Gran Tierra Energy Inc. Provides Operational Update

• Achieved Second Quarter 2023 Total Company Average Production of Approximately 33,800 BOPD, an Increase of 7% from First Quarter 2023
• 2023 Year-to-Date Total Company Average Production¹ of Approximately 32,900 BOPD
• Total Company Current Average Production¹ of Approximately 34,800 BOPD
• 2023 Capital Expenditures Expected To Be Approximately $210-$230 Million, at Lower End of 2023 Guidance
• First Half 2023 Drilling Activity Summary: 21 Development Wells Drilled, Consisting of 14 New Producers and 7 New Injectors
  

CALGARY, Alberta, July 12, 2023 (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 very pleased with the results from our development drilling campaign during the first half of 2023, which has been a key factor in our ongoing ramp up of production and further demonstrates the quality of our assets and our ability to execute on our strategy. By completing the majority of our development program during the first half of 2023, Gran Tierra is positioned to realize higher oil production for the rest of the year, and with most of our development capital behind us, this should allow us to maximize cash flow in the second half of 2023. The Company is well positioned to optimize value and grow production from our assets through continued enhanced oil recovery activities."

Operations Update:

• Production
  • During second quarter 2023, Gran Tierra’s total average production was approximately 33,800 BOPD, which is at the high end of the Company’s 2023 previously disclosed average annual production guidance range. Gran Tierra's total Company current average production² for third quarter 2023 to date is approximately 34,800 BOPD.
  • During second quarter 2023, Acordionero’s production averaged approximately 18,000 BOPD, another strong quarter of performance due to the successful 2023 drilling program and ongoing prudent management of the enhanced oil recovery waterflood scheme.
• Development
  • During the first half of 2023, the Company drilled a total of 21 wells:
    • Acordionero: 10 wells were drilled; 6 are on production, 4 are on water injection
    • Costayaco and Moqueta: Gran Tierra has completed its drilling campaign at Costayaco and Moqueta which consisted of 7 wells (4 production and 3 water injection) and 4 wells (4 production), respectively. The CYC-54 well is the most northern well drilled in the Costayaco field and the success of the well has resulted in the identification of multiple additional drilling opportunities to target un-swept portions of oil. A summary of the recent 48-hour production test from the CYC-54 well on electric submersible pump is as follows: