Gran Tierra Cites Record Results for 2009
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:
- Record average annual production of 12,684 barrels of oil per day (BOPD), a 248% increase in average daily oil production from 2008, and record fourth quarter average production of 14,714 BOPD, both net after royalty (NAR);
- Growth in proved reserves to a record 22.1 million barrels of oil (MMBO), NAR, after producing 4.6 million barrels of oil during 2009, equivalent to 163% reserve replacement;
- Record revenue and other income for the year of $263.7 million, an increase of 131% from $114.0 million for 2008;
- Funds flow from operations of $159.5 million compared with $49.4 million for 2008;
- Net income of $13.9 million or $0.06 per share basic and $0.05 per share diluted, compared to a net income of $23.5 million or $0.19 per share basic and $0.16 diluted in 2008;
- Cash and cash equivalents of $270.8 million compared to $176.8 million at December 31, 2008. Gran Tierra Energy remains debt free;
- Attained plateau production at the Costayaco Field of approximately 19,000 BOPD gross, or approximately 13,000 BOPD net after royalty;
- Acquired three new exploration contract areas in Colombia, and undertook a combination of new seismic acquisition and environmental permitting to position the company to undertake an eleven well oil exploration program in Colombia and Peru, and a significant gas delineation well program in Argentina, in 2010;
- - Opened a business development office in Rio de Janeiro to pursue both exploration and development opportunities in Brazil.
"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.
- Gran Tierra Receives 'Outperform' Rating After Revealing Exploration Plans (Jun 15)
- Gran Tierra Energy Reveals $38.6 Million Net Loss (Aug 05)
- Gran Tierra Touts Record Production in Colombia (Apr 17)