CALGARY, Alberta, April 11, 2023 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra“ or the “Pursue“) GTE GTE GTE is pleased to announce that the company has reached an agreement with Ecopetrol SA (“eco-gasoline”), the national oil company of Colombia, with which the parties will agree the terms and duration of the Suroriente Block (“surorient”) in the Department of Putumayo, which should end in mid-2024 (the “Agreement”). All dollar amounts are in the United States (“US”) dollars unless otherwise noted.

The agreement offers Suroriente the opportunity to add significant value and economic life by extending its term for 20 years from the effective date of the agreement. The additional term of the contract allows for long-term investments in infrastructure and work programs to improve oil recovery efficiencies in existing fields and appraisal drilling to potentially extend field life. Gran Tierra will continue to be the operator of Suroriente and is committed to a $123 million equity investment program over a period of three years from the effective date of the Agreement, which is expected to be funded from Gran Tierra’s internal cash flow.

The agreement is subject to certain conditions precedent, including regulatory approval by the Inspectorate of Industry and Commerce of Colombia (“SIC”). The fulfillment of these conditions precedent determines the effective date of the agreement.

Gran Tierra became the operator of Suroriente in March 2019 with a 52% working interest (“WI“), with Ecopetrol holding the remaining 48% WI. Since Gran Tierra became the operator, it has increased gross oil production from an average of 6,203 barrels to 100% (“bbl”) oil per day (“bopd”) in February 2019 to an average of 8,167 barrels per day in the first quarter of 2023, an increase of 32%. The Company has also expanded Cohembi’s improved oil production (“EOR”) project aimed at increasing the ultimate oil production and value of …