Gran Tierra Energy Announces Record 2012 Year-End Reserves

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Feb 04, 2013, 06:00 ET

Reserve Additions Replace 205% of Production* on a 1P Company Interest Basis After Producing a Record 8.4 Million Barrels of Oil*

CALGARY, Feb. 4, 2013 /PRNewswire/ - Gran Tierra Energy Inc. (NYSE MKT: GTE; TSX: GTE) ("Gran Tierra Energy"), a company focused on oil exploration and production in South America, today announced the results of a qualified independent reserve evaluation of the company's reserves by GLJ Petroleum Consultants Ltd. ("GLJ") effective December 31, 2012.

Year-end 2012 Highlights, calculated in accordance with United States Securities and Exchange Commission ("SEC") rules (comparisons are to 2011 year-end amounts):

Total Proved ("1P") reserves net after royalty ("NAR") increased 20% to approximately 40.6 million barrels of oil equivalent ("MMBOE") (approximately 95% light and medium oil and liquids; an increase compared to 91% at year-end 2011);
Total Proved plus Probable ("2P") reserves NAR increased 15% to approximately 56.2 MMBOE (approximately 95% light and medium oil and liquids; an increase compared to 85% at year-end 2011);
Total Proved plus Probable plus Possible ("3P") reserves NAR increased 1% to approximately 86.3 MMBOE (approximately 87% light and medium oil and liquids; an increase compared to 69% at year-end 2011);
Reservoir performance expectations were exceeded at the Costayaco field in Colombia. Costayaco 1P reserves increased to 19.7 million barrels of oil ("MMBO") NAR at year-end 2012 from 16.4 MMBO NAR at year-end 2011 despite total production of 3.8 MMBO NAR before inventory adjustments in 2012;
Appraisal drilling in the Moqueta field in Colombia resulted in 1P reserves increasing 45% to approximately 8.7 MMBO, 2P reserves increasing 54% to 14.9 MMBO and 3P reserves increasing 108% to 26.9 MMBO on a company interest basis, and 1P reserves increasing to approximately 6.8 MMBO, 2P reserves increasing to 11.2 MMBO and 3P reserves increasing to 19.4 MMBO on a NAR basis. The limits of the field have not yet been defined;
Gran Tierra Energy produced approximately 8.4 MMBO of working interest oil before royalties and inventory adjustments or 6.4 MMBO NAR before inventory adjustments and 1.7 billion cubic feet ("Bcf") of company interest gas before royalties or 1.5 Bcf NAR in 2012;
Based on Gran Tierra Energy's 2012 year-end SEC company interest reserves and Gran Tierra Energy's 2012 total working interest production, Gran Tierra Energy's 1P, 2P, and 3P reserves life indices are 6.4 years, 8.9 years, and 13.6 years respectively.
Annual production for 2012 averaged a record of approximately 23,600 company interest barrels of oil equivalent per day ("BOEPD") before royalties, or 18,000 BOEPD NAR, both before inventory adjustments. Production in the fourth quarter of 2012 increased to approximately 18,600 BOEPD NAR before inventory adjustments. Production for the month of January 2013, before inventory adjustments, increased further to average approximately 21,000 BOEPD NAR.

All reserves values contained in the 2012 Highlights provided above have been calculated using SEC rules. For reserves values calculated in compliance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH"), see "Reserves Reported in Accordance with Canadian Reporting Requirements" below in this press release.

* Before royalties and inventory adjustments

"Through continued strong reservoir management, appraisal drilling and exploration success, Gran Tierra Energy had another outstanding year in growing reserves and production to record levels from our projects in Colombia, Brazil and Argentina. The company has been successful at consistently growing land, reserves and production over the past 8 years and is focused on continuing to add value for our shareholders through successful exploration and development drilling in the future," said Dana Coffield, President and CEO. "In 2012, we produced a record volume of oil, in spite of unexpected challenges posed by substantial transportation downtime due to pipeline disruptions on the OTA pipeline in Colombia. Our team has worked vigorously to put into place alternative transportation measures to mitigate possible future downtime impacts to crude transportation. These measures are now in place and operational. As a result, even with recent disruptions, the company achieved near record levels of production, before inventory adjustments, in January of this year."

