CALGARY, Sept. 3 /CNW/ - Gran Tierra Energy Inc. (NYSE Amex: GTE; TSX:
GTE), a company focused on oil exploration and production in South America,
today announced that it is opening an office in Rio de Janeiro, and appointing
Julio Cesar Moreira as president of its Brazil business unit.
"Gran Tierra Energy's successful growth in South America has been driven
by our ability to identify underdeveloped land in countries that provide a
favorable environment for independent oil and gas exploration companies," said
Dana Coffield, President and Chief Executive Officer. "While more than 20
proven petroleum basins exist in Brazil, many of the onshore and offshore
shallow water regions remain relatively untested. We're entering this region
to expand access to exploration opportunities, and to leverage our operating
capabilities in a country in which our senior management already has
experience, and which has a stable legal system and attractive fiscal terms."
Julio Cesar Moreira's appointment to the position of President of Gran
Tierra Energy's Brazilian business unit will be effective September 8, 2009.
Mr. Moreira has over 25 years of experience working for international
companies in Brazil in senior business development positions. Most recently,
he was Managing Director for IBV Petroleo Ltda, and Brazil Country Manager for
EnCana Corporation where he was instrumental in capturing assets which were
later sold for a combined value of over $500 million. Prior to that Mr.
Moreira was New Ventures & Business Development Vice President of Unocal
Mr. Moreira holds an Information Technology degree from Universidade
Federal Fluminense in Rio de Janeiro, and a graduate degree in Marketing from
Rio Catholic University. In addition, he has attended Executive Management
programs in Oil and Gas at Thunderbird (USA) and the Ivey Business School at
the University of Western Ontario (Canada).
The Rio de Janeiro office will coordinate business development activities
targeted at capturing high quality exploration and production opportunities in
the onshore and shallow water offshore areas of Brazil. These opportunities
may include new bid round acreage, production enhancement on acreage that may
be acquired with pre-existing operations, farm in opportunities, and M&A
In addition to a small office staff in Rio de Janeiro, Gran Tierra Energy
is establishing a Brazil technical team in Calgary that will work with Mr.
Moreira to evaluate Brazil opportunities. This team and Mr. Moreira will
report up through Mr. Shane O'Leary, Chief Operating Officer, who previously
worked closely with Mr. Moreira in his capacity as Business Unit Leader,
Gran Tierra Energy's Brazil business unit is currently located in
temporary offices at Avenida Luis Carlos Prestes, 180, Sala 349 - CEP
22775-055 - Barra da Tijuca, Rio de Janeiro, Brazil, Telephone: (21)
2112-4657, Fax: (21) 2112-4601. Permanent offices are expected to be
established in approximately three months.
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. is an international oil and gas exploration and
production company, headquartered in Calgary, Canada, incorporated in the
United States, trading on the NYSE Amex Exchange (GTE) and the Toronto Stock
Exchange (GTE), and operating in South America. Gran Tierra Energy holds
interests in producing and prospective properties in Argentina, Colombia and
Peru. Gran Tierra Energy has a strategy that focuses on establishing a
portfolio of producing properties, plus production enhancement and exploration
opportunities to provide a base for future growth. Additional information
concerning Gran Tierra Energy is available at www.grantierra.com.
Gran Tierra Energy's Securities and Exchange Commission filings are
available on a web site maintained by the Securities and Exchange Commission
at http://www.sec.gov and on SEDAR at http://www.sedar.com.
The statements in this news release regarding Gran Tierra Energy's
expectations that its entry into Brazil will provide access to expanded
exploration opportunities, and that the opportunities in Brazil may include
new bid round acreage, production enhancement of existing acreages, farm in
opportunities, and M&A transactions, are forward-looking statements or
financial outlook (collectively, "forward-looking statements") under the
meaning of applicable securities laws, including Canadian Securities
Administrators' National Instrument 51-102 Continuous Disclosure Obligations
and the United States Private Securities Litigation Reform Act of 1995. These
statements are subject to risks, uncertainties and other factors that could
cause actual results or outcomes to differ materially from those contemplated
by the forward-looking statements, including, among others: Gran Tierra Energy
may not be able to identify or negotiate opportunities on terms it believes
are financially advantageous to it; and Gran Tierra Energy has not previously
operated in Brazil and may experience unforeseen difficulties in operating in
Brazil. Further information on potential factors that could affect Gran Tierra
Energy are included in risks detailed from time to time in Gran Tierra
Energy's Securities and Exchange Commission filings, including, without
limitation, under the caption "Risk Factors" in Gran Tierra Energy's Quarterly
Report on Form 10-Q filed August 10, 2009. These filings are available on a
Web site maintained by the Securities and Exchange Commission at
http://www.sec.gov and on SEDAR at www.sedar.com. The forward-looking
statements contained herein are expressly qualified in their entirety by this
cautionary statement. The forward-looking statements included in this press
release are made as of the date of this press release and Gran Tierra Energy
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as expressly required by applicable securities legislation.
For further information:
For further information: For media and investor inquiries please contact
Thomas McMillan, Equicom Group, 1-866-973-4873, (403) 536-5903,