Gran Tierra, a company focused on oil and gas exploration and production, has reported total revenue of $8 million for the third quarter of 2007, compared to $5.4 million for the same quarter of 2006.
Net income for the quarter amounted to $1.1 million, compared to a net loss of $0.07 million for the comparable quarter of 2006. For the nine-month period ended September 30, 2007, the company reported total revenue of $16.3 million, up from $8.6 million in 2006.
For the third quarter of 2007, the company reported oil and condensate production of 1,526 barrels per day, net after royalty, compared to 1,043 for Q3 2006. For the nine-month period ended September 30, 2007, the company reported oil and condensate production of 1,270 barrels per day, net after royalty, compared to 570 barrels per day for the comparable period of 2006.
Dana Coffield, president and CEO of Gran Tierra Energy, said: We are extremely delighted with the results of this quarter. Gran Tierra Energy is beginning to see the impact of our exploration successes in the first half of 2007. Production from our recent oil discovery at Costayaco-1 in Colombia has been initiated and is now being reflected in our earnings.