Gran Tierra Energy Initiates Exploration Operations in Peru



    Airborne Gravity and Magnetic Survey Underway

    CALGARY, CANADA, November 29 /CNW/ - Gran Tierra Energy Inc. (OTC
Bulletin Board: GTRE), a company focused on oil exploration and production in
South America, today announced that the company has initiated field operations
in Blocks 122 and 128 in northern Peru.

    Blocks 122 and 128 are both exploration blocks that were awarded to Gran
Tierra Energy in 2006. These two blocks are on the eastern flank of the
prolific Maranon Basin where over one billion barrels of recoverable oil has
been discovered to date. Block 122 encompasses approximately 1.2 million acres
and Block 128 encompasses approximately 2.2 million acres of land. Gran Tierra
Energy is Operator and holds a 100% working interest in both blocks.

    Approximately 20,000 linear kilometers of new high definition gravity and
magnetic data is scheduled to be acquired over the entirety of Blocks 122 and
128 in the coming three months to fulfill the company's work program
commitments for the First Exploration Period of each block. This data will be
used to define exploration leads over which 2-D seismic data will be acquired
in the Second Exploration Period of each block. The Second Exploration Periods
for both blocks begins in the second quarter of 2008.

    Dana Coffield, President and CEO, stated, "With the onset of our
operations in Peru, Gran Tierra Energy has begun maturing a vast land position
to identify high impact leads and prospects for future drilling. Our lands in
Peru are located immediately adjacent to an extremely prolific petroleum basin
but have never been tested by drilling. In addition, Peru has one of the most
attractive fiscal regimes in Latin America. This exploration program
complements our ongoing reserve and production growth that has been achieved
through our exploration drilling operations in Colombia and Argentina in
2007."

    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 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 info@grantierra.com or 1-800-916-GTRE (4873).

    Forward Looking Statements

    The statements in this press release regarding Gran Tierra Energy's
expectations regarding the amount and timing of data to be acquired in Blocks
122 and 128, as well as the uses to which the data will be put, 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 field operations to
acquire the data due to equipment failure or other unforeseen reasons;
unforeseen events, such as unexpected difficulties in drilling or unexpected
discoveries, may cause Gran Tierra Energy to reallocate resources, which may
delay field operations to acquire the data in Blocks 122 and 128; and
unexpected costs may decrease funds available to carry out Gran Tierra
Energy's plans described in the press release, which could delay or prevent
execution of these plans. 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
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.




For further information:

For further information: Gran Tierra Energy Inc. Dana Coffield,
800-916-4873 President & Chief Executive Officer info@grantierra.com or
Cameron Associates Al Palombo, 212-245-8800 Ext. 209 Investor Relations
al@cameronassoc.com

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Gran Tierra Energy Inc.

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