Civil work has been initiated for the Moqueta-7 development well location, with the initiation of drilling anticipated in June 2012.
Azar Block, Putumayo Basin (40% working interest and operator)
Gran Tierra Energy is targeting the same reservoir intervals seen in the Costayaco and Moqueta oil fields with the La Vega Este-1 exploration well. Due to environmental permit delays, we have requested an extension from the ANH for this current phase; this request is still under ANH review. We expect to begin drilling the La Vega Este-1 well in April 2012.
BrazilREC-T-142 Block, Recôncavo Basin (Gran Tierra Energy 70% working interest and operator) Gran Tierra Energy expects drilling of the 1-GTE-6-BA oil exploration well to begin in July 2012. This operation will commence with the drilling of a vertical pilot hole from which core samples will be acquired from the prospective reservoir section. Including the already drilled 1-GTE-01-BA oil exploration well, this is expected to be the second vertical pilot hole drilled on the REC-T-142 Block. Gran Tierra Energy plans to drill a horizontal sidetrack from each of the pilot holes to test the productivity of the light oil sandstone reservoir target beginning with 1-GTE-1-BA in April 2012. REC-T-129 Block, Recôncavo Basin (Gran Tierra Energy 70% working interest and operator) Drilling of the 1-GTE-02-BA oil exploration well began on November 23, 2011. The well reached total depth of approximately 6412 feet measured depth and is suspended while plans are finalized for drilling a horizontal leg in mid 2012. REC-T-155 Block, Recôncavo Basin (Gran Tierra Energy 70% working interest and operator) Gran Tierra Energy expects drilling of the 1-GTE-5-BA oil exploration well to begin in June 2012. The well is located in Block REC-T-155 in the Recôncavo Basin. Similar to the vertical pilot holes drilled on the REC-T-142 Block, Gran Tierra Energy expects to drill a horizontal sidetrack well following the pilot hole to test the productivity of the reservoir sandstones. Gran Tierra Energy completed drilling of the 3-GTE-03-BA development well which is situated 1.2 kilometers north-northeast of the 1-ALV-2-BA discovery well. Oil bearing reservoir intervals in the Sergi and Agua Grande formations were encountered and plans are moving forward to complete the well and place the well on production in May. A second development well located approximately 0.7 kilometers south-southwest of the 1-ALV-2-BA discovery well began drilling on January 8, 2012. The well operations are currently ongoing at 3-GTE-4-BA. No further development wells are planned on this discovery at this time. Argentina Surubi Block, Noroeste Basin (85% working interest and operator) Drilling continues on the Proa-2 development well in the Proa oil field in the Noroeste Basin of northern Argentina. Gran Tierra Energy expects drilling to be completed in March, with testing and tie-in to existing facilities expected to follow in April. About Gran Tierra Energy Inc. Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE Amex (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia, Peru and Brazil. Gran Tierra Energy has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth. Gran Tierra Energy's Securities and Exchange Commission filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com. Advisories and Forward Looking Statements: This news release contains certain forward-looking information and forward-looking statements (collectively, "forward-looking statements") under the meaning of applicable securities laws, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations and the United States Private Securities Litigation Reform Act of 1995. The use of words such as "expects", "expected," "plans", "planned" and "will" identify these forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements regarding the expected timing of commencement and completion of drilling operations, testing and tie-in to facilities, and plans to complete 3-GTE-03-BA. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Gran Tierra Energy including, without limitation, assumptions relating to log evaluations, the accuracy of certain testing results and seismic data, that Gran Tierra Energy will continue to conduct its operations in a manner consistent with past operations and the general continuance of current or, where applicable, assumed operational and industry conditions. Gran Tierra Energy believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
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