Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Investor Presentation (January 2026)
50 slides from Gran Tierra Energy's investor presentation, Jan 28, 2026
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
January 2026 DIVERSIFIED OIL & GAS PRODUCER FOCUSED ON LONG TERM VALUE CREATION www.grantierra.com
Slide 2: General Advisory
GENERAL ADVISORY Forward-Looking Information Cautionary Advisory from the imposition or lifting of crude oil production quotas or The forward-looking statements contained in this presentation are other actions that might be imposed by OPEC and other based on certain assumptions made by Gran Tierra b
Slide 3: Introduction
INTRODUCTION Slide 3 www.grantierra.com
Slide 4: Who Is Gran Tierra?
WHO IS GRAN TIERRA? Focus on Full Cycle Free Cash Low-Cost Leaders in Diversified Company Flow & Operator Sustainability Reducing Debt » Focused on » Since January 1, » GTE’s portfolio is » Focused on » Top quartile safety reinvesting in the 2022, Gran Tierra has diversified across continuous perfor
Slide 5: Gran Tierra Snapshot
GRAN TIERRA SNAPSHOT CORE AREAS WITH SCALABLE UPSIDE AND DEVELOPMENT OPPORTUNITIES Highlights Reserve Highlights (2) December 2025 Liquids/Gas (1) Production 1P Reserves Ecuador 11% ~48 ~83%/ 142 MMBOE (2) Canada MBOEPD (1) 17% 37% 8 Years RLI (1) Gran Tierra Assets Colombia DIVERSIFIED 2P Reserves
Slide 6: Building for the Future
BUILDING FOR THE FUTURE GRAN TIERRA IS WELL POSITIONED FOR PRODUCTION AND RESOURCE GROWTH Proven Track Record of Acquiring and Maximizing Value of Oil and Gas Assets Gran Tierra is positioned for long-term growth, strengthening its oil and gas portfolio through an expanded geographic reach and diver
Slide 7: Global Portfolio: 1P/2P Reserve and RLI Growth
GLOBAL PORTFOLIO 2022-2025: 1P/2P RESERVE1 AND RESERVE LIFE INDEX GROWTH2 1P South America 2P South America 300 30 300 30 HIGHLIGHTS 1P Canada 2P Canada 1P RLI 2P RLI Portfolio Longevity 250 25 250 25 2P RLI of 15 years 200 20 200 20 1P Reserves MMBOE 2P Reserves MMBOE Canadian Assets Significant Un
Slide 8: Year-End 2025 Reserves
YEAR-END 2025 RESERVES1 BALANCED PORTFOLIO WITH CASH FLOW GENERATING AND GROWTH ASSETS HIGHLIGHTS COLOMBIA ECUADOR CANADA Reserves by Category Reserves by Category Reserves by Category (MMBOE) 1P 2P 3P (MMBOE) 1P 2P 3P (MMBOE) 1P 2P 3P December 31, 2025 60 91 112 December 31, 2025 26 53 74 December
Slide 9: Canadian Contingent Resources
CANADIAN CONTINGENT RESOURCES1 2025 CONTINGENT RESOURCES - HOADLEY GLAUCONITIC PLAY - NATURAL GAS UPSIDE HIGHLIGHTS HOADLEY GLAUCONITIC PLAY Gross Contingent Resources1 Unrisked Risked Substantial Canadian Resource Base By Product Type 1C 2C 3C 2C 74 MMBOE of unrisked 2C resources Light and Medium C
Slide 10: 2026 Key Objectives
2026 KEY OBJECTIVES 2026 Budget1 Low Case Base Case High Case Budgeted Base Fully Funded Capital Case Costs Costs per BOE ($/boe) Program Generating Brent Oil Price ($/bbl) 55.00 65.00 75.00 Free Cash Flow WTI Oil Price ($/bbl) 51.00 61.00 71.00 Lifting 13.00 – 14.00 Recent exploration success and t
Slide 11: Debt Maturity Profile Aligned with Future Cash Flows
DEBT MATURITY PROFILE ALIGNED WITH FUTURE CASH FLOWS DEBT INSTRUMENTS OIL AND GAS HEDGING STRATEGY » Gran Tierra has a robust risk management strategy that is focused on limiting downside US$741MM of Gross Debt while maintaining upside exposure: » $716 MM: 9.5% p.a. coupon (amortization » Rolling 12
Slide 12: Hedging Summary
HEDGING SUMMARY Oil Gas 1, 2 1 Crude Oil Barrels Hedged (bbls/d) Natural Gas GJs Hedged (GJs/d) WTI Brent Total AECO 18,000 25,000 16,500 16,500 16,000 15,000 14,500 14,000 20,000 12,000 15,000 10,000 8,000 10,000 6,000 10,000 20,000 20,000 4,000 6,739 5,000 2,000 0 0 Q1/26 Q2/26 Q3/26 Q4/26 Q1/26 Q
