Gran Tierra reports Q3 EPS 4c vs. 20c last year

Reports Q3 Operating Netback $101.40B vs. $126.71B last year. “On October 31 we were excited to have announced the close of our acquisition of i3 Energy. We believe the purchase of i3 Energy uniquely positions Gran Tierra (GTE) as a premier diversified oil and gas company with assets in Canada, Colombia, and Ecuador. The i3 Energy acquisition has diversified Gran Tierra into Canada and has added 253 net booked drilling locations, 77% operated production totaling approximately 18,000 bbls of oil equivalent per day, almost 1.2 million acres including 53 gross sections in the Montney and 144 gross sections in the Clearwater, two of the most prolific plays in North America. The i3 Energy acquisition has increased Gran Tierra’s PDP reserves by 42 million bbls of oil equivalent or 96%, 1P by 88 MMBOE an increase of 97%, and 2P by 174 MMBOE an increase of 119%. We believe the currently depressed natural gas pricing we see in Western Canada will be alleviated as major Liquified Natural Gas projects including LNG Canada are brought online. In the short term, Gran Tierra will focus on developing the significant oil weighted assets in its Canadian and South American portfolio.”