Gran Tierra Energy Announces Successful Completion of Semi-Annual Credit Facility Redetermination
21 Dezembro 2021 - 7:05PM
Gran Tierra Energy Inc.
(“Gran Tierra” or the
“Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE)
is pleased to announce the successful completion of the semi-annual
redetermination of the Company’s bank-syndicated credit facility,
which has a maturity date of November 2022. All dollar amounts are
in United States (
“U.S.”) dollars, unless
otherwise indicated.
Highlights
- Due to Gran
Tierra’s strong cash flow1, sufficient liquidity and flexible
capital program, the Company has elected to downsize its credit
facility capacity to $150 million, with $125 million readily
available and $25 million subject to the consent of the majority of
the lenders. The Company’s previous borrowing base was $215
million, with $200 million readily available and $15 million
subject to majority lender consent.
- Gran Tierra has
decided to reduce its borrowing base to decrease the Company’s
carrying costs of maintaining undrawn credit capacity and to better
align its credit facility with the Company’s forecast 2022
production, cash flow1 and capital program.
- Gran Tierra
expects its credit facility to be paid down to a balance of under
$70 million by December 31, 2021.
- With forecast
2022 free cash flow1 and recovery of tax receivables, Gran Tierra
expects to fully pay off its credit facility in the first half of
2022.
Contact Information
For investor and media inquiries please
contact:
Gary GuidryPresident & Chief Executive
Officer
Ryan EllsonExecutive Vice President & Chief
Financial Officer
Rodger TrimbleVice President, Investor
Relations
+1-403-265-3221
info@grantierra.com
1 “Cash flow” refers to line item “net cash
provided by operating activities” under generally accepted
accounting principles in the United States of America
(“GAAP”). “Free cash flow” is a non-GAAP measure
and does not have a standardized meaning under GAAP. Free cash flow
is defined as “net cash provided by operating activities” less
capital spending. Refer to "Non-GAAP Measures" in this press
release.
About Gran Tierra Energy
Inc.
Gran Tierra Energy Inc. together with its
subsidiaries is an independent international energy company
currently focused on oil and natural gas exploration and production
in Colombia and Ecuador. The Company is currently developing its
existing portfolio of assets in Colombia and Ecuador and will
continue to pursue additional new growth opportunities that would
further strengthen the Company’s portfolio. The Company’s common
stock trades on the NYSE American, the Toronto Stock Exchange and
the London Stock Exchange under the ticker symbol GTE. Additional
information concerning Gran Tierra is available at
www.grantierra.com. Information on the Company's website does not
constitute a part of this press release. Investor inquiries may be
directed to info@grantierra.com or (403) 265-3221.
Gran Tierra's Securities and Exchange Commission
filings are available on the SEC website at http://www.sec.gov. The
Company’s Canadian securities regulatory filings are available on
SEDAR at http://www.sedar.com and UK regulatory filings are
available on the National Storage Mechanism website at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Forward Looking Statements and Legal
Advisories:
This press release contains opinions, forecasts,
projections, and other statements about future events or results
that constitute forward-looking statements within the meaning of
the United States Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and
financial outlook and forward looking information within the
meaning of applicable Canadian securities laws (collectively,
"forward-looking statements"). The use of the words "expect",
"plan", "can," "will," "should," "guidance," "forecast," "signal,"
"measures taken to" and "believes", derivations thereof and similar
terms identify forward-looking statements. In particular, but
without limiting the foregoing, this press release contains
forward-looking statements regarding: the Company's expected future
free cash flow and the Company's expectations as to debt repayment
and its positioning for 2021 and 2022. The forward-looking
statements contained in this press release reflect several material
factors and expectations and assumptions of Gran Tierra including,
without limitation, that Gran Tierra will continue to conduct its
operations in a manner consistent with its current expectations,
pricing and cost estimates (including with respect to commodity
pricing and exchange rates), and the general continuance of assumed
operational, regulatory and industry conditions in Colombia and
Ecuador, and the ability of Gran Tierra to execute its business and
operational plans in the manner currently planned.
