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Gran Tierra Energy Announces Successful Oil Flow Tests In Colombia And Argentina

Moqueta-7 flows 1,146 BOPD from four oil flow tests; Loma Montosa flows 840 BOPD from first horizontal fracture stimulated well

CALGARY, Jan. 7, 2013 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE MKT: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today provided updates for its exploration and operation activities in Colombia, Argentina, Peru and Brazil.

"Gran Tierra Energy has confirmed additional resource potential with successful oil flow testing of the Moqueta-7 appraisal well at the Moqueta oil discovery in Colombia, which we are continuing to evaluate with the recently drilled Moqueta-8 appraisal well.  We have yet to define the boundaries of the growing field, and are currently planning the next three wells to continue the appraisal program in the first half of 2013." said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "In addition, Gran Tierra Energy has successfully completed its first multi-stage fracture stimulated horizontal well.  This successful application of technology to a new tight reservoir in Argentina has delivered outstanding results, and the experience from this well will serve us well as we expand the application of this technology to our drilling program in Brazil," concluded Coffield.


Chaza Block, Putumayo Basin, Colombia (Gran Tierra Energy 100% working interest and operator)

Gran Tierra Energy completed initial testing of Moqueta-7 by collecting reservoir data and fluid samples with a hydraulic jet pump from the T-Sandstone and Caballos formations in three repeated fault blocks.  The T-Sandstone formation in the primary fault block consisted of 44 feet true vertical depth (" TVD") gross reservoir or 33 feet TVD of net reservoir thickness. It was perforated and tested from 6,641 feet to 6,710 feet measured depth (" MD") for 78 hours at a rate of 463 barrels of oil per day (" BOPD") of 23.7° API oil with a 0.4% water cut.  The underlying Caballos formation consisted of 200 feet TVD gross reservoir or 68 feet TVD net reservoir thickness.  It was perforated and tested from 6,890 feet to 7,183 feet MD for 59 hours at a rate of 267 BOPD of 23.8° API oil with a 1.1% water cut.

A repeated oil-bearing Caballos Sandstone reservoir section was encountered in a new, previously unrecognized, fault block with 90 feet TVD of gross reservoir or 55 feet TVD of net reservoir thickness.  The interval from 7,466 feet to 7,528 feet MD was perforated and tested with a hydraulic jet pump for 5 hours at 100 BOPD of 25.3° API oil with a stabilized water cut of approximately 1%.

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