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March 2017 Corporate Presentation – Gran Tierra Energy, Inc.

Gran Tierra Energy, Inc. · Mar 1, 2017 · 51 slides

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Slides

  1. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 1
    FINANCIALLY STRONG DISCIPLINED APPROACH VALUE DRIVEN Corporate Presentation March 2017 1
  2. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 2
    GRAN TIERRA KEY INVESTMENT ATTRIBUTES 4 strategic acquisitions in Colombia in 2016*, established dominant land position in highly Transformed prospective, underexplored Putumayo & new core area in prolific Middle Magdalena Portfolio…
  3. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 3
    COMPANY SNAPSHOT Market Statistics Symbol (NYSE MKT, TSX) GTE 2016 Year-End 2P Gross W.I. Reserves3 (MMBOE) Share Price (at close February 24, 2017), NYSE MKT US 2.61 Daily Trading, 30-day Ave Volume, NYSE MKT/TSX 2.00 MM / 2.50 MM…
  4. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 4
    CORPORATE STRATEGY Discovered Resources Undiscovered Resources New Inventory Appraise & develop newly Accelerating N-Sand, Continue evaluation of Ecopetrol acquired fields, including the large A Limestone, U/T/Caballos joint-venture…
  5. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 5
    DELIVERING ON OUR FOCUSED STRATEGY Reserves Growth(1) Production Growth 1 199 2 (mmboe, W.I., pre-royalties) (mboe/d, W.I., pre-royalties) 146% 34% 91% 126 81 31.0 66 51% 23.1 73 48 Dec-15 Dec-16 1P Reserves 2P Reserves…
  6. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 6
    NET ASSET VALUE 3,500 Net Asset Value (NAV)1 Based on McDaniel Dec.31, 2016 Reserve Report, 7.85 Before Tax (USMM, US/share) 3,000 2,500 1,196 2,000 4.85 1,500 3,131 925 220.5 2.53 1,000 314 1,935 500 916 1,010 0…
  7. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 7
    NETBACK COMPARISON Operating Netback Peer Comparison1, Sep YTD 2016 (US/bbl ) 25 20.90 20 17.52 16.75 16.27 15.76 15.34 15.26 15 13.58 13.52 13.27 11.52 10.10 10 9.14 8.89 8.47 8.16 6.68 5 0 RRX GTE VET PXT BNE SPG WCP…
  8. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 8
    2017 CAPITAL BUDGET & PRODUCTION GUIDANCE1 2017 CAPITAL BUDGET ( MILLION) 2017 CAPITAL BUDGET ALLOCATIONS At US56.00/bbl Brent2, Gran Tierra expects to fund its capital budget from cash from operating activities3 COLOMBIA Development…
  9. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 9
    2017 CASH FROM OPERATING ACTIVITIES GUIDANCE1&2 With projected 2017 Brent oil price of 56/bbl, Gran Tierra expects following ranges of 2017 cash from operating activities and 2017 expenses Brent (/bbl) 56.003 2017 expected 2017…
  10. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 10
    Core Assets 11
  11. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 11
    MIDDLE MAGDALENA ACORDIONERO (100% WI) Field Production (December 31, 2016) Oil: 6,877 bopd (6 wells total) Water: 46 bwpd (0.7% water cut) GOR: 113 scf/stb 120 Reserves & NPV (mmboe; USMM)1 96 100 80 mmboe 60 48 40…
  12. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 12
    Lisama A Structure ACORDIONERO FIELD OVERVIEW W AC-2 E Main UNC 60+ dip 35 dip 13
  13. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 13
    ACORDIONERO 2P DEVELOPMENT PLAN1 Lisama A Facilities Expansion 1: 15,000 BFPD / 10,000 BOPD Structure CPF Pad: 3 new producers, 2 new injectors AC-2 Pad: 4 new producers, 1 new injector CPF Pad Mochuelo Pad: 1 water source AC-4…
  14. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 14
    PUTUMAYO COSTAYACO OVERVIEW (100% WI) Large increase in fluid handling Field Production (Dec.31, 2016) Oil: 14,249 bopd Water: 34,083 bwpd (71% w/c) GOR: 174 scf/stb Water Injection: 37,318 bwipd Reserves & NPV (mmboe; USMM)1…
  15. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 15
    COSTAYACO: NEW OIL PLAY, BYPASSED A LIMESTONE (100% WI) Jet Pump Natural Flow 29.5o API Oil Costayaco-19: 60 perforated interval/100 pay; jet pump, 70% drawdown Costayaco-9: producing 527 bopd (29.5oAPI), 2% water cut, 200…
  16. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 16
    COSTAYACO STRUCTURAL CROSS SECTION Costayaco 19ST Costayaco 9 Costayaco 24 Costayaco 26 Field wide potential in both the A and M2 Limestones. 17
  17. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 17
    COSTAYACO: A LIMESTONE POTENTIAL DEVELOPMENT A Limestone Depth Structure Map CYC 19 Recompletion 2.1% W/C 527 17i On Stream 19/09/2016 bopd 7i 12 CYC 9 Recompletion CYC 9 On Stream 14/10/2016 2017 YTD 23i Possible Drawdown…
