New User:

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.
November 13, 2015
05:11 EDTGTEGran Tierra to acquire Petroamerica
Gran Tierra Energy and Petroamerica Oil announced that they have entered into an arrangement agreement dated November 12 whereby Gran Tierra has agreed to acquire all of the issued and outstanding common shares of Petroamerica by way of a statutory plan of arrangement under the Business Corporations Act. Under the terms of the Arrangement Agreement, Petroamerica shareholders will receive, at their election, either 0.40 of a Gran Tierra common share or C$1.33 in cash for each Petroamerica share, subject to a maximum of 70% of the consideration payable in cash. If Petroamerica shareholders elect to accept all share consideration, Gran Tierra expects to issue 43.6M common shares. Gran Tierra will also be assuming the net positive working capital of Petroamerica, estimated at $25M as at October 31, after accounting for severance and transaction costs, and including previously restricted cash which Gran Tierra expects to replace with letters of credit. Based on a 5-day volume weighted average trading price of C$3.32 per Gran Tierra common share on the facilities of the TSX, the transaction value including working capital and accounting for severance and transaction costs is $84M. Gran Tierra believes that the acquisition of Petroamerica is highly strategic and will strengthen its position as the premier operator and land holder in the Putumayo Basin. Petroamerica's undeveloped land holdings and exploration and development portfolio are highly complementary to Gran Tierra's own exploration portfolio, strong cash flow, reserves base and balance sheet strength. With expected base pro forma production of 28,000-30,000 boe/d in 2016, Gran Tierra believes that the combined entity will be uniquely positioned as a high growth, well-capitalized, Colombia focused oil and gas producer with a dominant position in the Putumayo basin and a growing presence in the Llanos basin. In addition, Gran Tierra has the financial capacity to pursue additional exploration and development projects within Petroamerica's asset portfolio. The successful completion of the Acquisition is expected to be accretive to Gran Tierra's net asset value per share. Gran Tierra will remain debt free with pro forma working capital of $135M-$210M, depending on the form of consideration elected by Petroamerica shareholders.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use