Gran Tierra Energy Inc. Announces Exploration Success In Ecuador And Strategic Joint Venture Transaction And Partnership To Accelerate Value In High-Impact Canadian Montney Oil Play With Logan Energy Corp

(MENAFN– GlobeNewsWire – Nasdaq) CALGARY, Alberta,Nov 26, 2024 (WORLD WIRE SERVICE)– Gran Tierra energy Inc (“Gran Tierra” or the“Company”) (NYSE American: GTE)( TSX: GTE)( LSE: GTE) delights in to report that a further substantial turning level has truly been attained in Ecuador with a seventh efficient oil exploration higher verifying the substantial risk of the Arawana/ Zabaleta subject location. In enhancement, we’re thrilled to disclose that Gran Tierra (utilizing its wholly-owned subsidiary) has truly participated in an acquisition and sale contract withLogan Energy Corp (“ Logan ”) (TSXV: LGN) in response to which Logan would definitely get 50% and operatorship of a bit of Gran Tierra’s Simonette Montney properties (the“Assets”) for round C$ 52 million in money cash, based mostly on standard adjustments. After the closing of the Transaction, Gran Tierra would definitely maintain half functioning ardour within theAssets The Transaction presents a growth-focused system to development Gran Tierra’s Montney progress and is straightened with the Company’s firm strategy of long-lasting value growth. All buck portions stay in Canadian bucks, and manufacturing portions get on an odd functioning ardour (“ WI ”) previous to aristocracies foundation until or else steered. Per barrel (“ bbl ”) and bbls of oil comparable every day (“ BOEPD ”) portions are based mostly upon WI gross sales previous to aristocracies.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra commented,“Gran Tierra is excited to announce its seventh Ecuador oil discovery from the Zabaletea-K1 well. This well was a pivotal exploration well that has further substantiated and delineated the Arawana / Zabaleta field area. The Zabaleta-K1 was drilled over 4 kilometers from the Arawana-J1 well drilled earlier this year and was charged with oil highlighting the magnitude of this discovery. The success of this well solidifies Gran Tierra’s understanding of the field area and will be a key pillar of development growth plans in South America for years to come.”

Seventh Ecuador Oil Discovery Substantiates Significant Potential within the Arawana/ Zabaleta Field Area

• The Zabaleta- K1 properly is the 4th expedition properly pierced within the Chanangue Block and notes the seventh oil exploration by Gran Tierra inEcuador

• The efficient Zabaleta examination higher confirms the tried and examined Basal Tena geological model 4 kilometers removed from Arawana- J1 and sustains the substantial risk of the Arawana/ Zabaleta environment friendly sample.

• Gran Tierra has truly run manufacturing protecting, sealed and perforated the Basal Tena oil space and has truly began manufacturing screening.

• The Basal Tena oil space was perforated over 21.5 toes of storage tank with 12.8 toes of web storage tank based mostly upon log evaluation. A jet pump was run and the properly has truly generated at supported costs over 24-hour at 1,105 bbls of oil every day, 17-degree API gravity oil, a 2% water reduce, and a gas-oil proportion of 59 primary cubic toes per provide container barrel.

• The gear has truly been relocated to pierce the Zabaleta Oeste expedition properly which was potato on November 21, 2024, which notes the gratification of the final expedition dedication within the Chanangue block.

Message to Shareholders

“We are also thrilled to announce the sale of a portion of our interest in the Simonette Montney play while keeping a material stake in its future growth. This strategic partnership with a top-tier operator, who already has established infrastructure in the area, will significantly accelerate development and generate near-term cash flow. We intend to use a portion of the proceeds to deliver value to our shareholders through development of other key assets in the portfolio and share buybacks, while also strengthening our balance sheet by reducing net debt. We are also pleased to monetize by diluting half of our interest in one of the assets recently acquired in the i3 Energy acquisition by selling approximately 4 percent of production, and 1P reserves we acquired for approximately 19 percent of total consideration while still maintaining material interest and value in the assets. This transaction validates Gran Tierra’s position as a top-tier growth focused mid cap E&P company,” commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.

Strategic Rationale

• Accelerates Simonette Asset Development: Leverages pre-development job and framework completed by Logan to hurry up boring on the Simonette Assets proper into the 4th quarter of 2024 from the preliminary quarter of 2026.

• Partnering with a Leading Montney Operator: Simonette procedures will definitely be led by an industry-leading Montney oil producer with substantial working expertise and tried and examined efficiency historical past of success.

• Strategic Infrastructure Already In-Place: Gain accessibility to Logan’s location framework, which removes the requirement for brand-new duties, decreases future funding invests and hastens property progress timelines and value.

• Synergistic Operations Drive Cost Savings: Cost lower all through the consolidated property base led by enhanced progress vary, shared pad web sites, staff performances, gathering pipes and accessibility to framework.