  18. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 18
    COSTAYACO: POTENTIAL ADDITIONAL DEVELOPMENT POTENTIAL ACTIVITIES 2 conversions; producer to injectors (Jan 2017 and April 2017) Add 2 high pressure T Sand Oil Saturation Map injection pumps (April, May 2017) Install a 2nd test…
  19. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 19
    COSTAYACO: POTENTIAL UPSIDE N SAND1 McDaniels Evaluation (Dec 2016) Parameter 1P 2P 3P Area (acres) 300 300 300 1.0% W/C OOIP (MSTB) 3,320 3,320 3,320 660 R.F. 12.5% 16.0% 20.0% bopd Reserves (MSTB) 415 531 664 CYC 1 Note:…
  20. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 20
    COSTAYACO: POTENTIAL UPSIDE A / M2 LIMESTONE1 A Limestone Depth Structure Map M2 Limestone Thickness Map CYC 28 Core: Fractures CYC 26; CYC 28 flowing oil Core; Oil Fluorescent cut very strong Shows Possible OWC McDaniels…
  21. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 21
    PUTUMAYO MOQUETA OVERVIEW (100% WI) Large increase in water injection Field Production (Dec. 31, 2016) Oil: 6,365 bopd Water: 2,246 bwpd (26.0% w/c) GOR: 494 scf/stb Water Injection: 11,624 bwipd 25 Reserves & NPV (mmboe;…
  22. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 22
    MOQUETA STRUCTURAL CROSS SECTION A Moqueta 7 Moqueta 6N ST Moqueta 4 Moqueta 8 Moqueta 11 Moqueta 19ST Moqueta 21 A A A Consistent A Limestone package evident across the field, 100ft thick 23
  23. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 23
    MOQUETA POTENTIAL GOR Decreasing DEVELOPMENT Increasing fluid handling capacity from MQT-10i 9,000bbl/d to 16,000bbl/d Injection Optimizing and executing ongoing stimulation program Increased injection 44% via pump optimization…
  24. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 24
    MOQUETA POTENTIAL UPSIDE MQT-4 Pad MQT-1 MQT-7 North Block Pad Pad Prospect Shallow Prospect A Limestone / M2 Limestone / N Sand Potential 25
  25. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 25
    Near Term Limestone Opportunities MQT-1 MOQUETA POTENTIAL UPSIDE A Limestone / M2 Limestone MQT-19 MQT-5 Significant pay with gas shows identified in multiple wells Strong oil shows through the A and M2 Limestones in MQT- MQT19…
  26. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 26
    MARKETING & TRANSPORTATION Restructured marketing function, improved netbacks by up to 2.50/bbl Sales netbacks after transportation vary by < 4.00/bbl depending on route Significant pipeline capacity in Putumayo for current &…
  27. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 27
    Exploration 28
  28. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 28
    EXPLORATION UPSIDE WITH LARGE RESOURCE BASE Colombia Prospective Resource (before royalties)1 Risked BOE (MMBOE) MCDANIEL 2015 YEAR END WI Prospective Resources Unrisked Resources Prospects / Basin Low P50 Mean High Mean Leads…
  29. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 29
    COLOMBIA EXPLORATION PROJECTS - 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1 - 2 wells 3 - 4 wells 2 - 3 wells 2 - 3 wells 1 - 2 wells 3 - 4 wells 2 - 3 wells 2 - 3 wells 1 seismic 1 seismic 1 seismic 1 seismic Jan Feb Mar Apr May Jun Jul Aug…
  30. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 30
    PUTUMAYO BASIN N SAND PLAY FAIRWAY Competitive advantages Regional seismic coverage of 2D and 3D Significant multi-zone production Large contiguous land base N Sand Play NBM Play fairway largely captured Amplitudes…
  31. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 31
    PUTUMAYO BASIN: 2017 EXPLORATION WELLS 2017 drilling program will further test seismically defined N Sand amplitude play Several exploration wells will be deepened to test A Limestone play away from current known production &…
  32. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 32
    PUTUMAYO: UNDEREXPLORED MULTI-ZONE POTENTIAL OIL ANALOG FIELDS RESERVOIR CUMPLIDOR QUINDE COHEMBI N Sand M2 Limestone Limestone & Sandstone ORITO Reservoir Villeta Fm A Limestone COSTAYACO Sandstone Reservoir Sealing…
  33. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 33
    GRAN TIERRA KEY INVESTMENT ATTRIBUTES Transformed Portfolio High Quality Assets Large Resource Base Control of Operations Visible Production Growth Sustainable business model, fully funded by forecasted cash from…
  34. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 34
    Appendix 35
  35. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 35