"In 2013, we are focused on continuing to grow reserves through continued appraisal drilling in the Moqueta and Ramiriqui oil discoveries, and additional exploration drilling in Colombia, testing new oil resource play concepts in Brazil and Argentina, and evaluating a very high-impact oil exploration target at the recently drilled Bretaña Norte well in Peru. Gran Tierra Energy's 2013 capital budget is expected to be funded through available cash on hand, cash flow from operations and with potential periodic draws on our credit facility at current commodity prices and production levels," concluded Coffield.

Reserves Reported in Accordance with United States Reporting Requirements

The following reserves are reported consistent with United States Securities and Exchange Commission rules.

Total Company

The following two tables summarize Gran Tierra Energy's year-end 2012 company interest reserves and NAR reserves (calculated using average start-of-month 2012 oil prices). Also shown in the following table are Gran Tierra Energy's NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices).

Total Company Light and Medium Oil and Liquids (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO **	MBO	MBO
Proved
Developed Producing	35,644	26,817	21,317
Developed Nonproducing	778	666	1,554
Undeveloped	14,280	11,011	8,051
Total Proved	50,702	38,494	30,922
Total Probable	19,641	14,784	10,489
Total Proved plus Probable	70,343	53,278	41,411
Total Possible	28,418	21,456	17,626
Total PPP	98,761	74,734	59,037

**MBO (thousand barrels of oil).

Total Company Gas (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MMSCF***	MMSCF	MMSCF
Proved
Developed Producing	11,572	10,515	16,968
Developed Nonproducing	1,014	813	310
Undeveloped	1,624	1,448	1,044
Total Proved	14,210	12,776	18,322
Total Probable	6,087	5,136	25,716
Total Proved plus Probable	20,297	17,912	44,038
Total Possible	59,375	51,667	116,509
Total PPP	79,672	69,579	160,547

***MMSCF (million standard cubic feet)

Total Company BOE (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	BOE****	BOE	BOE
Proved
Developed Producing	37,572	28,569	24,145
Developed Nonproducing	947	802	1,606
Undeveloped	14,551	11,252	8,225
Total Proved	53,070	40,623	33,976
Total Probable	20,656	15,640	14,775
Total Proved plus Probable	73,726	56,263	48,751
Total Possible	38,314	30,068	37,044
Total PPP	112,040	86,331	85,795

****BOE (barrel of oil equivalent).

1P, 2P and 3P reserves NAR (on an oil equivalent basis) increased largely due to positive technical adjustment to Costayaco reserves based on reservoir performance and additional appraisal drilling at Moqueta in Colombia.
Reserves were added through the Ramiriqui-1 exploration well in Colombia.
Reserves were added through development drilling in the Tiê field in the Recôncavo Basin, Brazil.
The Proa-2 development well on the Surubi Block, Argentina, successfully added reserves.
Partially offsetting reserve additions was 2012 full year production of 8.4 MMBO of company interest oil before royalties and 1.7 Bcf of company interest gas before royalties.

Colombia

Gran Tierra Energy's Colombia year-end 2012 company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2012 oil prices). Also shown in the following two tables is Gran Tierra Energy's Colombian NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices).

Colombia Light and Medium Oil and Liquids (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	32,838	24,360	19,497
Developed Nonproducing	380	317	1,402
Undeveloped	8,989	6,432	4,526
Total Proved	42,207	31,109	25,425
Total Probable	15,178	10,915	5,913
Total Proved plus Probable	57,385	42,024	31,338
Total Possible	18,839	13,167	9,749
Total PPP	76,224	55,191	41,087

Colombia Gas (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MMSCF	MMSCF	MMSCF
Proved
Developed Producing	8,370	7,757	13,927
Developed Nonproducing	993	794	0
Undeveloped	1,012	921	713
Total Proved	10,375	9,472	14,640
Total Probable	3,929	3,300	21,155
Total Proved plus Probable	14,304	12,772	35,795
Total Possible	5,353	4,239	72,026
Total PPP	19,657	17,011	107,821

The increase in 1P, 2P and 3P NAR oil reserves is mainly associated with positive technical adjustments in Costayaco reserves due to reservoir performance, additional development drilling in Costayaco, the appraisal drilling program in Moqueta field in Colombia, and the Ramiriqui-1 exploration well.

