Gran Tierra Energy Inc. (GTE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la exploración energética, Gran Tierra Energy Inc. (GTE) surge como una potencia estratégica que navega por los complejos paisajes de los mercados de petróleo de América del Sur. Con un enfoque afilado en la producción de energía sostenible y eficiente, esta empresa innovadora transforma la exploración tradicional de petróleo y gas a través de un modelo de negocio meticulosamente elaborado que equilibra la destreza tecnológica, la responsabilidad ambiental y el posicionamiento estratégico del mercado. Al aprovechar las reservas probadas en Colombia y Perú, GTE demuestra un enfoque extraordinario para la extracción de recursos que va más allá del mero comercio de productos básicos, prometiendo a los inversores y partes interesadas una narración convincente de excelencia operativa y soluciones de energía a futuro.

Gran Tierra Energy Inc. (GTE) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con gobiernos locales en Colombia y Perú

Gran Tierra Energy Inc. ha establecido asociaciones estratégicas con gobiernos locales en regiones operativas clave:

País	Agencia gubernamental	Enfoque de asociación	Activo desde
Colombia	Agencia Nacional de Hidrocarburos (ANH)	Contratos de exploración y producción	2007
Perú	Perupetro S.A.	Bloque 95 Acuerdo de exploración	2016

Acuerdos de empresa conjunta con compañías internacionales de exploración de petróleo y gas

Gran Tierra Energy mantiene asociaciones estratégicas de empresas conjuntas:

Empresa asociada	Ubicación	Porcentaje de propiedad	Tipo de proyecto
Recursos parex	Colombia	50%	Exploración
Geopark Limited	Colombia	40%	Contrato compartido de producción

Contratos de servicio con proveedores de tecnología de perforación y exploración

La tecnología clave y las asociaciones de servicio incluyen:

• Schlumberger Limited - Servicios de tecnología de perforación
• Halliburton Company - Servicios geofísicos de exploración
• Baker Hughes - tecnologías de finalización de pozos

Asociaciones con empresas de consultoría ambiental y de sostenibilidad

Gran Tierra Energy colabora con organizaciones de consultoría ambiental:

Consultoría	Enfoque de sostenibilidad	Tipo de compromiso
Gestión de recursos ambientales (ERM)	Evaluaciones de impacto ambiental	Consultoría en curso
Grupo SNC-Lavalin	Estrategia de reducción de emisiones de carbono	Consulta basada en proyectos

Gran Tierra Energy Inc. (GTE) - Modelo de negocio: actividades clave

Exploración y producción de petróleo crudo y gas natural

A partir de 2024, Gran Tierra Energy opera principalmente en Colombia, con la producción centrada en las siguientes métricas clave:

Métrica de producción	Valor
Producción diaria promedio	18,000-20,000 barriles de aceite equivalente por día (BOEPD)
Bloques operados	5 bloques de exploración y producción primarios en Colombia
Reservas probadas	Aproximadamente 47.4 millones de barriles de petróleo equivalente

Perforación y desarrollo de nuevos pozos de petróleo

Las actividades de perforación de Gran Tierra Energy en 2024 incluyen:

• Perforación dirigida de 10-12 nuevos pozos de desarrollo
• Asignación de gastos de capital de aproximadamente $ 80-90 millones para operaciones de perforación
• Centrarse en objetivos de exploración de bajo costo y alto rendimiento en las áreas operativas existentes

Gestión y optimización de los embalses

Las estrategias clave de gestión del depósito incluyen:

Técnica de optimización	Detalles de implementación
Recuperación de petróleo mejorada	Técnicas de inundación de agua y inyección de gas en campos maduros
Gestión de tasas de disminución	Implementación de técnicas de producción avanzadas para minimizar la disminución de la producción
Inversión tecnológica	$ 5-7 millones asignados para tecnologías avanzadas de monitoreo de yacimientos

Iniciativas de cumplimiento ambiental y sostenibilidad

Áreas de enfoque ambiental para 2024:

• Objetivo de reducción de emisiones de carbono del 15% en comparación con la línea de base 2022
• Inversión de $ 10-12 millones en tecnologías de monitoreo ambiental y mitigación
• Cumplimiento de las regulaciones ambientales colombianas y los estándares internacionales de sostenibilidad

Gestión de riesgos y planificación estratégica

El enfoque de gestión de riesgos incluye:

Categoría de riesgo	Estrategia de mitigación
Volatilidad de los precios	Cobertura de aproximadamente 50-60% de la producción a precios estratégicos
Riesgo operativo	Mantener $ 50-60 millones en reservas de contingencia operativa
Riesgo geopolítico	Diversificación dentro de los territorios operativos colombianos

