Gran Tierra Energy Ord Shs T.GTE

Alternate Symbol(s): GTE

Energy Oil & Gas E&P

Gran Tierra Energy Inc. is an independent international energy company. The Company is focused on international oil and natural gas exploration and production with assets in Colombia and Ecuador. The Company has interests in approximately 22 blocks in Colombia, three blocks in Ecuador, and is the operator of 24 of these blocks. Its assets in Colombia represent approximately 97% of its production with oil reserves and production located in the Middle Magdalena Valley (MMV) and Putumayo Basin. In MMV, the Company’s field is the Acordionero field, where it produces approximately 17-degree American Petroleum Institute (API) oil, which represents 52% of total company production. The Putumayo production is approximately 27-degree API for Chaza Block and 18-degree API for Suoriente Block, representing 25% and 13% respectively, of total company production. It also has production base in Canada's hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea.

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Gran Tierra Energy Ord Shs > Third Quarter 2021 Results

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Post by Betteryear2on Nov 01, 2021 6:12pm

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Post# 34075086

Third Quarter 2021 Results

Achieved Average Total Production of 28,957 BOPD, Up 53% Year-Over-Year and Up 26% from Prior Quarter
Generated Net Income of $35 Million
Increased Funds Flow from Operations(1) to $69 Million, Up 197% from Prior Quarter
Generated Free Cash Flow(1)of $34 Million, Highest Since Fourth Quarter 2012
Credit Facility Balance Paid Down to $150 Million at September 30, 2021; Current Balance of $130 Million

CALGARY, Alberta, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced the Company’s financial and operating results for the quarter ended September 30, 2021 ("the Quarter"). All dollar amounts are in United States dollars and production amounts are on an average working interest before royalties ("WI") basis unless otherwise indicated. Per barrel ("bbl") and bbl per day ("BOPD") amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty ("NAR") production, see Gran Tierra’s Quarterly Report on Form 10-Q filed November 1, 2021.

Key Highlights:

Material funds flow from operations(1) growth in the Quarter, underpinned by higher production volumes and strong Brent pricing:
- Funds flow from operations(1) increased by 758% to $69 million compared to the third quarter of 2020 and increased 197% from the second quarter of 2021 ("the Prior Quarter").
Returning to production growth with the Quarter's production up 26% from the Prior Quarter:
- The Quarter's production averaged 28,957 BOPD, up 53% from the third quarter of 2020, and up 26% from the Prior Quarter.