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Gran Tierra Energy Announces Record 2013 Year-End Reserves and Production

After Producing a Record 10.6 MMBOE, 1P Reserves Increased 5% to 55.7 MMBOE, 2P Reserves Increased 81% to 133.1 MMBOE, and 3P Reserves Increase 94% to 217.0 MMBOE all on a Company Interest Basis

CALGARY, Feb. 9, 2014 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE MKT: GTE; TSX: GTE), 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, 2013.

"After producing a record volume of oil last year, Gran Tierra Energy was able to replace that production and further grow reserves in all categories. The Bretaña field in Block 95 in Peru has significantly added to our 2P and 3P reserves, effectively doubling from our year-end 2012 reserves in those categories," said Dana Coffield, President and CEO. "While a sizeable portion of the reserve increase is due to new additions from Peru, we are very pleased that our effective reservoir management and appraisal drilling in Colombia has also resulted in reserve additions in the 1P and 2P categories. Proved reserves at the Costayaco field grew again and, notably, the success of the Moqueta field appraisal drilling program in 2013 resulted in a 56% increase in 1P company interest reserves for the field, our near-term growth asset that we expect will support the mid-term growth from Peru that we have now defined." 

"Now in its 9th year, Gran Tierra Energy continues to do what it has consistently done year-over-year: create value for our shareholders by growing reserves and production through successful exploration and development drilling. This year marks an important milestone for Gran Tierra Energy, as we look to Peru to significantly contribute to our growth trajectory and establish a second independent growth platform to build on our continuing exploration and development success in Colombia. Finally, as a result of our operations excellence and prudent balance sheet management and based on current oil prices and production levels, Gran Tierra Energy expects its 2014 work program and budget to be funded from cash flows from operations and cash on hand, leaving the company debt free" concluded Coffield.

Year-end 2013 highlights, calculated in accordance with United States Securities and Exchange Commission ("SEC") rules (comparisons are to 2012 year-end amounts):

  • Total Proved ("1P") oil and gas reserves net after royalty ("NAR") increased 4% to 42.1 million barrels of oil equivalent ("MMBOE") (95% light and medium oil and liquids consistent with 95% at year-end 2012);
  • Total Proved plus Probable ("2P") reserves NAR increased 99% to 111.9 MMBOE ( 97%  oil and liquids compared with 95% at year-end 2012);
  • Total Proved plus Probable plus Possible ("3P") reserves NAR increased 113% to 183.9 MMBOE (94% oil and liquids compared with 87% at year-end 2012);
  • Gran Tierra Energy produced 10.3 million barrels of oil ("MMBO") of company interest oil before royalties and inventory adjustments or 7.8 MMBO NAR before inventory adjustments and 1.7 billion cubic feet ("Bcf") of company interest gas before royalties or 1.4 Bcf NAR in 2013;
  • Reservoir performance expectations were exceeded at the Costayaco field in Colombia.  Costayaco 1P reserves increased to 20.2 MMBO NAR at year-end 2013 from 19.7 MMBO NAR at year-end 2012 despite total production of 4.7 MMBO NAR before inventory adjustments in 2013;
  • After producing 1.3 MMBO NAR before inventory adjustments from the Moqueta field in 2013, appraisal drilling in the Moqueta field in Colombia resulted in 1P reserves increasing 56% to 13.6 MMBO, 2P reserves increasing 30% to 19.4 MMBO and 3P reserves increasing 7% to 28.8 MMBO on a company interest basis, and 1P reserves increasing to 10.0 MMBO, 2P reserves increasing to 14.1 MMBO and 3P reserves increasing to 20.7 MMBO, each on a NAR basis. The working interest Estimated Ultimate Recovery ("EUR") before production on a 3P basis is 31.1 MMBO based on current data; the limits of the field have not yet been defined.
  • In Peru, the Bretaña field discovery contributed 2P reserves of 57.6 MMBO NAR and 3P reserves of 104.7 MMBO NAR;
  • In Argentina, 1P reserves declined by 31% to 4.4 MMBOE NAR, 2P reserves declined by 30% to 6.4 MMBOE NAR, and 3P reserves declined by 28% to 16.7 MMBOE NAR, largely due to a negative technical adjustment at Puesto Morales due to deferred investment and inconclusive waterflood results;
  • Based on Gran Tierra Energy's 2013 year-end SEC company interest reserves and Gran Tierra Energy's 2013 total working interest production, Gran Tierra Energy's 1P, 2P, and 3P reserves life indices are 5.2 years, 12.5 years, and 20.4 years respectively;
  • Annual production for 2013 averaged a record of 29,099 company interest barrels of oil equivalent per day ("BOEPD") before royalties, or 22,112 BOEPD NAR, both before inventory adjustments, including 18,350 BOEPD NAR from Colombia, 3,041 BOEPD NAR from Argentina and 721 BOPD NAR from Brazil.  Production in the fourth quarter of 2013 was 21,633 BOEPD NAR before inventory adjustments. Production for the month of January 2014, before inventory adjustments, averaged approximately 22,000 BOEPD NAR, consistent with Gran Tierra Energy's January budget.