Slide 13: Asset Overview
ASSET OVERVIEW Slide 13 www.grantierra.com
Slide 14: 2026+ Diversified Opportunity Portfolio
2026+ DIVERSIFIED OPPORTUNITY PORTFOLIO COLOMBIA Middle Magdalena Valley Wapiti Portfolio in 5 proven multizone basins Clearwater COLOMBIA & ECUADOR 18+ reservoirs Putumayo & 10+ oil / 4+ LRG / Oriente Basin COLOMBIA 4+ gas—diversified Llanos Simonette Central Predictive Mapping High quality reservo
Slide 15: Successful and Efficient Business Model Resulting in Solid Oil Recovery Factors
SUCCESSFUL AND EFFICIENT BUSINESS MODEL RESULTING IN SOLID OIL RECOVERY FACTORS TYPICAL WATERFLOODS SIGNIFICANTLY INCREASE PRODUCTION, RECOVERY WATERFLOOD OIL RECOVERY PROCESS SCHEMATIC1 FACTORS & RESERVES2 Fill Up Incline Period Decline Period Start Injection Increasing PIP4 Gas collapse SECONDARY
Slide 16: Costayaco Waterflood Performance - Historical
COSTAYACO WATERFLOOD PERFORMANCE - HISTORICAL Original Recoverable Current ~87% ACR2 ~92% CYC2 watercuts: STARTED INJECTION Waterflood Incremental Above 1P YE2010 Production YE 2010 to 2025 December 31, 2025 Water injection through 2010 YE Reserves (MMbbl) (MMbbl) Reserves (MMbbl)3 water flooding mo
Slide 17: Acordionero Overview
ACORDIONERO OVERVIEW Activity Map 100% November 2039 Working Interest Contract Expiry ~13,600 BOPD Q3 YTD Production ~13,000 BOPD Q3 2025 Production Asset Overview » Acordionero (ACD) is a cash cow, generating ~$195MM of free cash flow2 on average per year, since 2022 » New max injection reached of
Slide 18: Chaza Overview
CHAZA OVERVIEW June 2033 (CYC) Activity Map 100% Dec 2037 (MQT) Working Interest Contract Expiry ~6,500 BOPD Q3 YTD Production ~5,700 BOPD Q3 2025 Production Asset Overview » Successful infill wells have confirmed unswept areas in the Costayaco (CYC) \ and Moqueta (MQT) fields » Gran Tierra’s northe
Slide 19: Suroriente Overview
SURORIENTE OVERVIEW Activity Map 47% Sept. 2043 Working Interest Contract Expiry ~2,700 BOPD Q3 YTD Production ~4,250 BOPD Current Production Asset Overview » In September 2023, a 20-year contract extension began for the block » During the fourth quarter of 2025, gross production at Cohembi increase
Slide 20: Chanangue Overview
CHANANGUE OVERVIEW 20 years Activity Map 100% Field Development Working Interest Plan approved Oct 2025 ~1,300 BOPD Q3 YTD Production ~1,000 BOPD Q3 2025 Production Asset Overview » In late third quarter 2025, a re-entry of the legacy Chanangue-1 well uncovered a new Basal Tena oil discovery, now pr
Slide 21: Charapa Overview
CHARAPA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~2,000 BOPD Q3 YTD Production ~2,000 BOPD Q3 2025 Production Asset Overview » 20-year contract for the block commencing after the end of the exploration phase » Charapa and Conejo FDPs were f
Slide 22: Perico & Iguana Overview
PERICO & IGUANA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~950 BOPD Q3 YTD Production ~920 BOPD Q3 2025 Production Asset Overview » Acquired Perico Block directly adjacent to Gran Tierra’s operated Iguana Block, where Gran Tierra has made tw
Slide 23: Clearwater Overview
CLEARWATER OVERVIEW No Expiry Activity Map 75% Concerns Working Interest Contract Expiry ~400 BOEPD Q3 YTD Production ~500 BOEPD Q3 2025 Production Asset Overview » Exposure to an extensive land base (106,000 gross and 75,000 net acres) » Limited Reserves bookings (4 gross and 2 net) - early in the
Slide 24: Simonette Overview
