Gran Tierra Energy Inc. (TSX: T.GTE, Stock Forum) said average daily consolidated light and medium crude oil and natural gas production net after royalty (NAR) before inventory adjustments for the three months ended March 31, 2013, increased 21% to approximately 21,860 barrels of oil equivalent per day NAR compared with 18,148 barrels of oil equivalent per day NAR for the corresponding period in 2012.
Approximately 97% was oil and natural gas liquids.
According to the Gran Tierra Energy press release, first quarter production reflects increased production in all countries in which the company is producing with the largest contribution to the increase from oil discoveries in Colombia.
Additionally, preliminary indications show approximately 139,800 barrels NAR net liquidation of inventory during the quarter.
Gran Tierra is an international oil and gas exploration and production company, headquartered in Calgary, Canada and operating in South America.
On Wednesday, Gran Tierra was trading at $5.52 a share. The company had a market cap of $1.5 billion based on 268.9 million shares outstanding. The 52-week high and low was $6.54 and $4.10 respectively.