Gran Tierra Energy temporarily reduces production operations in Putumayo Basin of Colombia in response to pipeline disruption
15 Junho 2009 - 9:30AM
PR Newswire (US)
CALGARY, June 15 /PRNewswire-FirstCall/ -- Gran Tierra Energy Inc.
(NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration
and production in South America, today announced that it has
temporarily reduced production operations in the Putumayo basin in
southern Colombia in response to a recent disruption to the
Ecopetrol-operated Trans Andean Pipeline west of Orito. "Since the
onset of the disruption, Gran Tierra has been able to maintain a
production rate of 2,000 barrels of oil per day (BOPD) net after
royalty, and we expect to continue production at rates equal to or
greater than this level while Ecopetrol works to reestablish
pipeline transportation of crude from the Putumayo Basin," said
Dana Coffield, President and Chief Executive Officer of Gran Tierra
Energy. "We expect oil transportation through the Trans Andean
Pipeline west of Orito to resume shortly." Production from
Argentina continues to average approximately 900 BOPD net after
royalty. The suspension of production operations has had no impact
on drilling operations. Testing of Costayaco-7 has been initiated
and the drilling of Costayaco-8 is continuing. Both testing and
drilling operations are expected to be completed by the end of
June. About Gran Tierra Energy Inc. Gran Tierra Energy Inc. is an
international oil and gas exploration and production company,
headquartered in Calgary, Canada, incorporated in the United
States, trading on the NYSE Amex Exchange (GTE) and the Toronto
Stock Exchange (GTE), and operating in South America. Gran Tierra
Energy holds interests in producing and prospective properties in
Argentina, Colombia and Peru. Gran Tierra Energy 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. Additional information concerning
Gran Tierra Energy is available at http://www.grantierra.com/.
Forward Looking Statements: The statements in this news release
regarding Gran Tierra Energy's belief that the company's production
will be maintained at rates equal to or greater than 2,000 BOPD net
after royalty, its expectations regarding the timing of resumed
transportation on the Trans Andean Pipeline, and expected timing
for completion of testing of Costayaco-7 and completion of drilling
on Costayaco-8 are forward looking statements or financial outlook
("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.
These statements 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. There are a number of important factors that could
cause the results or outcomes discussed herein to differ materially
from that indicated by the forward-looking statements, including,
among others: Gran Tierra Energy's operations are located in South
America, and unexpected problems can arise due to guerilla
activity, technical difficulties and operational difficulties which
impact its testing and drilling operations and the production,
transport or sale of its products; geographic, political and
weather conditions can impact testing and drilling operations and
the production, transport or sale of its products; and the risk
that recent disruptions will continue longer than expected. Further
information on potential factors that could affect Gran Tierra
Energy are included in risks detailed from time to time in Gran
Tierra Energy's Securities and Exchange Commission filings,
including, without limitation, under the caption "Risk Factors" in
Gran Tierra Energy's Quarterly Report on Form 10-Q filed May 8,
2009. These filings are available on a Web site maintained by the
Securities and Exchange Commission at http://www.sec.gov/ and on
SEDAR at http://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 document are made as of the date of this document and Gran
Tierra Energy 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. DATASOURCE: Gran
Tierra Energy Inc. CONTACT: For media and investor inquiries please
contact Thomas McMillan, Equicom Group, (866) 973-4873, (403)
536-5903, .
Copyright