Gran Tierra Energy temporarily reduces production operations in Putumayo basin of Colombia in response to pipeline disruption
16 July 2009 - 9:00PM
PR Newswire (US)
CALGARY, July 16 /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 disruption to the
Ecopetrol-operated Trans Andean Pipeline west of Orito on July 10,
2009. "Ecopetrol has informed us that repairs are expected to take
between one and two weeks," said Dana Coffield, President and Chief
Executive Officer of Gran Tierra Energy. "We will continue
producing at reduced levels utilizing trucking capacity until
repairs are completed. We expect to be able to return to normal
production levels immediately following the completion of repairs."
Gran Tierra Energy expects to maintain Colombian production levels
at approximately 2,000 barrels of oil per day (BOPD) net after
royalty utilizing existing trucking capacity during the repair
period. Additional oil transportation alternatives are currently
being assessed. The suspension of production operations has had no
impact on drilling operations. Drilling of Costayaco-9 will
commence today. 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 repairs will be completed in one to two weeks, that
Gran Tierra will continue producing at reduced levels of
approximately 2,000 BOPD utilizing trucking capacity until repairs
are completed, and that production will resume immediately
following the completion of repairs, 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; trucking capacity may not be sustainable at the expected
capacity due to unforeseen reasons,; 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,
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