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Gran Tierra Energy Announces Oil Discovery In Peru

Stock quotes in this article: GTE

Initial Results Indicate 99 feet of Gross Oil Column in Bretaña Norte Exploration Well in Peru; Moqueta-8 Tests 1,600 BOPD in Colombia

CALGARY, Feb. 11, 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 drilling in Peru and appraisal drilling in Colombia.

"Initial drilling results from the Bretaña Norte 95-2-1XD exploration well in Peru indicate oil-saturated reservoir with a gross oil column of 99 feet that was encountered approximately 48 feet higher than oil discovered at Bretaña-1 approximately four kilometers away. Three cores encompassing 90 percent of the oil-bearing reservoir section were successfully acquired. Oil samples have also been acquired and are being analyzed which, with a testing program that is currently being designed to test reservoir productivity, will assist in determining the commerciality of the discovery. As previously announced, this prospect contains substantial contingent resource potential, so these initial results are extremely exciting," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "In addition, we have successfully tested the Moqueta-8 appraisal well in Colombia and are now drilling the Moqueta-9 appraisal well, as we continue to evaluate the full potential of this growing oil discovery," concluded Coffield.

Peru 

Block 95 (100% working interest and operator)

Gran Tierra Energy has drilled, and initial well-log results have been obtained, from the Bretaña Norte 95-2-1XD exploration well. Oil shows were encountered at the top of the target Vivian reservoir section and coring operations were then initiated, resulting in the recovery of oil-saturated core over most of the oil-column and additional core in the underlying water column.  Log interpretations and MDT fluid and pressure sampling indicate the presence of an oil-bearing sandstone reservoir in the Vivian Sandstone beginning at 9,408 feet measured depth (" MD") or 8,851 feet true vertical depth (" TVD") with an approximate gross oil column thickness of 99 feet and 53 feet net pay thickness.

Gran Tierra Energy is designing a testing program for the Bretaña Norte well to evaluate reservoir productivity with results expected in late February.

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