Gran Tierra fully pays off credit facility as it boosts 25% Q2 oil production

Jul. 12, 2022 3:08 AM ETGran Tierra Energy Inc. (GTE), GTE:CABy: Meghavi Singh, SA News Editor8 Comments
  • Gran Tierra Energy (NYSE:GTE) said on Monday it has fully repaid its credit facility as it produced more oil in its second quarter.
  • The Calgary, Canada-based oil and gas explorer & producer said it wiped its credit facility balance which stood at $207M in June 2020. It added it plans "to replace it with a new, smaller credit facility once all securities pledges against the current facility are released."
  • Benefiting from higher oil prices,, the company built its cash position from $17M as of June 30, 2020, to $109M as of June 30, 2022.
  • At present, the company has no oil price hedges in place for second half 2022.
  • Meanwhile, its total average oil production rose by 25% to 30,607 barrels of oil per day in the second quarter, from 24,463 a year ago.
  • Q2 2022 Total Average Production up 4% from Q1 2022 and 25% from Q2 2021.
  • It said that Ecuador and Colombia 2022 exploration programs remain on-track.
  • Last month, Gran Tierra pays off $207M credit facility, reports rising oil production.
  • Shares are up 1.83% after-hours.

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