Energy Prospectus

•Revenue and other income for the year was a record $723.6 million, a 24% increase over 2012;
•Net income increased by 27% from the prior year to $126.3 million, representing $0.45 per share basic and $0.44 per share diluted, compared with net income of $99.7 million, or $0.35 per share basic and diluted in 2012;
•Funds flow from operations increased to a record $352.9 million from $323.8 million in 2012;
•Cash and cash equivalents were $428.8 million as at December 31, 2013, compared with $212.6 million as at December 31, 2012, a $216.2 million increase from December 31, 2012;

Revenues and Net Income came in below my forecast model, but definitely a good year. I will update the forecast model today before I head up to Dallas for our luncheon tomorrow at SMU. I hope to see a lot of you at the luncheon. - Dan

"Once again, Gran Tierra Energy has had another outstanding year, growing oil reserves and production to record levels, even after producing a record volume of oil during the year. Our 1P reserves increased, our 2P reserves nearly doubled and our 3P reserves more than doubled, as a result of continued exploration success - the driver that has consistently grown our company year-over-year for nine years now," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Despite continued pipeline transportation challenges in 2013, we demonstrated our commitment to growing Colombia production levels through a long-term alternative transportation strategy. We achieved record funds flow from operations and remain debt free, allowing us to focus entirely on executing our fully funded 2014 work programs, particularly with our new capital commitments in Peru as a result of our visible growth there," added Coffield. "Our dramatic reserve addition success in Peru has created the opportunity for Gran Tierra Energy to establish a second major production platform, which is capable of delivering substantial growth in coming years, building on our already successful business in Colombia," concluded Coffield.

Debt free production and reserve growth is a very good thing. - Dan

Gran Tierra Energy (GTE): An updated Net Income & Cash Flow Forecast model has been posted under the Sweet 16 Tab.

My Fair Value Estimate came down $0.15/share to $11.50.

We will update our profile in March and I will take more time with this one. Production ramp up at the Moqueta Field is key for 2014. The big field in Peru won't ramp up until 2015.