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Stock Market & Financial Investment News

News Breaks
July 1, 2014
17:59 EDTGTEGran Tierra COO Shane O’Leary to retire, Duncan Nightingale to succeed
In a regulatory filing, Gran Tierra announced that Shane O’Leary, COO of Gran Tierra Energy, informed the board of Gran Tierra Energy of his definitive determination to retire. Gran Tierra Energy and O’Leary currently expect that O’Leary will cease to be COO on September 1, that his retirement date will be October 1, and that O’Leary will continue as a consultant to Gran Tierra Energy from October 1 to December 31, pursuant to a consulting agreement to be negotiated. The consulting agreement will contain an option to extend the consulting period for a period not to exceed three months upon the mutual agreement of the parties. Effective on the date O’Leary ceases to be COO, Duncan Nightingale, president of Gran Tierra Energy Colombia will become Gran Tierra Energy’s COO. It is currently contemplated that Nightingale will cease to be president of Gran Tierra Energy Colombia on August 1, to allow him to prepare for the role of COO.
News For GTE From The Last 14 Days
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December 11, 2014
06:05 EDTGTEGran Tierra sees 2015 production 26K BOE/D-27K BOE/D gross working interest
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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.

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