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Press release from PR Newswire

Gran Tierra Energy Announces Record 2012 Year-End Reserves

Monday, February 04, 2013

Gran Tierra Energy Announces Record 2012 Year-End Reserves06:00 EST Monday, February 04, 2013 Reserve Additions Replace 205% of Production* on a 1P Company Interest Basis After Producing a Record 8.4 Million Barrels of Oil* CALGARY, Feb. 4, 2013 /PRNewswire/ - Gran Tierra Energy Inc. (NYSE MKT: GTE; TSX: GTE) ("Gran Tierra Energy"), a company focused on oil exploration and production in South America, today announced the results of a qualified independent reserve evaluation of the company's reserves by GLJ Petroleum Consultants Ltd. ("GLJ") effective December 31, 2012. Year-end 2012 Highlights, calculated in accordance with United States Securities and Exchange Commission ("SEC") rules (comparisons are to 2011 year-end amounts): Total Proved ("1P") reserves net after royalty ("NAR") increased 20% to approximately 40.6 million barrels of oil equivalent ("MMBOE") (approximately 95% light and medium oil and liquids; an increase compared to 91% at year-end 2011); Total Proved plus Probable ("2P") reserves NAR increased 15% to approximately 56.2 MMBOE (approximately 95% light and medium oil and liquids; an increase compared to 85% at year-end 2011); Total Proved plus Probable plus Possible ("3P") reserves NAR increased 1% to approximately 86.3 MMBOE (approximately 87% light and medium oil and liquids; an increase compared to 69% at year-end 2011); Reservoir performance expectations were exceeded at the Costayaco field in Colombia.  Costayaco 1P reserves increased to 19.7 million barrels of oil ("MMBO") NAR at year-end 2012 from 16.4 MMBO NAR at year-end 2011 despite total production of 3.8 MMBO NAR before inventory adjustments in 2012; Appraisal drilling in the Moqueta field in Colombia resulted in 1P reserves increasing 45% to approximately 8.7 MMBO, 2P reserves increasing 54% to 14.9 MMBO and 3P reserves increasing 108% to 26.9 MMBO on a company interest basis, and 1P reserves increasing to approximately 6.8 MMBO, 2P reserves increasing to 11.2 MMBO and 3P reserves increasing to 19.4 MMBO on a NAR basis.  The limits of the field have not yet been defined; Gran Tierra Energy produced approximately 8.4 MMBO of working interest oil before royalties and inventory adjustments or 6.4 MMBO NAR before inventory adjustments and 1.7 billion cubic feet ("Bcf") of company interest gas before royalties or 1.5 Bcf NAR in 2012; Based on Gran Tierra Energy's 2012 year-end SEC company interest reserves and Gran Tierra Energy's 2012 total working interest production, Gran Tierra Energy's 1P, 2P, and 3P reserves life indices are 6.4 years, 8.9 years, and 13.6 years respectively. Annual production for 2012 averaged a record of approximately 23,600 company interest barrels of oil equivalent per day ("BOEPD") before royalties, or 18,000 BOEPD NAR, both before inventory adjustments.  Production in the fourth quarter of 2012 increased to approximately 18,600 BOEPD NAR before inventory adjustments.  Production for the month of January 2013, before inventory adjustments, increased further to average approximately 21,000 BOEPD NAR. All reserves values contained in the 2012 Highlights provided above have been calculated using SEC rules.  For reserves values calculated in compliance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH"), see "Reserves Reported in Accordance with Canadian Reporting Requirements" below in this press release. * Before royalties and inventory adjustments "Through continued strong reservoir management, appraisal drilling and exploration success, Gran Tierra Energy had another outstanding year in growing reserves and production to record levels from our projects in Colombia, Brazil and Argentina. The company has been successful at consistently growing land, reserves and production over the past 8 years and is focused on continuing to add value for our shareholders through successful exploration and development drilling in the future," said Dana Coffield, President and CEO. "In 2012, we produced a record volume of oil, in spite of unexpected challenges posed by substantial transportation downtime due to pipeline disruptions on the OTA pipeline in Colombia.  Our team has worked vigorously to put into place alternative transportation measures to mitigate possible future downtime impacts to crude transportation.  