Gran Tierra loss widens in first quarter as costs surge

(Alliance News) - Gran Tierra Energy Inc on Thursday posted a weaker first quarter with higher costs outweighing modestly firmer sales.

The Calgary, Canada-based oil and gas company said net loss in the three months to March 31 widened to USD119.2 million from USD19.3 million a year ago. Loss per share also widened to USD3.38 from USD0.54.

Sales of oil, natural gas, and natural gas liquids increased 2.3% to USD172.1 million from USD168.2 million

Total expenses surged 73% to USD319.4 million from USD184.3 million, with operating expenses down 1.4% to USD66.1 million, while transportation rose 17% to USD5.3 million and general and administrative more than tripled to USD34.8 million.

Capital expenditure for the first quarter was USD45.4 million compared to USD94.7 million in the same period last year.

During the quarter, Gran Tierra entered into a strategic partnership with Bogota-based state‑controlled integrated oil and gas company Ecopetrol SA under which it is expected to earn a 49% working interest in the Tisquirama block in Colombia, subject to regulatory approvals and other conditions.

Shares in Gran Tierra ended flat at CAD11.92 in Toronto on Thursday.

By Judy Amaca, Alliance News reporter Asia-Pacific

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