New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 17, 2013
07:14 EDTGTEGran Tierra Energy reports record quarterly production of 21,860BOEPD
Gran Tierra Energy provided updates for its production and exploration drilling in Colombia, Peru and Brazil. 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 increased 21% to approximately 21,860 barrels of oil equivalent per day - BOEPD - NAR. Approximately 97% was oil and natural gas liquids. Average daily Colombian production of light and medium crude oil and natural gas for the three months ended March 31 increased 18% to 17,850 BOEPD NAR before inventory adjustments. The production is primarily from the Costayaco and Moqueta fields in the Chaza Block in which Gran Tierra Energy has a 100% working interest. Colombia's Moqueta-9D appraisal well was spud on January 20. The Moqueta-10 well has begun drilling. This well will be followed by Moqueta-11, which is planned to be a production well. In Peru's Block 95, with a 100% working interest, Gran Tierra Energy has initiated drilling of the horizontal side-track extension of the Breta a Norte 95-2-1XD oil discovery well. Plans are ongoing to initiate long-term testing from this horizontal well, with production to be initiated within a year. In Brazil's Block 142 with 100% working interest and operator, Gran Tierra Energy's horizontal multi-stage fracture stimulation exploration drilling program in the Rec ncavo Basin onshore Brazil is ongoing, with results of the program expected mid-year.
News For GTE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
December 11, 2014
06:05 EDTGTEGran Tierra sees 2015 production 26K BOE/D-27K BOE/D gross working interest
Subscribe for More Information
06:05 EDTGTEGran Tierra announces $310M capital spending program for 2015
Gran Tierra announced its 2015 Budget with a capital spending program of $310M for its exploration and production development operations in Colombia, Peru and Brazil. The capital spending program allocates $183M for drilling, $69M for facilities, equipment and pipelines, $56M for geological and geophysical activities and $2M associated with corporate activities. The capital spending program currently contemplates the drilling of 11 gross wells in Colombia and two gross wells in Peru. Approximately 70% of the drilling program is for development and appraisal drilling and approximately 30% is for exploration drilling. Gran Tierra Energy is expecting 2015 production to average 26K BOE/D-27KBOEP/D gross working interest or 21KBOE/D-22KBOE/D net after royalty assuming an average Brent oil price of $60 per barrel. Country Drilling Facilities & Pipelines Geological & Geophysical Total Colombia $94 $36 $26 $156 Peru $77 $24 $17 $118 Brazil $12 $9 $13 $34 Total $183 $69 $56 $310* *Total includes $2MM associated with corporate work (US$ MM Net) Gran Tierra Energy is expecting 2015 production to average between 26,000 and 27,000 barrels of oil equivalent per day ("BOEPD") gross working interest ("WI") or between 21,000 and 22,000 BOEPD net after royalty ("NAR") assuming an average Brent oil price of $60 per barrel used for 2015 Budget purposes. After royalty production numbers will increase with falling oil prices and conversely decrease with rising oil prices as a result of the royalty formula calculations related to our license contracts in Colombia. Production from Colombia is expected to deliver approximately 19,000 BOEPD NAR, with Costayaco contributing approximately 10,400 BOEPD NAR and Moqueta contributing approximately 6,100 BOEPD NAR assuming a 2% contingency for potential delivery disruptions. The 2015 Budget also includes first production from Peru of approximately 1,600 BOEPD NAR, and approximately 900 BOEPD NAR from Brazil. Production expectations do not include potential production from successful exploration wells. Approximately 99% of this expected production consists of oil, with the balance consisting of natural gas. Gran Tierra Energy had $360 million in cash and cash equivalents and no debt at the end of the third quarter 2014. Based on current oil prices, Gran Tierra Energy expects the 2015 work program and budget to be funded from cash flows from operations, cash on hand and periodic draws on our credit facility if needed.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use