Gran Tierra Energy reported a financial and operational update on the company's oil and gas activities for the first quarter of 2012. The company is active in various parts of South America including Colombia, Brazil, Peru, and Argentina.
Gran Tierra Energy reported average production of 16,742 barrels of oil equivalent (BOE) per day in the quarter ending 3/31/2012. This represented year-over-year growth of 15% in the quarter. This growth is continuing in the second quarter of 2012, with the company reporting average production of 20,700 BOE per day in April 2012.
Gran Tierra Energy has increased the company's capital investment program for 2012 to $444 million, up from the previous level of $367 million. The program includes $250 million for drilling activity, with 53% allocated to exploration and the balance to appraisal and development drilling.
Gran Tierra Energy drilled two successful appraisal wells in the Llanos Basin in Colombia during the first quarter of 2012. The company also reported two successful appraisal wells in the Recôncavo Basin of Brazil.
In Argentina, Gran Tierra Energy drilled the Proa-2 appraisal well on the Surubi Block and reported production of 6,300 BOE per day.
For more information on the company, go to www.grantierra.com
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