• Attractive Transaction Metrics: Premium value understood for the Assets with an opportunity to catch added upside with long-lasting property progress.

Disposition Highlights:

		100% WI	Asset Sold 50% WI
Consideration 2		–	$52 million
Net Sections of Land		49	25
PDP books		1.6 MMBOE	0.8 MMBOE
1P books		7.8 MMBOE	3.9 MMBOE
2P books		27.6 MMBOE	13.8 MMBOE
		NPV AT 10%	NPV AT 10%
PDP		$8.8 million	$4.4 million
1P		$55.0 million	$27.5 million
2P		$244.6 million	$122.3 million
Q3 2024 Production		1,590 BOEPD	795 BOEPD

The Company retains a 50% functioning ardour within the Assets, that embrace round 25 web areas of Simonette Montney lands with 0.8 million bbls of oil matching (“ MMBOE ”) of Proved Developed Producing (“ PDP ”) books, 3.9 MMBOE of Proved (“ 1P ”) books and 13.8 MMBOE of (“ 2P ”) books, in every scenario, as at July 31, 20241. On an web current value marked down by 10% after tax obligation foundation, the Assets had been valued by GLJLtd at $4.4 million for Proved Developed Producing books, $27.5 million for Proved books and $122.3 million for Proved plus Probable books. Finally, the Assets and talked about NPVs encompass Logan’s buy of Gran Tierra’s complete ardour within the gross bypassing aristocracy over Logan’s land within the matching location of the Simonette Montney play.

Consideration

In enhancement to the preliminary money cash issue to contemplate, Logan will definitely lug the preliminary progress properly within the Lower Montney space valued at $3 million internet toGran Tierra Gran Tierra will definitely get high precedence accessibility and particular phrases on current Logan had framework as part of the just lately developed joint endeavor.

Transaction Details

Total issue to contemplate from Logan consists of $52 million in money cash earnings and introduced progress of the preliminary Simonette properly pierced within the Lower Montney space for approximated non-cash earnings of $3 million internet toGran Tierra The acquisition price will definitely bear standard adjustments based mostly upon a dependable day of September 1, 2024. As an end result of the acquisition, Gran Tierra anticipates to hurry up 2 wells on the 1-24 pad within the Simonette Montney location proper into the 4th quarter of 2024 which had been initially anticipated to be pierced within the preliminary quarter of 2026. Closing of the acquisition is anticipated to happen by the top of 2024, based mostly on the achievement of standard closing issues.

( 1) Based on the i3 Energy GLJ Report outdated July 31, 2024. See“Presentation of Oil and Gas Information”.

( 2) Does not encompass the $3 million non-cash earnings associating with the funding lug of the preliminary Simonette properly by Logan

Contact Information

For financier and media questions please name:

Gary Guidry
President & & Chief Executive Officer

Ryan Ellson
Executive Vice President &Chief Financial Officer

+1 -403 -265 -3221

…

About Gran Tierra Energy Inc
Gran Tierra Energy Inc together with its subsidiaries is an unbiased international energy agency presently focused on oil and gasoline expedition and manufacturing in Canada, Colombia andEcuador The Company is presently establishing its current profile of properties in Canada, Colombia and Ecuador and will definitely stay to go after added brand-new growth possibilities that would definitely higher improve the Company’s profile. The Company’s odd shares professions on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange below the ticker icon GTE. Additional data worrying Gran Tierra is obtainable at Except to the extent particularly talked about or else, data on the Company’s web site or simply accessible from our web site or any sort of numerous different web site shouldn’t be built-in by suggestion proper into and must not be considered part of this information launch. Investor questions could be routed to … or (403) 265-3221.

Gran Tierra’s Securities and Exchange Commission (the“ SEC ”) filings are supplied on the SEC web site at The Company’s Canadian safeties governing filings are supplied on SEDAR+ at and UK governing filings are supplied on the National Storage Mechanism web site at #/ nsm/nationalstoragemechanism.

Forward Looking Statements and Legal Advisories:
This information launch contains level of views, projections, estimates, and numerous different declarations concerning future events or outcomes that make up progressive declarations inside the significance of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as modified, and Section 21E of the Securities Exchange Act of 1934, as modified, and financial overview and onward trying data inside the significance of applicable Canadian safeties laws (collectively,“ forward-looking statements ”). All declarations moreover declarations of historic realities consisted of on this information launch regarding our firm method, methods and objectives of our administration for future procedures, capital expense methods and benefits of the changes in our funding program or bills, our liquidity and financial downside, and people declarations come earlier than by, adhered to by or that or else encompass phrases“expect,”“plan,”“can,”“will,”“should,”“estimate,” and“believes,” derivations thereof and comparable phrases decide progressive declarations. In particular, nonetheless with out limiting the foregoing, this information launch contains progressive declarations pertaining to: the benefits of the acquisition, making use of earnings from the sale of a ardour within the Assets, the Company’s boring program, accessibility to framework and capital funding, future web capital from oil and gasoline residential or business properties, and the Company’s future monetary obligation levels. The progressive declarations had on this information launch mirror quite a few product parts and assumptions and presumptions of Gran Tierra consisting of, with out constraint, that Gran Tierra will definitely stay to carry out its procedures in a vogue common with its current assumptions, charges and worth quotes (consisting of relative to asset charges and forex trade price), the aptitude of Gran Tierra to effectively set up and pierce wells, the effectivity of Logan as driver of the Assets, and the aptitude of Gran Tierra to implement its firm and practical methods within the vogue presently ready.

