REG-Gran Tierra Energy Inc. Reports Seventh Consecutive Year of South American Reserves Growth
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* Seventh Consecutive Year of South American Reserves Growth With Over 100%
Reserve Replacement PDP and 2P
* World Class Resource Base Captured Including 2P Reserves of 258 MMBOE
* 1P and 2P Reserve Life Index of 8 and 15 Years, Respectively
* Net Present Value Before Tax Discounted at 10% of $1.5 Billion (1P), $2.5
Billion (2P), and $3.3 Billion (3P)
* Net Asset Value per Share of $22.63 Before Tax and $13.62 After Tax (1P),
and $51.09 Before Tax and $31.19 After Tax (2P)
* Unrisked 2C Resources of 74 MMBOE (Glauconitic) and 118 MMBOE Unrisked Mean
Prospective Resources (Colombia and Ecuador)(1)
* Significant Unbooked Upside Potential Canadian Long-Term Gas(1)
CALGARY, Alberta, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc.
(“Gran Tierra” or the “Company”) (NYSE
American:GTE)(TSX:GTE)(LSE:GTE), an independent international energy company
focused on oil and natural gas exploration and production in Canada, Colombia
and Ecuador, today announced the Company’s 2025 year-end reserves and
specified resources as evaluated by the Company’s independent qualified
reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in
separate reports each with an effective date of December 31, 2025. See
“Disclosure of Oil and Gas Information” for more information.
All dollar amounts are in United States (“U.S.”) dollars and all reserves
and production volumes are on a working interest before royalties (“WI”)
basis (net). Reserves are expressed in barrels (“bbl”), millions of
barrels (“MMBBL”), bbl of oil equivalent (“boe”) or million boe
(“MMBOE”), while production is expressed in boe per day (“BOEPD”),
unless otherwise indicated.
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented:
“Our 2025 year-end reserves and resources results reinforce the underlying
strength and optionality of our asset base. As a result of exploration success
and asset performance, we achieved greater than 100% reserve replacement in
South America on both a proved developed producing (“PDP”) and proved plus
probable (“2P”) basis for 2025. Our results clearly demonstrate the
resources we have captured in the portfolio including 2P reserves of 258
MMBOE, unrisked best estimate contingent resources (“2C”) in the Hoadley
Glauconitic project (“Glauconitic”) of 74 MMBOE and 118 MMBBL unrisked
mean prospective resources in the noted Colombia and Ecuador prospects. In
Canada, certain natural gas reserve volumes were reclassified as contingent
resources reflecting a lower forecasted gas price, however, this does not
diminish the underlying quality or long-term value of these assets and has
limited impact on net present value. We have a deep inventory of oil assets
and at current strip pricing our five year plan is focused on developing those
assets, resulting in the reclassification based on reserve booking standards.
We are the operator of the vast majority of our assets and in a higher natural
gas price environment we could allocate capital quickly to our natural gas
assets. With increased LNG capacity in North America and on going expansion of
data centers, we remain more positive than ever on the long term demand for
natural gas.
We have focused on portfolio longevity and asset quality, building a highly
diversified portfolio across three countries, five basins, and two continents.
This portfolio captures a substantial resource base, including approximately
296,965 MMcf or 0.3 trillion cubic feet (“Tcf”) of unrisked high-estimate
contingent resources (“3C”) in the Glauconitic and 425,338 MMcf or 0.4 Tcf
of proved plus probable plus possible reserves (“3P”) across our natural
gas resources and reserves inventory. Our PDP reserves continue to generate
strong cash flow, supporting debt reduction and strengthening the balance
sheet, while our significant contingent and prospective resources provide
option value and flexibility as market conditions evolve. The Company
maintains a highly attractive PDP foundation, significant proved (“1P”)
and 2P reserves, a demonstrated track record of moving 2P to 1P to PDP, and a
deep inventory of resources that underpin meaningful long-term value.”
(1)These figures represent contingent resources under Canadian National
Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI
51-101”) and are not reserves under NI 51-101 or SEC requirements. See
“Disclosure of Oil and Gas Information, Disclosure of Reserves Information,
Resources Information and Cautionary Note to U.S. Investors”.
Highlights
2025 Year-End Reserves and Values
The net present value of reserves decreased from the 2024 year-end reserve
which is predominately driven by a 7% percent decrease in the five-year
average Brent oil price.
Before Tax (as of December 31, 2025) Units 1P 2P 3P
Reserves MMBOE 142 258 329
Net Present Value at 10% Discount (“NPV10”) $ million 1,456 2,461 3,317
Net Debt (1) $ million (657) (657) (657)
Net Asset Value (NPV10 less Net Debt) (“NAV”) $ million 799 1,804 2,660
Outstanding Shares million 35.30 35.30 35.30
NAV per Share $/share 22.63 51.09 75.35
After Tax (as of December 31, 2025) Units 1P 2P 3P
Reserves MMBOE 142 258 329
NPV10 $ million 1,138 1,758 2,283
Net Debt (1) $ million (657) (657) (657)
NAV $ million 481 1,101 1,626
Outstanding Shares million 35.30 35.30 35.30
NAV per Share $/share 13.62 31.19 46.06
(1)Based on estimated unaudited 2025 year-end Net Debt of $657 million
comprised of Senior Notes of $741 million (gross) less cash and cash
equivalents of $83 million, prepared in accordance with GAAP. See “Non-GAAP
Measures”.
South America
* Gran Tierra’s South American reserves base continues to be underpinned by
material new discoveries in multi-zone, waterfloodable reservoirs. The
Company’s strategic acquisition in Ecuador of the Perico and Espejo blocks
added scale and high-quality inventory, enabling coordinated development
across adjacent blocks and enhancing long-term development optionality. Recent
exploration success, including the Conejo discoveries, added material reserves
across the Hollin and Basal Tena reservoirs, while the Chanangue Este
reactivation contributed incremental reserves and extended productive field
life within the block. In addition, Gran Tierra holds approximately 118 MMBBL
of mean unrisked prospective resources across its South American portfolio,
which we believe highlights the depth of our exploration inventory and
provides meaningful long-term development runway.
