Gran Tierra Updates Reserves Numbers in Colombia

Gran Tierra Energy says that initial estimates of reserves from the independent reserve auditor's report by Gaffney, Cline & Associates (GCA) for two recent oil discoveries in Colombia reported August 13, 2007, have been updated to incorporate a third party over-riding royalty on Gran Tierra Energy's interests in certain properties in Colombia, including the Chaza and Guayuyaco Blocks where the discoveries are located. These amendments do not materially impact the scale of these discoveries which, as previously reported, more than tripled Gran Tierra Energy's acquired proved, probable and possible oil reserves base, and almost doubled its acquired proved oil reserve base with its drilling program executed in the first half of 2007.

For the Costayaco oil discovery, GCA has now allocated to Gran Tierra Energy proved reserves of 2.7 million barrels of oil (3.0 million previously reported), with additional probable reserves of 5.5 million barrels of oil (6.0 million previously reported), and additional possible reserves of 7.4 million barrels of oil (8.2 million previously reported).

The discovery of the Costayaco field in the Chaza Block, located in the Putumayo Basin of Colombia and operated by Gran Tierra Energy, was the result of drilling the Costayaco-1 exploration well in the second quarter of 2007. As previously reported, this well tested 5,906 barrels of oil per day. A staged development program is being planned. Test oil production is currently being transported by truck to existing facilities. A flow line is being designed to replace trucking operations and to accommodate full commercial production. Two additional wells are currently scheduled to be drilled. Drilling will be initiated late in the fourth quarter of 2007 and will carry on into early 2008. Additional drilling and infrastructure construction will be contingent on these well results. In addition, a new 3-D seismic survey planned for the fourth quarter of 2007 has been expanded to cover 70 square kilometers.

For the Juanambu discovery, GCA has now allocated to Gran Tierra Energy proved reserves of 0.1 million barrels of oil (0.1 million previously reported), with additional probable reserves of 0.3 million barrels of oil (0.3 million previously reported), and additional possible reserves of 0.9 million barrels of oil (1.1 million previously reported).

The discovery of the Juanambu field in the Guayuyaco Block, also located in the Putumayo Basin of Colombia and operated by Gran Tierra Energy, was the result of drilling the Juanambu-1 exploration well early in 2007. As previously reported, this well tested 778 barrels of oil per day. Application for commerciality of this discovery is proceeding. Test oil production is currently being transported by truck to existing facilities. A flow line is being designed to replace trucking operations and to accommodate full commercial production. A second Juanambu well is being planned for drilling in 2008.

As a result of the adjustments and production for the first half of 2007, Gran Tierra Energy's estimate of proved reserves, net of royalties, as of June 30, 2007, stands at 5.6 million barrels of oil (5.9 million previously reported), with additional probable reserves at 7.0 million barrels of oil (7.5 million previously reported), and additional possible reserves of 11.2 million barrels of oil (12.2 million previously reported), for a total of 23.8 million barrels of proved, probable and possible oil reserves (25.6 million previously reported). This contrasts to Gran Tierra Energy's December 31, 2006, proved reserves of 3.0 million barrels of oil, probable reserves of 1.2 million barrels of oil, and possible reserves of 2.9 million barrels of oil, or a total of 7.1 million barrels of proved, probable and possible oil reserves.

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