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Gran Tierra Energy Inc. (GTE) Reports on 2010 Oil and Gas Operations

Gran Tierra Energy Inc. reported financial and operational results for 2010 including oil and gas production and reserve information. The company is active in exploration and development in South America.

Gran Tierra Energy Inc. reported average production of 14,325 barrels of oil per day in 2010, a 13% increase over 2009 production. The company said that average production for the fourth quarter of 2010 set a record at 15,792 barrels of oil per day. Ninety five percent of the production was from the company’s properties in Colombia, with the balance from Argentina.

Gran Tierra Energy Inc. achieved proved reserves of 23.6 million barrels of oil at 12/31/2010. This also set a record for the company. Proved and probable reserves totaled 31 million barrels of oil and proved, probable and possible reserves came in at 47.3 million barrels of oil.

Gran Tierra Energy Inc. reported revenue of $374.5 million in 2010, up 42% from a year earlier. The company also saw a large increase in profitability for 2010, reporting net income of $37.2 million, or $0.14 per diluted share. In 2009, the company earned net income of $13.9 million, or $0.06 per diluted share.

Gran Tierra Energy Inc. ended 2010 with cash and cash equivalents of $355.4 million, up from $270.8 million at 12/31/2009. The company reported no long or short term debt.

For more information on the company, go to www.grantierra.com

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