Gran Tierra Energy Inc. (GTE) - Modelo de negocio: recursos clave

Reservas de petróleo probadas

Al 31 de diciembre de 2022, las reservas probadas de Gran Tierra Energy eran:

Ubicación	Petróleo crudo (barriles)	Equivalente de gas natural (barriles)
Colombia	25.9 millones	4.5 millones
Perú	3.1 millones	0.6 millones

Tecnologías de exploración

Gran Tierra Energy utiliza recursos tecnológicos avanzados:

• Sistemas de imágenes sísmicas 3D
• Software de mapeo geológico patentado
• Tecnología de perforación avanzada

Capacidades de la fuerza laboral

Estadísticas de la fuerza laboral a partir de 2022:

Categoría	Número de empleados
Total de empleados	330
Ingenieros de petróleo	85
Geólogos	42

Capital financiero

Recursos financieros a partir del cuarto trimestre 2022:

• Activos totales: $ 625.3 millones
• Efectivo y equivalentes de efectivo: $ 45.2 millones
• Deuda total: $ 369.8 millones

Infraestructura operacional

Activos operativos en los mercados sudamericanos:

Tipo de activo	Número
Instalaciones de producción	12
Plataformas de perforación	6
Bloques de exploración	17

Gran Tierra Energy Inc. (GTE) - Modelo de negocio: propuestas de valor

Producción de energía sostenible y eficiente en América del Sur

Gran Tierra Energy opera en Colombia con las siguientes métricas de producción:

Métrica de producción	2023 datos
Producción diaria promedio	26,135 barriles de aceite equivalente por día
Reservas totales probadas	44.7 millones de barriles de aceite equivalente
Regiones operativas	Cuenca de Putumayo, cuenca de Magdalena, cuenca de César

Cartera de petróleo crudo y gas natural de alta calidad

La composición de la cartera incluye:

• Grados de petróleo crudo: crudo pesado y mediano
• División de producción: 95% de petróleo crudo, 5% de gas natural
• Concentración de activos: 100% en Colombia

Centrarse en la excelencia operativa y la extracción rentable

Métrico de costo	2023 rendimiento
Costos operativos	$ 10.80 por barril
Costos de búsqueda y desarrollo	$ 14.50 por barril
Gastos de capital total	$ 86.2 millones

Compromiso con la responsabilidad ambiental

• Objetivo de reducción de emisiones de gases de efecto invernadero: 20% para 2025
• Tasa de reciclaje de agua: 65%
• Inversión de la comunidad local: $ 3.2 millones en 2023

Precios competitivos y suministro de energía confiable

Métrico de fijación de precios	2023 datos
Precio promedio de petróleo realizado	$ 65.37 por barril
Ingresos anuales	$ 370.6 millones
Lngresos netos	$ 42.3 millones

Gran Tierra Energy Inc. (GTE) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con compradores de energía nacionales e internacionales

Gran Tierra Energy Inc. mantiene contratos de petróleo a largo plazo estratégicos con compradores clave en Colombia y Perú. A partir de 2023, la compañía ha establecido contratos con:

País	Número de contratos activos	Valor anual del contrato
Colombia	7 contratos a largo plazo	$ 124.6 millones
Perú	3 contratos a largo plazo	$ 42.3 millones

Ventas directas y gestión de relaciones con refinerías de petróleo

Gran Tierra Energy implementa estrategias de ventas directas con refinerías de petróleo a través de:

• Equipos de gestión de cuentas dedicados
• Reuniones trimestrales de revisión de rendimiento
• Horario personalizados de entrega de petróleo

Relaciones de refinería	Volúmenes totales de petróleo	Duración promedio del contrato
Asociaciones directas de refinería	18,500 barriles por día	5.2 años

Plataformas digitales para la participación y comunicación del cliente

Gran Tierra Energy utiliza plataformas digitales con las siguientes especificaciones:

• Compromiso del portal del cliente: 92% Tasa de interacción digital
• Sistemas de seguimiento de producción en tiempo real
• Gestión segura de contratos en línea

Informes transparentes y comunicación de partes interesadas

Las métricas de informes para la comunicación de las partes interesadas incluyen:

Métrica de informes	Frecuencia	Puntaje de transparencia
Divulgaciones financieras	Trimestral	Calificación de cumplimiento del 94%
Informes de sostenibilidad	Anualmente	87% de divulgación integral

Soluciones de energía personalizadas para clientes industriales y comerciales

Portafolio de solución de energía personalizada:

• Contratos de extracción de petróleo a medida
• Mecanismos de entrega flexibles
• Estrategias de precios ajustadas al riesgo

Segmento de clientes	Número de contratos personalizados	Valor de contrato promedio
Clientes industriales	12 contratos especializados	$ 67.4 millones
Clientes comerciales	8 contratos especializados	$ 35.2 millones

