2. Gran Tierra Energy is a Canada-based upstream energy company owning oil and gas properties in Colombia, Argentina and Brazil.
Revenue almost doubled to $162 million during the second quarter of 2011, compared to $84 million in the same quarter last year, due to increased production and higher crude oil prices. Net income stood at $31.5 million vs. $17 million during the same period in 2010.
As of June 30, 2011, higher capital spending resulted in cash and cash equivalents of $211 million, compared to $355 million in the previous quarter."Several significant milestones were achieved in the second quarter of 2011, positioning the Company to achieve continued growth into the future. The completion of the Moqueta to Costayaco flow-line and initiation of production was a major achievement. This is the first time that an oil field in Colombia has been discovered and test production initiated with operations entirely supported by helicopter and without access by road, minimizing the environmental footprint of Gran Tierra Energy's operations at this early stage of development," commented, Dana Coffield, CEO. Analysts expect the stock to gain around 47% over the next year, and it is trading at 10.5 times its estimated 2012 earnings. The stock has analyst buy ratings of 88%.
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