• Gran Tierra Secures $200 Million Prepayment Facility Highlighting Strength of Portfolio 
• Increase and Extension of Canadian Credit Facility 
• Three Major Ecuador Discoveries Add to the Existing Success in Country 
• Colombia’s Southern Putumayo Cohembi Field Achieves Highest Production in a Decade

Gran Tierra Energy has announced the Company’s financial and operating results for the quarter ended September 30, 2025 and provided an operational update. 

Gary Guidry, President and Chief Executive Officer of Gran Tierra Energy:
“The Third Quarter showcased continued operational success across our portfolio. In Ecuador, we achieved further exploration success with the Conejo A-1 and A-2 wells and confirmed a new discovery at Chanangue-1, all of which highlight the significant potential of our acreage position. We also recently cased and cemented the Conejo A-2 well, targeting multiple prospective reservoirs including the Basal Tena and Hollin. The well discovered 41 feet of net reservoir with an average porosity of 13.8% in the Hollin formation suggesting well-connected reservoir quality over the full Conejo structural trap.

In Colombia, new wells at Costayaco continued to perform well, and the Cohembi field delivered a strong waterflood response, with production reaching levels not seen in over a decade. In Canada, we successfully drilled and brought two additional Lower Montney wells onstream, both meeting or exceeding expectations.

Production during the Quarter was temporarily impacted primarily by externally driven events, including a landslide in Ecuador that required the shut in of all Ecuador production for several weeks and trunk line repairs at the Moqueta field which resulted in the field being shut in for the Quarter. These volumes represent deferred bbls rather than lost production, and we are already seeing a strong recovery, with current production(2) averaging approximately 45,200 boepd. Based on the deferrals, we are forecasting the lower end of our production guidance range. The underlying assets continue to perform well, and our teams remain focused on ongoing optimization and maximizing production efficiency and cash flow with an expected exit rate of 47,000 to 50,000 boepd. We completed a number of initiatives to enhance liquidity and will be releasing our 2026 budget in mid December which will focus on free cash flow generation. The 2025 capital program was focused on fulfilling exploration commitments, which resulted in numerous material discoveries, and facility construction primarily in the Suroriente Block. With substantially all commitments behind us, the focus turns to free cash flow generation from our substantial, diversified resource base and deleveraging.”

Operational Update:

• Ecuador
  • Another successful exploration well, Conejo A-1 was drilled during the Quarter on budget. The well was subsequently completed and tested the Hollin and Basal Tena sands.
    • The Basal Tena and Hollin oil zones perforated over 19 feet (“ft”) and 40 ft of reservoir, respectively. Under natural flow conditions, the well has produced at stabilized rates over 308 hours at 1,328 bbls of oil per day (“bopd”), 26.9-degree API gravity oil, a 23.7% water cut, and a gas-oil ratio of 289 standard cubic feet per stock tank barrel. During the fourth quarter, the Company plans to re-enter the well to install the final completion and conduct selective testing of each zone to optimize total well production.
  • The Conejo A-2 well was spud on October 4, 2025, targeting multiple prospective reservoirs including the Basal Tena and Hollin. The well included coring of key intervals to further evaluate reservoir characteristics and potential.
    • The Conejo A-2 well discovered 41 ft of net reservoir with an average porosity of 13.8% in the Hollin formation. Of particular interest is the outstanding reservoir quality suggesting high deliverability over the full Conejo structural trap.
    • With the delivery of the Conejo A-2 well, Gran Tierra has completed all of the Exploration commitments in Ecuador and we are now well-positioned to continue to increase production into the development phase and establish our long-term growth position in Ecuador.
  • A new oil discovery was made in the legacy Chanangue-1 well drilled in 1990 and suspended in 1992 on the Chanangue Block. The well was re-entered to test the previously bypassed Basal Tena formation, which was subsequently perforated and brought online. The well is currently producing approximately 600 bopd on jet pump. This discovery highlights significant reserve potential and is expected to generate additional future drilling opportunities on the eastern side of the Chanangue Block.
• Colombia
  • During the Quarter, Gran Tierra’s development program in the northern area of the Costayaco field continued to perform well, with all three new wells contributing to production growth. The Costayaco-63, -64, and -65 wells were drilled and brought onstream between late June to mid-August, achieving average initial 30-day oil rates ranging from approximately 600 to 1,100 bopd with water cuts between 25% and 70%. Combined production from these wells during the Quarter averaged approximately 1,700 bopd with an average water cut of around 60%, helping sustain stable field output. We are currently changing the artificial lift system from jet pump to electronic submersible pumps which is expected to add an incremental 1,000 - 1,500 bopd.
  • Cohembi continues to deliver a strong waterflood response, with the five development wells drilled during the first half of 2025. Output from the northern area has increased by approximately 135%, rising from 2,800 to 6,700 gross bopd, with additional gains anticipated. Total field production has now exceeded 9,000 gross bopd – levels not achieved since 2014. Drilling has commenced a 6-well program which includes the Raju-1 exploration well, the 2nd well in the program, which is expected to spud in early November. The Raju-1 exploration well will be targeting a large prospective area north of the current development. We expect to have initial results from this well prior to year end 2025.
• Canada
  • Two additional Lower Montney wells were drilled, completed, and brought on stream in September, bringing total 2025 activity in Simonette to 4.0 gross (2.0 net) wells. Initial production performance has been very encouraging, with one well exceeding high-case expectations and another tracking closely to the base case and still cleaning up.

