CALGARY, Alberta, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE) (NYSE MKT:GTE) (TSX:GTE) is pleased to announce the publication of a prospectus dated September 28, 2018 (the "Prospectus"), in relation to the proposed admission of the Company's common stock to the standard listing segment of the Official List of the Financial Conduct Authority. As a result, trading of Gran Tierra's common stock on the Main Market of the London Stock Exchange (the "LSE") is expected to commence on or before October 10, 2018, under the ticker "GTE". The Company's common stock will also continue to trade on the NYSE American and on the Toronto Stock Exchange (the "TSX"). A copy of the Prospectus has been made available on the Investor Relations page of the Company's website (www.grantierra.com) under "UK Regulatory News" and will be shortly available for viewing at the National Storage Mechanism (www.morningstar.co.uk/uk/nsm). The Company is not offering or issuing, and will not offer or issue, any securities in connection with the listing of the common stock on the LSE, and the Prospectus has been issued solely in connection with the admission of the Company's common stock to trading on the Main Market for listed securities of the LSE.
Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "The team at Gran Tierra has successfully transformed the Company by refocusing its growth portfolio in Colombia, and investors in Europe have supported the Company during its repositioning. We believe our listing on the LSE will help facilitate investments for international investors in the UK and across Europe. With our solid balance sheet and our high quality, operated, diversified suite of assets in Colombia, we believe that Gran Tierra is well suited to the London capital markets."
Rationale for Listing on the LSE
Gran Tierra benefits from a supportive shareholder base built and sustained from its listings on the NYSE American and on the TSX. A listing on the LSE is intended to broaden Gran Tierra's international investor base by providing access to a significant pool of investors who are mandated to invest in European regulated markets. By enlarging its investor base, Gran Tierra believes that this listing will enhance liquidity for its shareholders, broaden its UK and European based research coverage, and provide more direct access to the London capital markets. RBC Capital Markets is acting as Financial Adviser to the Company on the listing and will act as Corporate Broker post Admission.
About Gran Tierra Energy Inc.
Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company focused on oil and natural gas exploration and production in Colombia. The Company is focused on its existing portfolio of assets in Colombia and will pursue new growth opportunities throughout Colombia, leveraging on its technical expertise and financial strength.
The Company's core assets are located in the Middle Magdalena and the Putumayo basins and it operates 26 out of the 30 blocks in which it has interests.
The Company believes that it has an exciting portfolio in Colombia that provides significant development inventory to continue to grow its production. Following several acquisitions in 2016 and 2017, the Company has successfully consolidated sufficient exploration opportunities to commence a three to five year continuous exploration program, which it expects will be fully funded through the reinvestment of cash flows from operations and leverage of its financial strength. The exploration program targets drilling 30 to 35 exploration wells in primarily proven basins in Colombia, including the Putumayo, the Middle Magdalena Valley and Llanos basins.
As previously announced, at the end of the second quarter 2018, the Company had $126 million of cash and cash equivalents and an undrawn $300 million credit facility.
The Company's common stock is listed on the NYSE American and the TSX under the ticker symbol GTE.
Additional information concerning Gran Tierra is available at www.grantierra.com. Neither information on the Company's website nor information on any website accessible by hyperlinks on the Company's website is incorporated in or constitutes a part of this press release.
Gran Tierra's Securities and Exchange Commission ("SEC") filings are available on the SEC website at http://www.sec.gov and on SEDAR at http://www.sedar.com.
For investor and media inquiries please contact:
Chief Executive Officer
Chief Financial Officer
Vice President, Investor Relations
RBC Capital Markets (Financial Advisor to the listing and Corporate Broker)
Forward Looking Statements and Legal Advisories:
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities. The publication, and inclusion on the Company's website, of the prospectus in relation to the proposed listing of the Company's common stock on the London Stock Exchange is neither an offer to sell nor a solicitation of an offer to buy any securities. The Company is not conducting any offering or issuance of securities in connection with the listing of the Company's common stock on the London Stock Exchange and the prospectus of the Company has been issued solely in connection with the listing of the Company's common stock on the London Stock Exchange.
This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), which can be identified by such terms as expect, plan, guidance, project, will, believe, target and other terms that are forward-looking in nature. Such forward-looking statements include, but are not limited to, the Company's expectations as to the timing of listing on the LSE, the impact on the Company and investors of the listing on the LSE, the nature of future trading of the Company's common stock and capital markets activity, the Company's exploration and capital program, and the results of the Company's strategies.
The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that market conditions will remain stable or improve, that a market will develop in Gran Tierra's common stock on the London Stock Exchange, that potential and existing investors in Gran Tierra will react favorably to the additional listing on the London Stock Exchange, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions and receipt of required approvals, and the ability of Gran Tierra to execute its current business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: adverse market conditions on the exchanges on which Gran Tierra's common stock is trading; low liquidity and trading volume or high volatility in trading activity around Gran Tierra common stock; prices and markets for oil and natural gas are unpredictable and tend to fluctuate significantly; the inability of Gran Tierra to execute its business plan; the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; weaknesses or declines in local or global capital markets or investing activity; and the risk factors detailed from time to time in Gran Tierra's reports filed with the SEC, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Annual Report on Form 10-K filed February 27, 2018 and its Quarterly Reports. These filings are available on the SEC website at www.sec.gov and on SEDAR at www.sedar.com.
All forward-looking statements included in this press release are made only as of the date of this press release, and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Gran Tierra's forward-looking statements are expressly qualified in their entirety by this cautionary statement.