Operational Updates
Gran Tierra Announces Capital Budget and Exploration Update
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Production Update
Preliminary corporate production estimates, net after royalties ("NAR") and before changes in inventory and losses, for the three months endingJune 30,2012 averaged approximately 16,300 barrels of oil equivalent per day ("BOEPD") consisting of approximately 12,350 BOEPD in Colombia, 3,800 BOEPD in Argentina and 150 BOEPD in Brazil. Approximately 96% of this production consists of light oil, with the balance consisting of natural gas. Due to changes in inventory and pipeline losses, sales volumes in the quarter may be lower than stated production.
Second quarter 2012 production and sales have been impacted by oil delivery restrictions due to disruptions on the Ecopetrol-operated Oleoducto Transandino ("OTA") pipeline in Colombia, the latest of which occurred on July 3…
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