* Core producing assets continue to perform reliably, with Acordionero and
Cohembi delivering steady base production and strong reserves support. While
base performance at Costayaco and Moqueta trailed reserve forecasts during the
year, these variances are well understood and operationally addressable. Gran
Tierra has increased its focus on waterflood surveillance and optimization
focus for 2026, positioning these fields for improved recovery and reserves
realization. Taken together, South America remains the Company’s principal
source of reserves replacement and capital-efficient growth.
Canada
* As part of our ongoing commitment to capital discipline and portfolio
high-grading, Gran Tierra reclassified our development inventory in the
Glauconitic during 2025. Certain drilling locations were reclassified from
reserves to contingent resources to better align development timing with
prevailing commodity price assumptions and expected activity levels.
* This reclassification resulted in a reduction of 19 MMBOE on a 1P basis and
32 MMBOE on a 2P basis. Importantly, these volumes remain within the
Company’s portfolio, with 74 MMBOE now classified as unrisked 2C contingent
resources, approximately 50% of which is natural gas, providing meaningful
leverage to a potential recovery in North American natural gas prices.
* The reclassification did not have a material impact on Gran Tierra’s NAV.
At year-end 2024, the affected Glauconitic locations represented approximately
13% of 1P future development costs (“FDC”), yet contributed approximately
3% of before-tax NPV10 value under conservative natural gas price assumptions.
These locations remain economically attractive at higher gas prices, and Gran
Tierra estimates that an increase in AECO pricing from C$3.00/mcf to
C$4.00/mcf reduces Glauconitic well payout periods by approximately 25%,
improving project economics and development timing. This supports the
Company’s decision to prioritize near-term capital toward higher-return
opportunities while preserving the technical and potential economic upside of
the Glauconitic in a higher-price environment.
Reserves
* As of December 31, 2025, Gran Tierra achieved: * Before Tax NAV of $0.8
billion (1P), $1.8 billion (2P), and $2.7 billion (3P)
* After Tax NAV of $0.5 billion (1P), $1.1 billion (2P), and $1.6 billion (3P)
* Reserve Life Index(*): * 1P: 8 years
* 2P: 15 years
* 3P: 19 years
* South American reserves replacement(**): * 101% PDP, with PDP reserves
additions of 11 MMBOE
* 61% 1P, with 1P reserves additions of 6 MMBOE
* 105% 2P, with 2P reserves additions of 11 MMBOE
* Canadian reserves replacement was negative as a result of the
reclassification of certain reserves to contingent resources
* Canada now represents 39% of 1P and 44% of 2P reserves of Gran Tierra’s
total reserves.
* FDC are forecast by McDaniel to be $888 million for 1P reserves and $1,682
million for 2P reserves. Decreases in FDC relative to 2024 year-end reflect
that the GTE McDaniel Reserves Report now assigns Gran Tierra 168 Proved
Undeveloped future drilling locations (down from 227 at 2024 year-end with 62
Glauconitic locations moved to contingent resources) and 362 Proved plus
Probable Undeveloped future drilling locations (down from 441 at 2024 year-end
with 74 Glauconitic locations moved to contingent).
(*The reserve life indexes were calculated based on a Q4 2025 total average
production rate of 46,513 BOEPD.)
(**Reserves replacement were calculated based on an annual basis using South
America average production rate of 29,066 BOEPD.)
GTE McDaniel Reserves Report
All reserves values, future net revenue and ancillary information contained in
this press release have been prepared by McDaniel and calculated in compliance
with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (“COGEH”)
and derived from a report with an effective date of December 31, 2025 (the
“GTE McDaniel Reserves Report”), unless otherwise expressly stated.
Future Net Revenue
Future net revenue reflects McDaniel’s forecast of revenue estimated using
forecast prices and costs, arising from the anticipated development and
production of reserves, after the deduction of royalties, operating costs,
development costs and abandonment and reclamation costs but before
consideration of indirect costs such as administrative, overhead and other
miscellaneous expenses. The estimate of future net revenue below does not
necessarily represent fair market value.
Consolidated Properties at December 31, 2025
Proved (1P) Total Future Net Revenue ($ million)
Forecast Prices and Costs
Sales Total Operating Future Abandonment Future Net Future Future
Revenue Royalties Costs Development and Revenue Taxes Net
Capital Reclamation Before Revenue
Costs Future After
Taxes Future
Taxes*
2026 - 2030 (5 Years) 4,479 (883 ) (1,443 ) (882 ) (31 ) 1,239 (280 ) 959
Remainder 3,167 (589 ) (1,413 ) (5 ) (345 ) 815 (212 ) 603
Total (Undiscounted) 7,645 (1,472 ) (2,856 ) (888 ) (376 ) 2,054 (492 ) 1,562
Total (Discounted @ 10%) 1,456 (318 ) 1,138
Consolidated Properties at December 31, 2025
Proved Plus Probable (2P) Total Future Net Revenue ($ million)
Forecast Prices and Costs
Years Sales Total Operating Future Abandonment Future Net Future Future
Revenue Royalties Costs Development and Revenue Taxes Net
Capital Reclamation Before Revenue
Costs Future After
Taxes Future
Taxes*
2026 - 2030 (5 Years) 5,222 (1,040 ) (1,550 ) (1,016 ) (27 ) 1,589 (404 ) 1,185
Remainder 8,851 (1,944 ) (3,080 ) (666 ) (391 ) 2,770 (900 ) 1,870
Total (Undiscounted) 14,073 (2,984 ) (4,629 ) (1,682 ) (419 ) 4,359 (1,304 ) 3,055
Total (Discounted @ 10%) 2,461 (703 ) 1,758
Consolidated Properties at December 31, 2025
Proved Plus Probable Plus Possible (3P) Total Future Net Revenue ($ million)
Forecast Prices and Costs
Years Sales Total Operating Future Abandonment Future Net Future Future
Revenue Royalties Costs Development and Revenue Taxes Net
Capital Reclamation Before Revenue
Costs Future After
Taxes Future
Taxes*
2026 - 2030 (5 Years) 5,790 (1,172 ) (1,613 ) (1,067 ) (26 ) 1,911 (529 ) 1,382
Remainder 12,799 (3,029 ) (4,078 ) (818 ) (407 ) 4,467 (1,516 ) 2,951
Total (Undiscounted) 18,589 (4,202 ) (5,691 ) (1,886 ) (433 ) 6,378 (2,044 ) 4,334
Total (Discounted @ 10%) 3,317 (1,033 ) 2,283
*The after-tax future net revenue of the Company’s oil and gas properties
reflects the tax burden on the properties on a stand-alone basis. It does not
consider the corporate tax situation, or tax planning. It does not provide an
estimate of the value at the Company level which may be significantly
different. The Company’s financial statements, when available for the year
ended December 31, 2025, should be consulted for information at the Company
level.