The Costayaco and Moqueta fields 2012 year-end NAR reserves are shown in the following two tables (calculated using average start-of-month 2012 oil prices). Also shown in the following two tables is a comparison of the Costayaco and Moqueta fields 2012 year-end gross lease reserves (calculated using average start-of-month 2012 oil prices) to the gross lease reserves estimated in December 31, 2011 (calculated using average start-of-month 2011 oil prices).

Costayaco Light and Medium Oil (SEC Compliant)	2012 Year-End Costayaco NAR Reserves	2012 Year-End Costayaco Gross Lease Reserves	2011 Year-End Costayaco Gross Lease Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	17,240	24,803	20,281
Total Proved	19,716	28,424	23,517
Total Probable	3,740	5,420	2,503
Total Proved plus Probable	23,456	33,844	26,020
Total Possible	2,642	3,867	7,528
Total PPP	26,098	37,711	33,548

Moqueta Light and Medium Oil (SEC Compliant)	2012 Year-End Moqueta NAR Reserves	2012 Year-End Moqueta Gross Lease Reserves	2011 Year-End Moqueta Gross Lease Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	3,745	4,250	2,137
Total Proved	6,849	8,683	5,973
Total Probable	4,314	6,252	3,727
Total Proved plus Probable	11,163	14,935	9,700
Total Possible	8,262	11,922	3,243
Total PPP	19,425	26,857	12,943

Gran Tierra Energy successfully completed development drilling at Costayaco-15, Costayaco-16 and Costayaco-17 in 2012.
Approximately 3.8 MMBO NAR before inventory adjustments was produced from the Costayaco field in 2012. Through a successful field development and reservoir management program in 2012, Gran Tierra Energy was able to successfully mitigate reserve declines at the Costayaco field.
Gran Tierra Energy successfully drilled the Moqueta-7 and Moqueta-8 appraisal wells in 2012.

Argentina

Gran Tierra Energy's Argentina company interest and NAR reserves are shown in the following two tables (calculated using average start-of-month 2012 oil prices). Also shown in the following two tables is Gran Tierra Energy's Argentina NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices).

Argentina Light and Medium Oil and Liquids (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	2,407	2,110	1,766
Developed Nonproducing	398	349	152
Undeveloped	3,868	3,335	3,226
Total Proved	6,673	5,794	5,144
Total Probable	2,929	2,530	3,389
Total Proved plus Probable	9,602	8,324	8,533
Total Possible	7,211	6,219	5,842
Total PPP	16,813	14,543	14,375

Argentina Gas (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MMSCF	MMSCF	MMSCF
Proved
Developed Producing	3,202	2,758	3,041
Developed Nonproducing	21	19	310
Undeveloped	612	527	331
Total Proved	3,835	3,304	3,682
Total Probable	2,158	1,836	4,561
Total Proved plus Probable	5,993	5,140	8,243
Total Possible	54,022	47,428	44,483
Total PPP	60,015	52,568	52,726

The 1P and 3P NAR liquid reserve additions are largely associated with positive adjustments at Puesto Morales and Surubi.

Brazil

Gran Tierra Energy's Brazil company interest and NAR reserves are shown in the following table (calculated using average start-of-month 2012 oil prices). Also shown in the following table is Gran Tierra Energy's Brazil NAR reserves for year-end 2011 (calculated using average start-of-month 2011 oil prices).

Brazil Light and Medium Oil and Liquids (SEC Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	399	347	54
Developed Nonproducing	0	0	0
Undeveloped	1,423	1,244	299
Total Proved	1,822	1,591	353
Total Probable	1,534	1,339	1,187
Total Proved plus Probable	3,356	2,930	1,540
Total Possible	2,368	2,070	2,035
Total PPP	5,724	5,000	3,575

1P, 2P and 3P reserves were added through development drilling in Brazil and increasing working interest to 100% from 70% in Blocks REC-T-129, -142, -155 and -224 located in Brazil's Recôncavo Basin.