Among the important parts that may set off our actual outcomes to differ materially from the progressive declarations on this information launch encompass, nonetheless aren’t restricted to effectivity by Logan as driver in a vogue numerous than presently anticipated by the Company and the weather described on occasion in Gran Tierra’s common information submitted with the Securities and Exchange Commission, consisting of, with out constraint, below the inscription“Risk Factors” in Gran Tierra’s Annual Report on Form 10-Ok for the yr completed December 31, 2023 submitted February 20, 2024, and its numerous different filings with the SEC. These filings are supplied on the SEC web site at and on SEDAR+ at

The progressive declarations had on this information launch are based mostly upon particular presumptions made by Gran Tierra based mostly upon administration’s expertise and numerous different parts considered appropriate. Gran Tierra thinks these presumptions to be wise at the moment, nonetheless the progressive declarations bear run the chance of and unpredictabilities, various that are previous Gran Tierra’s management, which could set off actual outcomes to differ materially from these indicated or revealed by the ahead trying declarations. All progressive declarations are made because the day of this information launch and the reality that this information launch stays supplied doesn’t make up an outline by Gran Tierra that Gran Tierra thinks these progressive declarations stay to carry true since any sort of succeeding day. Actual outcomes would possibly differ materially from the anticipated outcomes revealed in progressive declarations. Gran Tierra disclaims any sort of intent or duty to improve or change any sort of progressive declarations, whether or not as an end result of brand-new data, future events or in any other case, aside from as particularly wanted by applicable laws. In enhancement, historic, current and progressive sustainability-related declarations could be based mostly upon standards for figuring out growth which might be nonetheless establishing, inside controls and procedures that stay to progress, and presumptions that bear alter sooner or later.

Presentation of Oil and Gas Information

All books value, future web earnings and supplementary data had on this information launch have truly been ready by i3 Energy plc’s (“ i3 Energy ”) (which was gotten by Gran Tierra Energy on October 31, 2024) unbiased skilled books critic GLJLtd (“ GLJ ”) in an inexpensive market worth file with a dependable day of July 31, 2024 (the“ i3 Energy GLJ Report ”) and computed in conformity with National Instrument 51-101– Standards of Disclosure for Oil and Gas Activities (“ NI 51-101 ”) and the Canadian Oil and Gas Evaluation Handbook (“ COGEH ”), until or else particularly talked about.

Barrel of oil matchings (“ boe ”) have truly been reworked on the idea of 6 thousand cubic toes (“ Mcf ”) gasoline to 1 bbl of oil. Boe’s could be misleading, particularly if made use of alone. A boe conversion proportion of 6 Mcf: 1 bbl relies upon an influence similarity conversion method largely applicable on the heater thought and doesn’t stand for a value similarity on the wellhead. In enhancement, thought of that the price proportion based mostly upon the present price of oil as in comparison with gasoline is dramatically numerous from the ability matching of 6 to 1, utilizing a boe conversion proportion of 6 Mcf: 1 bbl would definitely be misleading as an indicator of value.

The complying with books classifications are talked about on this information launch: Proved, Proved plus Probable and Proved plus Probable plus Possible andProved Developed Producing Proved books are these books that may be approximated with a excessive degree of assurance to be recoverable. It is almost certainly that the actual staying quantities recuperated will definitely transcend the approximated confirmed books. Probable books are these added books which might be a lot much less particular to be recuperated than confirmed books. It is simply as almost certainly that the actual staying quantities recuperated will definitely be higher or a lot lower than the quantity of the approximated verified plus potential books. Possible books are these added books which might be a lot much less particular to be recuperated than potential books. There is a ten% risk that the quantities actually recuperated will definitely equate to or transcend the quantity of Proved plus Probable plus Possible books. Proved created producing books are these confirmed books which might be anticipated to be recuperated from conclusion intervals open on the time of the quote. These books could be presently producing or, if shut-in, they should have previously gotten on manufacturing, and the day of resumption of producing should be acknowledged with wise assurance. Certain phrases made use of on this information launch nonetheless not specified are laid out in NI 51-101, CSA Staff Notice 51-324– Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“ CSA Staff Notice 51-324 ”) and/or the COGEH and, until the context or else wants, may have the very same definitions right here as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, in all probability.