Total Company WI Reserves
The following table summarizes Gran Tierra’s NI 51-101 and COGEH compliant
reserves in aggregate for Colombia, Ecuador and Canada derived from the GTE
McDaniel Reserves Report calculated using forecast oil and gas prices and
costs.
Light and Heavy Crude Tight Oil Conventional Shale Gas Natural 2025 Year-
Medium Oil Natural Gas Gas End
Crude Oil Liquids
Reserves Category Mbbl* Mbbl* Mbbl* MMcf** MMcf** Mbbl* Mboe***
Proved Developed Producing 25,603 20,216 761 107,711 3,695 13,145 78,293
Proved Developed Non-Producing 1,715 733 22 4,105 56 309 3,472
Proved Undeveloped 29,603 15,649 3,566 26,440 18,417 3,536 59,829
Total Proved 56,921 36,598 4,349 138,256 22,168 16,990 141,594
Total Probable 42,603 20,003 5,350 145,188 33,923 18,130 115,938
Total Proved plus Probable 99,524 56,601 9,699 283,444 56,091 35,120 257,532
Total Possible 32,612 13,554 2,614 70,761 15,042 8,777 71,858
Total Proved plus Probable plus Possible 132,136 70,155 12,313 354,205 71,133 43,897 329,390
*Mbbl (thousand bbl of oil).
**MMcf (million cubic feet).
***Mboe (thousand boe).
Net Present Value Summary
Gran Tierra’s reserves were evaluated using McDaniel’s commodity price
forecasts at January 1, 2026. See “Forecast Prices” for more information.
It should not be assumed that the net present value of cash flow estimated by
McDaniel represents the fair market value of Gran Tierra’s reserves.
Total Company Discount Rate
($ millions) 0 % 5 % 10 % 15 % 20 %
Before Tax
Proved Developed Producing 1,106 1,091 988 894 816
Proved Developed Non-Producing 56 45 37 30 26
Proved Undeveloped 892 615 431 304 213
Total Proved 2,054 1,751 1,456 1,228 1,055
Total Probable 2,305 1,473 1,005 720 537
Total Proved plus Probable 4,359 3,224 2,461 1,948 1,592
Total Possible 2,019 1,263 856 614 461
Total Proved plus Probable plus Possible 6,378 4,487 3,317 2,562 2,053
After Tax
Proved Developed Producing 939 953 870 791 724
Proved Developed Non-Producing 47 37 30 25 21
Proved Undeveloped 577 372 238 148 84
Total Proved 1,563 1,362 1,138 964 829
Total Probable 1,493 929 620 437 322
Total Proved plus Probable 3,056 2,291 1,758 1,401 1,151
Total Possible 1,279 784 525 375 280
Total Proved plus Probable plus Possible 4,335 3,075 2,283 1,776 1,431
Reserve Life Index (Years)
December 31, 2025*
Total Proved 8
Total Proved plus Probable 15
Total Proved plus Probable plus Possible 19
* The reserve life indexes were calculated based on a Q4 2025 total average
production rate of 46,513 BOEPD.
Future Development Costs
FDC reflects McDaniel’s best estimate of what it will cost to bring the
Proved Undeveloped and Probable Undeveloped reserves on production. Changes in
forecast FDC occur annually as a result of development activities, acquisition
and disposition activities, and changes in capital cost estimates based on
improvements in well design and performance, as well as changes in service
costs. FDC for 2P reserves decreased to $1,682 million at year-end 2025 from
$1,809 million at year-end 2024. The decrease in FDC in 2025 was predominantly
attributed to the capital spending in the Suroriente block as well as the
reduction of capex in Canada due to the movement of certain reserves to our
contingent resources.
($ millions) Total Proved Total Proved Plus Probable Total Proved Plus Probable
Plus Possible
2026 95 100 100
2027 177 186 189
2028 209 232 245
2029 223 274 287
2030 178 224 246
Remainder 5 666 818
Total (undiscounted) 887 1,682 1,885
($ millions) Proved Proved plus Proved plus
Probable Probable plus
Possible
Colombia - Acordionero 161 161 161
Colombia - Chaza Block (Costayaco & Moqueta) 120 145 145
Colombia - Suroriente 88 110 126
Ecuador - Chanangue 117 189 252
Ecuador - Charapa 128 235 289
Canada - Central 50 186 186
Canada - Simonette 130 255 255
Other 93 401 471
Total FDC Costs (undiscounted) 887 1,682 1,885
Drilling Locations Summary By Country
Total Proved Total Proved Plus Probable Total Proved Plus Probable
Plus Possible
Colombia 67 100 111
Ecuador 38 63 74
Canada 63 199 199
Total 168 362 384
GTE McDaniel Resources Report
All resources values and ancillary information contained in this press release
have been prepared by McDaniel and calculated in compliance with NI 51-101 and
the COGEH and derived from a report with an effective date of December 31,
2025 (the “GTE McDaniel Resources Report”), unless otherwise expressly
stated.
