GTE reports
Posted: Tue Nov 08, 2011 9:01 am
Gran Tierra Energy Inc. Announces Third Quarter 2011 Results
Symbol Price Change
GTE 6.17 0.00
Press Release Source: Gran Tierra Energy Inc. On Monday November 7, 2011, 11:00 pm EST
Quarter Highlighted by Record Production, Continued Exploration Success and Expanding Strategic Partnerships
CALGARY, Nov. 7, 2011 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy" or the "Company") (NYSE Amex: GTE) (TSX:GTE.to - News), a company focused on oil and gas exploration and production in South America, today announced its financial and operating results for the quarter ended September 30, 2011. All dollar amounts are in United States dollars unless otherwise indicated.
Highlights for the quarter include:
•Record quarterly production of 18,369 barrels of oil equivalent per day ("BOEPD") net after royalty ("NAR"), a 36% increase in average daily production from 13,536 BOEPD in the same period in 2010, due to additional production from existing field developments, new production from recent field discoveries, and production from the acquired assets of Petrolifera Petroleum Ltd. ("Petrolifera");
•Quarterly oil production of 17,437 barrels of oil per day ("BOPD") NAR, a 30% increase in average daily production from 13,367 BOPD NAR in the same period in 2010;
•Quarterly gas production of 5.6 million cubic feet per day ("MMCFD") NAR, a 451% increase in average daily production from 1.0 MMCFD NAR in the same period in 2010;
•Revenue and other income for the quarter of $151.0 million, a 79% increase over the same period in 2010;
•Net income of $49.1 million or $0.18 per share basic and $0.17 per share diluted compared with net loss of $3.3 million or $0.01 per share basic and diluted in the same period in 2010;
•Funds flow from operations of $72.8 million in the third quarter of 2011 compared with $37.2 million for the same period in 2010;
•Cash and cash equivalents were $226.4 million at September 30, 2011 compared with $355.4 million at December 31, 2010 and working capital was $230.5 million at September 30, 2011 compared with $265.8 million at December 31, 2010;
•Successful Melero-1 exploration well on the Garibay block (GTE 50% WI) in the Llanos Basin, Colombia, which tested 922 BOPD from the Upper Mirador formation;
•Successful RNx-1004 exploration well in the Rinconada Norte block (GTE 35% WI) of the Neuquen Basin, Argentina, which tested 1,023 BOEPD from the Precuyo formation;
•Announced two farm-in agreements with Statoil do Brasil Ltda. ("Statoil"), in a joint venture with PetróleoBrasileiro S.A. ("Petrobras"), in Brazil's deepwater offshore Camamu-Almada Basin subject to obtaining regulatory approval from Agência Nacional de Petróleo, Gás Natural e Biocombustíveis ("ANP"); and
•Subsequent to end of the third quarter, announced acreage swap in Colombia with CEPSA Colombia S.A., ("CEPSA"), resulting in additional exploration opportunities in the foothills of the Llanos Basin subject to obtaining regulatory approval from Colombia's Agencia Nacional de Hidrocarburos ("ANH").
"The third quarter of 2011 represented a strong period with growing production, exploration success in Colombia and Argentina, and expansion of Gran Tierra Energy's exploration portfolio in Brazil and, more recently, in Colombia. In Colombia, the Melero-1 exploration well represents the second successful exploration well with CEPSA on the Garibay Block in the Llanos Basin. On the back of these successes, Gran Tierra Energy has increased its exposure in the area through a recently announced asset swap with CEPSA," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Our continued exploration success, along with the announced deals in Brazil and Colombia, has added to Gran Tierra Energy's robust exploration portfolio. We are currently conducting operations on two oil exploration wells in Colombia and two in Brazil, with additional exploration and development wells planned in those countries plus Argentina and Peru in the coming months and next year. Gran Tierra Energy's balance sheet remains strong, with no debt and our capital program is expected to be fully funded out of cash flow and cash on hand," concluded Coffield.
