• Gran Tierra met production guidance with the Company’s average total production in 2022 of approximately 30,800 BOPD
• Fourth Quarter 2022 Company average total production of approximately 32,600 BOPD, a 10% increase over the fourth quarter of 2021
• Strong finish with total Company December 2022 average production of approximately 33,800 BOPD
• Moqueta development campaign underway with second development well
• First Moqueta development with encouraging results
• Repurchase of 23 million Gran Tierra common shares in 2022

CALGARY, Alberta, Jan. 09, 2023 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra“ or the “company“) GTEGTEGTE today announced an operational and financial update. All dollar amounts are in U.S. dollars and production amounts represent an average working rate before royalties (“WI“) Basis unless otherwise noted. Per Barrel (“bbl“) and bbl oil per day (“BOPD“) Amounts based on WI sales before royalties.

Notice to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented, “We are pleased to announce that our total company production averaged approximately 30,800 BOPD for 2022, despite multiple social disruptions and a delay in our Moqueta Drilling program was within our forecast Moqueta’s development campaign is well underway with two of the five planned drill holes having been drilled to date. Initial production results from the first well are encouraging at a stable average rate of 1,312 BOPD. We are very excited about what 2023 has in store for the company and expect to build momentum from the strong close into 2022.”

Operational update:

• production
  • For the fourth quarter of 2022, Gran Tierra’s total average production was approximately 32,600 BOPD.
  • As of December 2022, the Company’s total average production was approximately 33,800 BOPD.
  • Gran Tierra’s total average production for full year 2022 was approximately 30,800 BOPD, which is within the Company’s prescribed guidance.
• Colombia…