Summary of Unrisked and Risked Contingent Resources
The following table sets forth Gran Tierra’s unrisked and risked gross((6)
)contingent resources by product type for the Glauconitic at December 31,
2025 and is derived from the GTE McDaniel Resources Report. The project is
considered a development on hold((5)) as it could be economic at some point in
the future:
Gross ((6) )Contingent Resources ((1)(2)(4))
By Product Type
Hoadley Glauconitic Play Unrisked Risked Chance of Development ((3))
Product 1C 2C 3C 2C %
Light and Medium Crude Oil (Mbbls) 825 1,237 1,650 990 80%
Conventional Natural Gas (MMcf) 148,483 222,724 296,965 178,179 80%
Natural Gas Liquids (Mbbls) 23,609 35,413 47,217 28,330 80%
TOTALS (Mboe) ((7)) 49,181 73,771 98,362 59,017 80 %
See “Disclosure of Oil and Gas Information - Contingent Resources” and
“Disclosures of Reserves Information, Resources Information and Cautionary
Note to U.S. Investors”.
Summary of Unrisked and Risked Prospective Resources
The following table represents Gran Tierra’s Company WI Prospective
Resources prepared by McDaniel at December 31, 2025, and is derived from the
GTE McDaniel Resources Report.
Company Gross ((8) )Values
Prospective Resources - Light and Medium Crude Oil ((1)(2)(6)(9))
Unrisked ((7)) Risked ((5)) Working Interest
Low Best Mean High Mean
Prospect ((4)) Mbbl Mbbl Mbbl Mbbl Mbbl %
Charapa Block 17,349 36,701 42,583 75,197 13,939 100%
Chanangue Block 10,441 24,899 31,074 59,454 12,660 100%
Perico Block 4,398 10,397 12,476 23,172 7,040 100%
Suroriente Block 1,177 3,405 4,727 9,728 993 52%
PUT 7 Block 6,822 19,735 27,399 56,381 5,754 100%
TOTALS (Mbbl) 40,187 95,137 118,259 223,932 40,386
See “Disclosure of Oil and Gas Information - Prospective Resources” and
“Disclosures of Reserves Information, Resources Information and Cautionary
Note to U.S. Investors”.
Forecast Prices
The pricing assumptions used in estimating NI 51-101 and COGEH compliant
reserves and resources data disclosed above with respect to net present values
of future net revenue are set forth below. The price forecasts are based on
McDaniel’s standard price forecast effective January 1, 2026. McDaniel is an
independent qualified reserves evaluator pursuant to NI 51-101.
Brent Crude Oil WTI Crude Oil Alberta AECO Gas Foreign Exchange Rate
Year $US/bbl $US/bbl $CAD/MMBtu $US/$CAD
January 1, 2026 January 1, 2026 January 1, 2026 January 1, 2026
2026 $ 66.50 $ 62.50 $ 3.00 0.73
2027 $ 70.38 $ 66.30 $ 3.32 0.73
2028 $ 76.99 $ 72.83 $ 3.64 0.73
2029 $ 78.53 $ 74.28 $ 3.71 0.73
2030 $ 80.10 $ 75.77 $ 3.79 0.73
Contact Information
For investor and media inquiries please contact:
Gary Guidry, Chief Executive Officer
Ryan Ellson, Executive Vice President & Chief Financial Officer
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc., together with its subsidiaries, is an independent
international energy company currently focused on oil and natural gas
exploration and production in Canada, Colombia and Ecuador. The Company is
currently developing its existing portfolio of assets in Canada, Colombia and
Ecuador and will continue to pursue additional new growth opportunities that
would further strengthen the Company’s portfolio. The Company’s common
stock trades on the NYSE American, the Toronto Stock Exchange and the London
Stock Exchange under the ticker symbol GTE. Additional information concerning
Gran Tierra is available at www.grantierra.com. Except to the extent expressly
stated otherwise, information on the Company’s website or accessible from
our website or any other website is not incorporated by reference into and
should not be considered part of this press release. Investor inquiries may be
directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the
“SEC”) are available on the SEC website at http://www.sec.gov. Gran
Tierra’s Canadian securities regulatory filings are available on SEDAR+ at
http://www.sedarplus.ca and UK regulatory filings are available on the
National Storage Mechanism website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
FORWARD LOOKING STATEMENTS ADVISORY
This press release contains opinions, forecasts, projections, and other
statements about future events or results that constitute forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and financial outlook and forward looking information within the meaning of
applicable Canadian securities laws (collectively, “forward-looking
statements”), which can be identified by such terms as “expect,”
“plan,” “can,” “will,” “should,” “guidance,”
“estimate,” “forecast,” “signal,” “progress” and
“believes,” derivations thereof and similar terms identify forward-looking
statements. Such forward-looking statements include, but are not limited to,
estimated quantities and net present values of reserves and other resources,
capital program, and ability to fund the Company’s exploration program over
a period of time, statements about the Company’s financial and performance
targets and other forecasts or expectations regarding, or dependent on, the
Company’s business outlook for 2026 and beyond, capital spending plans and
any benefits of the changes in our capital program or expenditures, well
performance, production, the restart of production and workover activity,
future development costs, infrastructure schedules, waterflood impacts and
plans, growth of referenced reserves and other resources, forecast prices,
five-year expected oil sales and cash flow and net revenue, estimated recovery
factors, liquidity and access to capital, the Company’s strategies and
results thereof, the Company’s expectations regarding organic and inorganic
growth opportunities, the Company’s operations including planned operations
and developments, disruptions to operations and the decline in industry
conditions, and expectations regarding environmental commitments.