These measures are now in place and operational. As a result, even with recent disruptions, the company achieved near record levels of production, before inventory adjustments, in January of this year." "In 2013, we are focused on continuing to grow reserves through continued appraisal drilling in the Moqueta and Ramiriqui oil discoveries, and additional exploration drilling in Colombia, testing new oil resource play concepts in Brazil and Argentina, and evaluating a very high-impact oil exploration target at the recently drilled Bretaña Norte well in Peru. Gran Tierra Energy's 2013 capital budget is expected to be funded through available cash on hand, cash flow from operations and with potential periodic draws on our credit facility at current commodity prices and production levels," concluded Coffield. Reserves Reported in Accordance with United States Reporting Requirements The following reserves are reported consistent with United States Securities and Exchange Commission rules. Total Company The following two tables summarize Gran Tierra Energy's year-end 2012 company interest reserves and NAR reserves (calculated using average start-of-month 2012 oil prices). Also shown in the following table are Gran Tierra Energy's NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices). Total Company Light and Medium Oil and Liquids (SEC Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO ** MBO MBO Proved           Developed Producing 35,644 26,817 21,317   Developed Nonproducing 778 666 1,554   Undeveloped 14,280 11,011 8,051 Total Proved 50,702 38,494 30,922 Total Probable 19,641 14,784 10,489 Total Proved plus Probable 70,343 53,278 41,411 Total Possible 28,418 21,456 17,626 Total PPP 98,761 74,734 59,037 **MBO (thousand barrels of oil). Total Company Gas (SEC Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MMSCF*** MMSCF MMSCF Proved           Developed Producing 11,572 10,515 16,968   Developed Nonproducing 1,014 813 310   Undeveloped 1,624 1,448 1,044 Total Proved 14,210 12,776 18,322 Total Probable 6,087 5,136 25,716 Total Proved plus Probable 20,297 17,912 44,038 Total Possible 59,375 51,667 116,509 Total PPP 79,672 69,579 160,547 ***MMSCF (million standard cubic feet) Total Company BOE (SEC Compliant) 2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category BOE**** BOE BOE Proved           Developed Producing 37,572 28,569 24,145   Developed Nonproducing 947 802 1,606   Undeveloped 14,551 11,252 8,225 Total Proved 53,070 40,623 33,976 Total Probable 20,656 15,640 14,775 Total Proved plus Probable 73,726 56,263 48,751 Total Possible 38,314 30,068 37,044 Total PPP 112,040 86,331 85,795 ****BOE (barrel of oil equivalent). 1P, 2P and 3P reserves NAR (on an oil equivalent basis) increased largely due to positive technical adjustment to Costayaco reserves based on reservoir performance and additional appraisal drilling at Moqueta in Colombia. Reserves were added through the Ramiriqui-1 exploration well in Colombia. Reserves were added through development drilling in the Tiê field in the Recôncavo Basin, Brazil. The Proa-2 development well on the Surubi Block, Argentina, successfully added reserves. Partially offsetting reserve additions was 2012 full year production of 8.4 MMBO of company interest oil before royalties and 1.7 Bcf of company interest gas before royalties. Colombia Gran Tierra Energy's Colombia year-end 2012 company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2012 oil prices). Also shown in the following two tables is Gran Tierra Energy's Colombian NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices). Colombia Light and Medium Oil and Liquids (SEC Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 32,838 24,360 19,497   Developed Nonproducing 380 317 1,402   Undeveloped 8,989 6,432 4,526 Total Proved 42,207 31,109 25,425 Total Probable 15,178 10,915 5,913 Total Proved plus Probable 57,385 42,024 31,338 Total Possible 18,839 13,167 9,749 Total PPP 76,224 55,191 41,087   Colombia Gas (SEC Compliant) 2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MMSCF MMSCF MMSCF Proved           Developed Producing 8,370 7,757 13,927   Developed Nonproducing 993 794 0   Undeveloped 1,012 921 713 Total Proved 10,375 9,472 14,640 Total Probable 3,929 3,300 21,155 Total Proved plus Probable 14,304 12,772 35,795 Total Possible 5,353 4,239 72,026 Total PPP 19,657 17,011 107,821 The increase in 1P, 2P and 3P NAR oil reserves is mainly associated with positive technical adjustments in Costayaco reserves due to reservoir performance, additional development drilling in Costayaco, the appraisal drilling program in Moqueta field in Colombia, and the