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Stock Market & Financial Investment News

News Breaks
December 23, 2013
17:43 EDTGTE, ECGran Tierra in deal with Ecopetrol to sell crude oil production
In a regulatory filing Gran Tierra (GTE) disclosed that on December 23, Gran Tierra Energy Colombia. and Petrolifera Petroleum, both wholly owned indirect subsidiaries of Gran Tierra Energy Inc., each entered into an agreement with Ecopetrol (EC), each Purchase Agreement comprising a general conditions agreement and a special conditions agreement. The Purchase Agreements provide that Gran Tierra Colombia and Petrolifera Colombia agrees to sell to Ecopetrol, and Ecopetrol agrees to purchase from Gran Tierra Colombia and Petrolifera Colombia, all 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 Colombian Government corresponding to royalties. The Purchase Agreements provide that the sales price for the crude oil is determined based upon a “marker” price less fees, such as port operation fees, marketing fees, transport costs, transport taxes, ranging in the aggregate from $2.70 to $8.00 per barrel of oil depending upon the point of delivery and how it is to be transported. Either party may request price negotiation if the quality of the crude oil changes or the “marker” crude oil ceases to exist.
News For GTE;EC From The Last 14 Days
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April 16, 2014
09:35 EDTECEcopetrol downgraded to Sell from Neutral at Citigroup
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April 7, 2014
07:43 EDTGTEIndependent Petroleum Association of America to hold a conference
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