Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Gran Tierra Energy Announces Oil Discovery in Peru



              Gran Tierra Energy Announces Oil Discovery in Peru

PR Newswire

CALGARY, Feb. 11, 2013

Initial Results Indicate 99 feet of Gross Oil Column in Bretaña Norte
Exploration Well in Peru; Moqueta-8 Tests 1,600 BOPD in Colombia

CALGARY, Feb. 11, 2013 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra
Energy") (NYSE MKT: GTE) (TSX: GTE), a company focused on oil exploration and
production in South America, today provided updates for its exploration
drilling in Peru and appraisal drilling in Colombia.

"Initial drilling results from the Bretaña Norte 95-2-1XD exploration well  in 
Peru indicate oil-saturated reservoir with a gross oil column of 99 feet  that 
was encountered approximately 48 feet higher than oil discovered at  Bretaña-1 
approximately four kilometers away. Three cores encompassing 90 percent of the
oil-bearing reservoir  section were  successfully acquired.  Oil samples  have 
also been acquired and are being  analyzed which, with a testing program  that 
is currently being  designed to  test reservoir productivity,  will assist  in 
determining the commerciality of the discovery. As previously announced,  this 
prospect contains substantial contingent resource potential, so these  initial 
results are  extremely  exciting," said  Dana  Coffield, President  and  Chief 
Executive Officer of Gran  Tierra Energy. "In  addition, we have  successfully 
tested the  Moqueta-8 appraisal  well in  Colombia and  are now  drilling  the 
Moqueta-9 appraisal well,  as we continue  to evaluate the  full potential  of 
this growing oil discovery," concluded Coffield.

Peru 

Block 95 (100% working interest and operator)

Gran Tierra  Energy  has  drilled,  and initial  well-log  results  have  been 
obtained, from the  Bretaña Norte  95-2-1XD exploration well.  Oil shows  were 
encountered at  the top  of the  target Vivian  reservoir section  and  coring 
operations were then  initiated, resulting  in the  recovery of  oil-saturated 
core over most of the oil-column  and additional core in the underlying  water 
column.  Log interpretations and MDT fluid and pressure sampling indicate  the 
presence of  an  oil-bearing  sandstone  reservoir  in  the  Vivian  Sandstone 
beginning at 9,408  feet measured  depth ("MD")  or 8,851  feet true  vertical 
depth ("TVD") with an approximate gross oil column thickness of 99 feet and 53
feet net pay thickness.

Gran Tierra Energy is designing a  testing program for the Bretaña Norte  well 
to evaluate reservoir productivity with results expected in late February.

In its press  release dated June  11, 2012, Gran  Tierra Energy announced  the 
results of a contingent gross lease resource estimate for the oil discovery on
Block  95,  provided  by  its  independent  reserves  auditor,  GLJ  Petroleum 
Consultants effective June 1, 2012. The resource estimate has been prepared in
compliance with National Instrument 51-101  - Standards of Disclosure for  Oil 
and Gas Activities  and the  Canadian Oil  and Gas  Evaluation Handbook.   The 
estimates included a low  estimate "1C" contingent  resources of 11.5  million 
stock tank barrels of oil ("MMSTB"), a best estimate "2C" contingent resources
of 31.6 MMSTB, and a high estimate "3C" contingent resources of 88.1 MMSTB.   
Additional  information  respecting  such  contingent  resource  estimates  is 
included in the June 11, 2012, press release and in the advisory attached.

The Supreme  Decree approving  the assignment  of the  additional 40%  working 
interest in  Block 95  to Gran  Tierra Energy  Peru S.R.L. was  issued by  the 
Government of Peru on January 23, 2013.   It is expected that the Public  Deed 
to finalize the  assignment and vest  a 100% working  interest in the  company 
will be executed in the near future.

Colombia

Chaza Block, Putumayo Basin  (Gran Tierra Energy 100% working interest and
operator)

Gran Tierra  Energy  completed  initial testing  of  Moqueta-8  by  collecting 
reservoir data and fluid samples using a hydraulic jet pump from the  Caballos 
formation, along  with  the T  Sandstone  and  U Sandstone  from  the  Villeta 
formations.  The Caballos formation consisted of 209 feet TVD gross  reservoir 
or 104 feet TVD  net reservoir thickness.  It  was perforated and tested  from 
5,361 feet to 5,538 feet MD for 57 hours  at a rate of 651 barrels of oil  per 
day ("BOPD")  of  28.2° API  oil  with  a 0.4% water  cut.   The  T  Sandstone 
formation consisted of  85 feet  TVD gross  reservoir or  72 feet  TVD of  net 
reservoir thickness. It  was perforated and  tested from 5,153  feet to  5,256 
feet MD for 16.4 hours at a rate of 925 BOPD of 27.0° API oil and a stabilized
0.4% water cut.   The U  Sandstone formation consisted  of 44  feet TVD  gross 
reservoir or  32 feet  TVD net  reservoir thickness.   It was  perforated  and 
tested from 4,866 feet to 4,911 feet MD for  24 hours at a rate of 24 BOPD  of 
16.3° API  oil with  a 0.4% water  cut.  This  well is  being completed  as  a 
production well.

Moqueta-9, the  next well  in  the appraisal  program  to further  define  the 
reserve potential of the field, was spud on January 20, 2013 and is  targeting 
the northern portion of  the Moqueta field.  Initial  results are expected  in 
late February.

About Gran Tierra Energy Inc.

