Gran Tierra Energy Inc. Provides Operations Update and Certain Preliminary Unaudited 2025 Financial Data

Executive Summary

• Gran Tierra reported record December 2025 average production of 48,235 boepd and a Q4 2025 daily rate of 10,000 bopd in Ecuador.
• The company disclosed preliminary unaudited FY 2025 financial estimates: revenue $590‑$610 M, gross profit $65‑$75 M, adjusted EBITDA $270‑$290 M, net debt ≈ $657 M, and capital expenditures $250‑$270 M.
• Multiple field development plans were approved or submitted (Iguana, Chanangue, Charapa, Conejo, Perico, Espejo) and waterflood programs progressed with injectivity tests completed and early‑2026 injection start targeted.

Key Details

• Production Highlights
• December 2025 average: 48,235 boepd (company record).
• Q4 2025 Ecuador daily rate: 10,000 bopd; current ≈ 8,800 bopd.
• Conejo A‑1 & A‑2 wells producing ~2,700 bopd total; IP60 rates of 1,921 bopd (A‑1) and 1,317 bopd (A‑2).
• Field Development Plans (FDPs)
• Iguana FDP approved Q1 2026.
• Chanangue FDP approved Q3 2025; waterflood injectivity test in Basal Tena completed.
• Charapa & Conejo FDPs submitted Q4 2025, under review.
• Perico & Espejo FDPs (from prior acquisition) submitted and undergoing regulatory review.
• Waterflood Program
• Successful injectivity test in Basal Tena (Chanangue).
• Construction of water‑treatment/injection facilities underway; early 2026 injection start targeted.
• Additional injector conversions planned: second Basal Tena unit Q2 2026, Lower U (Iguana) Q2 2026, Perico Q3 2026.
• Colombia – Cohembi
• Gross production Q4 2025 ≈ 9,100 bopd (Raju‑1 well contribution).
• Infrastructure upgrades: cellar construction, electrical/mechanical tie‑ins, Pad 6 cellars.
• Plan to drill four gross development wells in H1 2026; capital carry commitments expected mid‑2026.
• Canada – Simonette & Clearwater
• Lower Montney wells meeting/exceeding type curves; three surface holes drilled from 6‑9 pad, lateral drilling ongoing (16‑14‑061‑01W6).
• Plan to bring 5 gross wells on‑stream in H2 2026.
• Clearwater preparing advanced core analysis of Dawson 102/12‑11 for 2026 design work.
• Preliminary Unaudited FY 2025 Financial Estimates (all ranges):
• Average production Q4: ≈ 46,500 boepd; full‑year average: ≈ 45,800 boepd.
• Net debt: ~ $657 M (senior notes $741 M gross less $83 M cash).
• Capital expenditures: $250‑$270 M.
• Revenue: $590‑$610 M.
• Gross profit: $65‑$75 M.
• Depletion & accretion expense: $250‑$270 M.
• Total operating & transportation expenses: $250‑$270 M.
• Operating netback: $320‑$340 M.
• Non‑cash impairment charges: Canadian assets $65‑$85 M, Colombian assets $30‑$50 M.
• Adjusted EBITDA: $270‑$290 M.
• Q4 2025 Impact – Large Ecuador inventory build (~291,000 bbl) sold in early Jan 2026 for ≈ $15 M, negatively affecting results.

Notable Quotes

• Gary Guidry, President & CEO: “Our record production and the successful execution of field development plans underscore Gran Tierra’s operational momentum and position us well for sustained growth into 2026.”
• Ryan Ellson, EVP & CFO: “The preliminary unaudited financial outlook reflects a solid balance sheet and disciplined capital spending, despite temporary inventory challenges in Ecuador.”