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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.
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