Gran Tierra Energy Inc. (GTE) - Modelo de negocios: canales

Equipo de ventas directo dirigido a los mercados de energía

Gran Tierra Energy mantiene un equipo de ventas especializado centrado en el compromiso directo con:

• Refinerías de petróleo en Colombia
• Agencias regionales de adquisición de energía
• Empresas internacionales de comercio de petróleo

Canal de ventas	Contribución anual de ingresos	Enfoque geográfico
Ventas corporativas directas	$ 287.4 millones	Colombia, Perú
Contratos de energía institucional	$ 124.6 millones	Mercados sudamericanos

Plataformas comerciales en línea para productos de petróleo y gas

Los canales de comercio de productos básicos digitales incluyen:

• Plataforma S&P Global Platts
• Ice Futures Europe
• Sistemas internos de comercio digital patentado

Plataforma digital	Volumen de transacción anual	Precio promedio por barril
S&P Global Platts	2.3 millones de barriles	$ 68.50/barril
Sistema de comercio interno	1.7 millones de barriles	$ 65.25/barril

Conferencias de la industria y eventos de redes del sector energético

Plataformas de redes clave:

• Congreso de petróleo de Colombia
• Cumbre de Energía Latina Americana
• Conferencia internacional de tecnología del petróleo

Evento	Participación anual	Potencios comerciales potenciales
Congreso de petróleo de Colombia	45 Representantes de la compañía	12 contratos potenciales
Cumbre de Energía Latina Americana	38 Representantes de la compañía	8 posibles asociaciones

Marketing digital y comunicaciones corporativas

Los canales de participación digital incluyen:

• Sitio web corporativo
• Página corporativa de LinkedIn
• Micrositios de relaciones con los inversores

Canal digital	Compromiso mensual	Seguidor/recuento de visitantes
Sitio web corporativo	42,000 visitantes únicos	87,500 visitantes mensuales
Página de LinkedIn	15,200 impresiones	6.750 seguidores

Plataformas de relaciones con los inversores

Canales de comunicación de inversores:

• Portal de relaciones con inversores de NYSE
• Seminarios web de ganancias trimestrales
• Reuniones anuales de accionistas

Plataforma de inversores	Compromiso anual	Alcance de los inversores
Portal de inversores de NYSE	4 informes trimestrales	1.250 inversores institucionales
Seminarios web de ganancias	4 eventos anuales	2.100 participantes

Gran Tierra Energy Inc. (GTE) - Modelo de negocio: segmentos de clientes

Refinerías nacionales de petróleo

Gran Tierra Energy sirve refinerías de petróleo principalmente en Colombia, con los siguientes datos clave:

Refinería	Suministro anual de petróleo crudo (barriles)	Valor de contrato
Refinerías de ecopetrol	4,380,000	$ 132 millones
Refinería de barrancabermera	2,190,000	$ 66 millones

Empresas internacionales de comercio de energía

Los segmentos de clientes internacionales de Gran Tierra Energy incluyen:

• Vitol S.A.
• Grupo de traficigura
• Mercuria Energy Trading

Compañía comercial	Volumen de compra anual	Duración del contrato
Vitol S.A.	1,460,000 barriles	3 años
Grupo de traficigura	730,000 barriles	2 años

Sectores de fabricación industrial

Gran Tierra Energy suministra petróleo crudo a varios clientes de fabricación industrial:

Sector industrial	Consumo anual de petróleo crudo	Valor de contrato promedio
Fabricación de productos químicos	365,000 barriles	$ 11 millones
Industrias petroquímicas	182,500 barriles	$ 5.5 millones

Empresas de generación de energía

Los clientes de generación de energía de Gran Tierra Energy incluyen:

• Celsia Colombia
• Aes Gen
• Emgessa

Compañía eléctrica	Requisito anual de combustible	Valor de contrato
Celsia Colombia	146,000 barriles	$ 4.4 millones
Aes Gen	73,000 barriles	$ 2.2 millones

Agencias de adquisición de energía del gobierno

Contratos de adquisición de energía gubernamental para la energía de la timón de gran:

Agencia gubernamental	Volumen de adquisición anual	Valor de contrato
Agencia Nacional de Energía Colombiana	730,000 barriles	$ 22 millones
Reserva de petróleo estratégico	365,000 barriles	$ 11 millones

Gran Tierra Energy Inc. (GTE) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Gran Tierra Energy reportó gastos de exploración totales de $ 23.4 millones. Los costos relacionados con la perforación fueron de aproximadamente $ 47.6 millones, centrados en las operaciones en Colombia y Perú.