Ramiriqui-1 exploration well. The Costayaco and Moqueta fields 2012 year-end NAR reserves are shown in the following two tables (calculated using average start-of-month 2012 oil prices). Also shown in the following two tables is a comparison of the Costayaco and Moqueta fields 2012 year-end gross lease reserves (calculated using average start-of-month 2012 oil prices) to the gross lease reserves estimated in December 31, 2011 (calculated using average start-of-month 2011 oil prices). Costayaco Light and Medium Oil (SEC Compliant)   2012 Year-End Costayaco NAR Reserves 2012 Year-End Costayaco Gross Lease Reserves 2011 Year-End Costayaco Gross Lease Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 17,240 24,803 20,281 Total Proved 19,716 28,424 23,517 Total Probable 3,740 5,420 2,503 Total Proved plus Probable 23,456 33,844 26,020 Total Possible 2,642 3,867 7,528 Total PPP 26,098 37,711 33,548   Moqueta Light and Medium Oil (SEC Compliant)   2012 Year-End Moqueta NAR Reserves 2012 Year-End Moqueta Gross Lease Reserves 2011 Year-End Moqueta Gross Lease Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 3,745 4,250 2,137 Total Proved 6,849 8,683 5,973 Total Probable 4,314 6,252 3,727 Total Proved plus Probable 11,163 14,935 9,700 Total Possible 8,262 11,922 3,243 Total PPP 19,425 26,857 12,943 Gran Tierra Energy successfully completed development drilling at Costayaco-15, Costayaco-16 and Costayaco-17 in 2012. Approximately 3.8 MMBO NAR before inventory adjustments was produced from the Costayaco field in 2012. Through a successful field development and reservoir management program in 2012, Gran Tierra Energy was able to successfully mitigate reserve declines at the Costayaco field. Gran Tierra Energy successfully drilled the Moqueta-7 and Moqueta-8 appraisal wells in 2012. Argentina Gran Tierra Energy's Argentina company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2012 oil prices). Also shown in the following two tables is Gran Tierra Energy's Argentina NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices). Argentina Light and Medium Oil and Liquids (SEC Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 2,407 2,110 1,766   Developed Nonproducing 398 349 152   Undeveloped 3,868 3,335 3,226 Total Proved 6,673 5,794 5,144 Total Probable 2,929 2,530 3,389 Total Proved plus Probable 9,602 8,324 8,533 Total Possible 7,211 6,219 5,842 Total PPP 16,813 14,543 14,375 Argentina Gas (SEC Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MMSCF MMSCF MMSCF Proved           Developed Producing 3,202 2,758 3,041   Developed Nonproducing 21 19 310   Undeveloped 612 527 331 Total Proved 3,835 3,304 3,682 Total Probable 2,158 1,836 4,561 Total Proved plus Probable 5,993 5,140 8,243 Total Possible 54,022 47,428 44,483 Total PPP 60,015 52,568 52,726 The 1P and 3P NAR liquid reserve additions are largely associated with positive adjustments at Puesto Morales and Surubi. Brazil Gran Tierra Energy's Brazil company interest and NAR reserves are shown in the following table (calculated using average start-of-month 2012 oil prices). Also shown in the following table is Gran Tierra Energy's Brazil NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices). Brazil Light and Medium Oil and Liquids (SEC Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 399 347 54   Developed Nonproducing 0 0 0   Undeveloped 1,423 1,244 299 Total Proved 1,822 1,591 353 Total Probable 1,534 1,339 1,187 Total Proved plus Probable 3,356 2,930 1,540 Total Possible 2,368 2,070 2,035 Total PPP 5,724 5,000 3,575 1P, 2P and 3P reserves were added through development drilling in Brazil and increasing working interest to 100% from 70% in Blocks REC-T-129, -142, -155 and -224 located in Brazil's Recôncavo Basin. Reserves Reported in Accordance with Canadian Reporting Requirements The following reserves estimates are compliant with NI 51-101 and COGEH (with forecasted oil price and costs): Total Company Total company Light and Medium Oil and Liquids (NI 51-101 compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 35,242 26,892 21,232   Developed Nonproducing 510 444 1,293   Undeveloped 13,996 10,920 8,448 Total Proved 49,748 38,256 30,973 Total Probable 19,528 15,006 10,601 Total Proved plus Probable 69,276 53,262 41,574 Total Possible 28,755 22,105 18,224 Total PPP 98,031 75,367 59,798 Total Company Gas (NI-51-101 Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MMSCF MMSCF MMSCF Proved           Developed Producing 11,572 10,515 16,971   Developed Nonproducing 1,014 812 306   Undeveloped 1,483 1,327 