Gran Tierra Energy has resumed regular production operations in the Putumayo Basin of Southern Colombia.
Crude oil transportation operations on the Ecopetrol-operated Trans Andean Pipeline resumed on August 10, 2009. Gran Tierra Energy subsequently restored production in Colombia over several days and is currently averaging approximately 21,770 barrels of oil per day (BOPD) gross, or 18,000 BOPD net after royalty. During the 32 days of reduced production due to pipeline repairs, from July 10, 2009 to August 10, 2009, oil production averaged approximately 6,500 BOPD gross. Over the same period oil sales averaged 3,440 BOPD net after royalty.
Additional royalties are expected for the Costayaco field once cumulative production reaches five million barrels of oil late in the third quarter of 2009. With these additional royalties taken into account, Gran Tierra Energy remains on track to produce at its previously announced rate of 14,000 to 16,000 BOPD net after royalty in the fourth quarter of this year.
Production sales in Argentina averaged approximately 950 BOPD net after royalty from July 10, 2009 to August 10, 2009, and are approximately at this same level now.
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