Gran Tierra Energy is currently undertaking exploration and production operations in Colombia, Brazil, and Peru. Reserves and production operations are located in Colombia and Brazil, while exploration operations are located in Colombia, Brazil and Peru. In addition, Gran Tierra Energy is undertaking various additional business development initiatives in Colombia. The company has working interests in 31 blocks in Latin America encompassing approximately nine million net acres of land.

Colombia

Gran Tierra has interests in 19 blocks in Colombia and is the operator in 17 blocks. The Chaza, Guayuyaco, Garibay, and Llanos-22 Blocks have producing oil wells. During the year ended December 31, 2014, 83% of our consolidated production, NAR adjusted for inventory changes and losses, was from the Chaza Block.

Average production has grown from approximately 368 barrels of oil per day NAR in 2006 to approximately 24,000 barrels of oil per day gross or 18,000 barrels of oil per day NAR in 2014. This growth has been driven by exploration and subsequent development success, including the discovery of the Costayaco field, one of the largest light oil discoveries in Colombia in the last decade.

Gran Tierra Energy is the largest producer, the largest reserve holder and the largest exploration landholder in the Putumayo Basin of southern Colombia.

Other Operations

Peru — Gran Tierra holds 100% working interest operatorship in five blocks in the Marañon and Ucayali basins of Peru. All blocks in Peru are subject to a license agreement with PeruPetro. The Company is currently developing a plan to maximize value on these blocks.

Brazil — Gran Tierra has interests in seven blocks in Brazil and is the operator in all of these blocks. Our Brazilian properties are located in the Recôncavo Basin in Eastern Brazil in the State of Bahia. Block 155 in the Recôncavo Basin has two producing oil wells.  All of our blocks in Brazil are subject to an 11% royalty, which consists of a 10% crown royalty and a 1% landowner royalty. The Company is currently developing a plan to maximize value on these blocks.