LM Asset Management (NYSE: GTE) funds buy 97K Gran Tierra shares

Rhea-AI Filing Summary

LM Asset Management Inc., on behalf of private investment funds it manages, reported open-market purchases of Gran Tierra Energy common stock. The funds bought 52,000 shares on May 1 at a weighted average price of $9.0952 per share, in trades ranging from $9.07 to $9.25. They then bought 45,000 shares on May 5 at a weighted average price of $9.2986, with individual trades between $9.28 and $9.33. After these transactions, the LMAM-managed funds held 4,122,200 shares indirectly. The filing also shows Daniel Lau directly beneficially owning 65,550 shares and Christine Man directly beneficially owning 240,000 shares, plus 207,000 shares held by companies they control, all subject to pecuniary-interest-based beneficial ownership.

Insider Trade Summary

Net Buyer: 97,000 shares ($891,387)

Net Buy 5 txns

Insider LM Asset Management Inc., Lau Daniel, Man Christine

Role null | null | null

Bought 97,000 shs ($891K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	45,000	$9.2986	$418K
Purchase	Common Stock	52,000	$9.0952	$473K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 4,122,200 shares (Indirect, See Note); Common Stock — 240,000 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.07 to $9.25, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote. These securities are held by private investment funds managed by LM Asset Management Inc. ("LMAM"). LMAM may be deemed to beneficially own these securities as the investment adviser to those funds. Daniel Lau and Christine Man are control persons of LMAM and may be deemed to beneficially own these securities as control persons of LMAM. Each reporting person disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interests therein. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.28 to $9.33, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote. These securities are beneficially owned solely by Daniel Lau. These securities are beneficially owned solely by Christine Man. These securities are held by companies of which Daniel Lau and Christine Man are directors and controlling shareholders. They may be deemed to beneficially own these shares because they are control persons of those companies. They disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.

Key Figures

Open-market purchase May 1: 52,000 shares at $9.0952/share Open-market purchase May 5: 45,000 shares at $9.2986/share Total shares purchased: 97,000 shares +4 more

7 metrics

Open-market purchase May 1 52,000 shares at $9.0952/share Weighted average price; trades from $9.07 to $9.25

Open-market purchase May 5 45,000 shares at $9.2986/share Weighted average price; trades from $9.28 to $9.33

Total shares purchased 97,000 shares Net open-market buys reported in this Form 4

Indirect fund holdings after trades 4,122,200 shares Shares held by LM Asset Management-managed funds after May 5

Daniel Lau direct holdings 65,550 shares Beneficially owned solely by Daniel Lau

Christine Man direct holdings 240,000 shares Beneficially owned solely by Christine Man

Holdings via controlled companies 207,000 shares Shares held by companies controlled by Lau and Man

Key Terms

weighted average price, beneficially own, control persons, pecuniary interests, +1 more

5 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

beneficially own financial

"LMAM may be deemed to beneficially own these securities as the investment adviser"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

control persons financial

"Daniel Lau and Christine Man are control persons of LMAM"

pecuniary interests financial

"disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interests"

indirect financial

"ownership_type":"indirect","ownership_code":"I""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LM Asset Management Inc.

(Last) (First) (Middle)

1640 - 1055 WEST HASTINGS STREET

(Street)

VANCOUVER V6E 2E9

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

2. Issuer Name and Ticker or Trading Symbol
GRAN TIERRA ENERGY INC. [ GTE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/01/2026		P		52,000	A	$9.0952(1)	4,077,200	I	See Note(2)
Common Stock	05/05/2026		P		45,000	A	$9.2986(3)	4,122,200	I	See Note(2)
Common Stock								240,000(4)	D
Common Stock								65,550(5)	D
Common Stock								207,000	I	See Note(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

LM Asset Management Inc.

(Last) (First) (Middle)

1640 - 1055 WEST HASTINGS STREET

(Street)

VANCOUVER V6E 2E9

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Lau Daniel

(Last) (First) (Middle)

1640 - 1055 WEST HASTINGS STREET

(Street)

VANCOUVER V6E 2E9

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Man Christine

(Last) (First) (Middle)

1640 - 1055 WEST HASTINGS STREET

(Street)

VANCOUVER V6E 2E9

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.07 to $9.25, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

2. These securities are held by private investment funds managed by LM Asset Management Inc. ("LMAM"). LMAM may be deemed to beneficially own these securities as the investment adviser to those funds. Daniel Lau and Christine Man are control persons of LMAM and may be deemed to beneficially own these securities as control persons of LMAM. Each reporting person disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.28 to $9.33, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

4. These securities are beneficially owned solely by Daniel Lau.

5. These securities are beneficially owned solely by Christine Man.

6. These securities are held by companies of which Daniel Lau and Christine Man are directors and controlling shareholders. They may be deemed to beneficially own these shares because they are control persons of those companies. They disclaim beneficial ownership of such securities except to the extent of their respective pecuniary interests therein.

Remarks:

The reporting persons are filing this Form 4 jointly but not as a group, and each reporting person expressly disclaims membership in a group within the meaning of Rule 13d-5(b) under the Securities Exchange Act of 1934.

	/s/ Daniel Lau, Director of LM Asset Management Inc.	05/05/2026
	/s/ Daniel Lau	05/05/2026
	/s/ Christine Man	05/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions were reported for GTE on this Form 4?

The Form 4 reports open-market purchases totaling 97,000 shares of Gran Tierra Energy common stock by funds managed by LM Asset Management. These include 52,000 shares bought on May 1 and 45,000 shares bought on May 5 at weighted average prices around $9.10–$9.30.

Who actually holds the Gran Tierra Energy (GTE) shares in this filing?

The purchased GTE shares are held by private investment funds managed by LM Asset Management Inc.. LMAM may be deemed to beneficially own them as investment adviser, while Daniel Lau and Christine Man may be deemed beneficial owners as LMAM control persons, subject to their pecuniary interests.

What prices did LM Asset Management pay for GTE shares?

The funds paid a weighted average of $9.0952 per share for 52,000 shares on May 1 and $9.2986 per share for 45,000 shares on May 5. Individual trades ranged from $9.07–$9.25 and $9.28–$9.33, respectively, as disclosed in the footnotes.

How many GTE shares do LM Asset Management-managed funds hold after these trades?

After the reported purchases, funds managed by LM Asset Management Inc. indirectly held 4,122,200 shares of Gran Tierra Energy common stock. This figure reflects the updated position following the 97,000 shares of open-market purchases disclosed in the Form 4 transactions table.

What are Daniel Lau and Christine Man’s direct GTE shareholdings?

The filing states that Daniel Lau beneficially owns 65,550 GTE shares solely, while Christine Man beneficially owns 240,000 GTE shares solely. Additional 207,000 shares are held by companies they control, with beneficial ownership disclaimed except for their pecuniary interests.

Do the reporting persons fully own all GTE shares mentioned?

No. The filing explains that LM Asset Management, Daniel Lau, and Christine Man may be deemed beneficial owners through advisory and control roles but each disclaims beneficial ownership of fund- and company-held shares except to the extent of their respective pecuniary interests in those securities.