Gran Tierra to Boost Crude Oil Production in South America to 20,000 BOPD


Gran Tierra's E&P Locations
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Gran Tierra Energy has announced that crude oil transportation has resumed in southern Colombia as a result of the lifting of the strike at the Orito facilities operated by Ecopetrol. The company has also provided an update on its exploration and production activities. With the resumption of crude oil transportation, Gran Tierra expects to attain its 15,000 barrels of oil per day (BOPD) net after royalty production target in the first quarter of 2009, and to continue growing production to 20,000 BOPD in the second half of 2009, while maintaining current gas production levels.

Production Update

In December 2008 Gran Tierra Energy produced approximately 2,250 BOPD net after royalty, down from a maximum of approximately 13,000 BOPD net after royalty attained in late November. In Colombia, December production averaged approximately 1,100 BOPD net after royalty and approximately 394 thousand standard cubic feet of gas per day (Mcf/day) net after royalty. In Argentina, Gran Tierra Energy production grew to an average of approximately 1,150 BOPD net after royalty in December.

Colombia Operations Update
Chaza Block


Gran Tierra Energy recently conducted two short drill stem tests (DST) in Costayaco-6, the sixth well drilled in the Costayaco field that was discovered in 2007. DST-1 was conducted in the lower Villeta T sand over a four foot interval from 8,638 feet to 8,642 feet measured depth (MD). The test recovered approximately 151 barrels of formation water in 5.8 hours. DST-2 tested 22 feet over three upper Villeta T sand intervals including 8,594 - 8,602 feet, 8,612 -- 8,616 feet, and 8,622 -- 8,632 feet MD. The abbreviated test was inconclusive and only 20 barrels of water and a small amount of gas were recovered. Gran Tierra Energy plans to conduct additional testing operations in the upper Villeta T intervals in the first quarter of 2009 to confirm the presence or absence of oil that was indicated on logs and in cuttings. The next development well, Costayaco-7, is scheduled to be drilled in February. Gran Tierra Energy has a 100% working interest in the Chaza Block and is the operator.

Magangue Block

The installation of a booster compressor was completed in December for the Guepaje-1 production well. With the booster compressor, production has increased from approximately 500 Mcf/day to its current rate of approximately 3,200 Mcf/day gross, or approximately 1,000 Mcf/day net after royalty. Gran Tierra Energy has a 37.8% working interest in the Magangue Block and is the operator.

Rio Magdalena Block

A service rig was moved to Popa-2, a gas-condensate discovery made in 2008, for an extended production test which is scheduled to begin in mid-February. Gran Tierra Energy also plans to commence a 70 square kilometer 3D seismic acquisition program over the Popa field and an adjacent prospect in the Rio Magdalena Block in the first quarter of 2009. Gran Tierra Energy has a 40% working interest in the Rio Magdalena Block and is the operator.

Guachiria Norte Block

An exploration well, Puinaves-2, is scheduled to spud in February 2009. Gran Tierra Energy has a 70% working interest and is the operator of the Guachiria Norte Block.

Guachiria Sur Block

A 115 square kilometer 3D seismic program is currently being acquired in this block to define future drilling prospects. Gran Tierra Energy has a 70% working interest and is operator of the Guachiria Sur Block.

San Pablo Block

Planning continues for an exploration well in the second quarter of 2009. Gran Tierra Energy has a 100% working interest in the San Pablo Block and is the operator.

Argentina Operations Update
Ipaguazu Block

Gran Tierra Energy completed a successful re-entry at IP.x-1, a previously suspended oil well, achieving an average flow rate of 220 BOPD through a 1.97" choke. Gran Tierra Energy plans to install a production facility at Ipaguazu and place IP.x-1 on production in the second quarter of 2009. Gran Tierra Energy has a 100% working interest in the Ipaguazu Block and is the operator.

Valle Morado Block

A re-entry was conducted at VM.x-1001, a previously suspended gas well, achieving an average flow rate of 4,940 Mcf/day along with 3,271 barrels of water per day. The data collected is currently under review to determine the feasibility for further development.

Surubi Block

A successful workover was conducted at Proa-1, the oil field discovery well drilled in 2008, to eliminate water channeling from an upper interval. After the workover Proa-1 has an average production rate of 918 BOPD gross with a 7% watercut. Gran Tierra Energy has an 85% working interest and is the operator of the Surubi Block.

Peru Operations Update
Blocks 122 and 128


Gran Tierra Energy is proceeding with permitting and planning for the acquisition of 500 kilometers of 2D seismic data, which is scheduled to begin in the fourth quarter of 2009. Gran Tierra Energy has 100% working interest in Blocks 122 and 128 and is the operator.

 

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