Here are 1-3 brief analogies for Gran Tierra Energy:

• Gran Tierra Energy is like the exploration and production arm of **ExxonMobil**, but exclusively focused on oil and gas fields in Colombia and Ecuador.
• Think of Gran Tierra Energy as a regional version of **Chevron**, specializing in oil and gas exploration and production in South America.
• It's akin to an **Occidental Petroleum** or **ConocoPhillips**, but purely operating and developing oil reserves in Colombia and Ecuador.

• Oil and Gas Exploration: This service involves identifying and evaluating potential crude oil and natural gas reserves in Colombia and Ecuador.
• Oil and Gas Production: This service focuses on extracting crude oil and natural gas from discovered reserves for commercial sale.

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

Based on the company's public filings, Gran Tierra Energy does not disclose the specific names of its major customers. While the company has indicated that its largest customer accounted for approximately 25% of total sales in 2023, the identity of this customer is not publicly available. Gran Tierra Energy states that crude oil and natural gas are commodities, and it expects to be able to sell its production to other customers, implying a diversified market of buyers.

Therefore, based on the typical business model for an oil and gas exploration and production company operating in the commodity market, Gran Tierra Energy's customers would generally fall into the following categories:

• Refineries: Companies that purchase crude oil to process into refined petroleum products such as gasoline, diesel, and jet fuel.
• Trading Companies and Brokers: Entities that buy and sell crude oil and natural gas in the commodity markets, facilitating sales between producers and end-users or other market participants.
• National Oil Companies (NOCs) and Integrated Energy Companies: Large state-owned or private corporations that may operate in various segments of the oil and gas industry, including refining, marketing, and distribution, and purchase crude oil for their own operations or for resale. In Colombia, for example, Ecopetrol (NYSE: EC) is a significant integrated energy company.

Gary S. Guidry

President and Chief Executive Officer

Gary S. Guidry has over 40 years of experience developing and maximizing assets in the international oil and gas industry, with direct experience managing large, international projects across Latin America, Africa, the Middle East, and Asia. Before joining Gran Tierra, he served as President and Chief Executive Officer of Caracal Energy Inc., a London Stock Exchange-listed oil and gas company with operations in Chad, Africa, which was acquired by Glencore plc for $1.8 billion in mid-2014. In 2014, Mr. Guidry received the Oil Council Executive of the Year award for his leadership role with Caracal. Prior to Caracal, he was President and Chief Executive Officer of Orion Oil and Gas (TSX listed), which merged in mid-2011. From May 2005 until December 2008, he was President and Chief Executive Officer of Tanganyika Oil Company (TSX listed), operating in Syria and Egypt, and prior to that, he was CEO of Calpine Natural Gas Trust. His appointment as CEO of Gran Tierra in mid-2015 was part of a governance change driven by activist investors.

Ryan Ellson

Chief Financial Officer and Executive Vice President, Finance

Ryan Ellson possesses over 22 years of experience in a wide array of international corporate finance and accounting roles. He most recently held the position of Head of Finance for Glencore E&P (Canada) Inc. Previously, he was Vice President, Finance at Caracal Energy Inc., a company that Glencore E&P (Canada) acquired in July 2014. During his tenure at Caracal Energy, Mr. Ellson played a crucial role in negotiating a $330 million farm-out to Glencore, securing a $250 million reserve-based lending facility, and participating in multiple capital raises totaling approximately $500 million. He was also instrumental in Caracal Energy's successful listing on the London Stock Exchange. Before his time at Caracal, Mr. Ellson held various management and executive positions with companies operating in Egypt, India, and Canada. He has been involved in raising over $2 billion in debt and equity and multiple mergers and acquisitions exceeding $3 billion.

Sebastien Morin

Chief Operating Officer

Sebastien Morin was appointed as Gran Tierra's Chief Operating Officer on November 6, 2023, and brings over 20 years of experience in various management positions within the oil and gas industry. Before 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. Prior to WesternZagros, Mr. Morin was Vice President Global Drilling and Completions at Gran Tierra, having held progressively more senior positions within the company in Colombia and the Calgary corporate office from August 2014 to September 2021. From May 2001 to July 2014, he gained extensive experience at Imperial Oil (Esso) and ExxonMobil in technical and managerial roles across upstream and downstream operations, including drilling, completions, reservoir development, production, customer service, and distribution.