The forward-looking statements contained in this press release reflect several
material factors and expectations and assumptions of Gran Tierra including,
without limitation, that Gran Tierra will continue to conduct its operations
in a manner consistent with its current expectations, the accuracy of testing
and production results and seismic data, pricing and cost estimates (including
with respect to commodity pricing and exchange rates), rig availability, the
effects of drilling down-dip, the effects of waterflood and multi-stage
fracture stimulation operations, the extent and effect of delivery
disruptions, and the general continuance of current or, where applicable,
assumed operational, regulatory and industry conditions in Canada, Colombia
and Ecuador and areas of potential expansion, and the ability of Gran Tierra
to execute its business and operational plans in the manner currently planned.
Gran Tierra believes the material factors, expectations and assumptions
reflected in the forward-looking statements are reasonable at this time, but
no assurance can be given that these factors, expectations and assumptions
will prove to be correct.
Among the important factors that could cause actual results to differ
materially from those indicated by the forward-looking statements in this
press release are: certain of Gran Tierra’s operations are located in South
America and unexpected problems can arise due to guerilla activity, strikes,
local blockades or protests, civil unrest, sanctions-related restrictions, or
other political instability; technical difficulties and operational
difficulties may arise which impact the production, transport or sale of Gran
Tierra’s products; other disruptions to local operations; global and
regional changes in the demand, supply, prices, differentials or other market
conditions affecting oil and natural gas, including inflation and changes
resulting from a global health crisis, geopolitical events, including the
ongoing conflicts in Ukraine, the Middle East and Venezuela, or from the
imposition or lifting of crude oil production quotas or other actions that
might be imposed by OPEC and other producing countries and resulting company
or third-party actions in response to such changes; changes in commodity
prices, including volatility or a prolonged decline in these prices relative
to historical or future expected levels; the risk that current global economic
and credit conditions may impact oil and natural prices and oil and natural
gas consumption more than Gran Tierra currently predicts, which could cause
Gran Tierra to further modify its strategy and capital spending program;
prices and markets for oil and natural gas are unpredictable and volatile; the
effect of hedges, the accuracy of productive capacity of any particular field;
geographic, political and weather conditions can impact the production,
transport or sale of Gran Tierra’s products; the ability of Gran Tierra to
execute its business plan, which may include acquisitions, and realize
expected benefits from current or future initiatives; the risk that unexpected
delays and difficulties in developing currently owned properties may occur;
the ability to replace reserves and production and develop and manage reserves
on an economically viable basis; the accuracy of testing and production
results and seismic data, pricing and cost estimates (including with respect
to commodity pricing and exchange rates); the risk profile of planned
exploration activities; the effects of drilling down-dip; the effects of
waterflood and multi-stage fracture stimulation operations; the extent and
effect of delivery disruptions, equipment performance and costs; actions by
third parties; the timely receipt of regulatory or other required approvals
for Gran Tierra’s operating activities; the failure of exploratory drilling
to result in commercial wells; unexpected delays due to the limited
availability of drilling equipment and personnel; volatility or declines in
the trading price of Gran Tierra’s common stock or bonds; the risk that Gran
Tierra does not receive the anticipated benefits of government programs,
including government tax refunds; Gran Tierra’s ability to comply with
financial covenants in its credit agreement and indentures and make borrowings
under its credit agreement; and the risk factors detailed from time to time in
Gran Tierra’s periodic reports filed with the SEC, including, without
limitation, under the caption “Risk Factors” in Gran Tierra’s Annual
Report on Form 10-K for the year ended December 31, 2024 filed on February 24,
2025 and its other filings with the SEC. These filings are available on the
SEC’s website at http://www.sec.gov and on SEDAR at www.sedar.com.
Statements relating to “reserves” are also deemed to be forward-looking
statements, as they involve the implied assessments, based on certain
estimates and assumptions, including that the reserves described can be
profitably produced in the future, and in the case of resources, whether such
resources will ultimately be discovered and commercially developed. These
statements are subject to risks and uncertainties.
Statements about potential upside and long-term Canadian natural gas
development opportunities are forward-looking and are also subject to
substantial uncertainty; such opportunities may never be economic or
developed, or if developed may not produce material upside, because
realization depends on future factors including commodity demand, supply,
prices, infrastructure availability and regulatory approvals. Gran Tierra
believes the expectations and assumptions reflected in such forward-looking
statements are reasonable at this time, but no assurance can be given that
these expectations and assumptions will prove to be correct.
Guidance is uncertain, particularly when given over extended periods of time,
and results may be materially different. Although the current capital spending
program and long term strategy of Gran Tierra is based upon the current
expectations of the management of Gran Tierra, should any one of a number of
issues arise, Gran Tierra may find it necessary to alter its business strategy
and/or capital spending program and there can be no assurance as at the date
of this press release as to how those funds may be reallocated or strategy
changed and how that would impact Gran Tierra’s results of operations and
financing position. All forward-looking statements are made as of the date of
this press release and the fact that this press release remains available does
not constitute a representation by Gran Tierra that Gran Tierra believes these
forward-looking statements continue to be true as of any subsequent date.
Actual results may vary materially from the expected results expressed in
forward-looking statements. Gran Tierra disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required by
applicable law. Gran Tierra’s forward-looking statements are expressly
qualified in their entirety by this cautionary statement.
The estimates of future net revenue and certain expenses may be considered to
be future-oriented financial information or a financial outlook for the
purposes of applicable Canadian securities laws. Financial outlook and
future-oriented financial information contained in this press release about
prospective financial performance, financial position or cash flows are
provided to give the reader a better understanding of the potential future
performance of the Company in certain areas and are based on assumptions about
future events, including economic conditions and proposed courses of action,
based on management’s assessment of the relevant information currently
available, and to become available in the future. In particular, this press
release contains projected operational and financial information for 2026 and
for the next five years to allow readers to assess the Company’s ability to
fund its programs. These projections contain forward-looking statements and
are based on a number of material assumptions and factors set out above.
Actual results may differ significantly from the projections presented herein.