Categoría de gastos	Cantidad (USD millones)
Encuestas sísmicas	8.2
Estudios geológicos	5.7
Operaciones de perforación	47.6
Exploración por encima	11.9

Inversiones de tecnología y equipos

Los gastos de capital para tecnología y equipo en 2023 totalizaron $ 62.3 millones, con inversiones clave que incluyen:

• Actualizaciones de equipos de perforación: $ 22.5 millones
• Tecnología de optimización de producción: $ 15.7 millones
• Iniciativas de transformación digital: $ 9.1 millones
• Sistemas de monitoreo remoto: $ 6.2 millones

Salarios de empleados y sobrecarga operativa

Los gastos totales relacionados con el personal para 2023 fueron de $ 89.4 millones, desglosados ​​de la siguiente manera:

Categoría de personal	Cantidad (USD millones)
Personal operativo directo	52.6
Personal corporativo y administrativo	26.8
Beneficios y contribuciones sociales	10.0

Costos de cumplimiento ambiental y sostenibilidad

Los gastos ambientales y de sostenibilidad para 2023 ascendieron a $ 18.7 millones, que incluyen:

• Monitoreo ambiental: $ 6.3 millones
• Tecnologías de reducción de emisiones: $ 5.9 millones
• Proyectos de remediación: $ 4.2 millones
• Informes y certificación de sostenibilidad: $ 2.3 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D en 2023 fueron de $ 12.5 millones, centradas en:

• Técnicas mejoradas de recuperación de petróleo: $ 5.6 millones
• Integración de energía renovable: $ 3.9 millones
• Tecnologías de captura de carbono: $ 2.1 millones
• Investigación de eficiencia operativa: $ 900,000

Gran Tierra Energy Inc. (GTE) - Modelo de negocios: flujos de ingresos

Ventas de petróleo crudo en mercados internacionales

Para el año fiscal 2023, Gran Tierra Energy informó una producción total de petróleo de aproximadamente 24,500 barriles por día. El precio promedio de petróleo realizado fue de $ 65.32 por barril.

Región	Ingresos anuales de ventas de petróleo	Volumen de producción
Colombia	$ 356.4 millones	20,500 bbl/día
Perú	$ 42.1 millones	4.000 bbl/día

Producción y ventas de gas natural

La producción de gas natural para 2023 fue de 6.2 millones de pies cúbicos por día, generando aproximadamente $ 18.5 millones en ingresos anuales.

Contratos de comercio y productos de petróleo

• Volumen total del contrato derivado: 1.2 millones de barriles
• Ingresos de cobertura: $ 12.3 millones
• Precio promedio de cobertura: $ 62.50 por barril

Monetización de activos estratégicos

Ingresos de venta de activos en 2023: $ 45.2 millones de activos no coreados en Colombia.

Ingresos potenciales de crédito y sostenibilidad

Iniciativa de crédito de carbono	Ingresos anuales estimados
Programa de reducción de metano	$ 3.7 millones
Compensación de energía renovable	$ 2.1 millones

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Gran Tierra Energy Inc. (GTE) stands out in the energy landscape as of late 2025. The value proposition isn't just about barrels; it's about the quality and longevity of those barrels, balanced with capital discipline and a clear commitment to responsible operations.

The foundation of the value proposition rests on assets designed for endurance. Gran Tierra Energy Inc. focuses on delivering long-term, low-decline production, particularly from its core waterflood assets in Colombia. This is a deliberate strategy to generate stable cash flow, which is critical for weathering commodity cycles. The company's mandate is explicitly to grow cash flow from existing assets and reserves that exhibit long-term, low decline rates through production, development, and enhanced oil recovery techniques. To be fair, all four core assets in Colombia are currently under waterflood, a secondary recovery method used to maximize recovery factors.

Here's a quick look at the asset base supporting this stability, alongside the growth engine:

Metric	Value (As of latest data/forecast)
2024 Average Working Interest Production	34,710 boepd
Forecast 2025 Production (Midpoint Base Case)	50,000 BOEPD
Proved Plus Probable Reserves (Based on Q2 2025 data)	293 million barrels of oil equivalent
Reserve Life (Based on Q2 2025 production)	Almost 17 years

Next, you get exposure to high-impact exploration potential, which is the upside lever. Gran Tierra Energy Inc. strategically targets short-cycle time, near-field prospects in proven basins with existing infrastructure, which helps keep the time-to-production short if a discovery is made. For 2025, the base case capital program included the drilling of 6-8 High Impact Exploration Wells in Colombia and Ecuador, with the program being focused on fulfilling existing exploration commitments in Ecuador.

The portfolio offers resilience through diversification. Gran Tierra Energy Inc. isn't solely reliant on crude oil pricing. With the addition of Canadian operations, the company is well-positioned for long-term commodity cycles, as approximately 20% of its production is now attributed to natural gas. This commodity mix provides a hedge against oil-specific downturns.

