This news release is issued pursuant to National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report.
CALGARY, Alberta, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Gran Tierra Resources Limited ("GTRL") and Gran Tierra Energy International Holdings Ltd. ("GTEIH"), each an indirect wholly-owned subsidiary of Gran Tierra Energy Inc. (NYSE American:GTE) (NYSE MKT:GTE) (TSX:GTE) ("Gran Tierra") hereby announce that 187,250,000 common shares ("Common Shares") in the capital of Sterling Resources Ltd. (TSXV:SLG) ("Sterling", the "Issuer") have been transferred from GTEIH to GTRL (the "Transfer"). Prior to the Transfer, GTRL owned and controlled 58,850,000 Common Shares, and together with GTEIH, 246,100,000 Common Shares in the capital of the Issuer. As a result of the Transfer, GTRL owns and controls 246,100,000 Common Shares, representing approximately 45.77% of the issued and outstanding share capital of the Issuer and GTEIH does not have ownership or control over any Common Shares.
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented "Consistent with our strategy of focusing on our core exploration, development and production assets in Colombia, we previously announced the closing of the sale of Gran Tierra's Peruvian assets to Sterling on December 18, 2017. Gran Tierra has retained a significant equity ownership position in Sterling and is well-positioned to participate in upside value created by Sterling in the Peruvian assets. The Transfer furthers the strategic allocation of assets within the Gran Tierra corporate group."
GTRL may, depending on market and other conditions, or as future circumstances may dictate, from time to time, increase or dispose of some or all of the existing or additional securities it holds or will hold in the Issuer or may continue to hold its position in the Issuer.
A copy of the Early Warning Report filed by the Purchaser in connection with the Transfer will be available on SEDAR, located at www.sedar.com.
For investor and media inquiries please contact:
Chief Executive Officer
Chief Financial Officer
Vice President, Investor Relations
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company focused on oil and natural gas exploration and production in Colombia. The Company continues to pursue new growth opportunities, leveraging its financial strength. The Company's common shares trade on the NYSE American and the Toronto Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on the Company's website does not constitute a part of this press release. Investor inquiries may be directed to [email protected] or (403) 265-3221.
Gran Tierra's Securities and Exchange Commission filings are available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com.
Forward Looking Statements and Legal Advisories
This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute 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 financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). The use of the words "will", "expects" and "believes", derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements regarding the anticipated benefits of the Transfer.
The forward-looking statements contained in this news release are based on certain assumptions made by the Purchaser based on management's experience and other factors believed to be appropriate. The Purchaser believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond the Purchaser'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 in Gran Tierra's reports filed with the Securities and Exchange Commission, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Annual Report on Form 10-K filed March 1, 2017 and its subsequently filed Quarterly Reports on Form 10-Q. These filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at www.sedar.com. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by the Purchaser that the Purchaser believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. The Purchaser 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.