Gran Tierra Energy holds interests in 8 properties and is operator of 7 of these properties in the Noroeste Basin of Argentina - its current focus area in the country. These holdings include both producing and prospective lands.

Palmar Largo UTE

• Participation – Gran Tierra 14%, Pluspetrol (Operator) 38.15%, Repsol YPF 30%, CGC 17.85%
• Area – 341,500 acres (gross); 47,810 acres (net)
• Production – 183 bbl/day (net after royalty, Q1, 2008)

The Palmar Largo joint venture encompasses several producing oil fields in the Noroeste Basin of Argentina. Approximately 44 million barrels of oil (gross before royalties) have been recovered from the area since 1984. A total of 13 (gross) wells are currently producing.

Production from Palmar Largo is a high quality 42 API oil and is transported by piplene and truck to a nearby refinery. Oil prices in Argentina are effectively regulated by a tax on exports, which provides a reference for prices within the country.

El Chivil

• Participation – Gran Tierra Energy (Operator) 100%
• Area – 30,393 acres
• Production – 106 bbl/day (net after royalty, Q1, 2008)

Gran Tierra Energy acquired its participation at El Chivil via the purchase of majority and minority interests in December 2006, complementing its current production base in the Noroeste region.

El Vinalar

• Participation – Gran Tierra 50% (Technical Operator), Golden Oil 50%
• Area – 59,080 acres (gross); 23,909acres (net)
• Production – 187 bbl/day (net after royalty, Q1, 2008)

Gran Tierra Energy’s position in the El Vinalar block was acquired via farm-in in June 2006.

Nacatimbay

• Participation – Gran Tierra 100%
• Area – 8,528 acres
• Non-Producing

Gran Tierra Energy acquired its initial interest at Nacatimbay in September 2005 and purchased the remaining interest in November 2006. Production from the Nacatimbay oil, gas and condensate field began in 1996.

Ipaguazu

• Participation – Gran Tierra 100%
• Area – 21,745 acres
• Non-Producing

Gran Tierra Energy acquired its 100% interest at Ipaguazu in two transactions, in September 2005 and in November 2006. The Ipaguazu oil and gas field was discovered in 1981 and produced approximately 100 thousand bbl oil and 400 mmcf natural gas until 2003. No producing activities are carried out in the field at this time. The Ipaguazu block has not been fully appraised, leaving scope for both reactivation and exploration in the future.

Surubi

• Participation – Gran Tierra 85% Province 15%
• Area – 90,688 acres (gross) 77,085 acres (net)
• Non-Producing

Gran Tierra Energy acquired its interest at Surubi in December 2006 via the acquisition of the majority and minority interests in the block. The Proa-1 prospect will be drilled in Q3, 2008.

Valle Morado

• Participation – Gran Tierra (Operator) 100%
• Area – 49,915 acres (gross)
• Non-Producing

The Valle Morado gas field was initially brought into production in 1999 and was suspended in June 2001 due to water influx. Gran Tierra Energy acquired its interest at Valle Morado in November 2006, and intends to evaluate the potential to re-initiate production from the field.

Santa Victoria

• Participation – Gran Tierra 100%
• Area – 1,033,642 acres
• Non-Producing

Gran Tierra Energy acquired its interest in Santa Victoria in November 2006. Santa Victoria covers a large area in the Noroeste Basin, providing a significant base for further assessment