Gran Tierra Energy Inc. and Solana Resources Limited have entered into a definitive agreement providing for the business combination of Gran Tierra Energy Inc. and Solana Resources Limited. The transaction is expected to create an exploration and production company with a significantly increased operating scale and balance sheet.
Dana Coffield, President and Chief Executive Officer of Gran Tierra, will continue as the President and Chief Executive Officer of the combined company, while Mr. J. Scott Price, President and Chief Executive Officer of
Commenting on the transaction, Coffield stated, "We are very pleased to make this announcement and we expect the transaction will create a much more substantial company in a consolidating global industry while preserving Gran Tierra's operating leadership. The combination creates a company with a 100% working interest in one of the most important oil discoveries in Colombia in recent years, the Costayaco field. The anticipated production and cash flow growth from Colombia will fund continued exploration on the resulting company's combined land position, in addition to increasing the capability to undertake much larger and material new venture initiatives in the future."
Price added, "The combination of the two companies will not only consolidate a premium light oil asset in Colombia, but will also launch a substantive, well financed, South American focused entity with an enviable
Highlights of the Combined Entity
Management of Gran Tierra and Solana expect that the combination will provide many benefits, including the following:
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