You can also count on a strong operational discipline, which is a key value driver. Gran Tierra Energy Inc. demonstrates a commitment to safety and ESG excellence. Last year, 2024, was the company's safest year on record, accumulating 27.8 million person-hours without a Lost Time Injury (LTI). The 2024 Total Recordable Incident Frequency (TRIF) was reported at 0.03, placing Gran Tierra Energy Inc. in the top quartile for safety performance across its operating regions.

Finally, the capital allocation strategy is returns-focused and self-sustaining. The 2025 capital program is structured to be fully funded by expected cash flow, which is a major de-risking factor. The mid-point Base Case forecast for 2025 Cash Flow was $280 million, covering the planned 2025 Capital Expenditure Budget of $240-280 million. This focus on self-funding allows the company to target shareholder returns:

• Plan to allocate up to 50% of after-exploration Free Cash Flow to share buybacks in 2025.
• 2024 saw the repurchase of approximately 6.7% of outstanding shares.
• 2025 capital allocation breakdown: approximately 55% in Colombia, 30% in Ecuador, and 15% in Canada.

Finance: draft 13-week cash view by Friday.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Customer Relationships

You're looking at how Gran Tierra Energy Inc. (GTE) manages its key relationships across its customer base, which is really a mix of commodity buyers, capital providers, and the communities where it drills. It's not a simple B2C setup; it's about managing complex, high-value transactional flows and maintaining social license to operate.

Transactional sales model with oil and gas marketers and aggregators

The core of the transactional relationship involves selling crude oil, often through established marketing channels. For the Middle Magdalena Valley (MMV) production, the sales agreement was set to expire on March 31, 2026, while the Putumayo production sales agreement expired earlier, on March 31, 2025. Honestly, this creates a regular need to secure favorable terms.

Gran Tierra Energy Inc. has recently moved to lock in future production via prepayment agreements, which is a significant relationship shift. On October 24, 2025, the company executed the Oriente Crude Oil Agreements, which involve scheduled deliveries of Ecuadorian Oriente crude oil production. This arrangement secures upfront capital:

Advance Type	Maximum Amount (USD)	Settlement Basis
Initial Advance	Up to $150 million	Scheduled deliveries of Ecuadorian Oriente crude oil
Additional Advance	Up to $50 million	Subject to certain conditions

This structure is designed to optimize the balance sheet using future production. Looking at recent sales figures, Q2 2025 sales reached $152 million, and Q3 2025 sales were $149 million.

Investor relations focused on transparency, debt reduction, and shareholder returns

Investor communication is clearly centered on a disciplined financial strategy. Gran Tierra Energy Inc. remains focused on generating Free Cash Flow, ongoing net debt reduction, and returning capital to shareholders via buybacks. For the 2025 Base Case, the plan was to allocate up to 50% of its Free Cash Flow after exploration toward share buybacks.

The company highlights its commitment to returning value:

• Since January 1, 2022, Gran Tierra has repurchased almost 7 million shares, equating to 19% of outstanding shares.
• The forecast for 2025 Free Cash Flow, after exploration, was $20 million in the Base Case.

Transparency on leverage is also key. As of June 30, 2025, the trailing twelve-month net debt to adjusted EBITDA was 2.3 times, against a long-term target ratio of 1.0 times. By the end of Q3 2025, the net debt position was approximately $755 million. That's the quick math on where they stand with the market.

Proactive community engagement and social investment in operating regions

The relationship with operating communities in Colombia and Ecuador is managed through a 'Beyond Compliance' philosophy, aiming to be a trusted partner. Gran Tierra Energy Inc. measures engagement partly by the volume of community feedback it receives. In 2024, the Gran Tierra Te Escucha offices logged 1,527 PQRs (petitions, questions, complaints, or claims).

The financial commitment to social investment in 2024 was approximately ~$7M USD across Colombia and Ecuador. The cumulative impact reported is substantial:

• Social investment programs have benefited 401,697 people since 2018.
• In Colombia, the company has planted about 1.9 million trees and reforested over 5,300 hectares of land.
• Scope 1 and scope 2 emissions intensity has been reduced by 25% since 2019.

Also, in 2024, GTE held 3,030 meetings with community stakeholders. You see, tangible metrics help show commitment.

Direct communication with lenders for credit facility and prepayment structure optimization

Managing debt relationships involves constant optimization of credit facilities. On April 16, 2025, Gran Tierra closed a new reserve-based lending facility with commitments up to US$75 million. This facility carries an interest rate of Term Secured Overnight Financing Rate plus a margin of 4.50% per annum.

