Gran Tierra Energy Inc. received an updated ownership disclosure from Canadian investors Daniel Lau, Christine Man, and related LM Asset entities on a Schedule 13G/A. The filing reports that Lau beneficially owns 4,056,200 shares of common stock, or 11.5% of the company, while Man beneficially owns 3,881,750 shares, or 11.0%.
LM Asset (IM) Inc. is shown with beneficial ownership of 3,671,200 shares (10.4%), LM Asset Fund Limited Partnership with 2,601,200 shares (7.4%), and LM Asset Management Inc. with 3,381,200 shares (9.6%). These percentages are calculated using 35,295,753 common shares outstanding as of October 28, 2025, as reported in Gran Tierra’s Form 10-Q for the quarter ended September 30, 2025.
The reporting persons state they are filing jointly but expressly disclaim being part of a group and also disclaim beneficial ownership beyond their pecuniary interest. They certify that the securities were not acquired and are not held for the purpose, or with the effect, of changing or influencing control of Gran Tierra Energy, consistent with a passive investment intent.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
GRAN TIERRA ENERGY INC.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
38500T200
(CUSIP Number)
12/17/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
38500T200
1
Names of Reporting Persons
Daniel Lau
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
240,000.00
6
Shared Voting Power
3,816,200.00
7
Sole Dispositive Power
240,000.00
8
Shared Dispositive Power
3,816,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,056,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: PercentagPercentage calculated based on 35,295,753 shares of Common Stock outstanding on October 28, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
CUSIP No.
38500T200
1
Names of Reporting Persons
Christine Man
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
65,550.00
6
Shared Voting Power
3,816,200.00
7
Sole Dispositive Power
65,550.00
8
Shared Dispositive Power
3,816,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,881,750.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
11.0 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Percentage calculated based on 35,295,753 shares of Common Stock outstanding on October 28, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
CUSIP No.
38500T200
1
Names of Reporting Persons
LM Asset (IM) Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,671,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,671,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,671,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.4 %
12
Type of Reporting Person (See Instructions)
IA, CO
Comment for Type of Reporting Person: Percentage calculated based on 35,295,753 shares of Common Stock outstanding on October 28, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025
SCHEDULE 13G
CUSIP No.
38500T200
1
Names of Reporting Persons
LM Asset Fund Limited Partnership
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,601,200.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,601,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,601,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Percentage calculated based on 35,295,753 shares of Common Stock outstanding on October 28, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
CUSIP No.
38500T200
1
Names of Reporting Persons
LM Asset Management Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CANADA (FEDERAL LEVEL)
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
40,000.00
6
Shared Voting Power
3,341,200.00
7
Sole Dispositive Power
40,000.00
8
Shared Dispositive Power
3,341,200.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,381,200.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Percentage calculated based on 35,295,753 shares of Common Stock outstanding on October 28, 2025, as reported in the Form 10-Q filed by the Issuer for the quarter ended September 30, 2025.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
GRAN TIERRA ENERGY INC.
(b)
Address of issuer's principal executive offices:
500 CENTRE STREET SE CALGARY, ALBERTA, CANADA T2G 1A6
Item 2.
(a)
Name of person filing:
Daniel Lau
Christine Man
LM Asset (IM) Inc.
LM Asset Fund Limited Partnership (the "Partnership")
LM Asset Management Inc. (the "General Partner")
The reporting persons are filing this statement jointly, but not as members of a group. Each reporting person expressly disclaims membership in a group. Each reporting person also disclaims beneficial ownership of the Common Stock except to the extent of that reporting person's pecuniary interest therein.
(b)
Address or principal business office or, if none, residence:
For citizenship of Filers, see Item 4 of the cover sheet for each Filer.
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
38500T200
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Daniel Lau: 4,056,200
Christine Man: 3,881,750
LM Asset (IM) Inc.: 3,671,200
Partnership: 2,601,200
General Partner: 3,381,200
(b)
Percent of class:
Daniel Lau: 11.5%
Christine Man: 11.0%
LM Asset (IM) Inc.: 10.4%
Partnership: 7.4%
General Partner: 9.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Daniel Lau: 240,000
Christine Man: 65,550
LM Asset (IM) Inc.: 0
Partnership: 0
General Partner: 40,000
(ii) Shared power to vote or to direct the vote:
Daniel Lau: 3,816,200
Christine Man: 3,816,200
LM Asset (IM) Inc.: 3,671,200
Partnership: 2,601,200
General Partner: 3,341,200
(iii) Sole power to dispose or to direct the disposition of:
Daniel Lau: 240,000
Christine Man: 65,550
LM Asset (IM) Inc.: 0
Partnership: 0
General Partner: 40,000
(iv) Shared power to dispose or to direct the disposition of:
Daniel Lau: 3,816,200
Christine Man: 3,816,200
LM Asset (IM) Inc.: 3,671,200
Partnership: 2,601,200
General Partner: 3,341,200
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Mr. Lau and Ms. Man are the control persons of LM Asset (IM), Inc. and other investment advisers to private investment funds, including the Partnership, and other accounts. The General Partner is the general partner of the Partnership. Those investment advisers, funds and accounts have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock. However, no individual fund or account other than the Partnership beneficially owns more than five percent of the outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Daniel Lau
Signature:
/s/ Daniel Lau
Name/Title:
Reporting person
Date:
12/19/2025
Christine Man
Signature:
/s/ Christine Man
Name/Title:
Reporting person
Date:
12/19/2025
LM Asset (IM) Inc.
Signature:
/s/ Daniel Lau
Name/Title:
Director
Date:
12/19/2025
LM Asset Fund Limited Partnership
Signature:
/s/ Daniel Lau
Name/Title:
Director of the General Partner of the Partnership
Date:
12/19/2025
LM Asset Management Inc.
Signature:
/s/ Daniel Lau
Name/Title:
Director
Date:
12/19/2025
Exhibit Information
Exhibit 99.1 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
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