CALGARY, Alberta, Nov. 14 /PRNewswire-FirstCall/ - Gran Tierra Energy, Inc. (f/k/a Goldstrike, Inc.) (OTC Bulletin Board: GTRE) today announced the completion of a share exchange with Gran Tierra Energy, Inc., a Canadian international oil and gas exploration and production company ('Gran Tierra Canada'). In anticipation of the share exchange the Company changed its name from Goldstrike, Inc. to Gran Tierra Energy, Inc. and immediately after the completion of the share exchange changed its ticker symbol from 'GDSK.OB' to 'GTRE.OB' to more closely represent its new corporate identity.
Dana Coffield, the Company's President and CEO stated, 'The completion of our public listing marks the third significant milestone for the Company in as many months and enables Gran Tierra to access the breadth of the U.S. capital markets. In September, we acquired a working interest in producing properties in Argentina with an established land reserve and production base. We facilitated the acquisition by successfully raising more than U.S. $10.3 million from institutional and private investors. I am extremely excited about the Company's growth prospects, with an established and experienced international management team Gran Tierra is now poised to execute the next steps in its growth agenda as a Latin America E&P company.'
The management team of Gran Tierra brings together over 100 years of hands-on international exploration and development experience to the Company. Dana Coffield, James Hart and Max Wei were most recently with EnCana Corporation, and are headquartered in Calgary, Canada. Rafael Orunesu was formerly with Pluspetrol and YPF and is located in Buenos Aires.
The share exchange was consummated effective November 10, 2005. Immediately prior to the share exchange, the Company completed a split-off transaction which divested the Company of its prior business operations and the assets and liabilities associated with that business. As the result of the share exchange and the split-off, the Company has abandoned its prior business plan and operations and has adopted the business plan and operations of Gran Tierra Canada and has changed the address of our principal executive offices to 10th Floor, 610-8th Avenue S.W., Calgary, Alberta, Canada T2P 1G5 and the telephone number of our executive offices to (403) 537-3218.
About Gran Tierra Energy, Inc.
Gran Tierra Energy, Inc., is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated and traded in the United States and operating in South America. The Company currently holds interests in producing and non-producing properties in Argentina and is pursuing a growth strategy that focuses on establishing a portfolio of producing properties, development and exploration opportunities and land, by selective acquisitions, to provide a base for future growth. Additional information concerning Gran Tierra is available at http://www.grantierra.com.
Forward Looking Statements
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the Company's ability to exploit oil and gas exploration opportunities. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but no limited to, failing to discover reserves that may be extracted on a commercially viable basis, inaccurately estimating oil and gas reserves, intense competition, environmental risks and general economic conditions including the price of oil and gas. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on November 10, 2005, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. We undertake no obligation to update these forward looking statements.