Gran Tierra Energy - GTE STOCK NEWS

Gran Tierra Energy (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has announced it will release its 2024 third quarter financial and operating results on Monday, November 4, 2024, before market open. The company will host a conference call the same day at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). Participants must register through a provided link to receive unique PIN and call-in details. A live webcast will be available, and an audio replay will be accessible until November 4, 2025.

Gran Tierra Energy Inc. (NYSE American:GTE) (TSX:GTE) (LSE:GTE) announced that i3 Energy plc shareholders have approved the previously announced acquisition of i3 Energy. This approval satisfies one of the closing conditions for the acquisition. The transaction is still subject to additional regulatory closing conditions and is expected to be effective on or about October 31, 2024.

The acquisition, once completed, will mark a significant expansion for Gran Tierra Energy, potentially impacting its market position and operational capabilities. Shareholders and investors should monitor further announcements regarding the satisfaction of remaining regulatory conditions and the final closing of the deal.

Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has successfully closed an additional $150 million offering of its 9.500% Senior Secured Amortizing Notes due 2029. This adds to the previously outstanding $587,590,000 aggregate principal amount of Original Notes. The new Notes share the same terms and provisions as the Original Notes, except for the issue date and price.

The company plans to use the net proceeds to finance the cash portion of the proposed acquisition of i3 Energy plc, a public company in England and Wales. Any remaining funds will be allocated for general corporate purposes, potentially including exploration development, debt repayment, working capital, or further acquisitions.

Gran Tierra Energy Inc. (NYSE American:GTE)(TSX:GTE)(LSE:GTE) has announced the pricing of an additional $150 million aggregate principal amount of its 9.500% Senior Secured Amortizing Notes due 2029. This is in addition to the previously outstanding $587,590,000 of Original Notes. The new Notes will have the same terms and provisions as the Original Notes, except for the issue date and price. Gran Tierra expects to close the offering on September 18, 2024, with net proceeds of approximately $136.0 million.

The company intends to use the net proceeds to finance the cash portion of the proposed acquisition of i3 Energy plc, with any remaining funds allocated for general corporate purposes. These may include additional capital for exploration development, debt repayment, working capital, or acquisitions.

Gran Tierra Energy Inc. (NYSE American:GTE) (TSX:GTE) (LSE:GTE) has announced its intention to offer additional 9.500% Senior Secured Amortizing Notes due 2029, subject to market conditions. This private placement will be made to qualified institutional buyers in the US, non-US persons outside the US, and certain exempt buyers in Canada. The new Notes will have the same terms as the US$587,590,000 aggregate principal amount of Original Notes currently outstanding, except for the issue date and price.

The Notes will be guaranteed by certain Gran Tierra subsidiaries. The company plans to use the net proceeds to finance the cash portion of the proposed acquisition of i3 Energy plc, with any remaining funds allocated for general corporate purposes, including exploration development, debt repayment, working capital, or acquisitions.

Gran Tierra Energy Inc. and i3 Energy Plc have announced an update on regulatory conditions for their recommended cash and share acquisition. The advance ruling certificate under the Competition Act (Canada) has been obtained, satisfying one of the key conditions. The acquisition remains subject to other conditions, including approval by i3 Energy shareholders, court sanction, satisfaction of the NSTA Condition, the Minority Shareholder Protection Condition, and TSX approval. The full terms of the acquisition will be detailed in the Scheme Document, expected to be published within 28 days. The financial terms of the acquisition will not be increased, except under specific circumstances. The announcement also includes important notices regarding overseas shareholders and jurisdictional restrictions.

Gran Tierra Energy (GTE) has announced a recommended cash and share acquisition of i3 Energy plc, valued at approximately £174.1 million (US$225.4 million). The deal offers 13.92 pence per i3 Energy share, representing a 49% premium to the closing price on August 16, 2024. i3 Energy shareholders will receive one New Gran Tierra Share per 207 i3 Energy Shares and 10.43 pence cash per share, plus a 0.2565 pence cash dividend. Following completion, i3 Energy shareholders will own up to 16.5% of Gran Tierra. The acquisition aims to create an independent energy company of scale in the Americas, with increased production, reserves, cash flows, and development optionality across Canada, Colombia, and Ecuador.

Gran Tierra Energy Inc. (NYSE American:GTE) has announced its fifth consecutive oil discovery in Ecuador with the Charapa-B6 well on the Charapa Block. This marks the company's third oil discovery in 2024. The Charapa-B6 well has produced at stabilized rates of 2,118 BOPD with 28.2-degree API gravity oil, a 2.2% water cut, and a gas-oil ratio of 21 scf/stb. The Hollin oil zone was perforated over 50 ft of reservoir with 45 ft of reservoir pay.

Gran Tierra has successfully drilled five exploration wells in Ecuador, each resulting in an oil discovery. The company has already spudded the Charapa-B7 exploration well on August 9, 2024. These discoveries underscore the potential of the Oriente and Putumayo basins and highlight Gran Tierra's successful exploration strategy in the region.

Gran Tierra Energy (NYSE American:GTE) announced successful test results from its Bocachico Norte-J1 well in Ecuador. The T-Sand oil zone produced a stabilized rate of 1,353 barrels of oil per day (BOPD) with 35.5-degree API gravity oil and less than 1% water cut over a 51-hour period. This is the fourth consecutive oil discovery in Ecuador, underlining the company's strong technical proficiency and valuable landholdings in the Oriente/Putumayo basin. Multiple producing zones were identified, enhancing operational flexibility. The Arawana field continues strong production, contributing over 74,000 bbl to date. Both fields are expected to drive production growth, reserve additions, and free cash flow in the coming years.