What kind of deal is this????? Must be heavy crude.
Item 1.01. Entry into a Material Definitive Agreement.
On July 27, 2011, Solana Petroleum Exploration Colombia Ltd. (“Solana Colombia”), a wholly owned subsidiary of Gran Tierra, entered into an agreement (the “Solana Agreement”) with Ecopetrol pursuant to which Solana Colombia agreed to sell to Ecopetrol, and Ecopetrol agreed to purchase from Solana Colombia, all of the volume of crude oil production produced in the Chaza Block, Santana Block and Guayuyaco Block owned by Solana Colombia. This volume of crude oil does not include the volume of oil owned by the National Hydrocarbons Agency (ANH) corresponding to royalties. In the event that Ecopetrol does not accept a full delivery, Solana Colombia may sell to another party the crude oil not accepted. The price at which the crude oil is to be sold is established by a formula, which varies depending on the delivery point and export point, and is generally based off of WTI (West Texas Intermediate crude price), adjusted for the quality of the crude oil, and decreased by a “marker” discount, fees for transportation and loading, transportation tax, and handling and commercialization fees. The Solana Agreement will expire on June 30, 2012.
The Gran Tierra Agreement and the Solana Agreement each became legally enforceable on August 1, 2011.
GTE
Re: GTE
$0.11 vs analysts expected $0.13. They did it to us again, just like TGA .
Gran Tierra Energy's Q2 Misses on EPS, Beats on Revs 08/09 09:00 AM
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10:00 AM EDT, 08/09/2011 (MidnightTrader) -- Gran Tierra Energy (GTE:$5.34,00$-0.0100,-0.19%) today said that for its second quarter, its net icome was $31.6 million or $0.11 per share per share, versus $17.4 million or $0.07 per share in the same period last year.
Revenues for the quarter were $162.1 million, up 92.7% from last year's $84.11 million.
Analysts had expected the company to earn $0.13 per share on revenues of $158.4 million, according to the Capital IQ Consensus.
Shares are up 2.80% to $5.50.
Price: 5.50, Change: +0.15, Percent Change: +2.80
Gran Tierra Energy's Q2 Misses on EPS, Beats on Revs 08/09 09:00 AM
--------------------------------------------------------------------------------
10:00 AM EDT, 08/09/2011 (MidnightTrader) -- Gran Tierra Energy (GTE:$5.34,00$-0.0100,-0.19%) today said that for its second quarter, its net icome was $31.6 million or $0.11 per share per share, versus $17.4 million or $0.07 per share in the same period last year.
Revenues for the quarter were $162.1 million, up 92.7% from last year's $84.11 million.
Analysts had expected the company to earn $0.13 per share on revenues of $158.4 million, according to the Capital IQ Consensus.
Shares are up 2.80% to $5.50.
Price: 5.50, Change: +0.15, Percent Change: +2.80