Gran Tierra CEO: New Discoveries to Come Online in Q4
Calgary-based oil company Gran Tierra Energy (OTCBB: GTRE.OB) expects to start production at new discoveries in Colombia in the fourth quarter of 2007, CEO Dana Coffield told investors and analysts during a conference call.
"The daily rates are very irregular because of the different testing programs," Coffield said. "We would expect to have steady production in the fourth quarter, but at this time we're not prepared to say what those rates are because we're learning as we speak."
When asked if the discoveries would significantly increase the company's daily production, Coffield said he expects company output to increase from where it is today.
The Costayaco-1 wildcat well in southern Colombia's Chaza tested at a combined flow rate of up to 5,906b/d of 23-31 degrees API oil, BNamericas previously reported.
Gran Tierra holds a 50% working interest and is the operator of the Chaza block. Fellow Canadian JV Solana Resources (TSX: SOR) holds the balance.
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- Gran Tierra Receives 'Outperform' Rating After Revealing Exploration Plans (Jun 15)
- Gran Tierra Energy Reveals $38.6 Million Net Loss (Aug 05)
- Gran Tierra Touts Record Production in Colombia (Apr 17)