Gran Tierra Energy is an international oil and gas exploration and  production 
company, headquartered in Calgary, Canada, incorporated in the United  States, 
trading on  the NYSE  MKT (GTE)  and  the Toronto  Stock Exchange  (GTE),  and 
operating in South America.  Gran Tierra Energy  holds interests in  producing 
and prospective  properties in  Colombia, Argentina,  Peru, and  Brazil.  Gran 
Tierra Energy  has a  strategy that  focuses on  establishing a  portfolio  of 
producing   properties,   plus   production   enhancement   and    exploration 
opportunities to provide a base for future growth.

Gran Tierra Energy's Securities and Exchange Commission filings are  available 
on a  web  site  maintained  by the  Securities  and  Exchange  Commission  at 
http://www.sec.gov and on SEDAR at http://www.sedar.com.

Forward Looking Statements and Advisories

Readers are cautioned that the well-flow test results disclosed in this  press 
release are not necessarily indicative of long term performance or of ultimate
recovery.

Contingent resources  are those  quantities of  petroleum estimated,  as of  a 
given date,  to  be potentially  recoverable  from known  accumulations  using 
established technology  or technology  under development,  but which  are  not 
currently considered  to  be  commercially  recoverable due  to  one  or  more 
contingencies. Contingencies  may include  factors  such as  economic,  legal, 
environmental, political, and regulatory matters, or a lack of markets. It  is 
also appropriate to classify as contingent resources the estimated  discovered 
recoverable quantities  associated  with a  project  in the  early  evaluation 
stage. Contingent  resources are  further classified  in accordance  with  the 
level of  certainty associated  with the  estimates and  may be  subclassified 
based on project maturity and/or characterized by their economic status. There
is no certainty that it will be commercially viable to produce any portion  of 
these resources.

This  news   release   contains  certain   forward-looking   information   and 
forward-looking statements (collectively, "forward-looking statements")  under 
the meaning  of  applicable  securities laws,  including  Canadian  Securities 
Administrators' National Instrument 51-102 - Continuous Disclosure Obligations
and the United States  Private Securities Litigation Reform  Act of 1995.  The 
use  of  the  words  "will",   "expected",  "estimate"  and  "potential"   and 
derivations thereof and similar terms identify forward-looking statements.  In 
particular, but without  limiting the  foregoing, this  news release  contains 
forward-looking  statements   regarding   the  anticipated   exploration   and 
development activities, expected  drilling locations,  expected benefits  from 
testing, and expected timing of activities and results. Statements relating to
"resources"  are  forward-looking  statements  as  they  involve  the  implied 
assessment, based on estimates and  assumptions, that the resources  described 
exist in the quantities predicted or estimated and can be profitably  produced 
in the future. Gran Tierra Energy believes the material factors,  expectations 
and assumptions reflected in the forward-looking statements are reasonable  at 
this time but no assurance can  be given that these factors, expectations  and 
assumptions will prove to be correct.

The forward-looking statements contained in this news release reflect  several 
material factors  and  expectations  and assumptions  of  Gran  Tierra  Energy 
including, without limitation: assumptions  relating to log evaluations;  that 
Gran Tierra  Energy  will continue  to  conduct  its operations  in  a  manner 
consistent with  past  operations; the  accuracy  of resource  estimates;  the 
accuracy of testing and  production results and seismic  data; the effects  of 
certain drilling  techniques;  cost  and  price  estimates;  and  the  general 
continuance of current or,  where applicable, assumed operational,  regulatory 
and industry conditions.  Gran Tierra  Energy believes  the material  factors, 
expectations and assumptions reflected  in the forward-looking statements  are 
reasonable at this  time but  no assurance can  be given  that these  factors, 
expectations and assumptions will prove to be correct.

The forward-looking statements contained in  this news release are subject  to 
risks, uncertainties  and other  factors that  could cause  actual results  or 
outcomes to differ materially from  those contemplated by the  forward-looking 
statements, including,  among others:  unexpected technical  difficulties  and 
operational difficulties may occur, which could impact or delay the completion
or continuation of drilling; geographic, political and weather conditions  can 
interrupt  drilling,  which  could  impact   or  delay  the  commencement   or 
continuation of drilling; and the risk that current global economic and credit
market conditions may  impact oil prices  and oil consumption  more than  Gran 
Tierra Energy  currently predicts,  which could  cause Gran  Tierra Energy  to 
change its current drilling, production and testing plans. Further information
on potential factors  that could  affect Gran  Tierra Energy  are included  in 
risks detailed  from time  to  time in  Gran  Tierra Energy's  Securities  and 
Exchange Commission filings, including, without limitation, under the  caption 
"Risk Factors" in  Gran Tierra Energy's  Quarterly Report on  Form 10-Q  filed 
November 7, 2012. These filings are available on a Web site maintained by  the 
Securities and  Exchange  Commission at  http://www.sec.gov  and on  SEDAR  at 
www.sedar.com.  The forward-looking statements contained herein are  expressly 
qualified in their entirety by this cautionary statement. The  forward-looking 
statements included in  this press release  are made  as of the  date of  this 
press release and Gran Tierra Energy disclaims any intention or obligation  to 
update or revise any  forward-looking statements, whether as  a result of  new 
information, future  events  or otherwise,  except  as expressly  required  by 
applicable securities legislation.

SOURCE Gran Tierra Energy Inc.

Contact:

For investor and media inquiries please contact:
Jason Crumley
Director, Investor Relations
403-265-3221
info@grantierra.com
www.grantierra.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement