Gran Tierra Energy has announced that its net production after royalty at the end of 2007 has increased to approximately 3,300 barrels of oil per day. The company attributed the increase to growing production capacity from exploration drilling during the year.
The company reported that average oil production in Colombia has grown to approximately 2,700 barrels of oil per day (bopd), net after royalty, compared to 2,000bopd recorded in November 2007. Average oil production in Argentina has remained stable at approximately 600bopd, net after royalty.
Gran Tierra Energy has an active development drilling and exploration drilling campaign budgeted for 2008. This includes six development wells in oil discoveries made in Colombia in 2007, and three oil exploration wells, two in Colombia and one in Argentina.
Dana Coffield, president and CEO of Gran Tierra Energy, said: Gran Tierra Energy has had exceptional exploration success in 2007, which is currently being developed and is resulting in substantial growth in production. We will be continuing our development drilling through 2008 to increase our production capacity, in addition to undertaking additional oil exploration efforts to further define the potential of our acreage in Colombia, Argentina and Peru.