1,045 Total Proved 14,069 12,654 18,322 Total Probable 6,480 5,550 25,721 Total Proved plus Probable 20,549 18,204 44,043 Total Possible 59,086 51,529 116,519 Total PPP 79,635 69,733 160,562   Total Company BOE (NI-51-101 Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category BOE BOE BOE Proved           Developed Producing 37,171 28,645 24,061   Developed Nonproducing 679 579 1,344   Undeveloped 14,243 11,141 8,622 Total Proved 52,093 40,365 34,027 Total Probable 20,608 15,931 14,888 Total Proved plus Probable 72,701 56,296 48,915 Total Possible 38,603 30,693 37,644 Total PPP 111,304 86,989 86,558 Colombia Gran Tierra Energy's year-end 2012 Colombia company interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Also shown in the following table are Gran Tierra Energy's Colombian NAR reserves for year-end 2011 (NI 51-101 compliant with forecast oil price and cost). Colombia Light and Medium Oil and Liquids (NI 51-101 compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 32,437 24,436 19,373   Developed Nonproducing 112 96 1,141   Undeveloped 8,805 6,427 4,934 Total Proved 41,354 30,959 25,448 Total Probable 14,966 11,055 6,029 Total Proved plus Probable 56,320 42,014 31,477 Total Possible 19,175 13,820 10,196 Total PPP 75,495 55,834 41,673 Gran Tierra Energy's year-end 2012 Colombia company interest and NAR gas reserves are shown in the following table (NI 51-101 compliant with forecast gas price and cost). Also shown in the following table are Gran Tierra Energy's Colombian NAR reserves for year-end 2011 (NI 51-101 compliant with forecast gas price and cost). Colombia Gas (NI-51-101 Compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MMSCF MMSCF MMSCF Proved           Developed Producing 8,371 7,757 13,926   Developed Nonproducing 993 794 0   Undeveloped 980 892 714 Total Proved 10,344 9,443 14,640 Total Probable 4,213 3,621 21,156 Total Proved plus Probable 14,557 13,064 35,796 Total Possible 5,063 4,102 72,026 Total PPP 19,620 17,166 107,822 The Costayaco and Moqueta fields 2012 year-end NAR reserves are shown in the following two tables (with forecast oil price and cost). Also shown in the following two tables is a comparison of the Costayaco and Moqueta fields 2012 year-end gross lease reserves (with forecast oil price and cost) to the gross lease reserves estimated at December 31, 2011 (with forecast oil price and cost). Costayaco Light and Medium Oil (NI 51-101 compliant)   2012 Year-End Costayaco Gran Tierra Energy NAR Reserves 2012 Year-End Costayaco Gross Lease Reserves 2011 Year-End Costayaco Gross Lease Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 17,415 24,535 19,855 Total Proved 19,929 28,139 23,216 Total Probable 3,572 5,067 2,496 Total Proved plus Probable 23,501 33,206 25,712 Total Possible 2,655 3,799 7,836 Total PPP 26,156 37,005 33,548   Moqueta Light and Medium Oil (NI 51-101 compliant)   2012 Year-End Moqueta NAR Reserves 2012 Year-End Moqueta Gross Lease Reserves 2011 Year-End Moqueta Gross Lease Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 3,709 4,190 2,137 Total Proved 6,794 8,478 5,973 Total Probable 4,586 6,457 3,727 Total Proved plus Probable 11,380 14,935 9,700 Total Possible 8,501 11,922 3,243 Total PPP 19,881 26,857 12,943 Argentina Gran Tierra Energy's Argentina year-end 2012 company interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Also shown in the following table is Gran Tierra Energy's Argentina NAR reserves for year-end 2011 (NI 51-101 compliant with forecast oil price and cost). Argentina Light and Medium Oil and Liquids (NI 51-101 compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 2,406 2,109 1,803   Developed Nonproducing 398 348 152   Undeveloped 3,768 3,251 3,226 Total Proved 6,572 5,708 5,181 Total Probable 3,028 2,615 3,420 Total Proved plus Probable 9,600 8,323 8,601 Total Possible 7,212 6,220 5,977 Total PPP 16,812 14,543 14,578 Gran Tierra Energy's Argentina year-end 2012 company interest and NAR gas reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Also shown in the following table is Gran Tierra Energy's Argentina NAR reserves for year-end 2011 (NI 51-101 compliant with forecast oil price and cost). Argentina Gas (NI-51-101 Compliant) 2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MMSCF MMSCF MMSCF Proved           Developed Producing 3,201 2,758 3,045   Developed Nonproducing 21 18 306   Undeveloped 503 435 331 Total Proved 3,725 3,211 3,682 Total Probable 2,267 1,929 4,565 Total Proved plus Probable 5,992 5,140 8,247 Total Possible 54,023 47,427 44,493 Total PPP 