Gran Tierra Energy Inc. (GTRE.OB), a company focused on oil exploration and production in South America, announced that the company’s net after royalty production had risen to approximately 3,300 barrels of oil per day. This significant increase can be attributed to greater production capacity recognized through successful drilling programs during the year 2007.
Specifically, average oil production in Colombia grew to approximately 2,700 BOPD net after royalty, compared to 2,000 BOPD reported during the month of November. This continued growth is the result of increased well production capacity as well as increased infrastructure handling capacity.
Dana Coffield, President and CEO of Gran Tierra, commented, “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.”
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