GRAN TIERRA ENERGY INC. (GTE) SEC Filings & Earnings Calls

Execution risk on closing conditions for asset sale

“Consummation subject to satisfaction of closing conditions; expected by Dec 31, 2026.”

Production Decline

“NAR production for the second quarter of 2026 decreased by 20% to 31,990 BOEPD, compared to 39,800 BOEPD in the second quarter of 2025” · word for word

Trade Route Disruption

“Quality and transportation discounts in Colombia were affected by using alternative transportation route for Putumayo production as Colombia and Ecuador border remained closed.” · word for word

High Royalties

“Royalties as a percentage of production for the three months ended June 30, 2026 increased to 23% compared to 16% in Q2 2025”

Debt Level

“Total debt $606.2M (9.75% Senior Notes $494.4M, 9.50% Senior Notes $87.6M, 7.75% Senior Notes $24.2M) plus $287.7M prepayment facility”

Production decline due to asset sales and temporary equipment failures.

“Production 9% lower QoQ and 12% lower YoY due to sale of Simonette and Lodgepole assets and artificial lift failures.”

Colombia-Ecuador border closure causing higher transportation discounts.

“Quality and transportation discounts impact of $5.9M for the Quarter and $10M YTD due to border closure.”

High leverage with net debt/EBITDA at 1.7x, though target is 1.0x.

“Net debt to Adjusted EBITDA 1.7 times; long-term target 1.0 times.”

High leverage and interest expense

“Interest expense increased 115% to $49.9 million for Q1 2026 vs $23.2 million in Q1 2025.”

Large non-cash losses from derivatives

“Unrealized mark-to-market hedging loss of $77.3 million for the first quarter of 2026.”

Quality and transportation discount risk

“Quality and transportation discounts per boe in South America increased to $19.04 compared to $11.58 in the first quarter of 2025.” · word for word

Production decline in Colombia

“Colombia production NAR decreased to 18,089 BOEPD from 21,232 BOEPD in Q1 2025.”

Hedging losses of $70-72M forecast for 2026; $77M unrealized MTM loss in Q1.

“Forecasts hedging losses of $70 - $72 million for 2026... Net loss was primarily driven by non-cash items including unrealized market to market hedging loss of $77 million.” · word for word

Geopolitical risks in South America (guerilla activity, strikes, blockades).

“Certain of Gran Tierra’s operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests.” · word for word

Commodity Price Exposure

“Standard risk factor language; no specific quantified exposure provided.”

Operational Risk in Multiple Jurisdictions

“Operating across multiple jurisdictions requires consistent standards, and our commitment to safe and responsible operations remains foundational across the portfolio.” · word for word

Operational disruptions from pipeline issues and local unrest in South America.

“Lower production in Southern Colombia and Ecuador as a result of two major export pipeline disruptions, and trunk line repairs at the Moqueta field.” · word for word

Geopolitical and regulatory risks in new Azerbaijan operations.

“Azerbaijan entry involves exploration phase with minimum commitments; political and regulatory risks.”

Oil Price Sensitivity

“Future decreases in the prices of oil or natural gas, sustained low prices, periods of extended pricing volatility, and increasing borrowing costs may have a material adverse effect on our financial condition, the future results of our operations (including rendering existing projects unprofitable or requiring temporary suspension of fields), financing avail” · word for word

Geographic Concentration

“Approximately half of our production comes from four fields located in Colombia. For the year ended December 31, 2025, the Acordionero, Costayaco, Moqueta and Cohembi fields collectively generated 49% of our production and at December 31, 2025, these four fields accounted for 51% of our proved reserves.” · word for word

Political Instability

“Colombia has experienced social, economic and security turmoil related to security, guerilla and narcotrafficking.” · word for word

High net debt of $657M; debt reduction priority but leverage remains elevated.

“Estimated unaudited net debt as at December 31, 2025, was approximately $657 million.” · word for word

Geopolitical risk in South America (Colombia, Ecuador) including guerilla activity, strikes, blockades, civil unrest.

“Unexpected problems can arise due to guerilla activity, strikes, local blockades or protests, civil unrest, sanctions-related restrictions, or other political instability.” · word for word

Commodity price volatility; sensitivity to Brent oil price.

“Changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels.” · word for word

High net debt of $657M relative to market cap; debt reduction priority but leverage remains elevated.

“Net Debt of $657 million comprised of Senior Notes of $741 million (gross) less cash and cash equivalents of $83 million.” · word for word

Canada gas reserves reclassified to contingent resources due to lower gas price assumptions; potential impairment if prices remain low.

“In Canada, certain natural gas reserve volumes were reclassified as contingent resources reflecting a lower forecasted gas price.” · word for word

Geopolitical risk in South America (Colombia, Ecuador) including guerilla activity, strikes, blockades, civil unrest.

“Unexpected problems can arise due to guerilla activity, strikes, local blockades or protests, civil unrest, sanctions-related restrictions, or other political instability.” · word for word

Production disruption from external events (landslide, pipeline repairs) impacted quarterly output.

“landslide in Ecuador required shut in of all Ecuador production for several weeks; trunk line repairs at Moqueta field resulted in field shut in for the Quarter.”

Geopolitical and operational risks in South America including guerilla activity, strikes, and blockades.

“certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests.” · word for word

Operational disruption in Ecuador

“NAR production decreased by 10% from the prior quarter as a result of a landslide in Ecuador that required the shut in of all Ecuador production for several weeks and trunk line repairs at the Moqueta field which resulted in the field being shut in for the quarter.”

High leverage and debt repayment obligations

“9.50% Senior Notes due 2029 principal amount $735.8 million; 25% of principal due October 15, 2026.”

Colombian export tax

“The temporary excise tax levied on oil sales was introduced by the Colombian government under a state of emergency declared in 2025. The tax applies to the first sale or export of crude oil at a rate of 1% starting from February 2025 and is scheduled to remain in force until December 2025.” · word for word