Drilling of Second Exploration Well in Putumayo Basin Initiated
CALGARY, Alberta, April 18 /CNW/ -- Gran Tierra Energy Inc. (OTC Bulletin
Board: GTRE), a company focused on oil exploration and production in South
America, today announced that it has begun mobilizing the Pride-6 service rig
to the Juanambu-1 exploration well location in the Guayuyaco Block, Putumayo
Basin, in southern Colombia.
Gran Tierra earlier reported that its Juanambu-1 well encountered
reservoir quality sandstones with hydrocarbon shows in four zones. These
zones will be evaluated with the test program, which is expected to last
approximately three weeks once the service rig is on location.
Gran Tierra Energy holds a 50% working interest and is Operator of this
block. Partner, Solana Resources Limited, holds a 50% working interest and
Ecopetrol has a 30% interest back-in right on commercial discoveries. If
Ecopetrol exercises its back-in right, then Gran Tierra Energy will hold a 35%
working interest and retain Operatorship, and Solana Resources Limited will
hold a 35% working interest in the new commercial field.
The Pride-17 drilling rig, which drilled the Juanambu-1 well, has been
mobilized to the adjoining Chaza Block and has initiated the drilling of the
Costayaco-1 exploration well. Gran Tierra is the operator of the Chaza block
with a 50% working interest.
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 holds
interests in producing and prospective properties in Argentina, Colombia and
Peru. To date, Gran Tierra has pursued a strategy that focuses on establishing
a portfolio of producing properties, development and exploration
opportunities, through selective acquisitions, to provide a base for future
growth. Additional information concerning Gran Tierra is available at
http://www.grantierra.com. Investor inquiries may be directed to
firstname.lastname@example.org or 1-800-916-GTRE (4873).
Forward Looking Statements
The statement in this press release regarding the duration of the testing
of the Juanambu-1 exploration well is a 'forward-looking statement' within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934. Although this forward-looking
statement reflects 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 this forward-looking statement, mechanical problems, equipment limitations
and weather delays. Readers are urged not to place undue reliance on this
forward-looking statement, which speaks only as of the date of this release.
Gran Tierra assumes no obligation to update this forward-looking statement in
order 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
made by Gran Tierra in its reports filed with the Securities and Exchange
Commission, including those risks set forth in the Gran Tierra's Registration
Statement filed on April 13, 2007, which attempt to advise interested parties
of the risks and factors that may affect Gran Tierra's business. If one or
more of these risks or uncertainties materialize, or if the underlying
assumptions prove incorrect, Gran Tierra's actual results may vary materially
from those expected or projected.
For further information:
For further information: Dana Coffield, President & Chief Executive
Officer of Gran Tierra Energy, Inc., 800-916-4873, email@example.com; or Al
Palombo of Cameron Associates Investor Relations, +1-212-245-8800, ext. 209,
firstname.lastname@example.org Web Site: http://www.grantierra.com/