Gran Tierra announced financial and operating results for the quarter and year ended December 31, 2009. All dollar amounts are in United States dollars unless otherwise indicated.
Highlights for the year include:
"2009 was a successful consolidation year for Gran Tierra Energy, positioning the company for an aggressive exploration program in 2010. The Costayaco Field, the company's largest asset, was delineated and developed, attaining plateau production in the third quarter of 2009. We believe this field, along with our other producing assets in Colombia and Argentina, will provide the cash flow to fund our exploration programs in 2010 at current oil prices," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy Inc. "In addition, last year we acquired new acreage, divested less material acreage, and acquired new seismic data, all in preparation for focusing our resources on our top exploration prospects in 2010, and to prepare for continued exploration drilling in 2011. In addition, we expanded the depth of our management, business development and exploration teams, all with experience from around the world, to further enable the execution of our growth strategy."
"The successful execution of our strategy to date has positioned Gran Tierra Energy with a very strong debt-free balance sheet, a vast land position in three countries, a significant exploration drilling campaign budgeted in 2010, and a diverse portfolio of drilling opportunities and new venture initiatives to mature in the years to come," said Dana Coffield.
Most Popular Articles
From the Career Center
Jobs that may interest you