Sunday, 17 January 2016

Gran Tierra Energy announces 2016 capital budget and guidance

(Marketwired - Jan. 18, 2015) -  Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (TSX:GTE)(NYSE:GTE) is pleased to announce its 2016 capital and operating budget. Given the current volatility in commodity prices, the board of directors of Gran Tierra has approved a flexible budget focusing capital allocation on projects to grow and expand the assets in Colombia, while maximizing the value of assets in Brazil and Peru.

"An important part of our base and development budget is underway now and will be completed over the first six months of 2016. If the price of oil remains below $50.00 per barrel through the second quarter of 2016, the Company may choose to defer some discretionary components of our exploration and development budget to preserve cash. We plan to continue to allocate capital to acquisitions and joint ventures, consistent with our strategy of expanding and diversifying the Company's growth portfolio in Colombia," commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.

The Company's strategy is to efficiently grow and diversify its current portfolio of exploration, development and production opportunities in Colombia. In addition to implementing a flexible approach to optimize capital allocation, the Company continues to implement both temporary and permanent cost structure reductions in operating, capital and general and administrative costs.

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