Gran Tierra Energy Inc. Provides Operations Update and Certain Preliminary Unaudited 2025 Financial Data

Multiple Field Development Plans Approved and Fulfilled All Exploration Commitments in Ecuador

Preliminary Unaudited 2025 Financial Data

CALGARY, Alberta, Jan. 29, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today provided an operational update. All dollar amounts are in United States dollars and all production volumes are on a working interest before royalties basis and are expressed in barrels of oil equivalent (“boe”) per day (“boepd”), unless otherwise stated.

Operations Update

December 2025 Average Production: The Company’s achieved a total Company average production of 48,235 boepd for the month of December, 2025 – the highest monthly production achieved in Company history.

Ecuador

Production: During the fourth quarter of 2025, Gran Tierra achieved a daily production rate of 10,000 bopd in Ecuador. Current production1 rates are approximately 8,800 barrels of oil per day (“bopd”).

Fulfilled Ecuador Exploration Commitments: All Ecuador exploration commitments have been finalized, highlighted by successful discoveries at Conejo in the Hollín and Basal Tena sands, which together delivered combined IP60 rates of approximately 3,238 bopd.

Conejo A-1 and A-2 Wells: The two Conejo wells continue to produce1 roughly 2,700 barrels of oil per day. Both discoveries added drilling locations. IP60 production rates from A1 and A2 are 1,921 and 1,317 bopd respectively.

Field Development Plans (“FDP”): In the first quarter of 2026, the Iguana FDP was approved. The Chanangue FDP received approval in the third quarter of 2025, while the Charapa and Conejo FDPs were formally submitted in fourth quarter of 2025 and remain under review. In addition, the Perico and Espejo FDPs associated with the previously announced acquisition, have been submitted and are currently undergoing the regulatory review process.

Perico and Iguana Field: The Perico field has now been fully integrated into our portfolio with optimizations being developed to capture synergies as we move into 2026 – these include projects such as gas to power, waterflood initiation and operational optimizations.

Waterflood: Gran Tierra continues to advance it waterflood development program in line with the approved field development plan. A successful injectivity test in the Basal Tena in the Chanangue field was completed, a key technical milestone supporting the water injection pilot. Construction of the associated water treatment and injection facilities is progressing, targeting an early 2026 injection start. In parallel, the Company plans a second injector conversion in the Basal Tena at Chanangue in the second quarter of 2026, alongside additional injector conversions in the Lower U at the Iguana and Perico fields in second quarter and third quarter 2026, respectively.

Colombia

Cohembi: At Cohembi North, infrastructure activities continue to progress in support of the Company’s forward drilling and development program, including cellar construction and associated electrical and mechanical tie-ins. Work is also underway on Cohembi Pad 6, with additional cellars being constructed to provide flexibility for upcoming development and exploration activity.

During the fourth quarter of 2025, gross production at Cohembi increased to approximately 9,100 bopd, driven by the successful delivery of the Raju-1 well and a strong response from the ongoing waterflood program in the northern portion of the field.

As a follow-up, the Company plans to drill four gross development wells in Cohembi during the First Half of 2026. The Company expects its capital carry commitments to be completed by mid-2026, after which working interest and cost sharing will revert to standard terms, improving Gran Tierra’s cash netbacks and capital efficiency on future activity.

Canada

Simonette: At Simonette, Gran Tierra continues to see strong operating performance, with recently drilled Lower Montney wells meeting or exceeding type curve expectations reinforcing confidence in the asset’s development potential and supporting stable production and cash flow generation going forward. To date, three surface holes have been drilled from the 6-9 pad and are currently drilling the 16-14-061-01W6 well in the lateral section. The plan is to bring 5 gross wells onstream in Second Half of 2026.

Clearwater: Gran Tierra is preparing to follow up Dawson 102/12-11 through advanced core analysis. Completion of the core study in 2026 will inform well design, mud system selection, and geological modeling to maximize development value.

1 Based on January average WI production from January 1 to January 26, 2026

Preliminary Unaudited 2025 Financial Data

Although Gran Tierra’s results of operations as of and for the year ended December 31, 2025, are not yet final, based upon currently available information, Gran Tierra estimates that as of and for the year ended December 31, 2025:

Total company average production was approximately 46,500 BOEPD for the fourth quarter of 2025, and approximately 45,800 BOEPD for the year ended December 31, 2025

Estimated unaudited net debt* as at December 31, 2025, was approximately $657 million, comprised of senior notes outstanding of $741 million (gross) less cash and cash equivalents of $83 million;

Capital expenditures are estimated to be in the range of approximately $250 million to $270 million;