Reserves Reported in Accordance with Canadian Reporting Requirements

The following reserves estimates are compliant with NI 51-101 and COGEH (with forecasted oil price and costs):

Total Company

Total company Light and Medium Oil and Liquids (NI 51-101 compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	35,242	26,892	21,232
Developed Nonproducing	510	444	1,293
Undeveloped	13,996	10,920	8,448
Total Proved	49,748	38,256	30,973
Total Probable	19,528	15,006	10,601
Total Proved plus Probable	69,276	53,262	41,574
Total Possible	28,755	22,105	18,224
Total PPP	98,031	75,367	59,798

Total Company Gas (NI-51-101 Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MMSCF	MMSCF	MMSCF
Proved
Developed Producing	11,572	10,515	16,971
Developed Nonproducing	1,014	812	306
Undeveloped	1,483	1,327	1,045
Total Proved	14,069	12,654	18,322
Total Probable	6,480	5,550	25,721
Total Proved plus Probable	20,549	18,204	44,043
Total Possible	59,086	51,529	116,519
Total PPP	79,635	69,733	160,562

Total Company BOE (NI-51-101 Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	BOE	BOE	BOE
Proved
Developed Producing	37,171	28,645	24,061
Developed Nonproducing	679	579	1,344
Undeveloped	14,243	11,141	8,622
Total Proved	52,093	40,365	34,027
Total Probable	20,608	15,931	14,888
Total Proved plus Probable	72,701	56,296	48,915
Total Possible	38,603	30,693	37,644
Total PPP	111,304	86,989	86,558

Colombia

Gran Tierra Energy's year-end 2012 Colombia company interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Also shown in the following table are Gran Tierra Energy's Colombian NAR reserves for year-end 2011 (NI 51-101 compliant with forecast oil price and cost).

Colombia Light and Medium Oil and Liquids (NI 51-101 compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	32,437	24,436	19,373
Developed Nonproducing	112	96	1,141
Undeveloped	8,805	6,427	4,934
Total Proved	41,354	30,959	25,448
Total Probable	14,966	11,055	6,029
Total Proved plus Probable	56,320	42,014	31,477
Total Possible	19,175	13,820	10,196
Total PPP	75,495	55,834	41,673

Gran Tierra Energy's year-end 2012 Colombia company interest and NAR gas reserves are shown in the following table (NI 51-101 compliant with forecast gas price and cost). Also shown in the following table are Gran Tierra Energy's Colombian NAR reserves for year-end 2011 (NI 51-101 compliant with forecast gas price and cost).

Colombia Gas (NI-51-101 Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MMSCF	MMSCF	MMSCF
Proved
Developed Producing	8,371	7,757	13,926
Developed Nonproducing	993	794	0
Undeveloped	980	892	714
Total Proved	10,344	9,443	14,640
Total Probable	4,213	3,621	21,156
Total Proved plus Probable	14,557	13,064	35,796
Total Possible	5,063	4,102	72,026
Total PPP	19,620	17,166	107,822

The Costayaco and Moqueta fields 2012 year-end NAR reserves are shown in the following two tables (with forecast oil price and cost). Also shown in the following two tables is a comparison of the Costayaco and Moqueta fields 2012 year-end gross lease reserves (with forecast oil price and cost) to the gross lease reserves estimated at December 31, 2011 (with forecast oil price and cost).

Costayaco Light and Medium Oil (NI 51-101 compliant)	2012 Year-End Costayaco Gran Tierra Energy NAR Reserves	2012 Year-End Costayaco Gross Lease Reserves	2011 Year-End Costayaco Gross Lease Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	17,415	24,535	19,855
Total Proved	19,929	28,139	23,216
Total Probable	3,572	5,067	2,496
Total Proved plus Probable	23,501	33,206	25,712
Total Possible	2,655	3,799	7,836
Total PPP	26,156	37,005	33,548

Moqueta Light and Medium Oil (NI 51-101 compliant)	2012 Year-End Moqueta NAR Reserves	2012 Year-End Moqueta Gross Lease Reserves	2011 Year-End Moqueta Gross Lease Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	3,709	4,190	2,137
Total Proved	6,794	8,478	5,973
Total Probable	4,586	6,457	3,727
Total Proved plus Probable	11,380	14,935	9,700
Total Possible	8,501	11,922	3,243
Total PPP	19,881	26,857	12,943

Argentina

Gran Tierra Energy's Argentina year-end 2012 company interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Also shown in the following table is Gran Tierra Energy's Argentina NAR reserves for year-end 2011 (NI 51-101 compliant with forecast oil price and cost).

