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June 2, 2014
19:05 EDTGTEGran Tierra seeing if Zapotero-1 can be converted to water injection well
Gran Tierra Energy provided an operations update for its 2014 work program. "Gran Tierra Energy's 2014 drilling campaign is well under way, and initial well test results are providing valuable insights for the Bretaņa and Moqueta oil fields in Peru and Colombia," said CEO Dana Coffield. "Testing of the newly-drilled Bretaņa water disposal well indicates moveable oil saturation in the transition zone where no reserves had been assigned previously, with potential for adding substantial additional recoverable resources in the field. Completion of the well also keeps us on track to initiate the Long Term Test in the fourth quarter of this year. The Zapotero-1 well was drilled approximately 2,000 feet lower than the lowest known oil on the Moqueta structure. The Zapotero-1 well tested three zones that resulted in produced water. We are currently investigating if the Zapotero-1 well can be converted to a water injection well to maintain reservoir pressure at the Moqueta field to enhance production in the field. This well result also assists in planning the target depth for the Corunta exploration well that will be drilled on the opposite flank of Moqueta later this year. The well will target an intermediate depth, below the lowest known oil in the Moqueta field and shallower than the reservoirs in Zapotero-1, to further define the oil-water contact location and ultimate size of the Moqueta oil accumulation," concluded Coffield.
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August 7, 2014
05:38 EDTGTEGran Tierra reports Q2 EPS 3c, consensus 14c
Reports Q2 revenue $148.5M, consensus $168.84M. Quarterly oil and natural gas production net after royalties, or NAR, adjusted for inventory changes and losses, and including volumes associated with the discontinued operations of the Argentina business unit, of 20,121 BOEPD, was an 8% decrease from production of 21,819 BOEPD for the three months ended March 31, and represents a decrease of 9% from 22,131 BOEPD in the comparable period in 2013. In 2014, an inventory increase in Colombia due to pipeline disruptions and deliveries to a new customer with a protracted sales cycle accounted for reduced production of 0.2M barrels or 1,293 BOEPD. Gran Tierra Energy expects to sell this additional inventory during Q3.

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