Phillip Abraham

Executive Vice President, Legal and Land

Phillip Abraham has been a part of Gran Tierra in various capacities since January 2016 and also serves as the company's Corporate Secretary. He is a lawyer with more than 25 years of corporate and legal experience, specializing in international oil and gas law. His corporate background includes leadership positions at Cenovus Energy, Encana Corporation, and Nexen Inc. Mr. Abraham's experience in the oil and gas sector encompasses both onshore and offshore projects in diverse international jurisdictions, including Canada, Latin America, Europe, Africa, Asia, and the Middle East.

Jim Evans

Executive Vice President, Corporate Services

Jim Evans has over 28 years of experience, with 16 years specifically in the international oil and gas industry. His most recent role prior to Gran Tierra was as Head of Compliance & Corporate Services for Glencore E&P (Canada). Before that, he was Vice President of Compliance & Corporate Services at Caracal Energy, where he was responsible for the execution of corporate strategy and goals, the development and implementation of a robust corporate compliance program, and the management of IT, document control, security, and administration. Mr. Evans oversaw Caracal Energy's growth from seven employees to over 400, and its production exceeded 20,000 barrels of oil per day at the time of its sale to Glencore. Prior to Caracal, he held senior management and executive positions at Orion Oil and Gas and Tanganyika Oil.

Key Risks to Gran Tierra Energy

• Financial Stress and High Debt Levels: Gran Tierra Energy is experiencing ongoing financial stress, characterized by liquidity pressure and high debt levels. The company's debt is estimated at roughly 3x its projected 2026 EBITDA, significantly higher than the industry-accepted leverage standard. Efforts to extend debt maturities and modify restrictive covenants are indicative of this financial strain. In 2025, Gran Tierra reported a significant net loss, heavily influenced by impairment charges, further highlighting its financial challenges.
• Commodity Price Volatility: Fluctuations in oil and gas prices represent a constant concern for Gran Tierra Energy, directly impacting its revenue and operational cash flow. Lower commodity prices were a key factor contributing to impairment charges and the net loss reported in Q4 2025. The company's adjusted EBITDA and funds flow from operations have also decreased in line with reductions in Brent oil prices.
• Geopolitical Instability and Regulatory Risks in Operating Regions: Operating primarily in Colombia and Ecuador, Gran Tierra Energy is exposed to significant challenges from regulatory shifts and geopolitical instability in these regions. Historically, the company has faced temporary production reductions due to national protests and road blockades in Colombia, which impede the transportation of supplies and oil sales. Such disruptions can impact operational efficiency and profitability.

The clear emerging threat to Gran Tierra Energy is the increasing political and regulatory pressure in Colombia, its primary country of operation, to significantly restrict or halt new oil and and gas exploration and development activities. This pressure stems from the current government's stated energy transition and environmental policies, which aim to reduce the nation's reliance on fossil fuels. Such policies could directly impede Gran Tierra Energy's ability to acquire new exploration licenses, develop existing undeveloped reserves, and ultimately replenish its production and reserve base, posing a fundamental challenge to its long-term business sustainability.

Gran Tierra Energy Inc. (symbol: GTE) focuses on the exploration and production of oil and natural gas in Colombia and Ecuador. The addressable markets for their main products, crude oil and natural gas, in these regions can be characterized by production, consumption, and trade volumes.

Colombia

The oil and gas sector is a significant contributor to Colombia's economy, accounting for approximately 10% of its Gross Domestic Product (GDP) and 20% of its exports.

• Crude Oil: Colombia's average crude oil production was 753,750 barrels per day (b/d) in 2022. In 2021, crude oil production was 738,000 b/d, while consumption was 349,000 b/d. In 2020, Colombia exported 552,000 b/d of crude oil.
• Natural Gas: In 2022, Colombia's natural gas production reached an average of 1.7 billion cubic feet per day (Bcf/d). In 2021, natural gas production was 1.22 Bcf/d, and consumption was 1.2 Bcf/d.
• Natural Gas Liquids (NGLs) / Liquefied Petroleum Gas (LPG): The total market volume for LPG in Colombia was 313.16 million gallons in 2022, with consumption projected to grow at an average annual rate of 2.2% from 2022 to 2035.

