New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 10, 2014
05:41 EDTGTEGran Tierra reports year-end 1P oil and gas reserves NAR up 4% to 42.1 MMBOE
Reports year-end total Proved , or 1P, oil and gas reserves net after royalty, or NAR, increased 4% to 42.1 MMBOE; 95% light and medium oil and liquids consistent with 95% at year-end 2012; Total Proved plus Probable, or 2P, reserves NAR increased 99% to 111.9 MMBOE.
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