Closing of Strategic Joint Venture Transaction and Partnership with Logan Energy Corp. to Accelerate Value in High-Impact Canadian Montney Oil Play
Gran Tierra completed joint venture with Logan Energy, selling 50% of Simonette Montney assets for C$52 million.
- Cash received for 50% working interest C$52 million
Select text to share a quote on X · sign in to keep highlights & notes in your GTE notes
CALGARY, Alberta, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce that Gran Tierra (by way of its wholly-owned subsidiary) has completed its previously announced strategic joint venture transaction and partnership (the “Transaction”) with Logan Energy Corp. (“Logan”) (TSXV:LGN). Pursuant to the Transaction, Gran Tierra and Logan entered into a purchase and sale agreement whereby Logan acquired a 50% working interest and operatorship of a portion of Gran Tierra's Simonette Montney assets (the “Assets”) for approximately C$52 million in cash, subject to customary adjustments. Gran Tierra will retain the remaining 50% working interest in the Assets.
The Transaction is expected to provide a growth-focused platform to advance Gran Tierra's Montney development and is aligned with the Company's corporate strategy of long-term value creation.
About Gran Tierra Energy Inc.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.