Ecuador

• Crude Oil: Ecuador produced approximately 482,000 b/d of petroleum and other liquids in 2022. Crude oil accounted for 63.4% of Ecuador's total energy consumption in 2021 and 27% of the country's total exports by value. As of 2022, Ecuador held about 8.27 billion barrels of proven oil reserves, representing 0.5% of the global share.
• Natural Gas: Ecuador's natural gas market is less developed than its oil sector. The country had 385 billion cubic feet (Bcf) of proven natural gas reserves as of 2022. Natural gas production in Ecuador is relatively small, accounting for less than 1% of the country's total energy production in 2021.
• Petroleum Gas (including NGLs): In 2024, Ecuador imported $752 million of Petroleum Gas.

Gran Tierra Energy (GTE) is poised for future revenue growth over the next two to three years, driven by several key factors in its oil and gas exploration and production operations.

One primary driver is **increased production from its existing and recently acquired assets** in South America and Canada. The company achieved a significant 32% increase in average working interest production in 2025 compared to 2024, attributed to successful exploration well results in Ecuador and full-year production from its Canadian operations. Gran Tierra expects to build on this momentum, forecasting an exit production rate between 47,000 and 50,000 barrels of oil equivalent per day (BOEPD) for 2025 and projecting a production range of 47,000 to 53,000 BOEPD for 2025. The 2026 capital program is strategically focused on quick-payback development projects, including drilling 8 to 10 gross development wells. This includes four gross development wells planned for the Cohembi oil field in Colombia. Additionally, the Ecuador program is transitioning from exploration to appraisal and development, and the successful integration of the Perico and Espejo acquisitions is expected to unlock operational and cost synergies, further bolstering production.

A second significant driver is the **strategic expansion into new regions**, notably Azerbaijan. Gran Tierra's CEO has highlighted this entry as a "capital-efficient addition to its portfolio" that promises "future growth," with capital allocation becoming more relevant in 2027 following the ratification of a Production Sharing Contract (PSC).

Third, **favorable commodity prices** are expected to be a crucial determinant of revenue growth. As an oil and gas producer, Gran Tierra's revenue is directly tied to global oil benchmarks. The company's sales in Colombia are based on the monthly average Brent price, while in Ecuador, they are based on the prior month's pricing (M minus 1), and in Canada, on the average WTI price for the month. While commodity price volatility remains a risk, an upward trend or sustained high prices for Brent and WTI would directly translate into higher revenues for Gran Tierra, assuming stable or increasing production volumes.

Finally, **consistent reserve replacement and exploration success** underpin the company's long-term production and, consequently, its revenue potential. Gran Tierra has demonstrated a strong track record, achieving its seventh consecutive year of South American reserves growth with over 100% reserve replacement for both Proved Developed Producing (PDP) and Proved plus Probable (2P) categories. This consistent replenishment and expansion of its reserve base, driven by exploration successes, particularly in Ecuador, ensures a sustainable foundation for future oil and gas production and sales.

Share Repurchases

• Since January 1, 2022, through its Normal Course Issuer Bid (NCIB) programs, Gran Tierra Energy repurchased approximately 7.5 million shares, representing about 21% of shares outstanding as of December 31, 2025.
• In 2024, the company repurchased approximately 6.7% of its outstanding shares.
• On November 3, 2025, Gran Tierra announced a new NCIB to purchase for cancellation up to 2,925,720 shares, representing 10% of its public float, for a one-year period.

Outbound Investments

• Gran Tierra Energy made a strategic entry into Canada in 2024, which diversified its production base.
• The company successfully closed the Perico and Espejo acquisition in Ecuador, which is expected to enhance and strengthen its portfolio in the region.

Capital Expenditures

• In 2025, capital expenditures increased by $8.2 million (3%) to $256.3 million, primarily due to a higher number of wells drilled across Colombia, Ecuador, and Canada. The capital program for 2025 included plans to drill 10-14 development wells and 6-8 high-impact exploration wells, with approximately 55% allocated to Colombia, 30% to Ecuador, and 15% to Canada.
• For 2024, actual capital expenditures were $234.2 million. The budgeted capital program was $210-240 million, with about 60-70% directed to development and 30-40% to exploration activities. Development efforts in Colombia primarily focused on the Acordionero and Costayaco fields.
• Gran Tierra plans a 2026 base capital program of $120–$160 million, with over 90% focused on development activities. Approximately 60% of this budget is directed to Colombia, 30% to Canada, and 10% to Ecuador.