GTE discoveries

[setliff]

Gran Tierra Energy Confirms New Oil Discoveries in Colombia and Argentina 09/14 06:00 AM

--------------------------------------------------------------------------------

CALGARY, Sept. 14, 2011 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") , a company focused on oil exploration and production in South America, today announced results of two exploration wells.

Colombia
Garibay Block, Llanos Basin

Initial testing of the Melero-1 exploration well, located on the Garibay Block in the Llanos Basin, has been completed. The well spud on June 22, 2011, and reached total measured depth at 9,748 feet or 9,561 feet true vertical depth on July 16, 2011. Four drill stem tests were run and average production of 922 barrels of oil per day of 16.8 degrees API gravity with a 0.3% water cut was obtained from an interpreted 16 feet of net pay in the Upper Mirador reservoir. This well is currently suspended for long-term testing.

In addition, the Jilguero-2 appraisal well on the Garibay Block was spud on September 10, 2011. This well is located at the Jilguero oil discovery made by the joint venture between a subsidiary of Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) and CEPSA Colombia S.A., a wholly-owned subsidiary of Compania Espanola de Petroleos, S.A. ("CEPSA").

The joint venture is also in the process of acquiring an additional 80 square kilometers of 3D seismic data to assist in the evaluation of other structures identified on 2D seismic on the block.

Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) , through an indirect wholly owned subsidiary, holds a 50% working interest in the Garibay Block while, CEPSA holds the remaining 50% and is the operator of the property.

Argentina
Rinconada Norte Block, Neuquen Basin

The first of three exploration wells to be drilled in the Rinconada Norte Block located in the Neuquen Basin of Argentina has made a new discovery of oil, testing 1,023 barrels of oil equivalent per day.

The RN x-1004 well flowed a total combined test rate of approximately 944 barrels of oil per day and approximately 0.5 million cubic feet per day of natural gas for a total of approximately 1,023 barrels of oil equivalent per day from two intervals tested separately in the Precuyo formation. This well also flowed 43 barrels of water per day or a 4% water cut.

Test and electric log data from the depths of the zones tested (3,222 - 3,255 feet and 3,353 - 3,386 feet) suggests a gross oil column thickness of approximately 197 feet. The oil is 29.6 degrees API gravity.

Having completed the first of the three exploratory wells, the service rig is set to move to complete and test the next two wells, which have already been drilled and cased.

Americas Petrogas Argentina S.A., the wholly-owned subsidiary of America Petrogas Inc., is the operator of the Rinconada Norte Block with a 65% working interest upon completing certain work program obligations, while Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) , through an indirect wholly owned subsidiary holds a 35% working interest.

"Gran Tierra is pleased these oil discoveries will contribute to our existing base of reserves and production in Colombia and Argentina, while we prepare for additional exploration drilling in these countries and in Brazil in 2011", said Dana Coffield, President and CEO of Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) .

About Gran Tierra Energy Inc. (GTE:$5.8700,$0.0700,1.21%)

Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE Amex Exchange (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) holds interests in producing and prospective properties in Colombia, Argentina, Peru, and Brazil. Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth.

Gran Tierra Energy (GTE:$5.8700,$0.0700,1.21%) 's Securities and Exchange Commission filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar

[par_putt]

Gran Tierra Higher in TSX, U.S. As Confirms New Oil Discoveries in Colombia and Argentina 09/14 10:05 AM

--------------------------------------------------------------------------------

11:05 AM EDT, 09/14/2011 (MidnightTrader) -- Gran Tierra Energy (GTE:$6.018,0$0.1480,2.52%) was higher by 3% on the Toronto Stock Exchange and was also posting gains in the United States by 2% after announcing new oil discoveries in both Colombia and Argentina. The company said it plans additional drilling this year in those countries as well as in Brazil.

Companies: Gran Tierra Energy (GTE:$6.018,0$0.1480,2.52%)

Price: US$6.00. Price Change: +0.13. Percent Change: +2.2

Price: 5.96, Change: +0.19, Percent Change: +3.3

[dan_s]

From TPH:

• GTE discovery in Colombia ($5.87 – B) – Exploration discoveries
gaining momentum in Colombia/Argentina. Llanos Basin well flows 922bopd of
heavy oil with low water cut…we expect further volume uplift with ESP
installation (~3,000bopd) and 5mmbbl EUR, adding $0.15/sh to our 3P NAV of
$9.5/sh. Additional Putumayo Foothill results expected in 2H’11 that could
drive NAV higher ($2+/sh). GTE also confirms Neuquen discovery in Argentina
(released by partner and in our note last Monday) with ~1,000boe/d of light oil.