Argentina Light and Medium Oil and Liquids (NI 51-101 compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	2,406	2,109	1,803
Developed Nonproducing	398	348	152
Undeveloped	3,768	3,251	3,226
Total Proved	6,572	5,708	5,181
Total Probable	3,028	2,615	3,420
Total Proved plus Probable	9,600	8,323	8,601
Total Possible	7,212	6,220	5,977
Total PPP	16,812	14,543	14,578

Gran Tierra Energy's Argentina year-end 2012 company interest and NAR gas reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost). Also shown in the following table is Gran Tierra Energy's Argentina NAR reserves for year-end 2011 (NI 51-101 compliant with forecast oil price and cost).

Argentina Gas (NI-51-101 Compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MMSCF	MMSCF	MMSCF
Proved
Developed Producing	3,201	2,758	3,045
Developed Nonproducing	21	18	306
Undeveloped	503	435	331
Total Proved	3,725	3,211	3,682
Total Probable	2,267	1,929	4,565
Total Proved plus Probable	5,992	5,140	8,247
Total Possible	54,023	47,427	44,493
Total PPP	60,015	52,567	52,740

Brazil

Gran Tierra Energy's Brazil year-end 2012 company interest and NAR liquid reserves are shown in the following table (NI 51-101 compliant with forecast oil price and cost).

Brazil Light and Medium Oil and Liquids (NI 51-101 compliant)	2012 Year-End Gran Tierra Energy Company Interest Reserves	2012 Year-End Gran Tierra Energy NAR Reserves	2011 Year-End Gran Tierra Energy NAR Reserves
Reserves Category	MBO	MBO	MBO
Proved
Developed Producing	399	347	56
Developed Nonproducing	0	0	0
Undeveloped	1,423	1,242	288
Total Proved	1,822	1,589	344
Total Probable	1,534	1,336	1,152
Total Proved plus Probable	3,356	2,925	1,496
Total Possible	2,368	2,065	2,051
Total PPP	5,724	4,990	3,547

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE MKT Exchange (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia, 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.

Additional information concerning Gran Tierra Energy is available at www.grantierra.com, on SEDAR (www.sedar.com and with the SEC www.sec.gov).

Cautionary Statements:

Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. The estimate of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation. A BOE is calculated using the conversion factor of six thousand cubic feet ("Mcf") of natural gas being equivalent to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Forward-Looking Statements

The statements in this press release regarding Gran Tierra Energy's expectations, plans, projections and actions including, reserve life index, Gran Tierra Energy's expectations regarding its 2013 exploration and development drilling campaign, reservoir management and production, and expected funding of Gran Tierra Energy's 2013 capital program are "forward-looking statements" within the meaning of the U.S. federal and Canadian securities laws, including Canadian Securities Administrators' National Instrument 51-102 - Continuous Disclosure Obligations and the U.S. Private Securities Litigation Reform Act of 1995. Statements containing the words "estimates", "expects", "continue", "will", "may", "grow", "anticipated" and variations of these words are forward-looking statements.

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 the accuracy of its reserves estimates, the continuity of certain industry conditions, the ability of Gran Tierra Energy to execute its current business and operational plans in the manner currently planned. Although Gran Tierra Energy believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct.

The forward-looking statements contained in this press 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. Factors that could cause results to differ materially from those described in the forward-looking statements include: Gran Tierra Energy's operations are located in South America, and unexpected problems can arise due to guerilla activity, technical difficulties and operational difficulties which impact the production, transportation or sale of oil and gas; changing prices for crude oil may cause some scheduled projects or actions to become uneconomical, or may change Gran Tierra Energy's focus to other projects or actions which could be of more benefit to Gran Tierra Energy, which could cause projects or actions currently contemplated to be postponed or cancelled; unexpected problems due to technical difficulties, operational difficulties, and weather conditions; risks associated with not being able to fund the 2013 capital program through cash flow and cash on hand; and those other risks found in the periodic reports filed by Gran Tierra Energy with the SEC, including in the section entitled "Risk Factors" in its Quarterly Report on Form 10-Q filed with the SEC on November 7, 2012, and available at the SEC's internet site www.sec.gov and on SEDAR at www.sedar.com.

All forward-looking statements in this press release are expressly qualified by information contained in Gran Tierra Energy's filings with regulatory authorities and, subject to its obligations under applicable securities laws, Gran Tierra Energy does not undertake to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Gran Tierra Energy Inc.