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Gran Tierra Energy verifies reserves at Peruvian oil field

23rd January 2014

Gran Tierra Energy discloses the results of an independent reserve evaluation of the company's reserves in Peru

Gran Tierra Energy Inc. reveals the results of a reserve evaluation concerning their Peruvian reserves

Gran Tierra Energy Inc., a company dedicated to oil exploration and production in South America, has revealed the results of a qualified independent reserve evaluation of the company's Peru reserves by GLJ Petroleum Consultants Ltd. (GLJ), which became effective on December 31, 2013.

Dana Coffield, president and chief executive officer of Gran Tierra Energy said, "Gran Tierra Energy has successfully booked significant reserves at the Bretaña field in Peru. On a proved plus probable ("2P") and proved plus probable plus possible ("3P") basis, the Bretaña field reserves nearly double the total corporate 2P and 3P reserves booked at year-end 2012.” 

She added that “We are currently planning on initiating long-term test production from this field beginning in September 2014, with an appraisal well planned to be drilled in the fourth quarter of this year in the southern portion of the Bretaña field."

"Furthermore, additional unbooked resource potential has been identified in an extension of the Bretaña structure on recently acquired and interpreted 2D seismic. This discovery is a dramatic reserve addition for Gran Tierra Energy, building on our substantial historical success in Colombia, and is expected to provide significant growth for Gran Tierra Energy and assist Perupetro in achieving its objective to bring new oil to the market on behalf of the Government of Peru in the coming decade," concluded Coffield.

Gran Tierra Energy plans to spud a water-injector well in the in the first quarter of 2014 and they will begin drilling the Bretaña Sur well on the southern area of the field in the fourth quarter of 2014.


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