Capital Structure Optimization:

• Executed Oriente Crude Oil Agreements providing for an initial advance of up to $150 million and an additional $50 million, to be repaid through scheduled deliveries of Ecuadorian Oriente crude oil; proceeds are expected to be used to repay debt and fund select capital initiatives.
• Amended Colombian credit facility to align with the new prepayment structure, enhancing financial flexibility, reducing standby costs, and optimizing Gran Tierra’s overall capital structure.
• Subsequent to the Quarter, the Company amended and restated the existing credit agreement of Gran Tierra Canada Ltd. (“GT Canada”) pursuant to a second amended and restated credit agreement dated October 30, 2025 to, among other things, increase the total available borrowing capacity available under its credit facilities (the “Canadian Credit Facilities”) from C$50.0 million to C$75.0 million. Other key amendments to the Canadian Credit Facilities as a result of such amendment and restatement are summarized as follows:
  • The tenor of the Canadian Credit Facilities was extended by one year and converted from a “one year revolving facility with a one year term-out period” into a “two year revolving facility” with a maturity date of October 31, 2027;
  • GT Canada’s lender completed its semi-annual borrowing base review, which resulted in the borrowing base remaining at C$100.0 million; and
  • The existing uncommitted accordion feature (which contemplates a further increase of the Canadian Credit Facilities) was reduced from C$50.0 million to C$25.0 million.

Key Highlights of the Quarter:

• Production: Gran Tierra’s total average WI production was 42,685 boepd, which was 30% higher than the third quarter of 2024 due to the production from the Canadian operations acquired on October 31, 2024 and positive exploration well drilling results in Ecuador. Total average WI production was 10% lower than the quarter ended June 30, 2025 (the “Prior Quarter”) primarily as a result of a landslide in Ecuador that required the shut in of all Ecuador production for several weeks and trunk line repairs at the Moqueta field which resulted in the field being shut in for the Quarter. Working interest sales in the Quarter were 44,077 boepd primarily due to the recognition of 143,730 bbls of Ecuador oil production, which were held in inventory at the end of June and subsequently sold in July.
• Current Production: The Company’s current average production(2) has been approximately 45,200 boepd.
• Net Income (Loss): Gran Tierra incurred a net loss of $20 million, compared to a net loss of $13 million in the Prior Quarter and net income of $1 million in the third quarter of 2024.
• Adjusted EBITDA(1): Adjusted EBITDA(1) was $69 million compared to $77 million in the Prior Quarter and $93 million in the third quarter of 2024.
• Funds Flow from Operations(1): Funds flow from operations(1) was $42 million ($1.18 per share), down 31% from the third quarter of 2024 and down 23% from the Prior Quarter.
• Net Cash Provided by Operating Activities: Net cash provided by operating activities was $48 million ($1.36 per share), up 39% from the Prior Quarter and down 39% from the third quarter of 2024.
• Cash and Debt: As of September 30, 2025, the Company had a cash balance of $49 million, total debt of $804 million and net debt(1) of $755 million. During the Quarter, the Company repaid a total of $2 million of its credit facility. In addition to the $49 million cash on hand as of September 30, 2025, the Company currently has approximately $67 million of undrawn capacity with $111 million in credit and lending facilities and $44 million drawn as of September 30, 2025.

(1) Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. 

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