CALGARY, ALBERTA--(Marketwired - Jan. 11, 2017) - Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE MKT:GTE)(TSX:GTE), a company focused on oil and gas exploration and production in Colombia, announced that management of Gran Tierra is evaluating a proposal relating to the Company's assets in Peru (the "Peruvian Assets") which will involve a spin-out of such assets to a separate entity ("SpinCo") in which Gran Tierra will retain an equity interest (the "Proposed Transaction"). The proposal contemplates that SpinCo would engage in external capital raising activities to fund the ongoing development of the Peruvian Assets.
The Company had previously advised that the Peruvian Assets were not core to its ongoing plans and that it was considering a sale, farm-out or SpinCo of such assets. The Company has not entered into a binding agreement to pursue the Proposed Transaction or any other transaction relating to the direct or indirect disposition of the Peruvian Assets. There are no assurances or guarantees that such a transaction, including the Proposed Transaction, will be undertaken by the Company or, if such a transaction is undertaken, with respect to the type, terms or timing of such a transaction. It is the Company's intention not to disclose developments with respect to the status of discussions until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.
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 MKT (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra holds interests in producing and prospective properties in Colombia, Peru, and Brazil. Gran Tierra 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 is available at www.grantierra.com. Investor inquiries may be directed to [email protected] or (403) 265-3221.
Forward-Looking Information Advisory
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements include, but are not limited to, the Proposed Transaction, the interest of Gran Tierra in the SpinCo, the development and capital raising activities of SpinCo and the pursuit of other transactions relating to the direct or indirect disposition of the Peruvian Assets.
The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management's experience and perception of historical trends, current conditions, anticipated future development and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond Gran Tierra's control, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced under the heading "Part 1. Item 1A. Risk Factors" in Gran Tierra's 2015 Annual Report on Form 10-K, under the heading "Part II. Item 1A. Risk Factors" in Gran Tierra's Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC.
All forward-looking statements speak only as of the date on which such statements are made, and Gran Tierra undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Gran Tierra's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Investors are urged to consider closely the disclosures and risk factors in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC, available from the Company's offices or website. These forms can also be obtained from the SEC via the internet at www.sec.gov or by calling 1-800-SEC-0330.
Chief Executive Officer
Gran Tierra Energy Inc.
Chief Financial Officer
Gran Tierra Energy Inc.
Vice President, Investor Relations