Gran Tierra Energy Inc., a company focused on oil exploration and production in South America, provided updates for its exploration drilling in Peru.
Block 95 (100% working interest and operator):
Gran Tierra Energy has drilled, and initial well-log results have been obtained, from the Breta?a Norte 95-2-1XD exploration well. Oil shows were encountered at the top of the target Vivian reservoir section and coring operations were then initiated, resulting in the recovery of oil-saturated core over most of the oil-column and additional core in the underlying water column. Log interpretations and MDT fluid and pressure sampling indicate the presence of an oil-bearing sandstone reservoir in the Vivian Sandstone beginning at 9,408 feet measured depth ("MD") or 8,851 feet true vertical depth ("TVD") with an approximate gross oil column thickness of 99 feet and 53 feet net pay thickness.
Gran Tierra Energy is designing a testing program for the Breta?a Norte well to evaluate reservoir productivity with results expected in late February.
In its press release dated June 11, 2012, Gran Tierra Energy announced the results of a contingent gross lease resource estimate for the oil discovery on Block 95, provided by its independent reserves auditor, GLJ Petroleum Consultants effective June 1, 2012. The resource estimate has been prepared in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook. The estimates included a low estimate "1C" contingent resources of 11.5 million stock tank barrels of oil ("MMSTB"), a best estimate "2C" contingent resources of 31.6 MMSTB, and a high estimate "3C" contingent resources of 88.1 MMSTB. Additional information respecting such contingent resource estimates is included in the June 11, 2012, press release and in the advisory attached.
The Supreme Decree approving the assignment of the additional 40% working interest in Block 95 to Gran Tierra Energy Peru S.R.L. was issued by the Government of Peru on January 23, 2013. It is expected that the Public Deed to finalize the assignment and vest a 100% working interest in the company will be executed in the near future.
