Completion of Conditions Precedent for Tisquirama Contract
Gran Tierra Energy Inc. has satisfied all conditions precedent for its Tisquirama Contract with Ecopetrol S.A., granting it a 49 percent working interest in the Tisquirama block in Colombia. This contract, which includes the Tisquirama and San Roque fields that averaged approximately 2,500 boepd gross in 2025, allows Gran Tierra to apply its waterflood expertise to assets with significant original oil in place. Initial Phase 1 capital activity requires a minimum of $15 million in gross expenditures and is anticipated to be completed by the first quarter of 2027, after which Gran Tierra will receive 49 percent of existing and incremental production. The company expects operational synergies with its adjacent Acordionero field, including integrated water management and potential gas-to-power projects.
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CALGARY, Alberta, May 27, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) is pleased to announce today that the Company has satisfied all outstanding conditions precedent to the effectiveness of the contract previously announced on March 17, 2026 with Ecopetrol S.A., by which the Company will earn a 49 percent working interest 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”) (the “Tisquirama Contract”). Production is expressed in barrels of oil equivalent (“boe”) per day (“boepd”). All dollar amounts are in United States (“U.S.”) dollars unless otherwise indicated.
The Tisquirama Contract provides Gran Tierra with the opportunity to apply its proven waterflood expertise and operational model to assets with significant original oil in place (“OOIP”) that have historically seen limited secondary recovery and relatively low recovery factors. The Fields are adjacent to Gran Tierra’s operated Acordionero field and share similar geological characteristics, creating the potential for operational synergies and integrated field development.
Under the terms of the Tisquirama Contract, Gran Tierra is expected to focus initial Phase 1 capital activity on waterflood expansion from the Company’s operated Acordionero field into the adjoining Fields before accelerating development through wellbore optimization and low-risk infill drilling. Completion of Phase 1 is achieved with a minimum of $15 million of gross capital expenditures and implementation of continuous water injection, which is currently anticipated to be achieved in the first quarter of 2027, subject to approval of the corresponding plans by the executive committee. 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 approximately 2,500 boepd on a gross basis during 2025.
Gran Tierra expects the Tisquirama Contract to create meaningful operational synergies with Acordionero, including integrated water management, the potential implementation of gas-to-power projects utilizing natural gas production in the area, and the opportunity to manage the Fields as a single operating hub to improve efficiency and maximize long-term value.
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 the State Oil Company of the Republic of Azerbaijan (“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
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