SIMONETTE OVERVIEW No Expiry Activity Map 50% Concerns Working Interest Contract Expiry ~1,230 BOEPD Q3 YTD Production ~1,340 BOEPD Q3 2025 Production Asset Overview » Active Montney Oil horizontal development under the Joint Venture agreement between GTE and Logan Energy » Continuing to see strong
Slide 25: Central Overview
CENTRAL OVERVIEW No Expiry Activity Map 49% Concerns Working Interest Contract Expiry ~12,000 BOEPD Q3 YTD Production ~11,250 BOEPD Q3 2025 Production Asset Overview » Extensive land base with ~327,000 net acres, majority of the land is held by production with negligible land expires. » All season a
Slide 26: Wapiti Overview
WAPITI OVERVIEW No Expiry Activity Map 27% Concerns Working Interest Contract Expiry ~2,800 BOEPD Q3 YTD Production ~2,700 BOEPD Q3 2025 Production Asset Overview » Extensive contiguous land base of ~87,000 net acres covering multiple horizons with no expiry concerns » Stacked proven oil and liquids
Slide 27: Marketing & Transportation
MARKETING & TRANSPORTATION Slide 27 www.grantierra.com
Slide 28: Access to Existing Transportation Infrastructure in Ecuador and Colombia
ACCESS TO EXISTING TRANSPORTATION INFRASTRUCTURE IN ECUADOR AND COLOMBIA Gran Tierra benefits from large spare capacity in pipelines & trucking throughout Colombia & Ecuador, which leads to: Quick access to world markets through major export Strong oil prices Narrow oil price Short terminals linked
Slide 29: Transportation and Infrastructure in Canada
TRANSPORTATION AND INFRASTRUCTURE IN CANADA Key Oil Takeaway Projects Line 3 Replacement Trans Mountain Expansion (Enbridge) Project (Government of Canada) Replace all remaining segments The TMX Project twins the Project Details of L3 from Hardisty, AB to existing Trans Mountain pipeline Superior, W
Slide 30: Commodity Pricing
COMMODITY PRICING South America - Key Differentials Ice Brent Diff. Vasconia Diff. Castilla Diff. Oriente USD - Diff. Castilla avg Diff. Vasconia avg Diff. Oriente avg » Crude oil prices strong in Colombia USD (2.00) USD 100.00 & Ecuador with steady, narrow USD (4.00) differentials, unlike in the US
Slide 31: Exploration Overview
EXPLORATION OVERVIEW Slide 31 www.grantierra.com
Slide 32: 2026+ Diversified Opportunity Portfolio
2026+ DIVERSIFIED OPPORTUNITY PORTFOLIO PORTFOLIO DIVERSE OPPORTUNITY FOCUSED ON SHORT-CYCLE PORTFOLIO TIMES, PROVEN BASINS & ACCESS TO INFRASTRUCTURE Portfolio in 5 proven COLOMBIA multizone basins Putumayo Basin Gran Tierra Assets ECUADOR Canada Oriente Basin NORTH 18+ reservoirs AMERICA 10+ oil /
Slide 33: High Impact Exploration Portfolio
HIGH IMPACT EXPLORATION PORTFOLIO PUTUMAYO & ORIENTE: UNDEREXPLORED, PROVEN BASINS » Colombia’s Putumayo basin is underexplored due to past above- 7 TIMES the area for seismic ground security issues, now coverage1 in the Oriente mitigated by Peace Agreement » 3,400 km2 vs 25,150 km2 » Same geology a
Slide 34: 13 Oil Discoveries in Ecuador
13 OIL DISCOVERIES IN ECUADOR » Gran Tierra holds almost 1 million acres IMMEDIATE between the Oriente and Putumayo basins MONETIZATION » Gran Tierra has made 13 discoveries in Ecuador including most recently: ‒ Conejo A-21: Has produced at stabilized rates of ~1,500 BOPD with 29.6-degree API gravit
Slide 35: Acquisition Lookback
ACQUISITION LOOKBACK Slide 35 www.grantierra.com
Slide 36: Canada Acquisition Lookback
CANADA ACQUISITION LOOKBACK Highlights Size and Scale Increased production, higher reserve base and larger asset portfolio with exciting and economic plays Natural Gas Upside Enhanced the portfolio with upside potential of natural gas resources of up to 1 Tcf Improved Rating Ratings agencies upgrade
Slide 37: Gran Tierra's Focused Strategy
