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 an additional substantial turning point has actually been attained in Ecuador with a 7th effective oil exploration better verifying the substantial possibility of the Arawana/ Zabaleta field location. In enhancement, we are thrilled to reveal that Gran Tierra (using its wholly-owned subsidiary) has actually participated in an acquisition and sale contract withLogan Energy Corp (“ Logan ”) (TSXV: LGN) according to which Logan would certainly get 50% and operatorship of a section of Gran Tierra’s Simonette Montney properties (the“Assets”) for around C$ 52 million in cash money, based on popular changes. After the closing of the Transaction, Gran Tierra would certainly keep half functioning passion in theAssets The Transaction offers a growth-focused system to advancement Gran Tierra’s Montney growth and is straightened with the Company’s company technique of long-lasting worth development. All buck quantities remain in Canadian bucks, and manufacturing quantities get on an ordinary functioning passion (“ WI ”) prior to aristocracies basis unless or else suggested. Per barrel (“ bbl ”) and bbls of oil comparable each day (“ BOEPD ”) quantities are based upon WI sales prior 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 in the Arawana/ Zabaleta Field Area

The Zabaleta- K1 well is the 4th expedition well pierced in the Chanangue Block and notes the 7th oil exploration by Gran Tierra inEcuador

The effective Zabaleta examination better confirms the tried and tested Basal Tena geological version 4 kilometers far from Arawana- J1 and sustains the substantial possibility of the Arawana/ Zabaleta efficient pattern.

Gran Tierra has actually run manufacturing covering, sealed and perforated the Basal Tena oil area and has actually started manufacturing screening.

The Basal Tena oil area was perforated over 21.5 feet of storage tank with 12.8 feet of internet storage tank based upon log analysis. A jet pump was run and the well has actually generated at supported prices over 24-hour at 1,105 bbls of oil each day, 17-degree API gravity oil, a 2% water cut, and a gas-oil proportion of 59 basic cubic feet per supply container barrel.

The gear has actually been relocated to pierce the Zabaleta Oeste expedition well which was potato on November 21, 2024, which notes the gratification of the last expedition dedication in 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 finished by Logan to speed up boring on the Simonette Assets right into the 4th quarter of 2024 from the initial quarter of 2026.

Partnering with a Leading Montney Operator: Simonette procedures will certainly be led by an industry-leading Montney oil manufacturer with substantial operating experience and tried and tested performance history of success.

Strategic Infrastructure Already In-Place: Gain accessibility to Logan’s location framework, which removes the requirement for brand-new tasks, decreases future funding invests and speeds up property growth timelines and worth.

Synergistic Operations Drive Cost Savings: Cost decrease throughout the consolidated property base led by enhanced growth range, shared pad websites, employees performances, collecting pipes and accessibility to framework.

Attractive Transaction Metrics: Premium worth understood for the Assets with a chance to catch added upside with long-lasting property growth.

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 keeps a 50% functioning passion in the Assets, that include around 25 internet 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 each situation, as at July 31, 20241. On an internet existing worth marked down by 10% after tax obligation basis, the Assets were 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 mentioned NPVs consist of Logan’s purchase of Gran Tierra’s whole passion in the gross bypassing aristocracy over Logan’s land in the matching location of the Simonette Montney play.

Consideration

In enhancement to the preliminary cash money factor to consider, Logan will certainly lug the initial growth well in the Lower Montney area valued at $3 million web toGran Tierra Gran Tierra will certainly get top priority accessibility and special terms on existing Logan had framework as component of the recently developed joint endeavor.

Transaction Details

Total factor to consider from Logan consists of $52 million in cash money profits and brought growth of the initial Simonette well pierced in the Lower Montney area for approximated non-cash profits of $3 million web toGran Tierra The acquisition cost will certainly undergo popular changes based upon a reliable day of September 1, 2024. As an outcome of the purchase, Gran Tierra anticipates to speed up 2 wells at the 1-24 pad in the Simonette Montney location right into the 4th quarter of 2024 which were initially expected to be pierced in the initial quarter of 2026. Closing of the purchase is anticipated to take place by the end of 2024, based on the fulfillment of popular closing problems.

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

( 2) Does not consist of the $3 million non-cash profits associating with the funding lug of the initial Simonette well by Logan

Contact Information

For financier and media questions please call:

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 along with its subsidiaries is an independent global power firm presently concentrated on oil and gas expedition and manufacturing in Canada, Colombia andEcuador The Company is presently establishing its existing profile of properties in Canada, Colombia and Ecuador and will certainly remain to go after added brand-new development chances that would certainly better enhance the Company’s profile. The Company’s ordinary shares professions on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker icon GTE. Additional info worrying Gran Tierra is offered at Except to the level specifically mentioned or else, info on the Company’s site or easily accessible from our site or any kind of various other site is not integrated by recommendation right into and needs to not be taken into consideration component of this news release. Investor questions might be routed to … or (403) 265-3221.