All reserves values contained in the 2013 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.

Reserves Reported in Accordance with United States Reporting Requirements

The following reserves are reported consistent with United States SEC rules.

Total Company

The following three tables summarize Gran Tierra Energy's year-end 2013 company interest reserves and NAR reserves (calculated using average start-of-month 2013 oil and gas prices). Also shown in the following tables are Gran Tierra Energy's NAR reserves for year-end 2012 (calculated using average start-of-month 2012 oil and gas prices).

Total Company 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO * MBO
Total Proved 53,188 39,846   38,494
Total Probable 76,343 68,850 14,784
Total Proved plus Probable 129,531 108,696 53,278
Total Possible 74,427 63,650 21,456
Total Proved plus Probable plus Possible 203,958 172,346 74,734

*MBO (thousand barrels of oil).

Total Company 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MMCF MMCF** MMCF
Total Proved 15,007   13,453   12,776  
Total Probable 6,290   5,532   5,136  
Total Proved plus Probable 21,297   18,985   17,912  
Total Possible 57,127   50,313   51,667  
Total Proved plus Probable plus Possible 78,424   69,298   69,579  

**MMCF (million cubic feet)

Total Company 2013 Year-End 2013 Year-End 2012 Year-End
BOE
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBOE MBOE*** MBOE
Total Proved 55,689 42,088 40,623
Total Probable 77,391 69,772 15,640
Total Proved plus Probable 133,080 111,860 56,263
Total Possible 83,948 72,036 30,068
Total Proved plus Probable plus Possible 217,028 183,896 86,331

***MBOE (thousand barrels of oil equivalent).

Colombia

Gran Tierra Energy's Colombia year-end 2013 company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2013 oil and gas prices). Also shown in the following two tables is Gran Tierra Energy's Colombian NAR reserves for year-end 2012 (calculated using average start-of-month 2012 oil and gas prices).

  • Costayaco reservoir performance and additional development drilling contributed to positive technical adjustments in the 1P, 2P and 3P categories.
  • This is the sixth continuous year of reserve growth in the 1P and 2P categories in the Costayaco field, resulting primarily from data associated with production history, increases in oil saturation assumption, effectiveness of waterflood, and superior reservoir management.
  • Moqueta delineation drilling added 1P, 2P and 3P reserves.  The Moqueta-9 well defined the northern boundary of the field while Moqueta-10, -11 and -12 wells were all successful oil wells.
  • This is the third continuous year of reserve growth in the 1P and 2P categories in Moqueta field, resulting primarily from appraisal drilling and data associated with production history.

Colombia 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 47,087 34,559 31,109
Total Probable 11,219 8,084 10,915
Total Proved plus Probable 58,306 42,643 42,024
Total Possible 17,312 12,458 13,167
Total Proved plus Probable plus Possible 75,618 55,101 55,191

Colombia 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MMCF MMCF MMCF
Total Proved 9,487 8,776 9,472
Total Probable 2,592 2,372 3,300
Total Proved plus Probable 12,079 11,148 12,772
Total Possible 3,622 3,325 4,239
Total Proved plus Probable plus Possible 15,701 14,473 17,011

Gran Tierra Energy's Costayaco and Moqueta fields' 2013 year-end company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2013 oil prices). Also shown in the following two tables is Gran Tierra Energy's Costayaco and Moqueta field NAR reserves for year-end 2012 (calculated using average start-of-month 2012 oil prices).

Costayaco 2013 Year-End 2013 Year-End 2012 Year-End
Light and Medium Oil
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 28,694 20,194 19,716
Total Probable 3,356 2,326 3,740
Total Proved plus Probable 32,050 22,520 23,456
Total Possible 5,544 3,868 2,642
Total Proved plus Probable plus Possible 37,594 26,388 26,098

Moqueta 2013 Year-End 2013 Year-End 2012 Year-End
Light and Medium Oil
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 13,563 10,021 6,849
Total Probable 5,834 4,108 4,314
Total Proved plus Probable 19,397 14,129 11,163
Total Possible 9,441 6,547 8,262
Total Proved plus Probable plus Possible 28,838 20,676 19,425

Peru

Gran Tierra Energy's Peru company interest and NAR reserves are shown in the following table (calculated using average start-of-month 2013 oil prices).

