future prospects and commitment to shareholder value [2][12] Operational Highlights - The company achieved a record fourth-quarter production of 41,009 BOEPD and an average working interest production of 34,710 BOEPD for 2024, a 6% increase from 2023 [5][9] - Gran Tierra's total company reserves reached 167 MMBOE (1P), 293 MMBOE (2P), and 385 MMBOE (3P), with significant reserves replacement ratios of 702% (1P), 1,249% (2P), and 1,500% (3P) [5][10] - The company reported its best safety performance on record in 2024, with 27.8 million person-hours without a Lost Time Injury [16] Financial Highlights - Gran Tierra realized a net income of $3.2 million or $0.10 per share for 2024, compared to a net loss of $6.3 million in 2023 [8][15] - Adjusted EBITDA for 2024 was $366.8 million, a decrease of 8% from $399.4 million in 2023, attributed to lower Brent oil prices [12][17] - The company generated net cash provided by operating activities of $239.3 million, up 5% from $228.0 million in 2023 [12][17] Reserves and Asset Valuation - As of December 31, 2024, Gran Tierra's before-tax net asset value (NAV) was $1.3 billion (1P), $2.6 billion (2P), and $3.8 billion (3P) [10][18] - The NAV per share was reported at $35.23 (1P) and $71.14 (2P) before tax, indicating significant discounts to the current share price [10][19] - The company’s finding, development, and acquisition costs on a per BOE basis were $9.74 (1P), $8.11 (2P), and $6.92 (3P) [10][12] Future Outlook - Gran Tierra expects production in 2025 to range between 47,000 and 53,000 BOEPD, driven by a development drilling program and exploration initiatives [9][10] - The company plans to drill 5-7 gross development wells in Suroriente, 2-3 appraisal wells in Ecuador, and 6 development wells in Canada in 2025 [9][10] - The exploration initiatives in Ecuador and Colombia are anticipated to be significant catalysts for unlocking new reserves and driving sustainable growth [3][9]