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

Forward Looking Statements and Legal Advisories:
This news release includes point of views, projections, estimates, and various other declarations regarding future occasions or results that make up progressive declarations within 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 economic overview and onward looking info within the significance of appropriate Canadian safeties regulations (jointly,“ forward-looking statements ”). All declarations besides declarations of historic realities consisted of in this news release concerning our company technique, strategies and goals of our administration for future procedures, capital expense strategies and advantages of the adjustments in our funding program or expenses, our liquidity and economic problem, and those declarations come before by, adhered to by or that or else consist of words“expect,”“plan,”“can,”“will,”“should,”“estimate,” and“believes,” derivations thereof and comparable terms determine progressive declarations. In specific, however without restricting the foregoing, this news release includes progressive declarations pertaining to: the advantages of the purchase, making use of profits from the sale of a passion in the Assets, the Company’s boring program, accessibility to framework and capital investment, future internet capital from oil and gas residential or commercial properties, and the Company’s future financial obligation degrees. The progressive declarations had in this news release mirror numerous product elements and assumptions and presumptions of Gran Tierra consisting of, without constraint, that Gran Tierra will certainly remain to perform its procedures in a fashion regular with its existing assumptions, rates and price quotes (consisting of relative to asset rates and currency exchange rate), the capability of Gran Tierra to efficiently establish and pierce wells, the efficiency of Logan as driver of the Assets, and the capability of Gran Tierra to implement its company and functional strategies in the fashion presently prepared.

Among the essential elements that can trigger our real outcomes to vary materially from the progressive declarations in this news release consist of, however are not restricted to efficiency by Logan as driver in a fashion various than presently anticipated by the Company and the elements described once in a while in Gran Tierra’s regular records submitted with the Securities and Exchange Commission, consisting of, without constraint, under the inscription“Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year finished December 31, 2023 submitted February 20, 2024, and its various other filings with the SEC. These filings are offered on the SEC site at and on SEDAR+ at

The progressive declarations had in this news release are based upon specific presumptions made by Gran Tierra based upon administration’s experience and various other elements thought to be suitable. Gran Tierra thinks these presumptions to be sensible currently, however the progressive declarations undergo run the risk of and unpredictabilities, a number of which are past Gran Tierra’s control, which might trigger real outcomes to vary materially from those indicated or revealed by the forward looking declarations. All progressive declarations are made since the day of this news release and the truth that this news release stays offered does not make up a depiction by Gran Tierra that Gran Tierra thinks these progressive declarations remain to hold true since any kind of succeeding day. Actual results might differ materially from the anticipated outcomes revealed in progressive declarations. Gran Tierra disclaims any kind of intent or responsibility to upgrade or change any kind of progressive declarations, whether as an outcome of brand-new info, future occasions or otherwise, other than as specifically needed by appropriate legislation. In enhancement, historic, existing and progressive sustainability-related declarations might be based upon criteria for determining development that are still establishing, interior controls and procedures that remain to progress, and presumptions that undergo alter in the future.

Presentation of Oil and Gas Information

All books worth, future internet profits and supplementary info had in this news release have actually been prepared by i3 Energy plc’s (“ i3 Energy ”) (which was gotten by Gran Tierra Energy on October 31, 2024) independent professional books critic GLJLtd (“ GLJ ”) in a reasonable market price record with a reliable 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 ”), unless or else specifically mentioned.

Barrel of oil matchings (“ boe ”) have actually been transformed on the basis of 6 thousand cubic feet (“ Mcf ”) gas to 1 bbl of oil. Boe’s might be deceptive, especially if made use of alone. A boe conversion proportion of 6 Mcf: 1 bbl is based upon a power similarity conversion approach largely appropriate at the heater idea and does not stand for a worth similarity at the wellhead. In enhancement, considered that the worth proportion based upon the existing cost of oil as compared to gas is dramatically various from the power matching of 6 to one, using a boe conversion proportion of 6 Mcf: 1 bbl would certainly be deceptive as an indicator of worth.

The complying with books classifications are talked about in this news release: Proved, Proved plus Probable and Proved plus Probable plus Possible andProved Developed Producing Proved books are those books that can be approximated with a high level of assurance to be recoverable. It is most likely that the real staying amounts recuperated will certainly go beyond the approximated proven books. Probable books are those added books that are much less specific to be recuperated than proven books. It is just as most likely that the real staying amounts recuperated will certainly be better or much less than the amount of the approximated verified plus possible books. Possible books are those added books that are much less specific to be recuperated than possible books. There is a 10% possibility that the amounts really recuperated will certainly equate to or go beyond the amount of Proved plus Probable plus Possible books. Proved created generating books are those proven books that are anticipated to be recuperated from conclusion periods open at the time of the quote. These books might be presently generating or, if shut-in, they have to have formerly gotten on manufacturing, and the day of resumption of manufacturing have to be recognized with sensible assurance. Certain terms made use of in this news release however not specified are specified 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, unless the context or else needs, will have the exact same definitions here as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, probably.

