Core Insights - Gran Tierra Energy Inc. reported its 2025 year-end reserves and resources, highlighting a strong asset base with over 100% reserve replacement in South America for both proved developed producing (PDP) and proved plus probable (2P) categories [3][5][17] Reserves and Resources - The company achieved 2P reserves of 258 million barrels of oil equivalent (MMBOE) and unrisked best estimate contingent resources of 74 MMBOE in the Hoadley Glauconitic project [3][5] - Gran Tierra holds 118 million barrels of mean unrisked prospective resources across its Colombia and Ecuador prospects [3][5] - The total proved (1P) reserves are 142 MMBOE, while proved plus probable (2P) reserves are 258 MMBOE, and proved plus probable plus possible (3P) reserves are 329 MMBOE [7][17] Financial Metrics - The net present value (NPV) before tax discounted at 10% is reported as $1.5 billion for 1P, $2.5 billion for 2P, and $3.3 billion for 3P [5][7] - The net asset value (NAV) per share is $22.63 before tax and $13.62 after tax for 1P, and $51.09 before tax and $31.19 after tax for 2P [5][7] Production and Cash Flow - The company reported a reserve life index of 8 years for 1P and 15 years for 2P, indicating a robust production outlook [5][17] - PDP reserves continue to generate strong cash flow, supporting debt reduction and strengthening the balance sheet [4][5] Regional Insights - South America remains the principal source of reserves replacement and capital-efficient growth for the company, with significant new discoveries enhancing the reserves base [10][11] - In Canada, certain natural gas reserves were reclassified as contingent resources due to lower forecasted gas prices, but this reclassification has limited impact on the overall net present value [3][11] Future Development Costs - Future development costs (FDC) for 1P reserves are estimated at $888 million and $1.682 billion for 2P reserves, reflecting a decrease from the previous year primarily due to the reclassification of certain reserves [17][28]