Gran Tierra acquires strategic assets in Ecuador’s Oriente Basin

Gran Tierra (GTE) Energy announced that its indirect wholly owned subsidiaries, Gran Tierra Energy Ecuador 1 GmbH and Gran Tierra Energy Ecuador 2 GmbH, have entered into definitive agreements to acquire all of GeoPark Ecuador S.A.’s and Frontera Energy Colombia Corp Sucursal Ecuador’s interests in the Perico and Espejo Blocks and their associated Consortiums. The aggregate purchase price for the Blocks and Consortiums is $15.55M, subject to customary working capital adjustments as of the effective date of January 1, 2025. The agreement includes an additional contingent consideration of $1.5M, payable upon the Perico Block achieving cumulative gross production of two million barrels as from January 1, 2025. The acquisitions are expected to close upon satisfaction of customary closing conditions, including the receipt of regulatory approvals for closing and operations takeover from the Ministry of Energy of Ecuador. Closing is anticipated no earlier than the fourth quarter of 2025.