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Here are 1-3 brief analogies to describe Gran Tierra Energy (GTE):

• Like a smaller EOG Resources, but focused on conventional oil exploration and production in Latin America (mainly Colombia).

• Similar to Barrick Gold, but they explore for and produce oil in Latin America instead of gold globally.

• A significantly smaller ConocoPhillips, concentrated on conventional oil fields in Latin America.

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• Crude Oil: Gran Tierra Energy explores for, develops, and produces crude oil primarily in Colombia and Ecuador for sale in international markets.
• Natural Gas: The company also produces natural gas, often in conjunction with oil production, which is sold to regional markets.

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Gran Tierra Energy (GTE) is an oil and gas exploration and production company. As such, it sells its crude oil and natural gas primarily to other companies rather than directly to individuals.

According to Gran Tierra Energy's 2023 Annual Information Form, its major customers include:

• Ecopetrol S.A. (BVC: ECOPETROL, NYSE: EC) - This national oil company of Colombia accounted for approximately 53% of Gran Tierra Energy's total revenue in 2023.
• An international crude oil marketing and trading company - This unnamed company accounted for approximately 28% of Gran Tierra Energy's total revenue in 2023. Public companies often do not disclose the names of all significant customers, especially trading firms, due to commercial confidentiality.

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Gary S. Guidry, President and Chief Executive Officer

Gary S. Guidry has over 40 years of experience in the international oil and gas industry. Prior to joining Gran Tierra Energy in May 2015, Mr. Guidry served as President and CEO of Caracal Energy Inc., a London Stock Exchange-listed company with operations in Chad, Africa, from mid-2011 until its acquisition by Glencore plc for $1.8 billion in mid-2014. In 2014, he received the Oil Council Executive of the Year award for his leadership with Caracal. Before Caracal, Mr. Guidry was the President and CEO of Orion Oil and Gas (TSX listed), which operated in western Canada from mid-2009 until it was sold in mid-2011. From May 2005 to December 2008, he was President and CEO of Tanganyika Oil Company (TSX listed), operating in Syria and Egypt. Prior to Tanganyika, Mr. Guidry was CEO of Calpine Natural Gas Trust. He also previously served as Senior Vice President and President of Alberta Energy Company International, and President and General Manager of Canadian Occidental Petroleum's Nigerian operations.

Ryan Ellson, Chief Financial Officer and Executive Vice President, Finance

Ryan Ellson has over 22 years of experience in international corporate finance and accounting. Before joining Gran Tierra Energy in May 2015, Mr. Ellson was Head of Finance for Glencore E&P (Canada) Inc., and prior to that, Vice President, Finance at Caracal Energy Inc., a London Stock Exchange-listed company with operations in Chad, Africa. Glencore E&P (Canada) acquired Caracal in July 2014. While at Caracal, he was instrumental in negotiating a $330 million farm-out to Glencore, securing a $250 million reserve-based lending facility, and was involved in multiple capital raises totaling approximately $500 million. He also played a key role in Caracal's successful listing on the London Stock Exchange. Before Caracal, Mr. Ellson held various management and executive positions with companies operating in Egypt, India, and Canada. Over his career, he has been involved in raising over $2 billion in debt and equity and multiple mergers and acquisitions totaling over $3 billion.

Sebastien Morin, Chief Operating Officer

Sebastien Morin was appointed Gran Tierra's Chief Operating Officer on November 6, 2023, and brings more than 20 years of experience in the oil and gas industry. Prior to this role, he served as President and Chief Operating Officer at WesternZagros Resources, a privately-owned petroleum operating company in the Kurdistan region of Iraq, from October 2021 to October 2023. Before his time at WesternZagros, Mr. Morin held progressively senior positions at Gran Tierra Energy, including Vice President Global Drilling and Completions, from 2014 to 2020.

