GTE reports
Posted: Mon Feb 27, 2012 2:34 pm
complete report----
http://finance.yahoo.com/news/Gran-Tier ... 2.html?x=0
highlights------
Gran Tierra Energy Announces Fourth Quarter and 2011 Year-End Results
Press Release: Gran Tierra Energy Inc. – 8 hours ago
Inc.Gran Tierra Energy, Inc. . ..RELATED QUOTES.
.Symbol Price Change
GTE 6.07 +0.28
......
Company Reports Record Levels of Proved Reserves, Production Volumes, and Revenues
CALGARY, Feb. 27, 2012 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced financial and operating results for the quarter and year ended December 31, 2011. All dollar amounts are in United States dollars unless otherwise indicated.
Financial and operating highlights for the year include:
•In 2011, oil and natural gas production net after royalty ("NAR") and inventory adjustments averaged 17,408 barrels of oil equivalent per day ("BOEPD"), an increase of 20% over 2010;
•Estimated proved oil and natural gas liquids ("NGL") reserves, NAR, as at December 31, 2011, were 30.9 million barrels ("MMbbl"), a 31% increase from Gran Tierra Energy's estimated proved reserves as at December 31, 2010;
•Estimated proved gas reserves, NAR, as at December 31, 2011, were 18.3 billion cubic feet ("Bcf") compared with 1.2 Bcf as at December 31, 2010;
•Revenue and other income increased by 60% to $597.4 million in 2011 compared with $374.5 million in 2010;
•Net income grew by 241% from the prior year to $126.9 million, representing basic net income per share of $0.46 and diluted net income per share of $0.45. This compares with net income of $37.2 million, or $0.15 per share basic and $0.14 per share diluted, in 2010;
•Funds flow from operations increased 57% to $319.0 million in 2011 from $203.1 million in 2010;
•Cash and cash equivalents was $351.7 million as at December 31, 2011 compared to $355.4 million as at December 31, 2010;
•Completed the acquisition of Petrolifera Petroleum Limited ("Petrolifera") on March 18, 2011;
•Commenced production from the Moqueta field in Colombia in June of 2011 and successfully drilled three additional appraisal wells;
•Discovered oil on the Rinconada Norte Block in Argentina with the RN x-1004 exploration well and made a second oil discovery on the Garibay Block in Colombia with the Melero-1 exploration well;
•Stabilized production from the Puesto Morales Block in Argentina and drilled two new development wells on the Puesto Morales Este Block;
•Announced two farm-in agreements with Statoil do Brasil Ltda. ("Statoil"). Statoil is a partner in a joint venture with PetróleoBrasileiro S.A. in the two blocks in Brazil's deepwater offshore Camamu-Almada Basin; and
•Expanded Gran Tierra Energy's partnership with Compania Espanola de Petroleos, S.A.U. ("CEPSA") with two farm-in agreements, adding new exploration acreage in the Llanos Basin.
http://finance.yahoo.com/news/Gran-Tier ... 2.html?x=0
highlights------
Gran Tierra Energy Announces Fourth Quarter and 2011 Year-End Results
Press Release: Gran Tierra Energy Inc. – 8 hours ago
Inc.Gran Tierra Energy, Inc. . ..RELATED QUOTES.
.Symbol Price Change
GTE 6.07 +0.28
......
Company Reports Record Levels of Proved Reserves, Production Volumes, and Revenues
CALGARY, Feb. 27, 2012 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced financial and operating results for the quarter and year ended December 31, 2011. All dollar amounts are in United States dollars unless otherwise indicated.
Financial and operating highlights for the year include:
•In 2011, oil and natural gas production net after royalty ("NAR") and inventory adjustments averaged 17,408 barrels of oil equivalent per day ("BOEPD"), an increase of 20% over 2010;
•Estimated proved oil and natural gas liquids ("NGL") reserves, NAR, as at December 31, 2011, were 30.9 million barrels ("MMbbl"), a 31% increase from Gran Tierra Energy's estimated proved reserves as at December 31, 2010;
•Estimated proved gas reserves, NAR, as at December 31, 2011, were 18.3 billion cubic feet ("Bcf") compared with 1.2 Bcf as at December 31, 2010;
•Revenue and other income increased by 60% to $597.4 million in 2011 compared with $374.5 million in 2010;
•Net income grew by 241% from the prior year to $126.9 million, representing basic net income per share of $0.46 and diluted net income per share of $0.45. This compares with net income of $37.2 million, or $0.15 per share basic and $0.14 per share diluted, in 2010;
•Funds flow from operations increased 57% to $319.0 million in 2011 from $203.1 million in 2010;
•Cash and cash equivalents was $351.7 million as at December 31, 2011 compared to $355.4 million as at December 31, 2010;
•Completed the acquisition of Petrolifera Petroleum Limited ("Petrolifera") on March 18, 2011;
•Commenced production from the Moqueta field in Colombia in June of 2011 and successfully drilled three additional appraisal wells;
•Discovered oil on the Rinconada Norte Block in Argentina with the RN x-1004 exploration well and made a second oil discovery on the Garibay Block in Colombia with the Melero-1 exploration well;
•Stabilized production from the Puesto Morales Block in Argentina and drilled two new development wells on the Puesto Morales Este Block;
•Announced two farm-in agreements with Statoil do Brasil Ltda. ("Statoil"). Statoil is a partner in a joint venture with PetróleoBrasileiro S.A. in the two blocks in Brazil's deepwater offshore Camamu-Almada Basin; and
•Expanded Gran Tierra Energy's partnership with Compania Espanola de Petroleos, S.A.U. ("CEPSA") with two farm-in agreements, adding new exploration acreage in the Llanos Basin.