complete report here---
http://finance.yahoo.com/news/Gran-Tier ... ?x=0&.v=26
Symbol Price Change
GTE 6.17 0.00
Press Release Source: Gran Tierra Energy Inc. On Monday November 7, 2011, 11:00 pm EST
Quarter Highlighted by Record Production, Continued Exploration Success and Expanding Strategic Partnerships
CALGARY, Nov. 7, 2011 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy" or the "Company") (NYSE Amex: GTE) (TSX:GTE.to - News), a company focused on oil and gas exploration and production in South America, today announced its financial and operating results for the quarter ended September 30, 2011. All dollar amounts are in United States dollars unless otherwise indicated.
Highlights for the quarter include:
•Record quarterly production of 18,369 barrels of oil equivalent per day ("BOEPD") net after royalty ("NAR"), a 36% increase in average daily production from 13,536 BOEPD in the same period in 2010, due to additional production from existing field developments, new production from recent field discoveries, and production from the acquired assets of Petrolifera Petroleum Ltd. ("Petrolifera");
•Quarterly oil production of 17,437 barrels of oil per day ("BOPD") NAR, a 30% increase in average daily production from 13,367 BOPD NAR in the same period in 2010;
•Quarterly gas production of 5.6 million cubic feet per day ("MMCFD") NAR, a 451% increase in average daily production from 1.0 MMCFD NAR in the same period in 2010;
•Revenue and other income for the quarter of $151.0 million, a 79% increase over the same period in 2010;
•Net income of $49.1 million or $0.18 per share basic and $0.17 per share diluted compared with net loss of $3.3 million or $0.01 per share basic and diluted in the same period in 2010;
•Funds flow from operations of $72.8 million in the third quarter of 2011 compared with $37.2 million for the same period in 2010;
•Cash and cash equivalents were $226.4 million at September 30, 2011 compared with $355.4 million at December 31, 2010 and working capital was $230.5 million at September 30, 2011 compared with $265.8 million at December 31, 2010;
•Successful Melero-1 exploration well on the Garibay block (GTE 50% WI) in the Llanos Basin, Colombia, which tested 922 BOPD from the Upper Mirador formation;
•Successful RNx-1004 exploration well in the Rinconada Norte block (GTE 35% WI) of the Neuquen Basin, Argentina, which tested 1,023 BOEPD from the Precuyo formation;
•Announced two farm-in agreements with Statoil do Brasil Ltda. ("Statoil"), in a joint venture with PetróleoBrasileiro S.A. ("Petrobras"), in Brazil's deepwater offshore Camamu-Almada Basin subject to obtaining regulatory approval from Agência Nacional de Petróleo, Gás Natural e Biocombustíveis ("ANP"); and
•Subsequent to end of the third quarter, announced acreage swap in Colombia with CEPSA Colombia S.A., ("CEPSA"), resulting in additional exploration opportunities in the foothills of the Llanos Basin subject to obtaining regulatory approval from Colombia's Agencia Nacional de Hidrocarburos ("ANH").
"The third quarter of 2011 represented a strong period with growing production, exploration success in Colombia and Argentina, and expansion of Gran Tierra Energy's exploration portfolio in Brazil and, more recently, in Colombia. In Colombia, the Melero-1 exploration well represents the second successful exploration well with CEPSA on the Garibay Block in the Llanos Basin. On the back of these successes, Gran Tierra Energy has increased its exposure in the area through a recently announced asset swap with CEPSA," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Our continued exploration success, along with the announced deals in Brazil and Colombia, has added to Gran Tierra Energy's robust exploration portfolio. We are currently conducting operations on two oil exploration wells in Colombia and two in Brazil, with additional exploration and development wells planned in those countries plus Argentina and Peru in the coming months and next year. Gran Tierra Energy's balance sheet remains strong, with no debt and our capital program is expected to be fully funded out of cash flow and cash on hand," concluded Coffield.
complete report here---
http://finance.yahoo.com/news/Gran-Tier ... ?x=0&.v=26
