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]

Core Points - Gran Tierra Energy Inc. will release its 2024 fourth quarter and year-end financial and operating results on February 24, 2025, before market open [1] - A conference call will be held on the same day at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time, and 4:00 p.m. Greenwich Mean Time [1] - Interested parties must register for the conference call through a provided link, and will receive a unique PIN and call-in details [2] - A live webcast of the conference call will be accessible via Gran Tierra's website, with an audio replay available two hours after the call until February 24, 2026 [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 [4] - The company is developing its existing asset portfolio and pursuing new growth opportunities to strengthen its position [4] - Gran Tierra's common stock trades on the NYSE American, Toronto Stock Exchange, and London Stock Exchange under the ticker symbol GTE [4]

Group 1 - Gran Tierra Energy Inc. will release its 2024 fourth quarter and year-end financial and operating results on February 24, 2025, before market open [1] - A conference call will be hosted on the same day at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time, and 4:00 p.m. Greenwich Mean Time [1] - Interested parties must register for the conference call through a provided link, as there is no general dial-in number [2] Group 2 - The live webcast of the conference call can be accessed via a link available on Gran Tierra's website, with an audio replay available two hours after the call until February 24, 2026 [3] - Gran Tierra Energy Inc. is focused on oil and natural gas exploration and production in Canada, Colombia, and Ecuador, and is developing its existing asset portfolio while seeking new growth opportunities [4] - The company's common stock trades on the NYSE American, Toronto Stock Exchange, and London Stock Exchange under the ticker symbol GTE [4]

Company Overview - Gran Tierra Energy (NYSE: GTE) has a long-standing operational history in Colombia and is now expanding with new discoveries in Ecuador and an acquisition of a Canadian company, which is expected to drive growth [2]. Industry Insights - The oil and gas sector is characterized as a boom-bust, cyclical industry, requiring patience and experience for successful investment [2].

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]