Gran Tierra Energy Inc. announced that its net after royalty production at the end of 2007 had risen to approximately 3,300 barrels of oil per day (BOPD) as a result of growing production capacity from exploration drilling success during the year.
Average oil production in Colombia has grown to approximately 2,700 BOPD, net after royalty, compared to 2,000 BOPD reported in November 2007. This continued growth in production is the result of expanded well production capacity and infrastructure handling capacity. Average oil production in Argentina has remained stable at approximately 600 BOPD, net after royalty.
Gran Tierra Energy has an active development drilling and exploration drilling campaign budgeted for 2008. This includes six development wells in oil discoveries made in Colombia in 2007, and three oil exploration wells, two in Colombia and one in Argentina.
"Gran Tierra Energy has had exceptional exploration success in 2007 which is currently being developed and is resulting in substantial growth in production. We will be continuing our development drilling through 2008 to increase our production capacity, in addition to undertaking additional oil exploration efforts to further define the potential of our acreage in Colombia, Argentina and Peru," stated Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy Inc.
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