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January 4, 2013
13:45 EDTGTE, ECGran Tierra Energy reports agreement with Ecopetrol
In an 8-K filing, Gran Tierra Energy Colombia Ltd. said that it and Petrolifera Petroleum, both wholly owned indirect subsidiaries of Gran Tierra Energy (GTE), each entered into an agreement with Ecopetrol S.A. (EC) on December 28, 2012. The Purchase Agreements provide that Gran Tierra Colombia and Petrolifera Colombia agree to sell to Ecopetrol, and Ecopetrol agrees to purchase from Gran Tierra Colombia and Petrolifera Colombia, up to 100% of the volume of crude oil production produced in the Chaza Block, Santana Block and Guayuyaco Block owned by Gran Tierra Colombia and Petrolifera Colombia. The volume of crude oil does not include the volume of oil owned by the National Hydrocarbons Agency corresponding to royalties. The Purchase Agreements further provide that for Putumayo Production that is to be exported through the Port of Tumaco on the Pacific coast of Colombia, the sales point is designated as the Tumaco Port rather than a point in the Putumayo basin.
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