- 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.
https://www.globenewswire.com/news-release/2021/11/01/2324921/0/en/Gran-Tierra-Energy-Inc-Announces-Third-Quarter-2021-Results.html