Estimates of web current value and future web earnings had right here don’t at all times stand for affordable market worth. Estimates of books and future web earnings for particular residential or business properties won’t mirror the very same diploma of self-confidence as quotes of books and future web earnings for all residential or business properties, because of the impression of gathering. There isn’t any assure that the projection price and worth presumptions utilized by GLJ in analyzing i3 Energy’s books will definitely be obtained and variations might be product. There are numerous unpredictabilities integral in approximating quantities of petroleum and gasoline books. The books data acknowledged within the i3 Energy GLJ Report are quotes simply and there’s no guarantee that the projected books will definitely be recuperated. Actual books could be greater than or a lot lower than the quotes equipped therein. All examinations of future web earnings had within the i3 Energy GLJ Report need the discount of aristocracies, operating costs, progress costs, manufacturing costs and desertion and restoration costs nonetheless previous to issue to contemplate of oblique costs comparable to administration, overhanging and numerous different numerous prices. It must not be thought that the quotes of future web earnings supplied on this information launch stand for the affordable market worth of the books.

References to a growth the place proof of hydrocarbons has truly been run into shouldn’t be at all times an indication that hydrocarbons will definitely be recoverable in industrial quantities or in any sort of projected amount. i3 Energy’s reported manufacturing is a mixture of gentle petroleum and power, hefty petroleum, restricted oil, customary gasoline, shale gasoline and coal mattress methane for which there’s not an correct failure as a result of i3 Energy’s oil gross sales portions generally stand for blends of higher than one merchandise type. Well examination outcomes must be considered as preliminary and never at all times a measure of long-lasting effectivity or of finest recuperation. Well log analyses exhibiting oil and gasoline build-ups aren’t at all times a measure of future manufacturing or finest recuperation. If it’s steered {that a} stress short-term analysis or well-test evaluation has truly not been carried out, any sort of info divulged in that regard must be considered preliminary up till such analysis has truly been completed. References to density of“oil pay” or of a growth the place proof of hydrocarbons has truly been run into shouldn’t be at all times an indication that hydrocarbons will definitely be recoverable in industrial quantities or in any sort of projected amount.

Disclosure of Reserve Information and Cautionary Note to UNITED STATE Investors

Unless particularly talked about or else, all quotes of verified, potential and possible books and related future web earnings divulged on this information launch have truly been ready in response to NI 51-101. Estimates of books and future web earnings made in response to NI 51-101 will definitely differ from matching quotes ready in response to applicable SEC insurance policies and disclosure wants of the united state Financial Accounting Standards Board (“ FASB ”), and people distinctions could be product. NI 51-101, for instance, wants disclosure of books and related future internet earnings approximates based mostly upon projection prices and costs, whereas SEC and FASB standards name for that books and related future web earnings be approximated making use of typical prices for the earlier one yr. In enhancement, NI 51-101 permits the dialogue of books approximates on a“company gross” foundation, standing for Gran Tierra’s functioning ardour share previous to discount of aristocracies, whereas SEC and FASB standards name for the dialogue of web e book quotes after the discount of aristocracies and comparable repayments. There are moreover distinctions within the technological books analysis standards applicable below NI 51-101 and, pursuant thereto, the COGEH, and people applicable below SEC and FASB wants.

In enhancement to being a reporting firm in particular Canadian territories, Gran Tierra is a registrant with the SEC and based mostly on residential firm protection wants below united state authorities safeties laws, consisting of relative to the disclosure of books and numerous different oil and gasoline data in response to united state authorities safeties laws and applicable SEC insurance policies and pointers (collectively,“ SEC requirements ”). Disclosure of such data in response to SEC wants is consisted of within the Company’s Annual Report on Form 10-Ok and in numerous different information and merchandise submitted with or geared up to the SEC and, as applicable, Canadian safeties governing authorities. The SEC permits oil and gasoline companies that bear residential firm protection wants below united state authorities safeties laws, of their filings with the SEC, to disclose simply approximated verified, potential and possible books that fulfill the SEC’s meanings of such phrases. Gran Tierra has truly divulged approximated verified, potential and possible books in its filings with the SEC. In enhancement, Gran Tierra prepares its financial declarations in response to United States usually accepted accountancy ideas, which name for that the notes to its yearly financial declarations encompass supplemental disclosure in regard of the Company’s oil and gasoline duties, consisting of quotes of its confirmed oil and gasoline books and a regular process of inexpensive future web capital associating with verified oil and gasoline e book quantities. This supplemental financial declaration disclosure exists in response to FASB wants, which straighten with matching SEC wants worrying books analysis and protection.

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