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1) “Adjusted EBITDA”, “return on average capital” and “net debt” are non-GAAP measures and do not have a standardized meaning under GAAP. Refer to “Non-GAAP Measures” in the appendix.

2) Forecast 2024 free cash flow of $170 million “before exploration” is equal to the Base Case midpoint cash flow of $300 million less the Base Case midpoint total capital of $230 million, with Base Case midpoint exploration -only capital of approximately $100 million added back.

3) Based on mid-point exploration budget for 2024.

4) Based on shares outstanding at December 31, 2023 of 32,246,501, net debt of $511 million and GTE McDaniel December 31, 2023 Reserves Report.

Track Record of Value Creation

Since 2015, at a corporate level, GTE has added 132 MMbbl in 1P reserves and 174 MMbbl in 2P reserves(7), while producing over 88MMBOE.

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7) Based on GTE McDaniel Historical Reserves Reports from 2015 – December 31 2023.

Top Tier Conventional Oil Assets Under Waterflood

  • All core assets under waterflood leading to higher oil recovery rates & lower natural declines with modest future development costs = material free cash flow (5)
  • Low cost operator with 100% 1P reserve replacement over the past 5 years
  • Large amount of future development opportunities exist within the portfolio including a polymer injection project in Acordionero and a total of 115 Proved plus Probable Undeveloped future drilling locations
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5) “Free cash flow“ and “net debt” are non-GAAP measure and do not have a standardized meaning under GAAP. Refer to “Non-GAAP Measures” in the disclaimers below.

Environmental Stewardship

Gran Tierra stands proudly as an industry leader in Environmental Stewardship, both in its compliance with regulations and international best practices, and through its voluntary initiatives that address local, national and international environmental issues. GTE has maintained its long-term commitment to support healthy environments and prosperous, informed communities.

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6) Scope 1: direct emissions from owned and controlled sources; Scope 2: indirect operations from external power sources.

Our Focused Strategy

Corporate Presentation

Corporate Presentation

February 2024

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    DISCLAIMERS

    Forward-Looking Non-GAAP Measures

    Free cash flow as presented is defined as GAAP projected “net cash provided by operating activities” less projected 2022 capital spending. The most directly comparable GAAP measure is net cash provided by operating activities. Management believes that free cash flow is a useful supplemental measure for management and investors to in order to evaluate the financial sustainability of the Company’s business. Gran Tierra is unable to provide a quantitative reconciliation of forward-looking free cash flow to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure.

    Net debt as presented is defined as $600 million in senior notes and borrowings under the credit facility less projected cash as at December 31, 2022. Management believes that net debt is a useful supplemental measure for management and investors to in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt. Gran Tierra is unable to provide a quantitative reconciliation of forward-looking net debt to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure.

    Oil and Gas Metrics

    This presentation contains a number of oil and gas metrics, including free cash flow, finding and development (“F&D”) costs, operating netback, reserve life index, net asset value per share and reserves replacement, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    – NAV per share is calculated as the applicable NPV10 (before or after-tax, as applicable) minus estimated net debt, divided by the number of shares of Gran Tierra’s common stock issued and outstanding. Management uses NAV per share as a measure of the relative change of Gran Tierra’s net asset value over its outstanding common stock over a period of time.

    For further information and disclaimers on the above measures and metrics refer to the Appendix to our Corporate Presentation.

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