Gran Tierra Energy, Inc (GTE) - NYSEMKT
  • Fri, Jul. 1, 2:00 PM
    | Fri, Jul. 1, 2:00 PM
  • Mon, Jun. 20, 1:55 PM
    • Gran Tierra Energy (GTE +3.4%) is upgraded to Top Pick from Outperform with a $6 price target, lifted from $4.75, at RBC Capital, following GTE's move earlier this month in negotiating hedging contracts limiting potential downside when the company converts Colombian pesos to U.S. currency.
    • RBC says GTE has established an acreage position to deliver a repeatable, short-cycle time, reserves and production growth opportunity funded entirely from internal cash flow.
    • The upgrade comes ahead of GTE's multi-year drilling campaign starting Q3 focused onshore southern Colombia.
    | Mon, Jun. 20, 1:55 PM | 3 Comments
  • Wed, Jun. 1, 2:26 PM
    • Gran Tierra Energy (GTE -2.5%) is lower after raising its capital spending budget for the rest of the year by $33M-$43M, in a potential 40% bump over its previous guidance.
    • GTE's base capital budget boost sends its full-year total to $140M-$150M, all of it directed at exploration activities in Colombia, including funding two more exploration wells in the Putumayo Basin and elsewhere as well as 2D seismic work in the Sinu Basin ahead of its 2017 drilling program; GTE says lenders pared its committed borrowing base by $15M to a new total of $185M.
    • GTE also says its 2016 production guidance remains unchanged, with output before royalties expected to average 27.5K-29K boe/day, up 20% over 2015 average production of 23.4K boe/day.
    | Wed, Jun. 1, 2:26 PM | 12 Comments
  • Thu, Apr. 21, 2:56 PM
    | Thu, Apr. 21, 2:56 PM | 5 Comments
  • Thu, Mar. 31, 12:46 PM
    | Thu, Mar. 31, 12:46 PM
  • Jul. 6, 2015, 9:10 AM
    | Jul. 6, 2015, 9:10 AM | 1 Comment
  • Jun. 25, 2015, 10:31 AM
    • Gran Tierra Energy (GTE +4.6%) is upgraded to Buy from Hold with a $5 price target, raised from $4, at Canaccord, after the oil and gas explorer increased this year’s capital budget by $45M to $185M, mostly targeting its Moqueta field in Colombia.
    • West Face Capital’s successful shake-up of GTE’s board and the appointment of Gary Guidry as CEO brings a team with a history of providing exceptional returns to shareholders, Canaccord says, that will focus on its core Colombian properties after failing to find growth in other parts of South America.
    • Based on current strip pricing, GTE estimates the additional capital it is putting to work will generated internal rates of return above 30%, which Canaccord says is a "much more favorable yield for investors than sitting on cash."
    | Jun. 25, 2015, 10:31 AM
  • May 27, 2015, 12:29 PM
    • Gran Tierra Energy (GTE -4.1%) is making Colombian oil deals the focus of its expansion this year as it steers investment plans away from Peru and Brazil, CEO Gary Guidry tells Bloomberg.
    • GTE is "very interested” in assets being sold by Colombia’s state-run Ecopetrol and may diversify its portfolio to include heavy oil and natural gas blocks to take advantage of a strong balance sheet, the CEO says.
    • Guidry was named president and CEO on May 8 as part of a shake-up led by hedge fund West Face Capital, which blamed the decline in GTE’s value since the start of 2011 on “failed high-risk, high-cost” exploration in Peru, Argentina and Brazil.
    | May 27, 2015, 12:29 PM
  • May 5, 2015, 12:37 PM
    • Gran Tierra Energy (GTE +2.2%) has climbed ~15% since April 21, when West Face Capital said it had acquired 9.8% of the company and was seeking a board shakeup, but Canaccord analyst Chris Brown thinks the rally is being fueled by the prospects of either a new management team or a takeover offer from an international player attracted by GTE’s liquidity.
