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July 2016 Corporate Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · Jul 12, 2016 · 45 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 1
    FINANCIALLY STRONG DISCIPLINED APPROACH VALUE DRIVEN Corporate Presentation July 2016 1
  2. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 2
    CONTENTS 1. Introduction to Gran Tierra 2. Acquisition of PetroLatina 3. Financial Overview 4. Marketing and Transportation 5. Asset Management 6. Exploration 7. Summary 3
  3. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 3
    1. Introduction to Gran Tierra 4
  4. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 4
    WHY INVEST IN GRAN TIERRA 1 STRONG FINANCIAL POSITION & SIGNIFICANT FUNDS FLOW FROM OPERATIONS (PRE-PETROLATINA ACQUISITION), WITH LOW DECLINE BASE PRODUCTION Solid balance sheet; pre-PetroLatina acquisition, as at May 31, 2016, 194…
  5. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 5
    WHY INVEST IN GRAN TIERRA 3 POTENTIAL TO TRIPLE VALUE OF COMPANY OVER NEXT 3-5 YEARS THROUGH GRAN TIERRAS EXPLORATION PORTFOLIO (PRE-PETROLATINA ACQUISITION) 1.1 million gross acres (0.8 million net) of land in highly prospective and…
  6. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 6
    SIGNIFICANT EXPERIENCE, PROVEN TRACK RECORD MANAGEMENT TEAM BOARD OF DIRECTORS Gary Guidry President & CEO Gary Guidry President & CEO Professional Engineer (P. Eng.) registered with APEGA with more than 35 years of experience. Before…
  7. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 7
    COMPANY SNAPSHOT Highly liquid stock (NYSE & TSX), Pre-PetroLatina Pro Forma Market Statistics underpinned by solid Net Asset Acquisition PetroLatina Value (NAV), low decline production Symbol (NYSE MKT, TSX) GTE and strong cash…
  8. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 8
    CORPORATE STRATEGY Grow Net Asset Value per share by 3-5x within 5 years Discovered Resources Undiscovered Resources New Inventory Grow / maintain existing High graded exciting exploration Continue evaluation of acquisition…
  9. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 9
    2. Acquisition of PetroLatina 10
  10. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 10
    EXECUTING OUR STRATEGY - TRANSACTION RATIONALE 1 Addition of significant 2P reserves (+70%) Material step-up in production and sustainable production growth Scale Become the largest listed, independent Colombian focused E&P (by…
  11. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 11
    ACQUISITION SUMMARY Transformational deal that provides production growth over the next three years and establishes GTE in the Middle Magdalena Basin Gran Tierra, PetroLatina Energy Limited (PetroLatina) TRANSACTION SUMMARY and certain…
  12. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 12
    PETROLATINA OVERVIEW COMPANY OVERVIEW ASSET MAP Private, independent E&P company with assets primarily in the Middle Magdalena Basin, Colombia(1) 100% interest in and operator of Acordionero oil field (Midas) 4 production blocks:…
  13. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 13
    ACORDIONERO (100% WI) ASSET OVERVIEW ACORDIONERO PRODUCTION (2P)(1) 20 (Pre-Royalties) Acordionero is a conventional oil field with oil trapped in 15.1 14.4 2 formations and 4 way structural closure 15 13.5 13.2 11.5 9.6…
  14. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 14
    GRAN TIERRA POST TRANSACTION PRO-FORMA PRODUCTION(1) TRANSACTION METRICS 50 (Pre-Royalties) 41 28% 42 56% Gran Tierra 40 33 Pro-Forma Accretion(3) 18% 9 Gran Tierra PetroLatina (Excl. Synergies) (Per Share) 15 mboe/d 30 5 2P…
  15. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 15
    FUNDING FRAMEWORK FUNDING THE ACQUISITION NEW DEBT US130mm debt facility Deferred Payment RBL Debt Tenor: one year 25mm 62mm Flexible repayment allows for multiple longer term financing options Existing Cash 160mm(1) 2016…
