Gran Tierra Energy Inc. Reports Robust Reserves Replacement and Record High Reserves

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].