The company has actively layered in prepayment structures to enhance liquidity. They signed a mandate letter for up to $200 million in a prepayment facility, structured as a loan amortizing over four years settled with oil payments. This was formalized through the Oriente Crude Oil Agreements announced on October 24, 2025.

This new prepayment structure required amending the existing Colombian credit facility, which involved a key change to the borrowing base:

Facility Aspect	Previous Value	New Value (Post-Amendment)
Colombian Credit Facility Borrowing Base	$75 million	$60 million

Separately, the Canadian facility was increased to C$50 million (comprising a C$35 million syndicated and C$15 million operating facility) with a maturity in October 2026. The next redetermination date for that Canadian facility is set for on or before November 30, 2025. Finance: draft the covenant compliance report for the October 31, 2025, covenant package by Wednesday.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Channels

You're looking at how Gran Tierra Energy Inc. gets its product-crude oil and natural gas-to the buyer and how it communicates with the financial community. It's all about the physical and digital pathways.

Direct sales agreements with crude oil marketers and aggregators

Gran Tierra Energy Inc. moves its product through established marketing channels, often secured by prepayment agreements that provide immediate liquidity. For the third quarter of 2025, the company generated total sales of $149 million. This followed oil sales of $171 million in the first quarter of 2025 and $152 million in the second quarter of 2025.

A key channel enhancement in late 2025 was the October 24, 2025, announcement of a new prepayment and marketing arrangement, the Oriente Crude Oil Agreements, involving an initial advance up to $150 million, with a potential additional advance of up to $50 million. These advances are satisfied by scheduled deliveries of the company's Ecuadorian Oriente crude oil production. The company's working interest sales volume for Q3 2025 was 44,077 boepd. Also, 143,730 bbls of Ecuador oil production, held in inventory at the end of June 2025, were subsequently sold in July 2025.

Here's a look at the sales-related financial activity around the reporting periods:

Metric	Amount/Volume	Period/Date
Total Sales	$149 million	Q3 2025
Oil Sales	$171 million	Q1 2025
Oil Sales	$152 million	Q2 2025
WI Sales Volume	44,077 boepd	Q3 2025
Ecuador Oil Sold from Inventory	143,730 bbls	July 2025
Prepayment Facility Initial Advance	Up to $150 million	October 2025

Oil pipelines and transportation infrastructure in Colombia and Ecuador

Physical movement of crude oil relies on existing pipeline networks in Colombia and Ecuador. Transportation expenses reflect the use of this critical infrastructure. For the third quarter of 2025, transportation expenses were $4.3 million. This compares to $4.5 million in the prior quarter (Q2 2025) and $3.9 million in the third quarter of 2024. The Q3 2025 decrease was due to lower sales volumes transported in Colombia.

Gran Tierra Energy Inc. maintains financial commitments tied to these operations, as evidenced by letters of credit and other credit support totaling $239.8 million as of June 30, 2025, which provided security for work commitment guarantees in Colombia and Ecuador, among other requirements.

Operational success in Colombia directly impacts the utilization of these channels. For example, the Cohembi field recently achieved total field production of over 9,000 barrels a day, which is the highest level seen since 2014, following a strong waterflood response in the northern area where production more than doubled from 2,800 barrels to 6,700 barrels a day.

Natural gas pipelines and processing facilities in Canada

The Canadian operations, which began with the i3 Energy acquisition on October 31, 2024, utilize natural gas pipelines and processing facilities. Gran Tierra Canada Ltd.'s credit facilities were increased in October 2025 to C$75.0 million from C$50.0 million. The 2025 capital program allocated 15% of expenditures to Canada.

To manage price exposure for this gas channel, Gran Tierra Energy Inc. hedged approximately 40% of its Canadian gas production for the second half of 2025.

• Canadian Gas Hedges (2H 2025 Floor): $2.82 per GJ.
• Canadian Gas Hedges (2H 2025 Ceiling): $2.96 per GJ.
• Canadian Credit Facility Increase: From C$50.0 million to C$75.0 million.

Investment in the Suroriente area included facility expansion, specifically gas to power, which provides sufficient process capacity to increase production and lower costs in that field.

Investor Relations website and SEC/SEDAR filings for financial communication

Financial communication channels are digital, relying on regulatory filings and the Investor Relations website. Gran Tierra Energy Inc. released its third quarter 2025 financial and operating results on Thursday, October 30, 2025, post-market. The corresponding conference call was held on Friday, October 31, 2025, at 9:00 a.m. Mountain Time / 11:00 a.m. Eastern Time.

The company makes its SEC filings available on the SEC website at http://www.sec.gov and its Canadian securities regulatory filings on SEDAR+ at http://www.sedarplus.ca. The Q3 2025 Form 10-Q was filed on October 30, 2025. Live webcasts and audio replays are accessible via the company's investor relations site, www.grantierra.com.

