|Gran Tierra Energy Inc - GTE.t is advancing interests in producing and prospective properties in Colombia, Argentina, Peru and Brazil.|
Gran Tierra Energy Inc. (“Gran Tierra Energy”) (NYSE MKT: GTE, TSX: GTE), a company focused on oil and gas exploration and production in South America, today announced its financial and operating results for the quarter ended June 30, 2013. All dollar amounts are in United States (“U.S.”) dollars unless otherwise indicated.
Financial and operating highlights for the quarter include:
• Quarterly oil and natural gas production net after royalty (“NAR”) and adjusted for inventory changes, was 22,131 barrels of oil equivalent per day (“BOEPD”), an increase of 57% from the comparable period in 2012. Production before adjustment for inventory changes in July 2013 averaged approximately 23,000 BOEPD NAR. As a result of strong production performance in the first half of 2013, including continued plateau production at the Costayaco field in Colombia, guidance for 2013 has been increased from 20,000 BOEPD NAR to a range between 21,000 and 22,000 BOEPD NAR and before adjustment for inventory changes;
• Revenue and other income for the quarter was $168.8 million, a 47% increase over the comparable period in 2012;
• Net income for the quarter was $47.8 million, representing $0.17 per share basic and diluted, an increase of 265% compared with net income of $13.1 million, or $0.05 per share basic and diluted, in the comparable period in 2012;
• Funds flow from operations increased to $200.1 million in the first half of 2013 from $116.6 million in the comparable period in 2012;
• Cash and cash equivalents were $282.0 million at June 30, 2013, compared with $212.6 million at December 31, 2012;"