  16. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 16
    PRO FORMA VALUE NET ASSET VALUE (BEFORE TAX, 10% DISCOUNT RATE) US MILLION3 (5) (2) (5) (2) (1) (1) (4) (1) Based on number of shares outstanding pre-equity raise (296.2 million) (2) Based on number of…
  17. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 17
    3. Financial Overview 18
  18. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 18
    FINANCIAL STRENGTH (PRE-PETROLATINA ACQUISITION) POSITIONED TO EXECUTE OUR STRATEGY Strong cash position, cash flow & borrowing capacity CASH & CURRENT UNDRAWN RESTRICTED CASH1 WORKING CAPITAL1 CREDIT FACILITY3 TOTAL LIQUIDITY 170…
  19. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 19
    2016 WORK PROGRAM (US) (PRE-PETROLATINA ACQUISITION) ORIGINAL BASE CAPITAL PROGRAM ADDITIONAL EXPLORATION CAPITAL Chaza Block 50 MM Colombia Exploration 33-43 MM 2 gross water injection wells at Costayaco Drill 2 additional gross…
  20. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 20
    4. Marketing and Transportation 21
  21. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 21
    MARKETING & TRANSPORTATION: CAPTURING VALUE Restructured marketing function, core competency of Gran Tierra Gran Tierra has very strong logistics and operations team which safely and efficiently transports barrels Multiple export…
  22. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 22
    MULTIPLE Barranquilla EXPORT ROUTES Cartagena Multiple options to monetize crude Coveas oil production Netbacks vary by route, however pipeline tariffs are paid in US and trucking costs are paid in Colombian Truck route to…
  23. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 23
    5. Asset Management 24
  24. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 24
    COLOMBIA - COSTAYACO OVERVIEW Field Production (May 1st , 2016) Oil: 12,368 bopd Water: 21,839 bwpd (63.8% w/c) GOR: 148 scf/stb Water Injection: 27,869 bwpd Cab T T + Cab U+T+Cab Injectors REMAINING RECOVERABLE…
  25. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 25
    COSTAYACO TYPE WELL1 2,500 4.0 3.6 Cumulative Oil (MMbbl), WaterCut (%) 2,000 3.2 Caballos+T Sand 2.8 Oil Rate (bopd) 1,500 2.4 2.0 1,000 1.6 Watercut 100% 1.2 500 0.8 0.4 0 0.0 0 5 10 15 Time (Years) Oil…
  26. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 26
    COSTAYACO RESERVOIR SIMULATION Model updated to May 1st 2016, including production from new wells (CYC-23i and CYC-27i) Good oil, water and pressure history match on a field basis allows us to accurately predict production, optimize…
  27. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 27
    MOQUETA OVERVIEW Field Production (May 1st , 2016) Oil: 7,351 bopd Water: 1,778 bwpd (19.5% w/c) Cab GOR: 308 scf/stb Water Injection: 9,285 bwpd T + Cab Monitors Suspended MQT 2 MQT 1 MQT 22 Injectors ZPT 1 MQT 14 MQT 21 MQT…
  28. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 28
    MOQUETA TYPE WELL 600 2.4 Caballos+T Sand 2.2 Cumulative Oil (MMbbl), WaterCut (%) 500 2.0 1.8 400 1.6 Oil Rate (bopd) 1.4 300 1.2 Watercut 100% 1.0 200 0.8 0.6 100 0.4 0.2 0 0.0 0 5 10 15 20 25 Time (Years)…
  29. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 29
    MOQUETA SIMULATION: HISTORY MATCH Moqueta - Fluid History Match Dynamic Model Description 9,000 8,000 Oil/Water Rate (bpd) 7,000 Extremely high resolution model (25 x 25 x 1m grid) 6,000 5,000 Single model for all…
  30. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 30
    SURORIENTE BLOCK - LOCATION AND OVERVIEW BLOCK OVERVIEW GTE has 15.8% non-op working interest in block In the Putumayo basin on the border with Ecuador Association contract with Ecopetrol, expires in 2023 Gross WI Reserves (McDaniel…
