CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE:GTE)(TSX:GTE)(LSE:GTE) today announced that it has, through its wholly owned subsidiary, Gran Tierra Energy Colombia GmbH, a Swiss limited liability company, entered into a reserve-based lending facility with commitments of up to US$75 million as of the date hereof (the "closing date"). The new facility has a final maturity date in 36 months from the closing date.
Ryan Ellson, Chief Financial Officer of Gran Tierra, commented today:
"We are very pleased to have successfully closed a new credit facility which enhances our liquidity and underscores the strength and resilience of our business. Securing this facility during a period of market volatility is a testament to the quality of our assets, the consistency of our cash flow generation, and the confidence our partners have in Gran Tierra's strategy. This facility supports our continued commitment to strengthening our balance sheet, enhancing operational flexibility, and delivering long-term value to all stakeholders."
Highlights of the new facility include:
- A commitment of US$75 million, redetermined annually (beginning May 1, 2026)
- Interest payable on the facility is based on a Term Secured Overnight Financing Rate plus a margin of 4.50% per annum
- Final maturity date of 36 months from the closing date
- All outstanding principal, interest, and other payment obligations are due on the maturity date with option to prepay without prepayment penalty
- The loan is secured by, among other things, the economic rights over certain contracts together with Gran Tierra's Colombian commercial establishment
Contact Information
For investor and media inquiries please contact:
Gary Guidry
President & Chief Executive Officer
Ryan Ellson
Executive Vice President & Chief Financial Officer
+1-403-265-3221
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company's portfolio. The Company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company's website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to [email protected] or (403) 265-3221.
Gran Tierra's filings with the U.S. Securities and Exchange Commission (the "SEC") are available on the SEC website at http://www.sec.gov. The Company's Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this press release, and those statements preceded by, followed by or that otherwise include the words "will," "would," "could," "should," "believe," "expect," "anticipate," "intend," "estimate," "project," "target," "goal," "guidance," "budget," "plan," "objective," "potential," or similar expressions or variations on these expressions are forward-looking statements. The Company can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct or that, even if correct, intervening circumstances will not occur to cause actual results to be different than expected. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements, including, but not limited to, the impact and benefits of the new credit facility and the crude oil sales contracts; the nature of the Company's relationship with Trafigura; the Company's cash flows and liquidity; and those factors set out in Part I, Item 1A, "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's other filings with the SEC. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. Investors should not rely upon forward-looking statements as predictions of future events. The information included herein is given as of the date of this press release and, except as otherwise required by the securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to, or to withdraw, any forward-looking statement contained in this press release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
