Gran Tierra Reports 2Q; Still Overvalued
Gran Tierra Energy reported second-quarter production volumes of 31.4 thousand barrels of oil equivalent per day, a 22% increase from the year-ago period. Production was below our expectations of 32.7 mboe/d even with the first full nine months of production from the PetroLatina acquisition, which closed during the third quarter. Despite the lower-than-expected quarterly production, the company is currently producing 34.1 mboe/d, and expects its fourth quarter exit production in the range of 35...Gran Tierra Energy, together with its subsidiaries, is a company focused on oil and gas exploration and production in Colombia. Co. is primarily engaged in the exploration and production of oil and natural gas. Co. has one reportable segment based on geographic organization, Colombia. As of Dec 31 2017, Co. had total estimated proved reserves of 59.3 million barrels of oil and natural gas equivalent, consisting of 58.9 million barrels of oil and 2.1 million cubic feet of natural gas.
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