  • Reserves in Peru are associated with the Bretaña oil discovery on Block 95.

Peru 2013 Year-End 2013 Year-End 2012 Year-End
Heavy Oil and Liquids
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved —  
Total Probable 61,522   57,635
Total Proved plus Probable 61,522   57,635
Total Possible 52,339   47,042
Total Proved plus Probable plus Possible 113,861   104,677

Argentina

Gran Tierra Energy's Argentina company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2013 oil and gas prices). Also shown in the following two tables is Gran Tierra Energy's Argentina NAR reserves for year-end 2012 (calculated using average start-of-month 2012 oil and gas prices).

  • On the Puesto Morales field, Neuquen Basin, there was a negative adjustment due to deferred investment and inconclusive waterflood results.
  • Strong production performance at the Proa-2 well led to a positive 1P, 2P and 3P adjustment on the Surubi Block, Noroeste Basin.

Argentina 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 4,159 3,604 5,794
Total Probable 2,058 1,774 2,530
Total Proved plus Probable 6,217 5,378 8,324
Total Possible 2,989 2,590 6,219
Total Proved plus Probable plus Possible 9,206 7,968 14,543

Argentina 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MMCF MMCF MMCF
Total Proved 5,520 4,677 3,304
Total Probable 2,026 1,701 1,836
Total Proved plus Probable 7,546 6,378 5,140
Total Possible 52,619 46,215 47,428
Total Proved plus Probable plus Possible 60,165 52,593 52,568

Brazil

Gran Tierra Energy's Brazil company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2013 oil and gas prices). Also shown in the following table is Gran Tierra Energy's Brazil NAR reserves for year-end 2012 (calculated using average start-of-month 2012 oil prices).

  • Positive technical adjustments were given on a 1P, 2P and 3P basis at the Tiê field due to production performance.

Brazil 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 1,942 1,683 1,591
Total Probable 1,544 1,357 1,339
Total Proved plus Probable 3,486 3,040 2,930
Total Possible 1,787 1,560 2,070
Total Proved plus Probable plus Possible 5,273 4,600 5,000

Brazil 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(SEC Compliant)
Gran Tierra
Energy Company
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved —   —   —  
Total Probable 1,672   1,459   —  
Total Proved plus Probable 1,672   1,459   —  
Total Possible 886   773   —  
Total Proved plus Probable plus Possible 2,558   2,232   —  

Reserves Reported in Accordance with Canadian Reporting Requirements

The following reserves estimates are compliant with NI 51-101 and COGEH (with forecasted oil and gas prices and costs):

Total Company

Total Company 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(NI 51-101 compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 52,217 39,504 38,256
Total Probable 76,845 69,178 15,006
Total Proved plus Probable 129,062 108,682 53,262
Total Possible 74,423 63,471 22,105
Total PPP 203,485 172,153 75,367

Total Company 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(NI-51-101 Compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MMCF MMCF MMCF
Total Proved 14,799 13,252 12,654
Total Probable 6,463 5,694 5,550
Total Proved plus Probable 21,262 18,946 18,204
Total Possible 57,126 50,308 51,529
Total Proved plus Probable plus Possible 78,388 69,254 69,733

Total Company 2013 Year-End 2013 Year-End 2012 Year-End
BOE
(NI-51-101 Compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category BOE BOE BOE
Total Proved 54,684 41,713 40,365
Total Probable 77,922 70,127 15,931
Total Proved plus Probable 132,606 111,840 56,296
Total Possible 83,944 71,855 30,693
Total Proved plus Probable plus Possible 216,550 183,695 86,989

Colombia

Gran Tierra Energy's year-end 2013 Colombia working 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 2012 (NI 51-101 compliant with forecast oil price and cost).

Colombia 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(NI 51-101 compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 46,070 34,170 30,959
Total Probable 11,763 8,705 11,055
Total Proved plus Probable 57,833 42,875 42,014
Total Possible 17,360 12,737 13,820
Total Proved plus Probable plus Possible 75,193 55,612 55,834

Gran Tierra Energy's year-end 2013 Colombia working 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 2012 (NI 51-101 compliant with forecast gas price and cost).

Colombia 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(NI-51-101 Compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MMCF MMCF MMCF
Total Proved 9,200 8,510 9,443
Total Probable 2,810 2,575 3,621
Total Proved plus Probable 12,010 11,085 13,064
Total Possible 3,627 3,329 4,102
Total Proved plus Probable plus Possible 15,637 14,414 17,166

Gran Tierra Energy's Costayaco and Moqueta fields' 2013 year-end working interest and NAR reserves are shown in the following two tables (with forecast oil price and cost). Also shown in the following tables are Gran Tierra Energy's Costayaco and Moqueta field NAR reserves for year-end 2012 (NI 51-101 compliant with forecast oil price and cost). The estimate of reserved for individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation.