Revenue is estimated to be in the range of approximately $590 million to $610 million;

Gross profit is estimated to be in the range of approximately $65 million to $75 million;

Depletion and accretion expense is estimated to be in the range of approximately $250 million to $270 million;

Total operating expenses and total transportation expenses are estimated to be in the range of approximately $250 million to $270 million;

Operating netback* is estimated to be in the range of approximately $320 million to $340 million;

Gran Tierra is expected to record a non-cash impairment charge in the range of approximately $65 million to $85 million, relating to certain of its Canadian long-lived assets, and in the range of approximately $30 million to $50 million, relating to certain of its Colombian long-lives assets; and

Adjusted EBITDA* for the year ended December 31, 2025, is estimated to be between $270 million to $290 million.

The fourth quarter of 2025 financial results were negatively impacted by a large inventory build of approximately 291,000 barrels of oil in Ecuador which were sold in early January for total revenue of approximately $15 million.

* Net debt, operating netback and Adjusted EBITDA are Non-GAAP measures and do not have a standardized meaning under generally accepted accounting principles in the United States of America (“GAAP”). See “Non-GAAP Measures” for descriptions and “Unaudited Financial Information”.

Gran Tierra’s preliminary estimated unaudited financial and operational data for the year ended December 31, 2025 included in this press release are preliminary estimates, unaudited and subject to completion, and reflect Gran Tierra’s preliminary expectations of results for the year ended December 31, 2025, based on currently available information and have been prepared by, and are the responsibility of, Gran Tierra’s management, and reflect management’s estimates based solely upon information available to Gran Tierra as of the date of this press release. Management has prepared the preliminary unaudited estimated financial and operational data in good faith on a consistent basis with prior periods. The preliminary estimated unaudited financial and operational data for the year ended December 31, 2025 included in this press release are not a comprehensive statement of Gran Tierra’s financial results for the year ended December 31, 2025, which have not yet been completed, and have not been audited, reviewed, examined, or compiled by KPMG LLP, Gran Tierra’s independent registered public accounting firm. Accordingly, KPMG LLP does not express an opinion or any other form of assurance with respect thereto. Gran Tierra’s actual results for the year ended December 31, 2025 will not be available until completion of Gran Tierra’s audited financial statements for the year ended December 31, 2025 and may differ materially from these estimates. These preliminary unaudited estimates should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Gran Tierra undertakes no obligation to update or supplement the information in this press release until Gran Tierra reports its final financial results for the year ended December 31, 2025. The preliminary estimated financial data represent management estimates that constitute forward-looking statements subject to risks and uncertainties, many of which are not within Gran Tierra’s control. See “Forward-Looking Statements and Advisories.”

About Gran Tierra Energy Inc.

Non-GAAP Measures

This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to oil and natural gas sales, net income or loss or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies.

Adjusted EBITDA is defined as EBITDA (defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery) adjusted for non-cash lease expense, lease payments, foreign exchange loss (gain), stock-based compensation expenses or recovery, transaction costs, other loss and unrealized derivative instruments loss (gain). Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income to Adjusted EBITDA is not available due to certain components of net income, including taxes and gain on debt securities, not being reasonably estimable at this time.

Net debt, as presented, is defined as Gran Tierra’s senior notes and borrowings under Gran Tierra’s credit facility, less cash and cash equivalents. Management believes that net debt is a useful supplemental measure for management and investors in order to evaluate the financial sustainability of the Company’s business and leverage. A reconciliation from total debt to Net Debt is not available due to certain components of our total debt not being reasonably estimable at this time.

Operating netback, as presented, is defined as gross profit less depletion and accretion related to producing assets. Management believes that operating netback is a useful supplemental measure for management and investors to analyze financial performance and provides an indication of the results generated by our principal business activities prior to the consideration of other income and expenses.

Unaudited Financial Information

Certain financial and operating results included in this press release, including production information, net debt, capital expenditures, revenue, gross profit, DD&A, operating and transportation expenses, cash equivalents, operating netback, non-cash impairment charges and adjusted EBITDA, are based on unaudited estimated results. These estimated results have not been reviewed by Gran Tierra’s auditor and are subject to change upon completion of the Company’s audited financial statements for the year ended December 31, 2025, and changes could be material. Gran Tierra anticipates filing its audited financial statements and related management’s discussion and analysis for the year ended December 31, 2025 on or before March 3, 2026.

Presentation of Oil and Gas Information

This press release contains certain oil and gas metrics, including operating netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics are calculated as described in this press release and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

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, unless otherwise specified, is a mix of light crude oil and medium crude oil, heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. 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.

Boe’s have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.