60,015 52,567 52,740 Brazil Gran Tierra Energy's Brazil year-end 2012 company interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Brazil Light and Medium Oil and Liquids (NI 51-101 compliant)   2012 Year-End Gran Tierra Energy Company Interest Reserves 2012 Year-End Gran Tierra Energy NAR Reserves 2011 Year-End Gran Tierra Energy NAR Reserves Reserves Category MBO MBO MBO Proved           Developed Producing 399 347 56   Developed Nonproducing 0 0 0   Undeveloped 1,423 1,242 288 Total Proved 1,822 1,589 344 Total Probable 1,534 1,336 1,152 Total Proved plus Probable 3,356 2,925 1,496 Total Possible 2,368 2,065 2,051 Total PPP 5,724 4,990 3,547 About Gran Tierra Energy Inc. Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE MKT Exchange (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia, Peru and Brazil. Gran Tierra Energy has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth. Additional information concerning Gran Tierra Energy is available at www.grantierra.com, on SEDAR (www.sedar.com and with the SEC www.sec.gov). Cautionary Statements: Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. The estimate of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.  A BOE is calculated using the conversion factor of six thousand cubic feet ("Mcf") of natural gas being equivalent to one barrel of oil. BOEs may be misleading, particularly if used in isolation.  A BOE conversion ratio of 6 Mcf : 1 barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Forward-Looking Statements The statements in this press release regarding Gran Tierra Energy's expectations, plans, projections and actions including, reserve life index, Gran Tierra Energy's expectations regarding its 2013 exploration and development drilling campaign, reservoir management and production, and expected funding of Gran Tierra Energy's 2013 capital program are "forward-looking statements" within the meaning of the U.S. federal and Canadian securities laws, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations and the U.S. Private Securities Litigation Reform Act of 1995. Statements containing the words "estimates", "expects", "continue", "will", "may", "grow", "anticipated" and variations of these words are forward-looking statements.  The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Gran Tierra Energy including, without limitation, assumptions relating to the accuracy of its reserves estimates, the continuity of certain industry conditions, the ability of Gran Tierra Energy to execute its current business and operational plans in the manner currently planned. Although Gran Tierra Energy believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct.  The forward-looking statements contained in this press release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause results to differ materially from those described in the forward-looking statements include: Gran Tierra Energy's operations are located in South America, and unexpected problems can arise due to guerilla activity, technical difficulties and operational difficulties which impact the production, transportation or sale of oil and gas; changing prices for crude oil may cause some scheduled projects or actions to become uneconomical, or may change Gran Tierra Energy's focus to other projects or actions which could be of more benefit to Gran Tierra Energy, which could cause projects or actions currently contemplated to be postponed or cancelled; unexpected problems due to technical difficulties, operational difficulties, and weather conditions; risks associated with not being able to fund the 2013 capital program through cash flow and cash on hand; and those other risks found in the periodic reports filed by Gran Tierra Energy with the SEC, including in the section entitled "Risk Factors" in its Quarterly Report on Form 10-Q filed with the SEC on November 7, 2012, and available at the SEC's internet site www.sec.gov and on SEDAR at www.sedar.com. All forward-looking statements in this press release are expressly qualified by information contained in Gran Tierra Energy's filings with regulatory authorities and, subject to its obligations under applicable securities laws, Gran Tierra Energy does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE Gran Tierra Energy Inc.For further information: <p> </p> <p> <b>Contact Information</b> </p> <p> For investor and media inquiries please contact:<br/> Jason Crumley<br/> Director, Investor Relations<br/> 403-265-3221<br/> <a href="mailto:info@grantierra.com">info@grantierra.com</a>. </p>