Gran Tierra Energy Inc.

Overview

Gran Tierra Energy is an oil and gas exploration and production (E&P) company focused on hydrocarbon development in Colombia, Canada, and Ecuador. The company operates or holds working interests in multiple blocks and markets production through designated marketers and aggregators.

Geographic and operational footprint

• Regions and assets
  • Colombia: E&P activities across several blocks, including Suroriente, Chaza, Acordionero, Costayaco, Moqueta, Cohembi, and others.
  • Canada: Operations in Alberta, including Simonette and Clearwater regions; Simonette was divested subsequent to year-end 2025.
  • Ecuador: Five blocks under PSC-type contracts (Charapa, Chanangue, Iguana, Perico, Espejo); Perico and Espejo were acquired in 2025.
• Reportable segments
  • Colombia, Ecuador, Canada (segmented by geography).

2025 operational highlights

• Wells drilled (gross): 22 total
  • Colombia: 12 wells (7 exploration; 13 development total listed as gross)
  • Ecuador: 6 wells (4 exploration/development split)
  • Canada: 6 wells (development and associated service/water injector activity)
• Wells status as of December 31, 2025
  • 16 exploration/development wells producing
  • 2 service wells
  • 1 well in Suroriente (Colombia) in progress
  • 3 dry wells (Llanos-85, Alea 1848-A, Suroriente)
• Capital expenditures (2025)
  • Total: $256.3 million
  • Colombia: $149.1 million
  • Ecuador: $62.3 million
  • Canada: $44.1 million
• Production and realized prices (2025)
  • Total NAR production (oil, gas, NGLs): 14,031,643 boe
  • Production by field (NAR boe): Acordionero 4,030,642; Costayaco 1,684,422; Moqueta 264,881; Cohembi 925,959; total all properties 14,031,643
  • Average realized price per boe (2025): Acordionero $57.32; Costayaco $53.26; Moqueta $52.17; Cohembi $50.89; Total oil price per boe $42.53
  • Operating expenses (oil per boe, 2025): $18.94

Reserves (NAR, as of 12/31/2025)

• Proved reserves
  • Oil: Colombia 30,712 Mbbl; Ecuador 4,082 Mbbl; Canada 5,680 Mbbl
  • Natural gas (Canada): 80,777 MMcf
  • NGL (Canada): 9,421 Mboe
  • Total proved reserves: 111,617 Mboe
  • Proved developed: 63,358 Mboe
  • Proved undeveloped: 48,259 Mboe
• Probable reserves
  • Total probable developed: 19,347 Mboe
  • Total probable undeveloped: 74,659 Mboe
  • Total probable reserves: 94,006 Mboe
• Possible reserves
  • Total possible developed: 18,765 Mboe
  • Total possible undeveloped: 37,541 Mboe
  • Total possible reserves: 56,306 Mboe
• Reserves are presented in the SEC 4-10 framework (oil in Mbbl, gas in MMcf, NGL in Mboe).

Reserve pricing assumptions (used to estimate future revenue)

• Oil price per boe used for reserves: Colombia $57.32; Ecuador $63.05; Canada $56.77
• Natural gas (Canada): $1.27 per Mcf
• Condensate (Canada): $62.74 per boe
• NGLs (Canada): $21.01 per boe
• ICE Brent (12-month average): $69.38 per barrel

Revenue mix and marketing

• 2025 revenue by geography: Colombia ~70%; Canada ~19%; Ecuador ~11%
• Currency: Colombia and Ecuador sales in USD; Canada sales in CAD
• Marketing and sales arrangements
  • Colombia/Ecuador export volumes sold via a single international marketer for MMV, Putumayo, and Ecuador blocks.
  • Canada production is marketed by local marketers and aggregators.
  • For Colombia, some Putumayo production is sold at wellhead.

Employees and executive leadership

• Employees
  • As of February 27, 2026: 406 full-time employees
  • December 31, 2024: 431 employees
  • Geographic distribution (approximate): Canada 137; Colombia 217; Ecuador 52
• Executive leadership (as of Feb 27, 2026)
  • Gary S. Guidry – President and Chief Executive Officer
  • Ryan Ellson – Chief Financial Officer
  • Sebastien Morin – Chief Operating Officer
  • Phillip Abraham – Executive Vice President, Legal and Land
  • James Evans – Executive Vice President, Corporate Services

Capital planning and 2026 outlook

• 2026 base capex guidance: $120 million to $160 million
• Funding expectation: operating cash flow (assumptions include Brent ~ $65/boe, WTI ~ $61/boe, AECO ~ C$3.00/mcf) and existing cash; external financing may be pursued if needed
• Regional capex allocation (2026 outlook): ~60% Colombia; ~30% Canada; ~10% Ecuador
• Development activity (illustrative)
  • Colombia: 4–5 gross development wells (2–3 net)
  • Canada: 4–5 gross development wells (2–3 net)
  • Ecuador: capex planned in the range of $15–25 million
• Program focus: more than 90% of the base program placed on development activities; planned facilities investments to support production growth and enhanced recovery
• Financing posture: primary funding from operating cash flow; possible external financing could include debt or equity

Other governance and business factors

• Operations span multiple regulatory regimes (Colombia, Ecuador, Canada) with differing royalties, tax regimes, and production contracts.
• Marketing and transportation arrangements are region-specific, with associated currency exposures.
• Concentration risk: nearly half of 2025 production came from four Colombian fields.
• The 2025 reserves estimate was independently evaluated by McDaniel & Associates; internal controls over reserve estimation and governance processes are described in the filing.

Executive summary

Gran Tierra Energy is an E&P company with diversified assets in Colombia, Canada, and Ecuador. In 2025 the company drilled 22 wells, spent $256.3 million in capital expenditures, and produced 14.03 million boe. Proved reserves totaled 111,617 Mboe as of December 31, 2025, with additional probable and possible resources. For 2026 the company plans a $120–$160 million base capex program focused on development activity—largely in Colombia—funded primarily from operating cash flow and existing liquidity. Revenue in 2025 was geographically mixed (approximately 70% Colombia, 19% Canada, 11% Ecuador) and sales are executed through regional marketing arrangements.