Estimates of internet existing worth and future internet profits had here do not always stand for reasonable market price. Estimates of books and future internet profits for specific residential or commercial properties might not mirror the exact same degree of self-confidence as quotes of books and future internet profits for all residential or commercial properties, as a result of the impact of gathering. There is no guarantee that the projection cost and price presumptions used by GLJ in examining i3 Energy’s books will certainly be obtained and differences can be product. There are various unpredictabilities integral in approximating amounts of petroleum and gas books. The books info stated in the i3 Energy GLJ Report are quotes just and there is no warranty that the projected books will certainly be recuperated. Actual books might be more than or much less than the quotes supplied therein. All examinations of future internet profits had in the i3 Energy GLJ Report desire the reduction of aristocracies, running prices, growth prices, manufacturing prices and desertion and recovery prices however prior to factor to consider of indirect prices such as management, overhanging and various other various costs. It ought to not be thought that the quotes of future internet earnings provided in this news release stand for the reasonable market price of the books.

References to a development where proof of hydrocarbons has actually been run into is not always a sign that hydrocarbons will certainly be recoverable in industrial amounts or in any kind of projected quantity. i3 Energy’s reported manufacturing is a mix of light petroleum and tool, hefty petroleum, limited oil, standard gas, shale gas and coal bed methane for which there is not an accurate failure because i3 Energy’s oil sales quantities commonly stand for blends of greater than one item kind. Well examination results ought to be taken into consideration as initial and not always a measure of long-lasting efficiency or of best recuperation. Well log analyses showing oil and gas build-ups are not always a measure of future manufacturing or best recuperation. If it is suggested that a stress short-term evaluation or well-test analysis has actually not been performed, any kind of information divulged in that regard needs to be taken into consideration initial up until such evaluation has actually been finished. References to density of“oil pay” or of a development where proof of hydrocarbons has actually been run into is not always a sign that hydrocarbons will certainly be recoverable in industrial amounts or in any kind of projected quantity.

Disclosure of Reserve Information and Cautionary Note to UNITED STATE Investors

Unless specifically mentioned or else, all quotes of verified, possible and feasible books and associated future internet profits divulged in this news release have actually been prepared according to NI 51-101. Estimates of books and future internet profits made according to NI 51-101 will certainly vary from matching quotes prepared according to appropriate SEC policies and disclosure needs of the united state Financial Accounting Standards Board (“ FASB ”), and those distinctions might be product. NI 51-101, as an example, needs disclosure of books and associated future web profits approximates based upon projection costs and prices, whereas SEC and FASB criteria call for that books and associated future internet profits be approximated making use of typical costs for the previous one year. In enhancement, NI 51-101 allows the discussion of books approximates on a“company gross” basis, standing for Gran Tierra’s functioning passion share prior to reduction of aristocracies, whereas SEC and FASB criteria call for the discussion of internet book quotes after the reduction of aristocracies and comparable repayments. There are additionally distinctions in the technological books evaluation criteria appropriate under NI 51-101 and, pursuant thereto, the COGEH, and those appropriate under SEC and FASB needs.

In enhancement to being a reporting company in specific Canadian territories, Gran Tierra is a registrant with the SEC and based on residential company coverage needs under united state government safeties legislation, consisting of relative to the disclosure of books and various other oil and gas info according to united state government safeties legislation and appropriate SEC policies and guidelines (jointly,“ SEC requirements ”). Disclosure of such info according to SEC needs is consisted of in the Company’s Annual Report on Form 10-K and in various other records and products submitted with or equipped to the SEC and, as appropriate, Canadian safeties governing authorities. The SEC allows oil and gas firms that undergo residential company coverage needs under united state government safeties legislation, in their filings with the SEC, to reveal just approximated verified, possible and feasible books that fulfill the SEC’s meanings of such terms. Gran Tierra has actually divulged approximated verified, possible and feasible books in its filings with the SEC. In enhancement, Gran Tierra prepares its economic declarations according to United States normally approved accountancy concepts, which call for that the notes to its yearly economic declarations consist of supplemental disclosure in regard of the Company’s oil and gas tasks, consisting of quotes of its proven oil and gas books and a standard procedure of affordable future internet capital associating with verified oil and gas book amounts. This supplemental economic declaration disclosure exists according to FASB needs, which straighten with matching SEC needs worrying books evaluation and coverage.

MENAFN26112024004107003653ID1108929645