New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 6, 2013
12:07 EDTGTEGran Tierra Energy rallies after Peru exploration boosts results
Gran Tierra Energy (GTE), an international oil and gas exploration and production company, is trading sharply higher after reporting first quarter results that beat estimates on the top and bottom lines. WHAT'S NOTABLE: Earlier today, GTE reported Q1 earnings per share of 20c, against estimates of 16c. The company also reported revenue of $205.4M, against estimates of $180M. "Gran Tierra Energy is having an outstanding start to the year with a major new oil exploration well success in Peru, and record levels of production and sales," noted CEO Dana Coffield. PRICE ACTION: Shares of GTE are are up 9% in midday trading to $6.16.
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