Lawrence West, Chief Geology Advisor

Lawrence West has 43 years of experience as an executive, explorationist, and geologist. He is currently the Chief Geology Advisor at Gran Tierra Energy and was previously the Vice President of Exploration at the company, where he oversaw multiple drilling and seismic programs. Prior to joining Gran Tierra, Mr. West was the VP of Exploration at Caracal Energy, where he built a multi-disciplinary team to assess resources and grow reserves and led a successful exploration program. Before Caracal, he was involved with starting and growing several public and private companies, including Reserve Royalty Corp., Chariot Energy, Auriga Energy, and Orion Oil and Gas. His career began with Imperial Oil, and he also worked at Alberta Energy Company (AEC), where he was part of the team that merged with Conwest.

Jim Evans, Executive Vice President, Corporate Services

Jim Evans has over 30 years of experience, including 18 years in the international oil and gas industry. Most recently, he was the Head of Compliance & Corporate Services for Glencore E&P (Canada) and previously served as Vice President of Compliance & Corporate Services at Caracal Energy. At Caracal Energy, he oversaw corporate strategy, developed and implemented a robust corporate compliance program, and managed IT, document control, security, and administration. He also managed staff recruitment, training, and retention and oversaw the company's growth from seven employees to over 400 as Caracal Energy exceeded 20,000 barrels of oil per day at the time of its sale to Glencore. Before Caracal, Mr. Evans held senior management and executive positions at Orion Oil and Gas and Tanganyika Oil, with operating experience in Egypt, Syria, and Canada.

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1. Jurisdiction and Political Risk in Colombia: Gran Tierra Energy operates in Colombia, where it is exposed to significant political and regulatory uncertainties. This includes high existing taxes, the implementation of windfall profits taxes that can lead to an effective tax rate as high as 140% for periods, and the current administration's stance on the oil and gas industry, which has included banning fracking and considering further restrictions. Additionally, the company is susceptible to socio-political factors such as protests and blockades, which can disrupt operations.
2. High Debt Burden and Financial Health: The company carries a substantial debt load relative to its profitability, presenting a major financial risk. There is a continuous challenge in allocating capital effectively between funding necessary capital expenditures to maintain production and reducing its debt. If Gran Tierra Energy does not prioritize debt reduction, it faces the risk of refinancing at significantly higher interest rates. The company's ability to maintain adequate cash flow to service its debt is also a concern.
3. Commodity Price Volatility: As an oil and gas exploration and production company, Gran Tierra Energy's financial performance and outlook are heavily reliant on stable and favorable commodity prices. Fluctuations in global and regional demand, supply, and prices of oil and natural gas directly impact the company's revenues and profitability.

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Crude Oil

• Colombia:
  • In 2023, Colombia's crude petroleum exports were valued at $13 billion.
  • Colombia's crude oil market is projected to experience an 8.17% growth by 2027.
• Ecuador:
  • In 2023, Ecuador's crude petroleum exports amounted to $13.1 billion.
  • The crude oil refining segment within Ecuador's oil and gas downstream market contributed $2.5 billion in 2023, with projections to reach $3.2 billion by 2032. The overall Ecuador oil and gas downstream market is estimated at $476.76 million in 2025, expected to grow to $550.82 million by 2030.
• South America:
  • The total crude oil and condensate production in South America increased by 15.38% in 2023 compared to 2022.
  • South America is expected to add over 560,000 barrels per day (bpd) of crude and condensate in 2025, with additions potentially exceeding 750,000 bpd by 2026.

Natural Gas

• Colombia:
  • The Colombian gas sector is a mature market, with consumption reported at 1.263 billion cubic feet per day (bcfd) in December 2023. Average gas demand over the past six years has been around 960 million cubic feet per day (MMcfd).
  • In 2020, domestic dry natural gas consumption in Colombia was 413 billion cubic feet (Bcf).
• Ecuador:
  • Ecuador's natural gas market is less developed compared to its oil sector.
  • In 2020, Ecuador's natural gas production was approximately 12 billion cubic feet per day. Marketed production was 310 million cubic meters (Cub m mn) in December 2023.
  • Natural gas consumption in Ecuador was 15,751 million cubic feet (MMcf) per year as of 2017.
• Latin America / South America:
  • The total demand for natural gas in South America was estimated at approximately 25 billion cubic feet per day (bcfd) in 2023.
  • Latin America's annual natural gas consumption is projected to reach 275 billion cubic meters (Bm³) by 2050, up from approximately 150 Bm³ in 2023.

