Gran Tierra Energy - GTE STOCK NEWS

Gran Tierra Energy (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has secured a new US$75 million reserve-based lending facility through its subsidiary Gran Tierra Energy Colombia GmbH. The facility has a 36-month maturity and includes annual redetermination beginning May 1, 2026.

Key terms include interest based on Term Secured Overnight Financing Rate plus a 4.50% annual margin. The loan is secured by economic rights over certain contracts and Gran Tierra's Colombian commercial establishment. All outstanding principal, interest, and other payment obligations are due at maturity, with an option to prepay without penalty.

Gran Tierra Energy reported its Q4 and full-year 2024 results, achieving record fourth quarter production of 41,009 BOEPD and full-year average production of 34,710 BOEPD, up 6% from 2023. The company posted net income of $3.2 million ($0.10 per share) and Adjusted EBITDA of $367 million for 2024.

The company delivered net cash from operations of $239.3 million, a 5% increase from 2023, and generated funds flow from operations of $225 million. Gran Tierra achieved its sixth consecutive year of proved (1P) reserves growth, reaching highest year-end reserves in company history: 167 MMBOE (1P), 293 MMBOE (2P), and 385 MMBOE (3P).

The company's Net Asset Value per share stands at $35.22 before tax and $19.51 after tax (1P), and $71.14 before tax and $41.03 after tax (2P). Capital expenditures increased 3% to $234.2 million in 2024, primarily funded by operating cash flow.

Gran Tierra Energy (NYSE American:GTE, TSX:GTE, LSE:GTE) has announced the release of its 2024 fourth quarter and year-end financial and operating results on Monday, February 24, 2025, before market open. The company will host a conference call on the same day at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time, 4:00 p.m. Greenwich Mean Time).

Participants must register through a provided link to receive unique PIN and call-in details, with an option for automatic callback through the 'Call Me' function. A live webcast will be available on Gran Tierra's website, and an audio replay will be accessible for one year until February 24, 2026.

Gran Tierra Energy reported significant reserves growth for 2024, marking its sixth consecutive year of 1P total reserves increase. The company achieved 702% 1P and 1,249% 2P reserves replacement, with total liquids 1P and 2P reserves reaching 128 and 217 million barrels of oil equivalent respectively.

Key financial metrics include a Net Present Value (before tax, 10% discount) of $2.0 billion (1P), $3.2 billion (2P), and $4.5 billion (3P). The company demonstrated strong Finding, Development & Acquisition costs of $4.49 (1P), $2.52 (2P), and $2.10 (3P) per barrel.

Notable achievements include Canada now representing 46% of 1P and 51% of 2P reserves, with the company's reserve life index increasing to 10 years for 1P and 17 years for 2P reserves. Future Development Costs are forecast at $1,029 million for 1P reserves and $1,809 million for 2P reserves.

Gran Tierra Energy has announced its 2025 guidance and operations update, featuring a capital expenditure budget of $240-280 million and expected cash flow of $260-300 million. The company plans to drill 10-14 development wells and 6-8 high-impact exploration wells, with forecast 2025 production of 47,000-53,000 BOEPD, representing a 44% increase from 2024.

The company achieved total production of 34,710 BOEPD in 2024, a 6% increase from 2023. The 2025 base capital program allocates approximately 55% to Colombia, 30% to Ecuador, and 15% to Canada. Key projects include 5-7 development wells in Suroriente, facility expansions in Acordionero, and 2-3 appraisal wells in Chanangue.

Gran Tierra plans to allocate up to 50% of its free cash flow after exploration to share buybacks in the Base Case scenario. The company repurchased approximately 6.7% of its outstanding shares in 2024.

Gran Tierra Energy (NYSE American:GTE) has completed a strategic joint venture transaction with Logan Energy Corp. (TSXV:LGN) for its Simonette Montney assets in Canada. Under the agreement, Logan acquired a 50% working interest and operatorship of a portion of the assets for approximately C$52 million in cash, subject to customary adjustments. Gran Tierra retains the remaining 50% working interest. The partnership aims to provide a growth-focused platform to advance Gran Tierra's Montney development, aligning with the company's strategy of long-term value creation.

Gran Tierra Energy announced two major developments: First, its seventh successful oil discovery in Ecuador through the Zabaleta-K1 well, which produced 1,105 barrels of oil per day during testing. Second, a strategic partnership with Logan Energy involving the sale of 50% interest in Gran Tierra's Simonette Montney assets for C$52 million in cash.

The Zabaleta-K1 well, located 4 kilometers from Arawana-J1, validates the Basal Tena geological model. The Simonette transaction includes approximately 25 net sections of land and accelerates development plans from 2026 to Q4 2024. Logan will also carry the first development well in the Lower Montney region, valued at C$3 million.

Gran Tierra Energy (NYSE American: GTE) announces TSX approval for a normal course issuer bid to repurchase up to 3,545,872 shares (10% of public float) from November 6, 2024, to November 5, 2025. The company has implemented an Automatic Share Purchase Plan (ASPP) allowing purchases during blackout periods, with a daily limit of 9,829 shares. In the past year, Gran Tierra bought back 2,703,914 shares at CDN$9.34 average price. Management believes the stock price doesn't reflect company value, and buybacks may benefit shareholders by increasing share value.

Gran Tierra Energy announced its Q3 2024 results and sixth consecutive Ecuador oil discovery from the Charapa-B7 well. The company reported net income of $1 million and generated $60 million in funds flow from operations, a 31% increase from the previous quarter. Total average production was 32,764 BOPD. The company completed its acquisition of i3 Energy on October 31, 2024, adding approximately 18,000 bbls of oil equivalent per day of production and significantly increasing reserves. The Charapa-B7 well discovery in Ecuador contributed to reaching over 1 million barrels of cumulative oil production in the country. The company ended Q3 with $278 million in cash and entered into a new undrawn credit facility.