On a proved plus probable and proved plus probable plus possible basis, GTE says the field reserves nearly double the total corporate reserves booked at year-end 2012.
CEO Dana Coffield says the discovery is a "dramatic reserve addition," and is expected to provide significant growth for GTE and assist Perupetro in achieving its objective to bring new oil to the market for Peru in the coming decade.
Gran Tierra Energy (GTE) says Q3 production of ~22.5K boe/day exceeded expectations, due to the continued strong reservoir performance from the Costayaco field and successful execution of transportation strategies.
Anticipates 2013 average production of 21.5K-22.5K boe/day, above prior guidance of 21K-22K; ~96% is expected to consist of light oil, with the balance consisting of natural gas.
GTE says successful testing of the Moqueta-11 well and the addition of three appraisal wells in the Moqueta field in Colombia helped continue operational momentum in the quarter.
Gran Tierra Energy (GTE) says a Bretana Norte horizontal exploration well in Peru tested 3,095 bbl/day of oil, and plans to begin an engineering study to implement a long-term test to help bring new oil to market. Shares +1% premarket.
Gran Tierra Energy (GTE +9.2%) moves sharply higher after reporting Q1 results that beat estimates on the top and bottom lines. Q1 EPS was $0.20 vs. $0.15 analyst consensus; revenue totaled $205M vs. consensus of $188M. GTE attributes its strong start to the year with new oil exploration well success in Peru, and record production of 23.4K boe/day.
Gran Tierra Energy (GTE) announces record quarterly production of 21,860 boe/day in Q1, up 21% Y/Y; 97% was oil and natural gas liquids. Says the northern boundary of the Moqueta field has been successfully delineated with the Moqueta-9 appraisal well.
Gran Tierra Energy (GTE +5.6%) says it successfully completed initial testing of the Bretaña Norte 95-2-1XD exploration well in Peru at 1,984 bbl/day, a rate that "far exceeded expectations... This discovery has material contingent resource potential, and is expected to provide significant growth for the company."
Gran Tierra Energy (GTE) +9.1% AH on news of an oil discovery in Peru, where initial results indicate 99 ft. of gross oil column in the Bretaña Norte exploration well. GTE says the prospect contains substantial contingent resource potential. GTE also says it is in the process of completing the Moqueta-8 well in Colombia as a production well.
Gran Tierra Energy, Inc., together with its subsidiaries is an international energy company engaged in oil and gas acquisition, exploration, development and production. The Company owns oil and gas properties in Colombia, Argentina, Peru and Brazil.