GTE reserves as of 12-31-2013
Posted: Mon Feb 10, 2014 10:04 am
After Producing a Record 10.6 MMBOE,
> 1P Reserves Increased 5% to 55.7 MMBOE,
> 2P Reserves Increased 81% to 133.1 MMBOE, and
> 3P Reserves Increase 94% to 217.0 MMBOE
all on a Company Interest Basis
"After producing a record volume of oil last year, Gran Tierra Energy was able to replace that production and further grow reserves in all categories. The Bretaña field in Block 95 in Peru has significantly added to our 2P and 3P reserves, effectively doubling from our year-end 2012 reserves in those categories," said Dana Coffield, President and CEO. "While a sizeable portion of the reserve increase is due to new additions from Peru, we are very pleased that our effective reservoir management and appraisal drilling in Colombia has also resulted in reserve additions in the 1P and 2P categories. Proved reserves at the Costayaco field grew again and, notably, the success of the Moqueta field appraisal drilling program in 2013 resulted in a 56% increase in 1P company interest reserves for the field, our near-term growth asset that we expect will support the mid-term growth from Peru that we have now defined."
"Now in its 9th year, Gran Tierra Energy continues to do what it has consistently done year-over-year: create value for our shareholders by growing reserves and production through successful exploration and development drilling. This year marks an important milestone for Gran Tierra Energy, as we look to Peru to significantly contribute to our growth trajectory and establish a second independent growth platform to build on our continuing exploration and development success in Colombia. Finally, as a result of our operations excellence and prudent balance sheet management and based on current oil prices and production levels, Gran Tierra Energy expects its 2014 work program and budget to be funded from cash flows from operations and cash on hand, leaving the company debt free" concluded Coffield.
> 1P Reserves Increased 5% to 55.7 MMBOE,
> 2P Reserves Increased 81% to 133.1 MMBOE, and
> 3P Reserves Increase 94% to 217.0 MMBOE
all on a Company Interest Basis
"After producing a record volume of oil last year, Gran Tierra Energy was able to replace that production and further grow reserves in all categories. The Bretaña field in Block 95 in Peru has significantly added to our 2P and 3P reserves, effectively doubling from our year-end 2012 reserves in those categories," said Dana Coffield, President and CEO. "While a sizeable portion of the reserve increase is due to new additions from Peru, we are very pleased that our effective reservoir management and appraisal drilling in Colombia has also resulted in reserve additions in the 1P and 2P categories. Proved reserves at the Costayaco field grew again and, notably, the success of the Moqueta field appraisal drilling program in 2013 resulted in a 56% increase in 1P company interest reserves for the field, our near-term growth asset that we expect will support the mid-term growth from Peru that we have now defined."
"Now in its 9th year, Gran Tierra Energy continues to do what it has consistently done year-over-year: create value for our shareholders by growing reserves and production through successful exploration and development drilling. This year marks an important milestone for Gran Tierra Energy, as we look to Peru to significantly contribute to our growth trajectory and establish a second independent growth platform to build on our continuing exploration and development success in Colombia. Finally, as a result of our operations excellence and prudent balance sheet management and based on current oil prices and production levels, Gran Tierra Energy expects its 2014 work program and budget to be funded from cash flows from operations and cash on hand, leaving the company debt free" concluded Coffield.