CALGARY, Alberta, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(TSX:GTE)(LSE:GTE) today announced that Gran Tierra Resources Limited ("GTRL"), a wholly owned subsidiary of Gran Tierra, has entered into arrangements with private purchasers providing for the sale by GTRL of an aggregate of 109,006,250 common shares (the "Purchased Shares") of PetroTal Corp. ("PetroTal") at a price of US$0.13623 per Purchased Share, for an aggregate purchase price of approximately US$14.8 million.
As of market close on January 20, 2021, the remaining 137,093,750 shares of PetroTal owned by GTRL had a market value of approximately US$ 32 million.
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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 and Ecuador. The Company is focused on its existing portfolio of assets in Colombia and Ecuador and plans to pursue new growth opportunities throughout Colombia and Latin America. The Company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London 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 the SEC website at http://www.sec.gov and on SEDAR at http://www.sedar.com and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Early Warning Disclosure
The following disclosure is provided pursuant to 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 regarding GTRL's disposition of the Purchased Shares.
On January 20, 2021, GTRL entered into arrangements with private purchasers providing for the sale by GTRL of the Purchase Shares at a price of US$0.13623 per Purchased Share, for an aggregate purchase price of US$14,849,921. The Purchased Shares represent approximately 13.36% of the issued and outstanding common shares of PetroTal (the "Common Shares") as of January 20, 2021. Prior to the transactions, GTRL owned 246,100,000 Common Shares, representing approximately 30.15% of the issued and outstanding Common Shares as of January 20, 2021. Following the transactions, GTRL will own 137,093,750 Common Shares, representing approximately 16.80% of the issued and outstanding Common Shares as of January 20, 2021. The purchase price is C$0.1735 per Purchased Share for an aggregate purchase price of C$18,912,584.40, in each case based on the Bank of Canada daily exchange rate on January 19, 2021. GTRL is disposing of the Purchased Shares for investment purposes. 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 PetroTal, or may continue to hold its position in PetroTal. PetroTal, GTRL and Gran Tierra Energy International Holdings Ltd. ("GTEIHL") are parties to an investor rights agreement dated December 18, 2017 pursuant to which GTRL and GTEIHL were granted the right to nominate certain directors to the board of directors of PetroTal, certain pre-emptive rights, certain registration rights and certain piggy-back registration rights. PetroTal's head office is located at 11451 Katy Freeway, Suite 500, Houston, Texas, United States 77079. The Common Shares are traded on the TSX Venture Exchange and the AIM. GTRL's address is Suite 900, 520 - 3rd Avenue SW, Calgary, Alberta, Canada T2P 0R3. A copy of the early warning report with additional information in respect of the foregoing matters will be filed and made available on PetroTal's SEDAR profile at www.sedar.com. To obtain a copy of the early warning report, you may also contact Ryan Ellson, Chief Financial Officer of Gran Tierra and a director of GTRL at (403) 767-6501.