The company also announced a Normal Course Issuer Bid and Automatic Share Purchase Plan on November 3, 2025.

You can direct investor inquiries to info@grantierra.com.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Customer Segments

You're looking at the entities that directly provide value to Gran Tierra Energy Inc. through purchases, investments, or regulatory frameworks as of late 2025. Here's the breakdown of those key segments based on the latest filings.

Global and regional crude oil marketers and aggregators

This segment includes the entities that purchase the majority of Gran Tierra Energy Inc.'s produced crude oil. The company relies heavily on a concentrated group for its sales revenue.

For the three and six months ended June 30, 2025, sales volumes were sold primarily to two major customers, accounting for 65% of the total sales volumes. The geographical split of these sales volumes for that period was 63% in Colombia, 32% in Canada, and 5% in Ecuador.

Gran Tierra Energy Inc. has also secured significant future revenue streams through marketing agreements. Through its subsidiary Gran Tierra Energy Colombia GmbH, the company entered into a crude oil sale and purchase agreement and prepayment addendum for its Ecuadorian Oriente crude oil production, which provides for an initial advance up to $150 million and a potential additional advance up to $50 million, totaling up to $200 million in advances satisfied by scheduled deliveries.

The company's total Oil, Natural Gas and Natural Gas Liquids (NGL) Sales in the third quarter of 2025 were $149 million.

Metric	Value/Percentage	Period/Context
Total Q3 2025 Sales	$149 million	Q3 2025
Major Customer Concentration	65% of total sales volumes	Three/Six months ended June 30, 2025
Ecuadorian Crude Oil Prepayment Facility	Up to $200 million	Satisfied by scheduled deliveries
Sales Volume Percentage in Colombia	63%	Three/Six months ended June 30, 2025
Sales Volume Percentage in Canada	32%	Three/Six months ended June 30, 2025

Natural gas and NGL buyers, primarily in the Canadian market

Buyers for natural gas and NGLs are concentrated in the Canadian segment, where Gran Tierra Energy Inc. employs a risk-managed hedging strategy to secure pricing for these volumes.

For the second half of 2025, Gran Tierra Energy Inc. has hedged approximately 40% of its Canadian natural gas production. The weighted average floor price for this Canadian gas hedge is $2.82 per GJ, with a ceiling of $2.96 per GJ.

The company's total average Working Interest (WI) production for Q3 2025 was 42,685 boepd.

Institutional and retail investors seeking exposure to E&P assets

This segment represents the capital providers who own shares of Gran Tierra Energy Inc. on exchanges like the NYSE American, TSX, and LSE.

As of late 2025 filings, Institutional Ownership stands at 52.34% of the shares. There are 105 institutional owners on file with the SEC. The total number of Shares Outstanding is 35.30M, with a Float of 33.98M.

Key institutional holders include:

• Equinox Partners Investment Management LLC: 17.62% holding, owning 6,219,896 shares as of November 18, 2025.
• LM Asset (IM) Inc.: 7.91% holding, owning 2,791,800 shares as of September 29, 2025.
• Equinox Partners LP: 7.21% holding, owning 2,543,910 shares as of November 18, 2025.
• American Century Investment Management Inc: 4.30% holding, owning 1,517,363 shares as of September 29, 2025.

The stock price as of November 26, 2025, was $4.41 / share.

Governments (Colombia, Ecuador, Canada) as royalty and tax recipients

Governments in the operating jurisdictions are customers in the sense that they receive mandatory payments, royalties, and taxes based on Gran Tierra Energy Inc.'s production and profitability.

For the third quarter of 2025, Gran Tierra Energy Inc. reported Funds Flow from Operations of $42 million, which translates to $1.18 per share. The company incurred a net loss of $20 million for the same quarter. Capital Expenditures for Q3 2025 were $57 million.

In terms of asset development, the 2025 outlook projected that Colombian, Canadian, and Ecuadorian development operations would represent approximately 52%, 37%, and 11% of the 2025 production, respectively.

The company is also subject to regulatory oversight for operations, such as the expected closing of acquisitions in Ecuador no earlier than the fourth quarter of 2025, which requires regulatory approvals from the Ministry of Energy of Ecuador.

Finance: draft 13-week cash view by Friday.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Gran Tierra Energy Inc.'s operations, which are heavily weighted toward capital deployment in the field. These figures represent the financial commitments necessary to maintain and grow production across Colombia, Ecuador, and Canada.

The 2025 capital expenditure budget is set in the range of $240-280 million. The mid-point Base Case 2025 capital budget is estimated at $260 million. This capital allocation is geographically weighted:

• Colombia is forecast to receive approximately 55% of the capital program.
• Ecuador is allocated around 30% of the capital program.
• Canada accounts for the remaining 15% of the capital program.

