• Achieved 2022 Net Income of $139 Million ($0.38 per Share, Basic), Highest on Record
• 2022 Funds Flow from Operations2 Increased 96% Year-Over-Year to $366 Million, Highest on Record
• 2022 Adjusted EBITDA2 Increased 103% Year-Over-Year to $490 Million
• Generated 2022 Free Cash Flow2 of $129 Million, Highest on Record
• Achieved 2022 Average Working Interest Production of 30,746 BOPD, Up 16% from 2021
• Total Current Average Working Interest Production1 of Approximately 32,300 BOPD
• Achieved 126% 1P, 148% 2P and 280% 3P Reserves Replacement
• 1P Net Asset Value per Share Before Tax of $4.62, Up 77% from 2021
• 2P Net Asset Value per Share Before Tax of $7.36, Up 56% from 2021
• ESG Leadership: Company Has Planted Approximately 1.47 Million Trees in Colombia’s Putumayo Since 2018 

Gran Tierra Energy today announced the Company’s financial and operating results for the fourth quarter and year ended December 31, 2022.

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: 
“We are very pleased to announce that Gran Tierra achieved several Company financial records in 2022. Our excellent performance last year was driven by our successful results from our development and exploration drilling, waterflooding programs, field performance, and disciplined cost management combined with strong oil prices. Our many 2022 achievements resulted in year-over-year production growth of 16%, strong reserves replacement ratios well above 100%, and the highest annual figures in the Company’s history for net income, funds flow from operations2 and free cash flow2. We believe our success on multiple fronts during 2022 demonstrates Gran Tierra’s ability to be a full-cycle oil and gas exploration, development and production company focused on value creation for our stakeholders.

We have started 2023 strong with year-to-date average production of approximately 32,300 bopd, which is within our previously announced 2023 guidance range. Our 2023 Acordionero and Costayaco development drilling programs are now underway, while the Moqueta development drilling campaign that we started in fourth quarter 2022 is continuing. We continue to focus on the development of our existing assets, appraisal of new discoveries that we made last year and new exploration drilling, while generating free cash flow2 to strengthen our balance sheet and return capital to shareholders through share buybacks.

In addition, our ‘Beyond Compliance Policy’ continues. Where Gran Tierra identifies significant opportunities and benefits to the environment and communities, we voluntarily strive to go beyond what is legally required to protect the environment and provide social benefits because it is the right thing to do. We are very proud of the Company’s track record in all aspects of our environmental, social and governance stewardship.”

Production: 

• Gran Tierra achieved 2022 average WI production of 30,746 bopd (100% oil), a 16% increase from 2021, as a result of successful drilling and workover campaigns in the Acordionero and Costayaco fields, production coming online from exploration discoveries and less disruption from local blockades compared to 2021.
• The Company’s total current average production is approximately 32,300 bopd. The current production level is within the Company’s previously announced 2023 guidance range of 32,000-34,000 bopd.
• Building on the successful development and exploration drilling in 2022, as previously forecast, Gran Tierra expects 2023 production of 32,000-34,000 bopd, a 4-11% increase from 2022. This projected 2023 production increase would result from the Company’s previously forecast 2023 development drilling program of 10-12 wells in Acordionero, 6-8 wells in Costayaco, and 2-3 wells in Moqueta. Gran Tierra also plans to drill 4-6 exploration wells in 2023.

Operational Update - Colombia Development: 

Moqueta Development Campaign (Putumayo Basin): 

• Moqueta-25, the second development well in the 2022-2023 Moqueta drilling campaign, reached its planned total depth (“TD”) on January 15, 2023. This well has been completed and was put on production on February 1, 2023. Producing on jet pump in advance of an upcoming stimulation, from February 1 to 13, 2023, the well has averaged 383 bopd (27.7-degree API gravity) and 53 bbl of water per day, with a gas-oil ratio of 1,301 standard cubic feet per stock tank bbl. The third development well was spud on February 9, 2023, and is expected to reach its planned TD before the end of February 2023.
• The Company plans to drill and complete an additional 2 to 3 development wells in Moqueta over the next 4 to 5 months.

Costayaco Development Campaign (Putumayo Basin): 

• The first well in Costayaco’s six well 2023 development drilling program was spud on January 25, 2023, and reached its planned TD on February 2, 2023. Reservoir quality was as expected in this planned down-dip water injection well. The second well was spud on February 7, 2023, has reached TD and will be brought onto production before the end of February 2023. All wells in this drilling program are expected to be drilled by late second quarter 2023 and completed and put on production or injection by the third quarter 2023.

Acordionero Development Campaign (Middle Magdalena Basin): 

• The first well in Acordionero’s 10-to-12-well 2023 development drilling program, Acordionero-111, was spud on January 27, 2023, and reached its planned TD on January 30, 2023. Well logs acquired during the drilling of this well indicate that the reservoir pay zone came in as expected. The Company plans to complete this well and put it on production before the end of February 2023. The second well, a planned injector, was spud on February 5, 2023, and has reached TD. The third well was spud on February 12, 2023.
• All the planned wells in this year’s Acordionero development program are expected to have been drilled, completed and placed on production or injection by the end of second quarter 2023.

Suroriente Development (Putumayo Basin): 

• The Suroriente Block’s production averaged approximately 8,620 bopd gross (4,480 bopd WI) in January 2023, its second highest monthly production average since the second quarter of 2015.

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