    ECOPETROL 2016 BID ROUND 2 SUCCESSFUL ACQUISITIONS On Nov.25/2016, submitted 2 successful bids for combined US30.4 million for Santana & Nancy- Burdine-Maxine Blocks Gross WI 2016 average production before royalties 600 bopd & 300…
  36. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 36
    2016 2P RESERVES BREAKDOWN AND RESERVES PROGRESSION1 Reserves by Property (mmboes) Reserves Progression (mmboes) Acquisitions almost doubled 2P 2015 reserves Acordionero, Costayaco and Moqueta represent 74% of the asset…
  37. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 37
    GTE RESERVES SUMMARY 2P1 2P Production (W.I., mbbl/d) Production increase is primarily from the development of Acordionero No exploration success is assumed in the forecast Development expenditures over the next 3 years are…
  38. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 38
    2016 RESERVE HIGHLIGHTS1 2P NPV10 Before Tax (MM) Dec-16 Dec-15 Change Putumayo 889 872 2% Reserves per share increased by 35% in 2P Middle Magdalena 999 0 n/a and 74% in 3P cases Llanos 78 47 65% Brazil 188 182 4% Total 2,154…
  39. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 39
    UNDEVELOPED LOCATIONS1 FY2015 vs FY2016 Net number of wells FY2016 Undeveloped Reserves* per well, Dec 2016 (mmboes) 60 54 50 36 40 30 19 20 9 9 10 5 0 1P 2P 3P 1P 2P 3P Reserve Report as of Reserve Report as of Dec 31 2015…
  40. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 40
    ACORDIONERO PRODUCTION, CASH FLOW & CAPEX1,2 1P Production (W.I., mbbl/d) 2P Production (W.I., mbbl/d) 3P Production (W.I., mbbl/d) 10 20 25 23 22 22 9 16 20 8 15 20 14 18 mbbl/d 8 15 13 20 16 mbbl/d 7 mbbl/d 12 5…
  41. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 41
    COSTAYACO PRODUCTION, CASH FLOW & CAPEX1,2 Reserves & NPV (mmbbl; USmm) 2P Production (W.I., mbbl/d) 14 40 15 12 mbbl/d 9 35 33 10 7 6 5 4 5 4 3 30 27 3 mmboe 25 - 21 2017 2018 2019 2020 2021 2022 2023 2024 2025…
  42. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 42
    MOQUETA PRODUCTION, CASH FLOW & CAPEX1,2 Reserves & NPV (mmbbl; USmm) 2P Production (W.I., mbbl/d) 8 25 6 6 23 5 mbbl/d 6 5 4 4 3 3 3 2 20 2 18 2 mmboe - 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 15 13 2P…
  43. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 43
    OTHER PORTFOLIO ASSETS LEGACY ASSETS IN BRAZIL & PERU Colombia MANAGEMENT EVALUATING STRATEGIC PERU OPTIONS FOR BRAZIL & PERU VALUE MAXIMIZATION: BRAZIL 35 million sale1 to Maha Energy announced, BRAZIL expected close on or…
  44. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 44
    BRAZIL OPTIMIZING PRODUCTION, NETBACK AND RECOVERY EFFICIENCY GTE BRAZIL OVERVIEW 35 million sale1 to Maha Energy TI FIELD OIL & GAS RESERVES (GROSS W.I.)2 announced, expected close on or before Aug.1/2017 MMBOE RESERVES…
  45. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 45
    PERU BLOCK 95 CONTINGENT RESOURCES Bretaa Norte 95-2-1XD 100 foot gross oil column 3,095 bopd natural flow (18.5API) from horizontal side-track Additional exploration potential in Envidia Lobe Future development area defined and to…
  46. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 46
    PERU EXPLORATION Blocks 123 & 129 Maraon Basin Blocks 107 & 133 - Ucayali Basin Immediately up-dip and along strike from prolific producing New 2D seismic acquired, five new prospects and leads identified fields on Block 107 New 2D…
  47. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 47
    SIGNIFICANT EXPERIENCE, PROVEN TRACK RECORD MANAGEMENT TEAM Gary Guidry President & CEO Adrian Coral President, Gran Tierra Energy Colombia Professional Engineer (P. Eng.) registered with APEGA with more than 35 Over 20 years experience,…
  48. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 48
    SIGNIFICANT EXPERIENCE, PROVEN TRACK RECORD BOARD OF DIRECTORS Gary Guidry President & CEO Ronald W. Royal Independent Professional Engineer (P. Eng.) registered with APEGA with 35+ years of Professional engineer with 35+ years of…
  49. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 49
    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…
  50. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 50
    FUNDS FLOW FROM OPERATIONS Three Months Ended Funds Flow From Operations Non-GAAP Measure (US 000s) December 31, 2016 September 30, 2016 Net cash provided by operating activities 6,643 48,222 Adjustments to reconcile net cash…
  51. March 2017 Corporate Presentation – Gran Tierra Energy, Inc. – slide 51
    New Address: 900, 520 3RD AVENUE SW CALGARY, ALBERTA, CANADA T2P 0R3 Investor Relations 403-265-3221 infograntierra.com 59

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