Gran Tierra Energy Inc (GTE)

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News


Gran Tierra Energy temporarily reduces production operations in Putumayo Basin of Colombia in response to pipeline disruption
On Monday June 15, 2009, 8:30 am EDT

CALGARY, June 15 /PRNewswire-FirstCall/ - Gran Tierra Energy Inc. (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced that it has temporarily reduced production operations in the Putumayo basin in southern Colombia in response to a recent disruption to the Ecopetrol-operated Trans Andean Pipeline west of Orito.

"Since the onset of the disruption, Gran Tierra has been able to maintain a production rate of 2,000 barrels of oil per day (BOPD) net after royalty, and we expect to continue production at rates equal to or greater than this level while Ecopetrol works to reestablish pipeline transportation of crude from the Putumayo Basin," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "We expect oil transportation through the Trans Andean Pipeline west of Orito to resume shortly."

Production from Argentina continues to average approximately 900 BOPD net after royalty.

The suspension of production operations has had no impact on drilling operations. Testing of Costayaco-7 has been initiated and the drilling of Costayaco-8 is continuing. Both testing and drilling operations are expected to be completed by the end of June.