    • "As both outcomes could potentially result in a higher near-term share price, this could be an exciting time for Gran Tierra shareholders,” Brown writes.
    • With “little or no guidance by the existing management team," investors enjoy a "rare opportunity for a potential suitor to step in and capitalize on uncertainty,” according to the analyst.
    | May 5, 2015, 12:37 PM | 1 Comment
  • Apr. 23, 2015, 10:56 AM
    • Gran Tierra Energy (GTE +3.4%) moves to address some of the concerns of activist investor West Face Capital, saying it will focus on its core Colombian properties and scale back spending elsewhere.
    • GTE's statement comes after West Face, which owns a ~9.8% in the company, indicated plans earlier this week to nominate six directors at the coming annual meeting, sweeping out the current four-member board.
    • GTE says it would consider West Face’s nominations “in due course,” while continuing to seek other qualified nominees; in response, West Face says GTE’s move does not go far enough, and that "a fundamental change of course is required for Gran Tierra, not half-measures by the existing board."
    | Apr. 23, 2015, 10:56 AM
  • Apr. 21, 2015, 3:57 PM
    • Gran Tierra Energy (GTE +4.1%) spikes higher after West Face Capital discloses a 9.78% active stake in the company via a 13D filing, and says it plans to nominate six candidates to replace the company's existng four-member board.
    • Toronto-based West Face says GTE should refocus on its core Colombian properties; stop further spending in high-risk, high-cost ventures in Peru and Brazil; and address its bloated cost structure.
    • West Face also proposing that Gary Guidry, who has led a number of small Canadian oil and gas companies, become GTE's CEO.
    | Apr. 21, 2015, 3:57 PM
  • Apr. 14, 2015, 5:36 PM
     
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    | Apr. 14, 2015, 5:36 PM
  • Mar. 13, 2015, 2:41 PM
    • Gran Tierra Energy (GTE -5.8%) tumbles after announcing various initiatives to cut costs and preserve its balance sheet, particularly reducing its employee headcount, in a bid to preserve cash and prepare for future growth opportunities.
    • GTE expects the layoffs to knock more than 20% off its current workforce, causing G&A costs to fall ~22% from 2014 levels, which would indicate $11.25M in expected savings, or ~$1.67/bbl equivalent produced.
    • GTE estimates it will save ~$19M/year from the actions, and adds that is negotiating additional operational savings with suppliers and service providers.
    | Mar. 13, 2015, 2:41 PM | 1 Comment
  • Mar. 2, 2015, 2:24 PM
    • Gran Tierra Energy (GTE -3.7%) is lower after posting disappointing Q4 results, which included a decision to halt further development of its Bretana heavy oil field in Peru due to the current low commodity price environment.
    • Associated with the decision to no longer commit capital to Peru, GTE was required to recognize $265M of Peruvian-related asset impairments for FY 2014.
    • In maintaining its Buy rating and C$4.50 price target, Canaccord says the upside to the move is that it makes available nearly all GTE's $332M in cash resources to refocus into new growth areas in the coming years.
    | Mar. 2, 2015, 2:24 PM
  • Feb. 19, 2015, 9:12 AM
    | Feb. 19, 2015, 9:12 AM | 3 Comments
  • Feb. 9, 2015, 9:18 AM
    • Gran Tierra Energy (NYSEMKT:GTE) +1.8% premarket after announcing a 55% cut to its 2015 capital budget to $140M from its previously announced budget of $310M.
    • GTE says it is pursuing significant operating and G&A cost reductions and eliminations through resource re-allocation initiatives and working with contractors and suppliers.
    • GTE also says it expects 2015 production to average 21.5K-22.5K boe/day.
    | Feb. 9, 2015, 9:18 AM | 1 Comment
Company Description
Gran Tierra Energy, Inc. is an international oil and gas exploration and production company. The company currently holds interests in producing and prospective properties in Colombia, Argentina, Peru and Brazil. Gran Tierra Energy is focused on establishing a portfolio of drilling opportunities... More
Industry: Independent Oil & Gas
Country: Canada