CALGARY, July 27, 2015 /CNW/ - Gran Tierra Energy Inc.
("Gran Tierra") (NYSE MKT: GTE, TSX: GTE), today announces that
it has received approval from the Toronto Stock Exchange
("TSX") to implement its previously announced normal course
issuer bid (the "Bid") through the facilities of the TSX,
the NYSE MKT and eligible alternative trading platforms in
Canada and the United States. Pursuant to the Bid, Gran
Tierra is able to purchase for cancellation up to 4.98% of its
issued and outstanding shares of common stock (the "Shares")
for a one year period at prevailing market prices. The brokerage
firm conducting the Bid on behalf of Gran Tierra is FirstEnergy
Capital Corp.
Under the Bid, Gran Tierra may repurchase for cancellation up to
13,831,866 Shares. This represents approximately 4.98% of its
277,748,332 issued and outstanding Shares as of July 21, 2015. These purchases will be made in
accordance with applicable regulations over a maximum period of one
year beginning on July 30, 2015 and
ending on July 29, 2016. The average
daily trading volume of the Shares over the six (6) calendar months
prior to the date hereof was 946,386. Accordingly, Gran Tierra is
entitled to purchase, on any trading day, up to 236,596 Shares. The
consideration that Gran Tierra will pay for any Shares acquired by
it under the Bid will be paid in cash at the market price of such
Shares at the time of acquisition.
Management of Gran Tierra believes that the Shares, at times,
have been trading in a price range which does not adequately
reflect their value in relation to Gran Tierra's current
operations, growth prospects and financial position. At such times,
the purchase of Shares for cancellation may be advantageous to
stockholders by increasing the value of the remaining Shares.
About Gran Tierra Energy Inc.
Gran Tierra is an international oil and gas exploration and
production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE MKT
(GTE) and the Toronto Stock Exchange (GTE), and operating in
South America. Gran Tierra holds
interests in producing and prospective properties in Colombia, Peru, and Brazil. Gran Tierra has a strategy that
focuses on establishing a portfolio of producing properties, plus
production enhancement and exploration opportunities to provide a
base for future growth.
Gran Tierra's SEC filings are available on a web site maintained
by the SEC at http://www.sec.gov and on SEDAR at
http://www.sedar.com.
Forward-Looking Statements and Advisories
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
statements") under the meaning of applicable securities laws,
including Canadian Securities Administrators' National Instrument
51-102 - Continuous Disclosure Obligations and the United States
Private Securities Litigation Reform Act of 1995. The use of the
word "believe", derivations thereof and similar terms identify
forward-looking statements. In particular, but without limiting the
foregoing, this news release contains forward-looking statements
regarding the benefits to be derived from the Bid.
The forward-looking statements contained in this news release
reflect several material factors and expectations and assumptions
of Gran Tierra including, without limitation, assumptions relating
to general market and economic conditions. Gran Tierra believes the
material factors, expectations and assumptions reflected in the
forward-looking statements are reasonable at this time but no
assurance can be given that these factors, expectations and
assumptions will prove to be correct.
The forward-looking statements contained in this news release
are subject to risks, uncertainties and other factors that could
cause actual results or outcomes to differ materially from those
contemplated by the forward-looking statements, including, among
others, unexpected changes in general market and economic
conditions. Accordingly, readers should not place undue reliance on
the forward-looking statements contained herein. Further
information on potential factors that could affect Gran Tierra are
included in risks detailed from time to time in Gran Tierra's
Securities and Exchange Commission filings, including, without
limitation, under the caption "Risk Factors" in Gran Tierra's
Quarterly Report on Form 10-Q filed May 6,
2015. These filings are available on a Web site maintained
by the Securities and Exchange Commission at http://www.sec.gov and
on SEDAR at www.sedar.com.
The forward-looking statements contained herein are expressly
qualified in their entirety by this cautionary statement. The
forward-looking statements included in this press release are made
as of the date of this press release and 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 securities
legislation.
SOURCE Gran Tierra Energy Inc.