Gran Tierra Energy Inc. Reports Seventh Consecutive Year of South American Reserves Growth

Executive Summary

• Gran Tierra reported a seventh consecutive year of reserve growth in South America, achieving >100 % reserve replacement on both PDP and 2P bases for 2025.
• 2P reserves now stand at 258 MMBOE with a pre‑tax NPV10 of $2.46 bn (NAV per share $51.09) and after‑tax NAV per share $31.19.
• Canadian assets were re‑classified, moving 19 MMBOE (1P) and 32 MMBOE (2P) to contingent resources; this had a limited impact on overall NAV.

Key Details

• Reserves (as of Dec 31 2025) – 1P: 142 MMBOE, 2P: 258 MMBOE, 3P: 329 MMBOE.
• Pre‑tax NPV10 – 1P $1.456 bn, 2P $2.461 bn, 3P $3.317 bn.
• Net Debt: $657 million (senior notes $741 m gross less cash $83 m).
• NAV per Share (pre‑tax) – 1P $22.63, 2P $51.09, 3P $75.35; after‑tax – 1P $13.62, 2P $31.19, 3P $46.06.
• Reserve Life Index: 1P = 8 years, 2P = 15 years, 3P = 19 years.
• South America – 101 % PDP replacement; 258 MMBOE of 2P reserves added; 11 MMBOE (PDP) and 6 MMBOE (1P) reserve additions.
• Canada – Re‑classification of Glauconitic development inventory to contingent resources: 19 MMBOE (1P) & 32 MMBOE (2P) moved; 74 MMBOE now classified as unrisked 2C contingent resources (≈50 % natural gas).
• Future Development Costs (FDC) – 2P FDC reduced to $1.682 bn (down from $1.809 bn) due to lower Canadian capex and Suroriente spending.
• Unrisked Contingent Resources – Glauconitic: 74 MMBOE (gas), 825 Mbbl oil (1C), 1,237 Mbbl (2C).
• Prospective Resources (mean) – Total 118 MMBOE across Colombia/Ecuador prospects.
• Pricing Assumptions – Brent $66.50/bbl (2026) rising to $80.10 by 2030; AECO gas $3.00‑$3.79/CAD per MMBtu.

Notable Quotes

“Our 2025 year‑end reserves and resources results reinforce the underlying strength and optionality of our asset base… We achieved greater than 100 % reserve replacement in South America on both a PDP and 2P basis.” – Gary Guidry, President & CEO

All figures are presented in U.S. dollars unless otherwise noted.