CALGARY, Canada, January 2, 2008 - Gran Tierra Energy Inc. (OTC BB: GTRE), a company focused on oil exploration and production in South America, today announced that the Toronto Stock Exchange (TSX) has conditionally approved the listing of common shares of the company. The listing and trading of the common shares of Gran Tierra Energy on the TSX is subject to the company satisfying all TSX approval conditions. As a result of this conditional approval, Gran Tierra Energy is now required to comply with all rules and policies governing listed companies on the TSX.
Gran Tierra Energy will retain its current listing on the OTC Bulletin Board. Upon successful listing and trading of common shares on the TSX, Gran Tierra Energy will become dual listed on both the Toronto Stock Exchange and the OTC Bulletin Board.
"This is a substantial step forward for Gran Tierra Energy and our shareholders," stated Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy Inc. "We expect that a listing on the Toronto Stock Exchange will substantially broaden our shareholder base and increase the visibility of the company to the financial community. We look forward to working closely with the Toronto Stock Exchange to satisfy all our listing requirements," Coffield concluded.
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. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia and Peru. The company's strategy is focused on establishing a portfolio of drilling opportunities to exploit undeveloped reserves to grow production, as well as undertaking exploration to grow future reserves. Additional information concerning Gran Tierra Energy is available at www.grantierra.com. Investor inquiries may be directed to [email protected] or 1-800-916-GTRE (4873).
Forward Looking Statements
The statements in this press release regarding Gran Tierra Energy's expectations with respect to the company's completion of the Toronto Stock Exchange listing requirements for trading of the company's common shares, its retention of its current listing on the OTC Bulletin Board, and the potential diversification of the company's current shareholder base and the increased visibility of the company to the financial community resulting from a listing on the Toronto Stock Exchange, are 'forward-looking statements' within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934. Although these forward-looking statements 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 not limited to, in the case of these forward-looking statements, unexpected delays in the processing of the company's application for listing of its securities, the company's ability to continue its eligibility for listing, or the company's ability to continue to meet listing standards, and the company's ability to remain current in its filings with the U.S. Securities and Exchange Commission. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Gran Tierra Energy assumes no obligation to update these forward-looking statements 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, including the risk factors, made by Gran Tierra Energy in its reports filed with the Securities and Exchange Commission, in particular under the caption "Item 1A - Risk Factors" of its quarterly report on Form 10-Q filed on November 8, 2007, which attempt to advise interested parties of the risks and factors that may affect Gran Tierra Energy's business. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Gran Tierra Energy's actual results may vary materially from those expected or projected.