Gran Tierra Reports Net Loss of US$11.7 Million in 1H06

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Calgary-based Gran Tierra Energy (OTC BB: GTRE) posted a net loss of US$11.7mn in the first half of 2007 compared to a net loss of US$1.8mn in 1H06. Gran Tierra said in a statement.

Total revenue for the half increased 168% to US$8.3mn compared to US$3.1mn posted in 1H06.

Non-cash expenses of US$7.4mn in liquidated damages were included in the year-to-date results and resulted from an agreement with Gran Tierra stockholders who purchased 50mn units in a 2006 financing.

The company reported total oil sales of US$7.9mn in the half, up 157% from the US$3.1mn posted in 1H06.

Operating expenses increased 185% to US$4.1mn in the six-month period.

Gran Tierra's reported oil and condensate production for the half averaged 1,140b/d net after royalty compared to 329b/d in 1H06.

ARGENTINA

Crude oil and condensate production after the 12% royalty in Argentina averaged 618b/d in the half compared to 286b/d in 1H07, a Gran Tierra spokesperson told investors and analysts during a conference call.

The company received an average price of US$38.27/b in Argentina during the half compared to US$41.35/b in 1H06.

One new exploration well is planned in Argentina, Gran Tierra CEO Dana Coffield said in the conference call.

COLOMBIA

Production in Colombia averaged 522b/d with no comparable production in 1H06.

The company's total revenue in Colombia was US$4.3mn during the half at an average of US$48.44/b.

PERU

Gran Tierra is finalizing plans in Peru for the acquisition of airborne and magnetic data late in 2007, Coffield said.

The data will be used to plan 2D seismic acquisition in 2008, which could then be followed by drilling.

UPCOMING ACTIVITIES

Gran Tierra will now focus on putting proven reserves into production and moving probable and possible reserves into the proven category, Coffield said.

Gran Tierra's reported proven reserves increased 197% to 5.9Mb in the half, largely due to the discovery at the Costayaco field in Colombia, BNamericas previously reported.

Gran Tierra has working interests in 19 E&P blocks in Argentina, Colombia and Peru, encompassing 2.6Mha of land.

The company operates 18 of the blocks, bringing its net position to 2.3Mha.

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