From GlobeNewswire: 2024-05-01 17:31:00

Gran Tierra Energy Inc. announced total average WI production of 32,242 BOPD in the first quarter of 2024, a 3% increase from the prior quarter. The Arawana Exploration Well showed positive preliminary results. Funds Flow from Operations totaled $74 million, with Free Cash Flow of $19 million and Adjusted EBITDA of $95 million. Shareholder message from Gary Guidry, President and CEO highlighted successful development drilling programs and high production levels achieved.

Key highlights of the quarter included a 3% increase in total average WI production compared to the prior quarter. Gran Tierra incurred a net loss of $0.1 million, with Adjusted EBITDA reaching $95 million. Funds flow from operations totaled $74 million, with free cash flow of $19 million. The company maintained a cash balance of $127 million and total debt of $637 million as of March 31, 2024, with additional financial metrics detailed.

During the quarter, Gran Tierra Energy Inc. had higher capital expenditures at $55 million due to increased drilling activity. Oil sales reached $158 million, up 9% from the first quarter of 2023, primarily due to higher sales volumes and lower differentials. Quality and transportation discounts per bbl remained consistent, with operating expenses increasing by 2% and transportation expenses increasing by 16%. The company’s operating netback per bbl was $35.37, down 2% from the prior quarter.

In the development campaign, Gran Tierra made significant progress in its drilling programs, achieving success in the Costayaco field. The company focused on extending reservoir interpretation and field production levels. The preliminary drilling and open-hole logging results of the Arawana exploration well in Ecuador showed promise, with comparisons to the successful Cohembi field. Gran Tierra maintained a strong balance sheet and executed various financial initiatives to support its operations and growth strategies.



Read more at GlobeNewswire:: Gran Tierra Energy Inc. Announces First Quarter 2024