Natural Gas Liquids (NGLs)

• Latin America:
  • The Natural Gas Liquids market in Latin America was valued at USD 877.11 million in 2024 and is projected to grow to USD 1361.5 million by 2031.
• Colombia:
  • The Natural Gas Liquids market in Colombia was valued at USD 78.06 million in 2024.

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• Increased Production from Development Drilling: Gran Tierra Energy has outlined plans to significantly increase its production through an active development drilling program. For 2025, the company forecasts production of 47,000-53,000 barrels of oil equivalent per day (BOEPD), representing a 44% increase from 2024 production levels at the midpoint. This includes drilling 10 to 14 net development wells, with a focus on the Cohembi oil field in Colombia's Suroriente block (5-7 gross wells) and continuing appraisal programs in Ecuador, particularly in the highly prospective Arawana/Zabaleta productive trend (2-3 appraisal wells).
• High-Impact Exploration Success: The company is allocating a significant portion of its capital program (20-30% in 2025) to high-impact exploration activities, with plans to drill 6 to 8 exploration wells in Colombia and Ecuador. Recent successes, such as the Conejo A-1 and A-2 wells and a new discovery at Chanangue-1 in Ecuador, are expected to transition into development phases, further boosting production. The fulfillment of exploration commitments in Ecuador in 2025 positions the company to focus on increasing production into the development phase for long-term growth in the region.
• Enhanced Oil Recovery (EOR) and Field Optimization: Gran Tierra is committed to optimizing its existing assets through continued waterflood expansion activities and gas-to-power generation upgrades. Notably, the Cohembi waterflood project has already demonstrated significant success, more than doubling output, and total field production recently exceeded 9,000 barrels per day. These efforts aim to reduce unit costs, offset natural declines, and increase overall recovery from mature fields like Acordionero.
• Strategic Acquisitions and Portfolio Longevity: The strategic acquisition in Canada contributed to a substantial increase in Q3 2025 production. Gran Tierra's ongoing strategy involves profitably growing reserves and production across its diversified asset base in Colombia, Ecuador, and Canada, pursuing new growth opportunities, and investing in infrastructure projects to maximize long-term value. The company's focus on portfolio longevity and a robust portfolio of conventional and unconventional oil and gas assets are expected to sustain future growth.

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Share Repurchases

• From January 1, 2023, to July 28, 2025, Gran Tierra Energy repurchased approximately 5.2 million shares, representing 15% of shares issued and outstanding as of January 1, 2023.
• During 2024, the Company repurchased approximately 6.7% of its outstanding shares.
• A new Normal Course Issuer Bid (NCIB) was approved, effective November 6, 2025, to repurchase up to 2,925,720 shares, which represents 10% of the public float, through November 5, 2026.
• Under a previous NCIB that expired on November 5, 2025, Gran Tierra purchased 1,180,752 shares at a volume-weighted average price of USD$5.61.

Inbound Investments

• Gran Tierra is progressing towards closing a $200 million prepayment facility, backed by crude oil deliveries, expected in the third quarter of 2025, with proceeds intended for debt repayment and funding select capital initiatives.
• Oriente Crude Oil Agreements were executed, providing an initial advance of up to $150 million and an additional $50 million, to be repaid via scheduled deliveries of Ecuadorian Oriente crude oil.

Outbound Investments

• In August 2024, Gran Tierra acquired i3 Energy plc through a recommended cash and share offer.
• In December 2020, Gran Tierra sold 218,012,500 common shares of PetroTal Corp. for approximately GBP21.67 million.

Capital Expenditures

• Gran Tierra's expected capital expenditure budget for 2025 is between $240 million and $280 million, with a primary focus on drilling 10-14 development wells and 6-8 high-impact exploration wells.
• In 2024, capital expenditures totaled $234.2 million, an increase of $7.7 million or 3% from 2023, primarily due to a higher number of wells drilled.
• The 2025 capital program is allocated approximately 55% to Colombia, 30% to Ecuador, and 15% to Canada, with about 75% directed to development activities and 25% to exploration.