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Stock Market & Financial Investment News

News Breaks
May 29, 2014
16:40 EDTGTEGran Tierra to sell Argentina business to Madalena Energy for $69M
Gran Tierra Energy announced it has entered into agreements whereby Madalena Energy has agreed to acquire Gran Tierra Energy's Argentina business unit for an aggregate consideration of approximately US$69M, comprised of US$49M in cash, US$14M in Madalena shares, and expected working capital adjustments of approximately US$6M. Gran Tierra Energy has received a deposit of US$12.6M and Madalena is expected to raise the remainder of the cash required to complete the transaction pursuant to a subscription receipt offering on a bought deal basis. In 2013, the Argentina business unit contributed average annual production of 3,028 barrels of oil equivalent per day, net after royalty and spent US$6.5M of its 2014 planned Argentina capital program of US$48M in the first quarter. "With the April 30, 2014 effective date of the transaction, Gran Tierra Energy plans to reduce its 2014 corporate capital spending program by an amount comparable to the planned Argentina capital program of US$48M, less the amount spent up to the closing date of the transaction. This reduction in corporate capital spending, in addition to the approximate US$69M aggregate consideration, will further strengthen the balance sheet for future capital spending requirements and allow us to dedicate our resources to where they will have maximum impact and to focus on our more profitable operations," concluded CEO Coffield. The Madalena board of directors has unanimously approved the Agreements. The closing date is expected to be on or before June 30 and it is subject to TSX Venture Exchange approval
News For GTE From The Last 14 Days
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June 25, 2015
10:00 EDTGTEOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AT&T (T) upgraded to Buy from Neutral at BofA/Merrill... Eli Lilly (LLY) upgraded to Buy, added to US 1 List at BofA/Merrill... Finish Line (FINL) upgraded to Buy from Neutral at B. Riley... Gran Tierra (GTE) upgraded to Buy from Hold at Canaccord... Greenhill & Co. (GHL) upgraded to Buy from Sell at Goldman... Magnum Hunter (MHR) upgraded to Equalweight from Underweight at Capital One... Marathon Oil (MRO) upgraded to Buy from Neutral at UBS... Newpark Resources (NR) upgraded to Strong Buy from Outperform at Raymond James... Office Depot (ODP) upgraded to Outperform from Market Perform at Telsey Advisory... Quanex (NX) upgraded to Outperform from In-Line at Imperial Capital... Vestas Wind (VWDRY) upgraded to Outperform from Neutral at Exane BNP Paribas... Web.com (WWWW) upgraded to Buy from Neutral at B. Riley... NRG Yield upgraded to Outperform from Market Perform at Avondale.
06:31 EDTGTEGran Tierra upgraded to Buy from Hold at Canaccord
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June 24, 2015
17:32 EDTGTEGran Tierra increases 2015 capital program and increases production outlook
Gran Tierra increased its 2015 capital program by $45M to $185M. The increased capital is intended to provide accelerated development drilling at the company's core producing assets in the Putumayo Basin in Colombia and accelerate the required laboratory and feasibility studies for enhanced oil recovery techniques in the Costayaco and Moqueta fields. During Q1, the company incurred $74M of the $140M 2015 capital program. The allocation of capital includes a $55M increase to $115M directed at Colombia development, at negotiated reduced services costs. These drilling programs are expected to continue into 2016. Peru's capital program has been reduced to $49M, of which $11M is expected to be incurred during the remainder of 2015. Brazil's capital program has been reduced to $20M of which $6M is expected to be incurred during the remainder of 2015. With the revised capital program, Gran Tierra expects 2015 gross working interest production of 22,500-23,500 BOEP/D from 21,800-22,300 BOEP/D under the previous capital program, or 18,400-19,400 BOEP/D net after royalty from 18,200 BOEP/D under the previous capital program. Production from Colombia is expected to be 17,850 BOEPD NAR.

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