GRAN TIERRA’S FOCUSED STRATEGY WHY CANADA FITS ACQUISITION CHECKLIST Proven Hydrocarbon Basins World-class program targeting large prospect inventory across proven plays in Alberta Access to Established Infrastructure Spare capacity in pipelines & trucking, leads to strong oil prices, short cycle ti
Slide 38: ESG
ESG Slide 38 www.grantierra.com
Slide 39: HSE Is a Key Priority at Gran Tierra
HSE IS A KEY PRIORITY AT GRAN TIERRA LTIF1,3 TRIF2,3 GTE TRIF 0.5 GTE LTIF 0.5 North America Average North America Average South America Average 0.4 South America Average 0.4 0.3 0.3 0.2 0.2 0.12 0.08 0.07 0.08 0.1 0.1 0.04 0.03 0.02 0.02 0.06 0.00 0.00 0.00 0 0 2019 2020 2021 2022 2023 2024 2019 20
Slide 40: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ~77% 93% ~77% 72% Decreased Flaring Operational Injected Water Decrease in Flaring Total Energy used in Greenhouse Gas Emissions was Recycled in South Emissions in Colombia & Operations was Generated by Since 2019 in South America America Ecuador Since 2019 Gas-to-Power in S
Slide 41: Impact Investment & Human Rights
IMPACT INVESTMENT & HUMAN RIGHTS BIODIVERSITY PROTECTION – ECONOMIC DEVELOPMENT – HUMAN RIGHTS 689 families are producing high-quality cocoa through the 689 NaturAmazonas program. In 2024, one of the world’s largest buyers of FAMILIES cocoa purchased 10 tons of their deforestation-free organic cocoa
Slide 42: Appendix
APPENDIX Slide 42 www.grantierra.com
Slide 43: McDaniel Price Decks
MCDANIEL PRICE DECKS JANUARY 1, 2026 OIL PRICE (US$/BBL) BRENT COMPARISON (US$/BBL) 100 100 Brent WTI Jan 1 2026 Jan 1 2025 95 95 90 90 85 85 80 80 75 75 70 70 65 65 60 60 2026 2027 2028 2029 2030 2031 2032 2033 2034 2026 2027 2028 2029 2030 2031 2032 2033 2034 1) As per McDaniel’s prices deck assum
Slide 44: Waterflooding - Footnotes
ASSET MANAGEMENT SECTION WATERFLOODING - FOOTNOTES 1) Source: SNF Floerger Oil & Gas – “Enhanced Oil Recovery” 2) Copyright 1991, SPE, from JPT, October 1991 3) https://www.spe.org/en/industry/increasing-hydrocarbon-recovery-factors/ 4) PIP: Pump uptake pressure 5) Based on Gran Tierra McDaniel Rese
Slide 45: Glossary of Terms
GLOSSARY OF TERMS NON-GAAP TERMS OIL & GAS Funds flow from operations (Funds flow or FFO): is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non-cash lease expense, lease payments, unr
Slide 46: Non-GAAP Measures
NON-GAAP MEASURES Forward-Looking Non-GAAP Measures This presentation includes forward-looking non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as an alt
Slide 47: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION Presentation of Oil & Gas Information » “proved reserves” or “1P” are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that actual remaining quantities recovered will exceed estimated proved reserves. BOEs have
Slide 48: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION Reserves Information (continued) Estimates of reserves provided in this presentation are estimates only and there is no guarantee that estimated » Before tax and after tax free cash flow are non-GAAP terms and are called before tax and after tax reserves will be
Slide 49: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION Analogous Information Certain information in this presentation may constitute ‘‘analogous information’’ as defined in NI 51-101, including, but not limited to, information relating to operations and oil and gas activities in Ecuador, the Putumayo & Oriente Basin
Slide 50: Contact Us
CONTACT US 500 CENTRE STREET SE, CALGARY, ALBERTA, CANADA T2G 1A6 Investor Relations: Tel: +1-403:265-3221 Email: info@grantierra.com Slide 50 Long-Term Value Creation | January 2026
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