Gran tierra energy inc. announces exploration success in ecuador and strategic joint venture transaction and partnership to accelerate value in high-impact canadian montney oil play with logan energy corp.

Calgary, alberta, nov. 26, 2024 (globe newswire) -- gran tierra energy inc. (“gran tierra” or the “company”) (nyse american:gte)(tsx:gte)(lse:gte) is pleased to report that another significant milestone has been achieved in ecuador with a seventh successful oil discovery further confirming the significant potential of the arawana / zabaleta field area. in addition, we are excited to announce that gran tierra (by way of its wholly-owned subsidiary) has entered into a purchase and sale agreement with logan energy corp. (“logan”) (tsxv:lgn) pursuant to which logan would acquire 50% and operatorship of a portion of gran tierra's simonette montney assets (the “assets”) for approximately c$52 million in cash, subject to customary adjustments. after the closing of the transaction, gran tierra would retain 50 percent working interest in the assets. the transaction provides a growth-focused platform to advance gran tierra's montney development and is aligned with the company's corporate strategy of long-term value creation. all dollar amounts are in canadian dollars, and production amounts are on an average working interest (“wi”) before royalties basis unless otherwise indicated. per barrel (“bbl”) and bbls of oil equivalent per day (“boepd”) amounts are based on wi sales before royalties.
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