Gran Tierra Energy Stock Price, News & Analysis

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.

Gran Tierra Energy has completed its acquisition of i3 Energy through a Court-sanctioned scheme of arrangement. Under the terms, i3 Energy shareholders will receive one New Gran Tierra Share per 207 i3 Energy Shares and 10.43 pence cash per share. The acquisition dividend of £3,084,278 (0.2565 pence per share) will be paid by November 13, 2024. i3 Energy shares will be delisted from AIM and TSX. Gran Tierra will issue 5,808,925 new shares, bringing its total issued share capital to 36,460,141 common shares. The company has cancelled its Trafigura Loan Facility, using proceeds from its $150 million Senior Secured Notes to fund the cash consideration.

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.