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Gran Tierra Energy Increases 2013 Production Guidance, Expands Moqueta Field Appraisal Drilling Program In Colombia

Stocks in this article: GTE

Three appraisal wells added to 2013 Moqueta drilling program after Moqueta-11 tests almost 1,600 BOPD

CALGARY, Oct. 16, 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 a production and operations update for its 2013 work program.

"Gran Tierra Energy continues its operational momentum with strong corporate wide production in the third quarter, the successful testing of Moqueta-11 and the addition of three appraisal wells to this year's program to further define new reserve potential in the Moqueta field in the Putumayo Basin, Colombia," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "The Moqueta-11 well tested two zones separately at a combined rate of almost 1,600 barrels of oil per day which should contribute to the growing production profile at the Moqueta field expected in 2014.  Continued strong production and transportation performance throughout our portfolio has now led to another increase to Gran Tierra Energy's full-year production expectations," concluded Coffield.

Production Highlights:

Production for the third quarter of 2013 averaged approximately 22,500 barrels of oil equivalent per day (" BOEPD") net after royalties (" NAR") before adjustment for inventory changes or 22,000 BOEPD NAR adjusted for inventory changes (97% oil). Production for the third quarter of 2013 consisted of 18,900 barrels of oil per day (" BOPD") NAR in Colombia, 2,800 BOEPD NAR in Argentina (82% oil) and 800 BOPD NAR in Brazil, all before inventory changes.

Production for the third quarter of 2013 was above expectations due to the continued strong reservoir performance from the Costayaco field and successful execution of transportation strategies.  As a result, Gran Tierra Energy anticipates 2013 average production to range between 21,500 and 22,500 BOEPD NAR before adjustment for inventory changes, an increase from the company's prior projections of 21,000 to 22,000 BOEPD NAR before adjustment for inventory changes. Approximately 96% of this production is expected to consist of light oil, with the balance consisting of natural gas.

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