Strategic Partnership with Ecopetrol for The Development of Fields in the Middle Magdalena Valley Adjacent to Gran Tierra’s Largest Producing Field

CALGARY, Alberta, March 17, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce that it has signed a contract (collectively, “the Contract”) whereby the Company is expected to earn, subject to regulatory approvals and other conditions precedent, a 49 percent working interest (“WI”) in the Tisquirama block located in the Middle Magdalena Valley Basin of Colombia (“the Block”) which contains the Tisquirama and San Roque fields (“the Fields”). Production is expressed in barrels of oil equivalent (“boe”) per day (“boepd”).

“Gran Tierra views the Contract as a strategic opportunity to obtain operatorship of assets, upon completion of the initial work program, and subject to Executive Committee approval of the corresponding plans with significant original oil in place (“OOIP”) that has historically seen limited development or secondary recovery and currently has a relatively low recovery factor. We believe this creates a compelling opportunity to apply Gran Tierra’s proven operating model and waterflood expertise to enhance recovery and extend field life. The Fields are adjacent to our Acordionero field and share similar geological characteristics, in which we have successfully implemented waterflood development to maximize recovery. By leveraging the technical expertise and operational efficiencies demonstrated at Acordionero, we believe there is a clear opportunity to waterflood the assets and significantly improve the recovery factor. In addition, we see potential to apply modern technologies, including potential application of horizontal and multi-lateral drilling techniques utilized in our Canadian operations, to increase reservoir contact and improve recovery. The proximity of these assets to our existing operations would also create meaningful synergies, including the ability to integrate water management across the fields and to utilize natural gas to implement a gas to power project, thereby lowering operating costs across the area. Operating these Fields alongside Acordionero would allow Gran Tierra to manage the area as a single operating hub, improving efficiency and maximizing long-term value for all stakeholders. The transaction further strengthens the longstanding partnership between Ecopetrol and Gran Tierra” said Gary Guidry, President and Chief Executive Officer of Gran Tierra.

The Contract is subject to the satisfaction of certain conditions precedent including regulatory approval by the Superintendence of Industry and Commerce of Colombia (“SIC”). The satisfaction of such conditions precedent will determine the Contract’s effective date.

Key Terms

Phase 1 capital activity is expected to focus initially on waterflood expansion from Gran Tierra’s operated Acordionero field into the adjoining Fields before accelerating development through wellbore optimization and low-risk infill drilling of the identified OOIP across the Block. Completion of Phase 1 is achieved with a minimum of $15 million, and previous approval of the Executive Committee, gross capital expenditures and implementation of continuous water injection which is currently anticipated to be achieved in the first quarter of 2027.

Upon completion of Phase 1, Gran Tierra will receive 49 percent of existing base production in addition to 49 percent of incremental production. The Fields averaged 2,500 boepd on a gross basis in 2025. Upon completion of the carry commitment, ongoing capital expenditures would be shared between the parties, with Gran Tierra continuing as operator and applying its waterflood expertise to further expand secondary recovery and accelerate development, with anticipated potential production levels in excess of 13,000 boepd (gross) if development proceeds as expected.

Expenditure commitment for a $92.4 million carry capital by Gran Tierra of approximately $47.1 million on a gross capital program over 40 months.

In addition to development opportunities, there are near-field exploration prospects in proven plays on the Block.

The contract term extends until the economic limit of the Fields, providing long-term development visibility and allowing Gran Tierra and Ecopetrol to fully develop the Block’s resource potential.

Refer here for a map of the Block.

The reservoirs share similar geological characteristics to Gran Tierra’s adjoining Acordionero field, where the Company has successfully applied waterflood techniques to enhance recovery. Management will utilize a similar development strategy as at Acordionero, with active waterflood development and efficient low-cost infill drilling. There are greater than 60 unbooked drilling locations across the Block and Gran Tierra and Ecopetrol will evaluate the potential use of multi-leg horizontal drilling techniques to increase reservoir contact and optimize capital efficiencies.

The development wells will be targeting the same formations and depths in Acordionero which we are currently drilling and completing for less than $2.0 million. We have drilled over 100 wells in the Acordionero field.

Proximity to Acordionero will provide operational synergies including optimizing water management and injection across the Fields. Natural gas from the blocks may support gas-to-power infrastructure, enabling self-generated electricity and lowering operating costs across the area.

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 Canada, Colombia, Ecuador and Azerbaijan. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador; however, we have recently entered into an exploration, development and production sharing agreement with SOCAR and may eventually expand our operations into Azerbaijan and will continue to pursue additional new 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. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Presentation of Oil and Gas Information

The drilling locations disclosed in this press release are unbooked locations. Unbooked locations are internal estimates based on Gran Tierra’s assumptions as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Unbooked locations have been identified by management as an estimation of Company’s multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Gran Tierra will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations considered for future development will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been derisked by the drilling of existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.