Business Description
Gran Tierra Energy Inc. together with its subsidiaries is an independent international
energy company engaged in oil and gas acquisition, exploration, development
and production. We are strategically focused on onshore oil and gas properties
in Colombia and also own the rights to oil and gas properties in Brazil and
Peru.
Our company was incorporated under the laws of the State of Nevada on June
6, 2003, originally under the name Goldstrike Inc. On October 31, 2016, the
Company changed its state of incorporation from the State of Nevada to the State
of Delaware (the “Reincorporation”) pursuant to a plan of conversion,
dated October 31, 2016. The Reincorporation was accomplished by the filing of
(i) articles of conversion with the Nevada Secretary of State, and (ii) a certificate
of conversion and a certificate of incorporation with the Delaware Secretary
of State. Pursuant to the plan of conversion, the Company also adopted new bylaws.
The Reincorporation was previously submitted to a vote of, and approved by,
the Company’s stockholders at its 2016 Annual Meeting of Stockholders
held on June 23, 2016.
The Company’s strategy is to efficiently grow and diversify its portfolio
of exploration, development and production opportunities in Colombia. We are
taking steps to grow cash flows from existing assets by developing reserves
and growing reserves through enhanced oil recovery (“EOR”) techniques.
Starting in 2017, we have consolidated sufficient exploration opportunities
to commence a three to five year continuous exploration program which we expect
will be fully funded through the reinvestment of cash flows from operations
and leverage of our financial strength.
The second additional exploration program ended on January 30, 2016. This exploration
phase required one exploration well to be drilled, which was satisfied by the
Eslabón Sur Deep-1 exploration well. The exploration period in the Chaza
Block has ended and we retain the Moqueta and Costayaco Fields.
During 2016, we acquired the remaining 30% WI in this block in the PetroLatina
acquisition. We are in the first exploration phase. We requested and received
approval to transfer work obligations from the Cauca-7 and Garibay blocks to
this block. The transferred work obligation consisted of drilling an exploration
well. We requested and were granted an extension of this phase to February 17,
2018. This phase requires the acquisition, processing and interpretation of
143 kilometers of 2-D seismic, and two exploration wells to be drilled. We have
satisfied the seismic work obligation on this block.
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