The actual results of Gran Tierra’s operations for any period could vary
from the amounts set forth in these projections, and such variations may be
material. See above for a discussion of the risks that could cause actual
results to vary. The future-oriented financial information and financial
outlooks contained in this press release have been approved by management as
of the date of this press release. Readers are cautioned that any such
financial outlook and future-oriented financial information contained herein
should not be used for purposes other than those for which it is disclosed
herein. The Company and its management believe that the prospective financial
information has been prepared on a reasonable basis, reflecting management’s
best estimates and judgments, and represent, to the best of management’s
knowledge and opinion, the Company’s expected course of action. However,
because this information is highly subjective, it should not be relied on as
necessarily indicative of future results.
Non-GAAP Measures
This press release includes non-GAAP measures which do not have a standardized
meaning under GAAP. Investors are cautioned that these measures should not be
construed as alternatives to oil and natural gas sales, net income or loss or
other measures of financial performance as determined in accordance with GAAP.
Gran Tierra’s method of calculating these measures may differ from other
companies and, accordingly, they may not be comparable to similar measures
used by other companies.
Net Debt as presented as at December 31, 2025 is comprised of $741 million
(gross) of senior notes outstanding less cash and cash equivalents of $83
million, prepared in accordance with GAAP. Management believes that Net Debt
is a useful supplemental measure for management and investors to in order to
evaluate the financial sustainability of the Company’s business and
leverage. The most directly comparable GAAP measure is total debt.
Unaudited Financial Information
Certain financial and operating results included in this press release,
including debt, cash equivalents, capital expenditures, and production
information, are based on unaudited estimated results. These estimated results
are subject to change upon completion of the Company’s audited financial
statements for the year ended December 31, 2025, and changes could be
material. Gran Tierra anticipates filing its audited financial statements and
related management’s discussion and analysis for the year ended
December 31, 2025 on or before March 3, 2026.
DISCLOSURE OF OIL AND GAS INFORMATION
Gran Tierra’s Statement of Reserves Data and Other Oil and Gas Information
on Form 51-101F1 dated effective as at December 31, 2025 (the “GTE 2025
Statement of Reserves Data”), which includes disclosure of its oil and gas
reserves, contingent and prospective resources and other oil and gas
information in accordance with NI 51-101 and COGEH forming the basis of this
press release, is available on SEDAR+ at www.sedarplus.ca.
Boe’s have been converted on the basis of six thousand cubic feet
(“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead. In
addition, given that the value ratio based on the current price of oil as
compared with natural gas is significantly different from the energy
equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl
would be misleading as an indication of value.
Any reserves values or related information or information regarding contingent
resources or prospective resources contained in this press release as of a
date other than December 31, 2025 has an effective date of December 31 of the
applicable year and is derived from a report prepared by Gran Tierra’s
independent qualified reserves evaluator as of such date have been prepared in
compliance with the COGEH, and additional information regarding such estimate
or information can be found in Gran Tierra’s applicable Statement of
Reserves Data and Other Oil and Gas Information on Form 51-101F1 filed on
SEDAR+ at www.sedarplus.ca.
Estimates of net present value and future net revenue contained herein do not
necessarily represent fair market value. Estimates of reserves and future net
revenue for individual properties may not reflect the same level of confidence
as estimates of reserves and future net revenue for all properties, due to the
effect of aggregation. There is no assurance that the forecast price and cost
assumptions applied by McDaniel in evaluating Gran Tierra’s reserves and
future net revenue will be attained and variances could be material.
All evaluations of future net revenue contained in the GTE McDaniel Reserves
Report are after the deduction of royalties, operating costs, development
costs, production costs and abandonment and reclamation costs but before
consideration of indirect costs such as administrative, overhead and other
miscellaneous expenses. It should not be assumed that the estimates of future
net revenues presented in this press release represent the fair market value
of the reserves. There are numerous uncertainties inherent in estimating
quantities of crude oil and natural gas reserves and the future cash flows
attributed to such reserves. The reserve and associated cash flow information
set forth in the GTE McDaniel Reserves Report are estimates only and there is
no guarantee that the estimated reserves will be recovered. Actual reserves
may be greater than or less than the estimates provided therein.
References to a formation where evidence of hydrocarbons has been encountered
is not necessarily an indicator that hydrocarbons will be recoverable in
commercial quantities or in any estimated volume. Gran Tierra's reported
production is a mix of light crude and medium oil, heavy crude oil, tight oil,
conventional natural gas, shale gas and natural gas liquids for which there is
no precise breakdown since the Company’s sales volumes typically represent
blends of more than one product type. Drilling locations disclosed herein are
derived from the GTE McDaniel Reserves Report and account for drilling
locations that have associated Proved Undeveloped and Proved plus Probable
Undeveloped reserves, as applicable. Well test results should be considered as
preliminary and not necessarily indicative of long-term performance or of
ultimate recovery. Well log interpretations indicating oil and gas
accumulations are not necessarily indicative of future production or ultimate
recovery. If it is indicated that a pressure transient analysis or well-test
interpretation has not been carried out, any data disclosed in that respect
should be considered preliminary until such analysis has been completed.
References to thickness of “oil pay” or of a formation where evidence of
hydrocarbons has been encountered is not necessarily an indicator that
hydrocarbons will be recoverable in commercial quantities or in any estimated
volume.
Definitions
Proved reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves.
Probable reserves are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves.
Possible reserves are those additional reserves that are less certain to be
recovered than probable reserves. It is unlikely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable plus possible reserves. There is a 10% probability that
the quantities actually recovered will equal or exceed the sum of proved plus
probable plus possible reserves.
Developed producing reserves are those reserves that are expected to be
recovered from completion intervals open at the time of the estimate. These
reserves may be currently producing or, if shut-in, they must have previously
been on production, and the date of resumption of production must be known
with reasonable certainty.
Developed non-producing reserves are those reserves that either have not been
on production or have previously been on production but are shut-in and the
date of resumption of production is unknown.