  31. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 31
    PORTFOLIO OF OPPORTUNITY NON-CORE ASSETS IN BRAZIL & PERU Colombia MANAGEMENT EVALUATING STRATEGIC OPTIONS FOR VALUE MAXIMIZATION: PERU FARM-OUT Bring in industry / financial partners to fund projects BRAZIL Carry for exploration and…
  32. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 32
    BRAZIL GROWING OIL PRODUCTION AND A MATERIAL ACREAGE POSITION GTE BRAZIL OVERVIEW ACREAGE PORTFOLIO 47,734 gross acres, 100% W.I. in 7 blocks GROSS BLOCK GTE W.I. COMMENTS ACRES Recncavo Basin located in one of the principal…
  33. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 33
    PERU BLOCK 95 CONTINGENT RESOURCES Bretaa Norte 95-2-1XD 99 foot gross (53 foot net) oil column 3,095 bopd natural flow (18.5API) from horizontal side-track Additional exploration potential in Envidia Lobe Future development area…
  34. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 34
    PERU EXPLORATION BLOCKS 123 AND 129 Maraon Basin BLOCKS 107 AND 133 - Ucayali Basin Immediately up-dip and along strike from prolific New 2D seismic acquired, five new prospects and leads producing fields identified on Block 107 New 2D…
  35. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 35
    SUMMARY High quality, light oil assets Mature with infrastructure and drilling capex largely complete Strong cashflow generating assets Application of technology expected to identify further potential upside Restructured to…
  36. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 36
    6. Exploration 37
  37. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 37
    EXPLORATION STRATEGY Focus on Colombia Focus on proven basins Large prospective resource inventory with diversified plays & prospects Structural prospects in proven basins / stratigraphic N sand play in Putumayo Basin Seismically…
  38. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 38
    MEAN PROSPECTIVE RESOURCES1 P = Prospects; L = Leads 1) EXCLUDES PetroLatina; see endnotes. 39
  39. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 39
    MCDANIEL PROSPECTIVE RESOURCES YEAR END 2015 Colombia Prospective Resources1 Risked BOE (MMBOE) WI Prospective Resources - Unrisked Resources Prospects / Basin Low P50 Mean High Mean Leads Putumayo 45P 114.9 306.6 441.4 921.4…
  40. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 40
    PUTUMAYO BASIN N- SAND PLAY FAIRWAY1 1) IHS 2015 reference 41
  41. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 41
    REGIONAL N SAND BASIN STATISTICS1 o 82 wells exploratory wells structural targets o 47/82 wells encountered N sand reservoir 57.3% chance of encountering N sand in basin CHAZA o Chance of Success GUAYUYACO 53% chance of…
  42. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 42
    REGIONAL N SAND PROSPECTS WITHIN PORTFOLIO 14,724 km of 2D seismic, 1,342 sq.km of 3D seismic in Putumayo basin 43
  43. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 43
    WHY INVEST IN GRAN TIERRA 1 STRONG FINANCIAL POSITION & SIGNIFICANT FUNDS FLOW FROM OPERATIONS (PRE-PETROLATINA ACQUISITION) WITH LOW DECLINE BASE PRODUCTION 2 RECENTLY ANNOUNCED ACCRETIVE, TRANSFORMATIONAL PETROLATINA…
  44. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 44
    SOLID TRACK RECORD OF VALUE CREATION Average shareholder returns of 45%/year & 2P reserves growth of 79% at prior 4 companies led by Mr. Guidry Awarded Oil Council Executive of the Year in 2014 Experience Performance Under Managements…
  45. July 2016 Corporate Presentation – Gran Tierra Energy, Inc. – slide 45
    FUNDS FLOW FROM OPERATIONS Three Months Ended Funds Flow From Operations Non-GAAP Measure (US 000s) March 31, 2016 December 31, 2015 Net loss (45,032) (82,722) Adjustments to reconcile net loss to funds flow from operations DD&A…

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