Among the important factors that could cause
actual results to differ materially from those indicated by the
forward-looking statements in this press release are: Gran Tierra's
operations are located in South America and unexpected problems can
arise due to guerilla activity or local blockades or protests;
technical difficulties and operational difficulties may arise which
impact the production, transport or sale of our products; other
disruptions to local operations; global health (including the
ongoing COVID-19 pandemic); global and regional changes in the
demand, supply, prices, differentials or other market conditions
affecting oil and gas, including changes resulting from a global
health crisis or from the imposition or lifting of crude oil
production quotas or other actions that might be imposed by OPEC
and other producing countries and the resulting company or
third-party actions in response to such changes; changes in
commodity prices, including a prolonged decline in these prices
relative to historical or future expected levels; the risk that
current global economic and credit conditions may impact oil prices
and oil consumption more than Gran Tierra currently predicts, which
could cause Gran Tierra to further modify its strategy and capital
spending program; prices and markets for oil and natural gas are
unpredictable and volatile; the accuracy of productive capacity of
any particular field; geographic, political and weather conditions
can impact the production, transport or sale of our products; the
ability of Gran Tierra to execute its business plan and realize
expected benefits from current initiatives; the risk that
unexpected delays and difficulties in developing currently owned
properties may occur; the ability to replace reserves and
production and develop and manage reserves on an economically
viable basis; the accuracy of testing and production results and
seismic data, pricing and cost estimates (including with respect to
commodity pricing and exchange rates); the risk profile of planned
exploration activities; the effects of drilling down-dip; the
effects of waterflood and multi-stage fracture stimulation
operations; the extent and effect of delivery disruptions,
equipment performance and costs; actions by third parties; the
timely receipt of regulatory or other required approvals for our
operating activities; the failure of exploratory drilling to result
in commercial wells; unexpected delays due to the limited
availability of drilling equipment and personnel; volatility or
declines in the trading price of our common stock or bonds; the
risk that Gran Tierra does not receive the anticipated benefits of
government programs, including government tax refunds; Gran
Tierra's ability to comply with financial covenants in its credit
agreement and indentures and make borrowings under its credit
agreement; and the risk factors detailed from time to time in Gran
Tierra's periodic reports filed with the Securities and Exchange
Commission, including, without limitation, under the caption "Risk
Factors" in Gran Tierra's Annual Report on Form 10-K for the year
ended December 31, 2020 and its other filings with the Securities
and Exchange Commission. These filings are available on the
Securities and Exchange Commission website at http://www.sec.gov
and on SEDAR at www.sedar.com.
The forward-looking statements contained in this
press release are based on certain assumptions made by Gran Tierra
based on management's experience and other factors believed to be
appropriate. Gran Tierra believes these assumptions to be
reasonable at this time, but the forward-looking statements are
subject to risk and uncertainties, many of which are beyond Gran
Tierra's control, which may cause actual results to differ
materially from those implied or expressed by the forward looking
statements. In particular, the unprecedented nature of the current
economic downturn, pandemic and industry decline may make it
particularly difficult to identify risks or predict the degree to
which identified risks will impact Gran Tierra's business and
financial condition. All forward-looking statements are made as of
the date of this press release and the fact that this press release
remains available does not constitute a representation by Gran
Tierra that Gran Tierra believes these forward-looking statements
continue to be true as of any subsequent date. Actual results may
vary materially from the expected results expressed in
forward-looking statements. Gran Tierra disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
The estimates of future free cash flow, recovery
of taxes receivable, debt repayments and debt positions may be
considered to be future-oriented financial information or a
financial outlook for the purposes of applicable Canadian
securities laws. Financial outlook and future-oriented financial
information contained in this press release about prospective
financial performance, financial position or cash flows are
provided to give the reader a better understanding of the potential
future performance of the Company in certain areas and are based on
assumptions about future events, including economic conditions and
proposed courses of action, based on management’s assessment of the
relevant information currently available, and to become available
in the future. In particular, this press release contains projected
financial information for 2021 and 2022. These projections contain
forward-looking statements and are based on a number of material
assumptions and factors set out above. Actual results may differ
significantly from the projections presented herein. The actual
results of Gran Tierra’s operations for any period could vary from
the amounts set forth in these projections, and such variations may
be material. See above for a discussion of the risks that could
cause actual results to vary. The future-oriented financial
information and financial outlooks contained in this press release
have been approved by management as of the date of this press
release. Readers are cautioned that any such financial outlook and
future-oriented financial information contained herein should not
be used for purposes other than those for which it is disclosed
herein. The Company and its management believe that the prospective
financial information has been prepared on a reasonable basis,
reflecting management’s best estimates and judgments, and
represent, to the best of management’s knowledge and opinion, the
Company’s expected course of action. However, because this
information is highly subjective, it should not be relied on as
necessarily indicative of future results.
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