Undeveloped reserves are those reserves expected to be recovered from known
accumulations where a significant expenditure (e.g., when compared to the cost
of drilling a well) is required to render them capable of production. They
must fully meet the requirements of the reserves category (proved, probable,
possible) to which they are assigned.
Contingent resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingent resources should not be construed as reserves. There
is no certainty that will be commercially viable to produce any of the
contingent resources.
Prospective resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources should not
be construed as reserves or contingent resources. There is no certainty that
any portion of the prospective resources will be discovered. If they are
discovered, there is no certainty that will be commercially viable to produce
any portion of the prospective resources.
Certain terms used in this press release but not defined are defined 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 otherwise requires, shall have the
same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH,
as the case may be.
Oil and Gas Metrics
This press release contains a number of oil and gas metrics, including NAV per
share, reserve life index and reserves replacement, which do not have
standardized meanings or standard methods of calculation and therefore such
measures may not be comparable to similar measures used by other companies and
should not be used to make comparisons. Such metrics have been included herein
to provide readers with additional measures to evaluate the Company’s
performance; however, such measures are not reliable indicators of the future
performance of the Company and future performance may not compare to the
performance in previous periods.
* NAV per share is calculated as NPV10 (before or after tax, as applicable) of
the applicable reserves category minus estimated Net Debt, divided by the
number of shares of Gran Tierra’s common stock issued and outstanding.
Management uses NAV per share as a measure of the relative change of Gran
Tierra’s net asset value over its outstanding common stock over a period of
time.
* Reserve life index is calculated as reserves in the referenced category
divided by the referenced estimated production. Management uses this measure
to determine how long the booked reserves will last at current production
rates if no further reserves were added.
* Reserves replacement is calculated as reserves in the referenced category
divided by estimated referenced production. Management uses this measure to
determine the relative change of its reserve base over a period of time.
Contingent Resources
1. Contingent resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from known accumulations using
established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more
contingencies. Contingent resources may include, for example, projects for
which there are currently no viable markets, or where commercial recovery is
dependent on technology under development, or where evaluation of the
accumulation is insufficient to clearly assess commerciality.
2. Under the COGEH, a range of contingent resources estimates (low, best and
high) are recommended. The following classification of contingent resources is
used as presented by McDaniel: (a) Low estimate (1C) means there is at least a
90 percent probability (P90) that the quantities actually recovered will equal
or exceed the low estimate; (b) Best estimate (2C) means there is at least a
50 percent probability (P50) that the quantities actually recovered will equal
or exceed the median best estimate; (c) High estimate (3C) means there is at
least a 10 percent probability (P10) that the quantities actually recovered
will equal or exceed the high estimate.
3. The chance of development is defined as the estimated probability that,
once discovered, a known accumulation will be commercially developed.
Quantifying the chance of development requires consideration of both economic
contingencies and other contingencies, such as legal, regulatory, market
access, political, social license, internal and external approvals and
commitment to project finance and development timing. As many of these factors
are extremely difficult to quantify, the chance of development is uncertain
and must be used with caution.
4. There is no certainty that it will be commercially viable to produce any
portion of the contingent resources.
5. These are contingent resources with economic status undetermined and are
sub-classified in terms of maturity as development on hold meaning there is a
reasonable chance of development, but there are major non-technical
contingencies to be resolved that are usually beyond the control of the
operator.
6. Company gross contingent resources are based on the working interest share
of the property gross resources.
7. Based on Mcf to boe conversion of 6 to 1. A boe conversion of 6 to 1 is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
For additional information regarding the Company’s contingent resources,
including the significant positive and negative factors relevant to the
estimate, a description of the applicable projects and related information and
the specific contingencies which prevent the classification of the contingent
resources as reserves, see the GTE 2025 Statement of Reserves Data.
Prospective Resources
1. Prospective resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery and a chance of development.
2. Under the COGEH, a range of prospective resources estimates (low, best and
high) are recommended. The following classification of prospective resources
is used as presented by McDaniel: (a) Low estimate means there is at least a
90 percent probability (P90) that the quantities actually recovered will equal
or exceed the low estimate; (b) Best estimate means there is at least a 50
percent probability (P50) that the quantities actually recovered will equal or
exceed the median best estimate; (c) High estimate means there is at least a
10 percent probability (P10) that the quantities actually recovered will equal
or exceed the high estimate; and (d) Mean estimate represents the arithmetic
average of the expected recoverable volume. It is the most accurate single
point representation of the volume distribution.
3. Chance of discovery as defined in COGE Handbook, is the estimated
probability that exploration activities will confirm the existence of a
significant accumulation of potentially recoverable petroleum. Chance of
development is defined as the estimated probability that, once discovered, a
known accumulation will be commercially developed. Quantifying the chance of
development requires consideration of both economic contingencies and other
contingencies, such as legal, regulatory, market access, political, social
license, internal and external approvals and commitment to project finance and
development timing. As many of these factors are extremely difficult to
quantify, the chance of development is uncertain and must be used with
caution. The chance of commerciality is defined as the product of the chance
of discovery and the chance of development. See below for further information.
4. McDaniel has sub-classified the prospective resources by maturity status,
consistent with the requirements of the COGEH. The COGEH defines "prospect" as
a potential accumulation within a play that is sufficiently well defined to
represent a viable drilling target. The COGEH defines a “play” as a family
of geologically similar fields, discoveries, prospects and leads.
5. The risked mean prospective resource volumes have been determined by
multiplying the unrisked mean volumes by the associated chance of
commerciality. The arithmetic sum of the individual risked mean values can be
considered the best estimate risked prospective resources for the portfolio as
per COGEH Volume 2 Section 2.8.2.
6. There is no certainty that any portion of the prospective resources will be
discovered. If discovered, there is no certainty that it will be commercially
viable to produce any portion of the prospective resources.
7. The unrisked total is not representative of the portfolio unrisked total
and is provided to give an indication of the resources range, assuming all
prospects are successful.
