Gran Tierra Energy Inc. Announces First Quarter 2023 Results – Gran Tierra Energ… – Press Release

• First Quarter 2023 Total Average Production of 31,611 BOPD, Up 8% from One Year Ago
• Second Quarter-To-Date 2023⁽¹⁾ Total Average Production of Approximately 32,400 BOPD
• Net Loss of $10 Million, Net Income of $115 Million Over Last 12 Months
• Adjusted EBITDA⁽²⁾ of $89 Million, $459 Million Over Last 12 Months
• Funds Flow from Operations⁽²⁾ of $60 Million, $339 Million Over Last 12 Months
• Cash Balance of $106 Million and Net Debt⁽²⁾ of $466 Million, as of March 31, 2023
• Colombia Development Campaign Progressing with 14 Wells Drilled in the Quarter and Another 4 Wells Drilled Second Quarter-To-Date 2023⁽¹⁾
  

CALGARY, Alberta, May 02, 2023 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) GTE GTE GTE today announced the Company’s financial and operating results for the quarter ended March 31, 2023 (“the Quarter“). All dollar amounts are in United States dollars, and production amounts are on an average working interest (“WI“) before royalties basis unless otherwise indicated. Per barrel (“bbl“) and bbl per day (“BOPD“) amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (“NAR“) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed May 2, 2023.

Key Highlights of the Quarter:

• Production:
  • Gran Tierra’s total average production for the Quarter was 31,611 BOPD, up 8% from first quarter 2022 (“one year ago”) and decreased by 3% compared to fourth quarter 2022 (“the Prior Quarter”).
  • The Company’s second quarter-to-date⁽¹⁾ 2023 total average production has been approximately 32,400 BOPD.
• Oil Price: The Brent oil price averaged $82.10 per bbl, down 16% from one year ago, and down 7% from the Prior Quarter.
• Quality and Transportation Discounts: The Company’s quality and transportation discount narrowed to $18.45 per bbl, down from $19.74 per bbl in the Prior Quarter and was up from $12.56 per bbl one year ago. The Castilla oil differential increased to $15.17 per bbl from $6.38 per bbl one year ago…

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