Costayaco 2013 Year-End 2013 Year-End 2012 Year-End
Light and Medium Oil
(NI 51-101 compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 28,399 20,290 19,929
Total Probable 3,358 2,367 3,572
Total Proved plus Probable 31,757 22,657 23,501
Total Possible 5,553 3,962 2,655
Total Proved plus Probable plus Possible 37,310 26,619 26,156

Moqueta 2013 Year-End 2013 Year-End 2012 Year-End
Light and Medium Oil
(NI 51-101 compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 13,345 9,999 6,794
Total Probable 6,053 4,363 4,586
Total Proved plus Probable 19,398 14,362 11,380
Total Possible 9,441 6,691 8,501
Total Proved plus Probable plus Possible 28,839 21,053 19,881

Peru

Gran Tierra Energy's Peru 2013 year-end working interest and NAR reserves are shown in the following table (with forecast oil price and cost).

Peru 2013 Year-End 2013 Year-End 2012 Year-End
Heavy Oil and Liquids
(NI 51-101 Compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved —   —   —  
Total Probable 61,522   57,391   —  
Total Proved plus Probable 61,522   57,391   —  
Total Possible 52,339   46,632   —  
Total Proved plus Probable plus Possible 113,861   104,023   —  

Argentina

Gran Tierra Energy's Argentina year-end 2013 working 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 2012 (NI 51-101 compliant with forecast oil price and cost).

Argentina 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(NI 51-101 compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 4,248 3,680 5,708
Total Probable 2,046 1,761 2,615
Total Proved plus Probable 6,294 5,441 8,323
Total Possible 2,994 2,594 6,220
Total Proved plus Probable plus Possible 9,288 8,035 14,543

Gran Tierra Energy's Argentina year-end 2013 working 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 is Gran Tierra Energy's Argentina NAR reserves for year-end 2012 (NI 51-101 compliant with forecast gas price and cost).

Argentina 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(NI-51-101 Compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MMCF MMCF MMCF
Total Proved 5,599 4,742 3,211
Total Probable 2,016 1,692 1,929
Total Proved plus Probable 7,615 6,434 5,140
Total Possible 52,642 46,232 47,427
Total Proved plus Probable plus Possible 60,257 52,666 52,567

Brazil

Gran Tierra Energy's Brazil year-end 2013 working interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost).

Brazil 2013 Year-End 2013 Year-End 2012 Year-End
Oil and Liquids
(NI 51-101 compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved 1,899 1,654 1,589
Total Probable 1,514 1,321 1,336
Total Proved plus Probable 3,413 2,975 2,925
Total Possible 1,730 1,508 2,065
Total Proved plus Probable plus Possible 5,143 4,483 4,990

Gran Tierra Energy's Brazil year-end 2013 working interest and NAR gas reserves are shown in the following table (NI 51-101 compliant with forecast gas price and cost).

Brazil 2013 Year-End 2013 Year-End 2012 Year-End
Gas
(NI-51-101 Compliant)
Gran Tierra
Energy Working
Interest Reserves
Gran Tierra
Energy NAR
Reserves
Gran Tierra
Energy NAR
Reserves
Reserves Category MBO MBO MBO
Total Proved —   —   —  
Total Probable 1,637   1,427   —  
Total Proved plus Probable 1,637   1,427   —  
Total Possible 857   747   —  
Total Proved plus Probable plus Possible 2,494   2,174   —  

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.  In addition, given the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of six to one, utilizing a BOE conversion ratio of 6 Mcf : 1 barrel of oil would be misleading as an indication of value.

Forward-Looking Statements

The statements in this press release regarding Gran Tierra Energy's expectations, plans, projections and actions including that the Moqueta field will support  mid-term growth from Peru, that  Peru will significantly contribute to the company's growth trajectory and establish a second independent growth platform to build on its continuing exploration and development success in Colombia, growing reserves and production through successful exploration and development drilling, reserve life indices, Gran Tierra Energy's expectations regarding its 2014 exploration and development drilling campaign, reservoir management and production, and expected funding of its 2014 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 "expects", "establishes", "growing" and "look to" 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, and 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, including the cost thereof; 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 canceled, or could cause Gran Tierra Energy's expenses to increase; unexpected problems due to technical difficulties, operational difficulties, and weather conditions may arise, which could cause Gran Tierra Energy's expenses to increase; the risk that  Gran Tierra Energy will not be able to fund the 2014 capital program through cash flow and cash on hand due to unexpected expenditures needed to complete its 2014 goals; 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 12, 2013, 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.

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