8. Company gross prospective resources are based on the working interest share
of the property gross resources. The net present value of future net revenue
of the prospective resource estimates has not been prepared and therefore, the
net prospective resources volumes are not reported.
9. Given the uncertainty of discovery associated with the prospective
resources, costs and timelines to production, as well as recovery
technologies, cannot be determined at this time.
For additional information regarding the Company’s prospective resources,
including the significant positive and negative factors relevant to the
estimate, chance of discovery and chance of development, and a description of
the applicable projects and related information, see the GTE 2025 Statement of
Reserves Data.
Disclosures of Reserves Information, Resources Information and Cautionary Note
to U.S. Investors
Unless expressly stated otherwise, all estimates of proved, probable and
possible reserves and related future net revenue disclosed in this press
release have been prepared in accordance with NI 51-101. Estimates of reserves
and future net revenue made in accordance with NI 51-101 will differ from
corresponding estimates prepared in accordance with applicable SEC rules and
disclosure requirements of the U.S. Financial Accounting Standards Board
(“FASB”), and those differences may be material. NI 51-101, for example,
requires disclosure of reserves and related future net revenue estimates based
on forecast prices and costs, whereas SEC and FASB standards require that
reserves and related future net revenue be estimated using average prices for
the previous 12 months. In addition, NI 51-101 permits the presentation of
reserves estimates on a “company gross” basis, representing Gran
Tierra’s working interest share before deduction of royalties, whereas SEC
and FASB standards require the presentation of net reserve estimates after the
deduction of royalties and similar payments. There are also differences in the
technical reserves estimation standards applicable under NI 51-101 and,
pursuant thereto, the COGEH, and those applicable under SEC and FASB
requirements.
In addition to being a reporting issuer in certain Canadian jurisdictions,
Gran Tierra is a registrant with the SEC and subject to domestic issuer
reporting requirements under U.S. federal securities law, including with
respect to the disclosure of reserves and other oil and gas information in
accordance with U.S. federal securities law and applicable SEC rules and
regulations (collectively, “SEC requirements”). Disclosure of such
information in accordance with SEC requirements is included in the Company’s
Annual Report on Form 10-K and in other reports and materials filed with or
furnished to the SEC and, as applicable, Canadian securities regulatory
authorities. The SEC permits oil and gas companies that are subject to
domestic issuer reporting requirements under U.S. federal securities law, in
their filings with the SEC, to disclose only estimated proved, probable and
possible reserves that meet the SEC’s definitions of such terms. Gran Tierra
has disclosed estimated proved, probable and possible reserves in its filings
with the SEC. In addition, Gran Tierra prepares its financial statements in
accordance with United States generally accepted accounting principles, which
require that the notes to its annual financial statements include
supplementary disclosure in respect of the Company’s oil and gas activities,
including estimates of its proved oil and gas reserves and a standardized
measure of discounted future net cash flows relating to proved oil and gas
reserve quantities. This supplementary financial statement disclosure is
presented in accordance with FASB requirements, which align with corresponding
SEC requirements concerning reserves estimation and reporting.
Proved reserves are reserves which, by analysis of geoscience and engineering
data, can be estimated with reasonable certainty to be economically producible
from a given date forward from known reservoirs under existing economic
conditions, operating methods, and government regulations prior to the time at
which contracts providing the right to operate expires, unless evidence
indicates that renewal is reasonably certain. Probable reserves are reserves
that are less certain to be recovered than proved reserves but which, together
with proved reserves, are as likely as not to be recovered. Estimates of
probable reserves which may potentially be recoverable through additional
drilling or recovery techniques are by nature more uncertain than estimates of
proved reserves and accordingly are subject to substantially greater risk of
not actually being realized by us. Possible reserves are reserves that are
less certain to be recovered than probable reserves. Estimates of possible
reserves are also inherently imprecise. Estimates of probable and possible
reserves are also continually subject to revisions based on production
history, results of additional exploration and development, price changes, and
other factors.
The Company believes that the presentation of NPV10 is useful to investors
because it presents (i) relative monetary significance of its oil and natural
gas properties regardless of tax structure and (ii) relative size and value of
its reserves to other companies. The Company also uses this measure when
assessing the potential return on investment related to its oil and natural
gas properties. NPV10 and the standardized measure of discounted future net
cash flows do not purport to present the fair value of the Company’s oil and
gas reserves. The Company has not provided a reconciliation of NPV10 to the
standardized measure of discounted future net cash flows because it is
impracticable to do so.
All estimates of contingent resources disclosed in this press release have
been prepared by McDaniel in accordance with NI 51-101 and the COGEH and are
derived from the GTE McDaniel Resources Report with an effective date of
December 31, 2025. Contingent resources are those quantities of petroleum
estimated, as of a given date, to be potentially recoverable from known
accumulations, but which are not currently considered commercially recoverable
due to one or more contingencies. There is no certainty using established
technology or technology under development that it will be commercially viable
to produce any portion of the contingent resources disclosed herein. Investors
should not view the disclosure of contingent resources in this press release
as an estimate of reserves prepared in accordance with SEC requirements.
All estimates of prospective resources disclosed in this press release have
been prepared by McDaniel in accordance with NI 51-101 and the COGEH and are
derived from the GTE McDaniel Prospective Resources Report with an effective
date of December 31, 2025. Prospective resources are those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects and
are subject to both a chance of discovery and a chance of development. There
is no certainty that any portion of the prospective resources disclosed herein
will be discovered or, if discovered, will be commercially viable or
developed. Investors should not view the disclosure of prospective resources
in this press release as an estimate of reserves prepared in accordance with
SEC requirements.
Disclosure of reserves prepared in accordance with SEC requirements will be
included in the Company’s Annual Report on Form 10-K, which the Company
anticipates filing on or before March 3, 2026.
Investors are urged to consider closely the disclosures and risk factors in
the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
in the other reports and filings with the SEC, available from the Company’s
offices or website. These reports can also be obtained from the SEC website at
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