Gran Tierra Energy Provides Operations Update in Colombia

Source: www.gulfoilandgas.com 1/20/2015, Location: South America

Gran Tierra Energy Inc., a company focused on oil exploration and production in South America, provided an operations update.

Production
Oil and natural gas production from continuing operations averaged approximately 25,200 barrels of oil equivalent per day ("BOEPD") gross working interest ("WI") in 2014, or approximately 19,300 BOEPD net after royalties ("NAR") before adjustment for inventory changes and losses, or approximately 18,500 BOEPD NAR adjusted for inventory changes and losses. Approximately 99% of the 2014 production is oil, with the balance consisting of natural gas.

Colombia
Chaza Block, Putumayo Basin (100% WI and Operator) The Eslabon Sur exploration well reached a true vertical depth of 9,708 feet. Mud log and electric log data acquired during and after drilling indicate only non-commercial hydrocarbons present in the primary Caballos Reservoir. The secondary Kg Reservoir was encountered twice as a result of faulting in the structure. The upper Kg Reservoir encountered 24 feet of net oil pay and the lower Kg Reservoir encountered 4 feet of net oil pay. The Eslab?n Sur well has been suspended for further evaluation of these pay zones.

The Moqueta-16 and Moqueta-17 wells have successfully been drilled, with Moqueta-16 tied in and currently on production, and Moqueta-17 currently being tested.

Putumayo-1 Block, Putumayo Basin (55% WI and Operator) Work continues at the Vonu-1 exploration well location, which will target the same Cretaceous sandstones encountered at the Costayaco and Moqueta discoveries. Gran Tierra Energy expects to begin drilling this well in the second quarter of 2015.


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