Brazil

Gran Tierra Energy Inc. has opened an office in Rio de Janeiro, and appointed Julio Cesar Moreira as President of its Brazil business unit. In describing the reasons for entering Brazil, Dana Coffield, President and Chief Executive Officer said the following:

"Gran Tierra Energy’s successful growth in South America has been driven by our ability to identify underdeveloped land in countries that provide a favorable environment for independent oil and gas exploration companies. While more than 20 proven petroleum basins exist in Brazil, many of the onshore and offshore shallow water regions remain relatively untested. We’re entering this region to expand access to exploration opportunities, and to leverage our operating capabilities in a country in which our senior management already has experience, and which has a stable legal system and attractive fiscal terms."

Mr. Moreira has over 25 years of experience working for international companies in Brazil in senior business development positions. Most recently, he was Managing Director for IBV Petroleo Ltda, and Brazil Country Manager for EnCana Corporation. Prior to that Mr. Moreira was New Ventures & Business Development Vice President of Unocal Corporation.

The Rio de Janeiro office will coordinate business development activities targeted at capturing high quality exploration and production opportunities in the onshore and offshore areas of Brazil. These opportunities may include new bid round acreage, production enhancement on acreage that may be acquired with pre-existing operations, farm in opportunities, and M&A transactions.

Gran Tierra Energy announced the acquisition of 4 Blocks in Brazils Reconcavo Basin along with a producing discovery on one of these Blocks.  In addition to a small office staff in Rio de Janeiro, Gran Tierra Energy established a Brazil technical team in Calgary that will work with Mr. Moreira to evaluate Brazil opportunities. This team and Mr. Moreira will report up through Mr. Shane O’Leary, Chief Operating Officer, who previously worked closely with Mr. Moreira in his capacity as Business Unit Leader, EnCana Brazil.