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GTE - Gran Tierra Energy TSX

post #1 of 6
Thread Starter 

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Gran Tierra Energy Inc. (Gran Tierra) is an independent international energy company engaged in oil and gas acquisition, exploration, development and production. Gran Tierra owns oil and gas properties in Colombia, Argentina, Peru and Brazil.

post #2 of 6
I just read something negative about this company recently. Can't remember exactly what it was. I think it was dilution. Not saying not to invest in it. Just do due diligence.
post #3 of 6
Thread Starter 
great to know. Thanks for the heads up.
post #4 of 6
Gran Tierra Energy announces first quarter 2009 results

Record Average Quarterly Production of 10,390 BOPD Attained; Positioning for Renewed Exploration in Late 2009 and 2010

CALGARY, May 7 - Gran Tierra Energy Inc. (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced financial and operating results for the quarter ended March 31, 2009. All dollar amounts are in United States dollars unless otherwise indicated.

Selected highlights comparing the quarters ended March 31, 2009 and 2008:

- 265% increase in production to 10,390 barrels of oil per day (BOPD),

net after royalty (NAR), compared with 2,843 BOPD NAR, for the same

period in 2008;

- 61% increase in revenue and interest to $33.6 million compared with

$20.8 million for the same period in 2008;

- 202% increase in net income to $14.1 million compared with

$4.7 million for the same period in 2008. On a per share basis, net

income increased to $0.06 per share basic and diluted, compared with

$0.05 per share basic and $0.04 per share diluted for the first

quarter of 2008;

- Cash and cash equivalents of $147.7 million at March 31, 2009; and

- Gran Tierra Energy continues to be debt free.

"The first quarter 2009 results reflect our continued focus on operating performance in Colombia, Peru and Argentina, and continuing development of the Costayaco Field," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "The company is currently evaluating the optimum production plateau for the Costayaco field taking into consideration reserves, reservoir performance, good operating practice, and net present value of the project. Accordingly, we are revising the planned production plateau for Costayaco to 19,000 BOPD gross, and extending the plateau period to approximately four years. Economic modeling shows no material reduction in value in producing reserves at this new plateau, and at the same time, we believe operating performance will be enhanced long-term. We are now expecting to maintain an average consolidated company production rate between 14,000 to 16,000 BOPD NAR for the balance of 2009. In addition, our capital expenditure plans have been revised to focus on the highest impact investment opportunities in our portfolio as Gran Tierra Energy strives to deliver the best value to its shareholders.

Cannacord has a buy rating on this.
post #5 of 6
UPDATE 1-Gran Tierra to buy Petrolifera in $195 mln deal

12:00am EST

Petrolifera Petroleum Limited
12:00am EST

Mon Jan 17, 2011 7:00pm EST

* Gran Tierra offers 0.1241 per share

* 21 percent of Petrolifera holders back deal

* Petrolifera shareholders to vote in March (In U.S. dollars unless noted)

CALGARY, Alberta, Jan 17 (Reuters) - Gran Tierra Energy Inc (GTE.TO) said on Monday it will buy Petrolifera Petroleum Ltd (PDP.TO) in a $151 million deal that brings together a pair of Canadian-based companies exploring for oil in South America.

Under the deal, Petrolifera shareholders receive 0.1241 of a Gran Tierra share for each of their own. Gran Tierra also will assume Petrolifera's debt and working capital, bringing the deal's total value to $195 million.

The board of Petrolifera, which has interests in 11 exploration and production blocks in Colombia, Peru and Argentina, approved the arrangement.

The transaction follows a sales process that started in September after the target company hired financial advisers.

Directors and the company's largest shareholder, representing 21 percent of Petrolifera's shares, have agreed to vote in favor of the transaction.

Based on Gran Tierra's closing stock price of C$8.29 on the Toronto Stock Exchange on Monday, the deal values Petrolifera at C$1.03 a share. It closed at 80 Canadian cents on the TSX.

A Petrolifera shareholder meeting is planned for March to approve the deal, the companies said. ($1=$0.99 Canadian)
post #6 of 6

Big mover on the TSX +5% today

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