[setliff]

Gran Tierra Energy Announces Joint Venture with Petrobras and Statoil, Offshore Brazil 09/15 06:00 AM

--------------------------------------------------------------------------------

First exploration well in program to be drilled in 2011

CALGARY, Sept. 15, 2011 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") , a company focused on oil exploration and production in South America, today announced that it has entered into two farm-in agreements with Statoil (STO:$23.0700,$0.7000,3.13%) do Brasil Ltda. ("Statoil"), whereby Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) will earn a 10% working interest in Concession Contract BM-CAL-7 operated by PetróleoBrasileiro S.A. ("Petrobras"), and a 15% working interest in Concession Contract BM-CAL-10 operated by Statoil, in the offshore Camamu-Almada Basin, Brazil. The completion of the two transactions is subject to obtaining regulatory approval from Agência Nacional de Petróleo, Gás Natural e Biocombustíveis ("ANP") and other customary conditions of closing.

"The conclusion of these farm-in opportunities will establish Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) in offshore Brazil, one of the most important petroleum regions in the world today. Partnering with Petrobras and Statoil will provide Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) with an opportunity to participate in multiple highly prospective exploration plays with two world-class offshore operators experienced in those plays" said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) .

BM-CAL-7 encompasses approximately 1,362 square kilometers (336,558 acres), and BM-CAL-10 encompasses approximately 1,680 square kilometers (415,137 acres); water depths range from approximately 400 to 2,800 meters. Multiple leads and prospects have been identified on the two blocks.

The Camamu-Almada Basin lies immediately south and offshore from the onshore Recôncavo Basin, where Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) is the operator of four blocks and is poised to begin both development drilling and exploration drilling operations.

Under the terms of the farm-in agreements, Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) will be a non-operating partner and will pay its participating interest share of costs incurred to date and in the future on the Concession Contracts as well as a carry on the drilling of the first exploration obligation well with respect to Concession Contract BM-CAL-7 and Concession Contract BM-CAL-10. Additional amounts may also be payable in the event one of the first exploration obligation wells results in a discovery and in the event of future development. The Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) 2011 budget impact is expected to be US$17 million.

The first exploration well on Concession Contract BM-CAL-10 is anticipated to be drilled late 2011.

"Similar to what we have done successfully in the other South American jurisdictions in which we operate, Gran Tierra Energy (GTE:$6.18,00$0.1900,3.17%) is today building a portfolio of different types of drilling opportunities in Brazil, ranging from established onshore exploration and production operations in the Recôncavo Basin, to higher reward offshore operations in the Camamu-Almada Basin, exposing the company to diverse and substantial growth opportunities for the future. We look forward to obtaining the required regulatory approval from the ANP and to participation in the Concession Contracts with Petrobras and Statoil," concluded Coffield.

About Gran Tierra Energy Inc. (GTE:$6.18,00$0.1900,3.17%)

[ko10068]

GTE (from BMO )

Gran Tierra Energy – (GTE) - $5.85, down $0.09 – Analyst – Christopher Brown – Outperform – TP-$7.50, up $0.25 - Gran Tierra recently announced a farm-in offshore Brazil in the Camamu-Almada basin, where drilling is expected to commence before year-end. The company will partner with operators Petrobras and Statoil on blocks BM-CAL-7 and BM-CAL-10 where it will respectively earn a 10% and 15% interest. In exchange, the company will pay its portion of past costs while carrying Petrobras and Statoil on the first well in each block. The company expects this to amount to US$17 million in 2011. Multiple leads and prospects have been identified on the two blocks, and the first exploration well on BM-CAL-10 is expected to spud in late 2011. Should the initial wells prove successful the company will pay its portion of future exploration costs. While Gran Tierra has significant cash to deploy and should benefit from the technical expertise of Statoil and Petrobras, we believe the chances of an oil discovery are below that of a gas discovery. Furthermore, he will monitor the strict environmental requirements that have caused delays for other operators in the region. Specifically, El Paso’s 2007 discovery in the basin was again delayed when its drilling permit was rejected by Brazil’s Environmental Agency, Ibama. The company also provided details on oil two discoveries in Colombia and Argentina, which Christopher has incorporated into his forecasts, resulting in a net asset value of $6.80 per share. Christopher has adjusted his estimates to account for Gran Tierra’s most recent results. In deriving his target price of $7.50, he has accounted for upside in both Colombia and Argentina totalling $0.70 per share. He has conservatively assumed the offshore program will yield expenses of $50 million per carried well without associated upside. He will re-evaluate his assumptions following the drilling results on BM-CAL-10, which are expected over the next several months. Although the share price continues to exhibit weakness (a trend that began even before the recent market downturn), the fundamental net asset value is intact. Christopher believes the disconnect between share price and his net asset value supports his Outperform recommendation.