Gran Tierra Energy Inc. Provides Operations Update

2024 Year-to-Date Total Company Average Production1 of Approximately 33,100 BOPD, 6% Percent Increase from Fourth Quarter 2023

Total Current2 Company Average Production of Approximately of 35,200 BOPD

CALGARY, Alberta, March 11, 2024 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced an operational update. All dollar amounts are in United States dollars, and production amounts are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Per barrel (“bbl”) and bbl of oil per day (“BOPD”) amounts are based on WI sales before royalties.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “We are thrilled by the outcome to the start of our development drilling program so far in 2024. In particular, the performance of the Costayaco development wells serve as clear evidence of the field’s ongoing development potential, and confirming our geologic and reservoir modeling continues to be a predictive tool identifying development drilling opportunities that enhances oil recovery in a high-quality mature oil field. The current production in the Costayaco field is the highest achieved since May 2019. This positions the Company favorably as we enter 2024, as we eagerly initiate our near-field, high-impact exploration program in Ecuador, scheduled to commence in April.”

Operations Update:

Production:

Gran Tierra’s average production year to date is approximately 33,100 BOPD as a result of successful drilling campaigns in both Acordionero and Costayaco, representing a 6% percent increase from Q4.

Total company average production of approximately:

January 2024: 31,300 BOPD

February 2024: 34,200 BOPD

March2 2024: 35,200 BOPD

Based on the 2024 budget, previously released on January 23, 2024, and these encouraging results, Gran Tierra is well positioned to achieve its 2024 production guidance of 32,000 to 35,000 BOPD.

Colombia Development:

Costayaco Development Campaign (Putumayo Basin):

Since December 2023, Gran Tierra has drilled 5 wells of which 4 are oil producers and 1 is a water injector:

The first well, CYC-56, has been on production with jet pump since early January 2024. During the period of January 6 to March 6, 2024, CYC-56 produced on jet pump at a stable average rate of 1,821 BOPD (30-degree API gravity) with a water-cut of 1% and a gas-oil ratio of 151 standard cubic feet (“scf”) per stock tank barrel.

The second well, CYC-57, was spud on January 6, 2024, and reached final total depth on January 13, 2024. It was completed in the Villeta and Caballos formations and started production testing on January 22, 2024. During the period of January 22 – March 6, 2024, CYC-57 produced on jet pump at a stable average rate of 1,086 BOPD (29-degree API gravity) with a water-cut of 7% and a gas-oil ratio of 119 scf per bbl (“scf/bbl”).

The third well, CYC-58, was spud on January 23, 2024, and reached final total depth on January 29, 2024. It was completed in the Villeta and Caballos formations and started production testing on February 8, 2024. During the period of February 8 – March 6, 2024, CYC-58 produced on jet pump at a stable average rate of 1,892 BOPD (29-degree API gravity) with a water-cut of 6% and a gas-oil ratio of 188 scf/bbl.

The fourth well, CYC-59 was spud on February 8, 2024, and reached final total depth on February 19, 2024. It was completed in the Villeta and Caballos formations and started production testing on February 25, 2024. During the period of February 25 - March 6, 2024, CYC-59 produced on jet pump at a stable average rate of 694 BOPD (29-degree API gravity) with a water-cut of 42% and a gas-oil ratio of 289 scf/bbl.

The fifth well, CYC-60, an injector, was spud on February 26, 2024, and reached final total depth on March 3, 2024. It will be completed in the Villeta and Caballos formations in Q2-2024 as a water injector.

All 5 wells were drilled 13% below budget, on average for approximately $2.3 million, in approximately 11.5 days from spudding the well to final rig release. Notably, CYC-58 set a new field record for cost and time of approximately $1.9 million and in 8.7 days respectively.

All wells are currently produced on a jet pump and in the third quarter the Company plans on replacing the jet pumps with electronic submersible pumps to increase drawn down and production.

As a follow-up to the successful development program in the north of Costayaco, Gran Tierra will drill two additional development wells in the southern region based on the same concepts applied in the north which targeted un-swept/unrecovered oil. Drilling is expected to commence the second quarter of 2024.

Acordionero Development Campaign (Middle Magdalena Valley Basin):

An 11-well development drilling program was started in December 2023. All 11 wells have been drilled to date including 9 producers and 2 water injection wells. All wells are on production and the final injection well completion is underway.

All 11 wells were drilled 17% below budget, on average for approximately $1.3 million, in approximately 6.1 days on average from spudding the well to final rig release. Notably, AC-122 was pacesetter and drilled for $1 million and in 4.2 days. The drill costs have decreased by approximately 51 percent since 2016.

Production results were as expected and in line with our 2024 budget.

With the successful implementation of the waterflood and encouraging results from the polymer project, Acordionero is expected to generate material free cash flow for years to come and will fund high growth assets such as Suroriente and the high impact, near field exploration program.

Exploration Update:

Following the completion of the Acordionero drilling program, Gran Tierra is now in the process of moving the drilling rig to Ecuador to commence its 2024 near-field high impact exploration program. Drilling is expected to commence in April in the Chanangue Block.

The acquisition of a 238 square kilometers 3D seismic program on the Charapa block began in January. To date, working with communities, GTE’s third-party contractor continues to progress land permitting and surveying. The program is planned to be finished in late Q2 to early in Q3. The 3D seismic will assist in the full field development of Charapa and in identifying additional prospects on the block.

Operational Safety:

Gran Tierra continues to be the top performer in both lost time incident frequency3 (0.00) and total recordable incident frequency4 (0.04) safety metrics as per an internal study conducted by the Colombian Health, Safety and Environmental National Committee for 2023 on Colombian producers.

During 2023 Gran Tierra received an “A” rating from MSCI5 as a result of its Beyond Compliance philosophy and ESG performance.

Corporate Presentation:

Gran Tierra’s Corporate Presentation has been updated and is available at www.grantierra.com.

1Gran Tierra's total 2024 year-to-date average production is for the period of January 1, 2024, to March 10, 2024

2Gran Tierra's March total average production is for the period of March 1, 2024, to March 10, 2024

3Lost Time Incident Frequency. LTIF = ((Fatalities Cases + Lost Time Incident Cases) / Person Hours “PH”) x 200000 PH)

4Total Recordable Incident Frequency. TRIF = ((Fatalities Cases + Lost Time Incident Cases + Restricted Work Cases + Medical Treatment Cases) / Person Hours) x 200000 PH)

5MSCI is a leading provider of critical decision support tools and services for the global investment community

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on the Company's website (including the Corporate Presentation referenced above) does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra's Securities and Exchange Commission filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR at http://www.sedar.com and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Presentation of Oil and Gas Information

References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium and heavy crude oil for which there is no precise breakdown since the Company’s oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.