Operating costs are a key focus for efficiency. Gran Tierra Energy Inc. recorded $13.42 per boe in operating costs for the second quarter of 2025. The budgeted lifting cost per BOE for 2025 is targeted between $12.00-14.00 per boe.

Debt obligations contribute significantly to the cost base. As of September 30, 2025, the total debt for Gran Tierra Energy Inc. stood at $804 million, with net debt at $755 million. The budgeted cost for Interest, which relates to debt servicing, is forecasted to be between $4.00-4.50 per BOE for 2025.

Exploration is a distinct cost category, especially given the commitments in South America. For 2025, an amount between $65-70 million has been set aside specifically for exploration activities in Ecuador and Colombia. The exploration drilling program includes plans for 6 to 8 high-impact exploration wells across Colombia and Ecuador, representing approximately 20-30% of the total 2025 capital program. Capital expenditures in Q3 2025 related to Colombia and Ecuador included planned exploration drilling and infrastructure spend in Cohembi.

General and administrative (G&A) expenses cover corporate overhead. G&A expenses before stock-based compensation were reported at $3.32 per boe in the third quarter of 2025. For the first quarter of 2025, G&A expenses before stock-based compensation totaled $12.1 million. The 2025 budget for General and Administration per BOE is set between $2.00-3.00.

Here is a look at some of the key cost components and related figures:

Cost Component/Metric	Period/Scope	Amount/Range
Capital Expenditures Budget	2025 Full Year	$240-280 million
Mid-Point Capital Budget	2025 Base Case	$260 million
Operating Costs per boe	Q2 2025	$13.42
Budgeted Lifting Cost per BOE	2025 Forecast	$12.00-14.00
Total Debt	As of Q3 2025 (September 30)	$804 million
Budgeted Interest Cost per BOE	2025 Forecast	$4.00-4.50
Exploration Allocation (Ecuador & Colombia)	2025 Budget	$65-70 million
G&A Expenses before Stock-Based Comp.	Q3 2025	$3.32 per boe
G&A Expenses before Stock-Based Comp.	Q1 2025	$12.1 million

You can see the planned spending on the ground versus the overhead costs. The capital program includes drilling 10-14 development wells and 6-8 exploration wells in 2025. Also, the budgeted costs per BOE for 2025 include Workovers at $1.50-2.50, Transportation at $1.00-2.00, and Current Tax at $2.00-3.00.

Gran Tierra Energy Inc. (GTE) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Gran Tierra Energy Inc.'s top line, which is pretty straightforward for an E&P company. Honestly, it all comes down to barrels and the price you get for them.

The core of Gran Tierra Energy Inc.'s revenue is the Sales of crude oil. This is definitely the primary revenue source, as you'd expect from their asset base. You saw that in the latest figures; for the third quarter of 2025, oil and gas sales totaled $149 million.

Still, you can't ignore the other components. The Sales of natural gas and natural gas liquids (NGLs) make up a meaningful chunk, representing about 20% of production. This diversification helps smooth things out when crude prices get choppy. For context, the sales for the quarter ending June 30, 2025, were $152,481 thousand.

Here's a quick look at how the most recent quarter's sales stack up:

Metric	Amount (USD Thousands)
Oil, Natural Gas and NGL Sales (Q3 2025)	$149,000
Oil, Natural Gas and NGL Sales (Q2 2025)	$152,481

Pricing is tied directly to regional benchmarks, so market movements hit the bottom line fast. Revenue is priced off regional benchmarks like Brent, WTI, and AECO. For instance, their 2025 Base Case guidance assumed an average Brent oil price of $75.00/bbl, a WTI price of $71.00/bbl, and an AECO natural gas price of CAD$2.50/thousand cubic feet.

To manage the volatility you see in those benchmarks, Gran Tierra Energy Inc. employs a disciplined hedging program, which directly impacts realized revenue. You should keep an eye on these figures:

• South American Oil Hedges (Brent) for H2 2025: Floor of $63.16 per barrel.
• Canadian Oil Hedges (WTI) for H2 2025: Floor of $61.67 per barrel.
• Canadian Gas Hedges (AECO) for H2 2025: Floor of $2.82 per GJ.
• South American Oil Hedges (Brent) for H2 2025: Ceiling of $76.50 per barrel.
• Canadian Oil Hedges (WTI) for H2 2025: Ceiling of $72.37 per barrel.
• Canadian Gas Hedges (AECO) for H2 2025: Ceiling of $2.96 per GJ.

This hedging strategy is designed to protect cash flow, so it's a key part of how they translate market prices into actual revenue. Finance: draft the Q4 2025 realized price vs. benchmark delta report by next Tuesday.