Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Global Energy Conference, Canaccord Adams 2008
49 slides from Gran Tierra Energy's conference presentation, Nov 18, 2008
Slide 1: Global Energy Conference, Canaccord Adams
GranTierra energy inc. Global Energy Conference Canaccord Adams November 18, 2008
Slide 2: Disclaimer
Disclaimer GranTierra| ‘energy ine. This presentation material contains forward-looking statements within the moaning of Section 27A of the Securities Act of 1933, as amended, and Section 21€ of the Securities Exchange Act of 1934, as amended. The ‘opinions, forecasts, projections, statements of res
Slide 3: $90 Million into $900 Million
Weirniss $90 Million into $900 Million Proceeds from GTE equity financings versus net after tax IIPV10 of GTE and SOR combined 3P reserves y Cline and July 1, 2008 GLJ) at $60 WTI
Slide 4: Efficiently exploring more blocks
1) Efficiently exploring more blocks G 30 Exploration Blocks 2005 2006 2007 2008 7.1 MILLION acces ‘eross (6.2 million acres net) )
Slide 5: Increasing proven reserves by 19x
2) Increasing proven reserves by 19x GranTierra| ‘ereray in I f 20 15 10 Million barrels of oil 2005 2006 2007 2008" 18.4 millions: Total Proven Reserves - Net after royalty *(GTE 8 SOR as of June 21, 2008)
Slide 6: Production growth 2005-2008
= 16,000. 14,000 3 12,000 © 10,000 2 8,000 3 6,000 a 4,000 = 2 2,000 _——=— = | 2005 2006 2007 2008 15,000 sacw (Forecast 2008 exit rate - Net after royalty) “(GTE & SOR merger on November 14, 2006)
Slide 7: Reserves and production growth driven by the drill-bit
Reserves and production growth driven by the drill-bit - through major oil discoveries
Slide 8: Costayaco
Costayaco Gran Tierra’s Major Oil Discovery in Colombia
Slide 9: Costayaco Field
= Costayaco Field Grantiera) 5614 = Million Barrels Reserves (3P)* Colombia
Slide 10: Established Reserves
Established Reserves Based on first three wells Geek Light and Medium Oil Reserves* Gross Reserves** Reserves Category (MMbbI) Proved Producing 9.64 Proved Developed !lon-producing 3.58 Proved Undeveloped 7.33 Total Proved 20.54 Total Probable 14.37 Total Proved Plus Probable 34.91 Total Possible 26
Slide 11: Growing Reserves
Growing Reserves Costayaco Well 5 Chaza Block Uchupayaco Result of C-5 Testing: 1, fa eos Outside Current Reserve Area " hapesents ares rst of testing, before roses 1"
Slide 12: Taking Costayaco to production target by Q1 2010
Taking Costayaco to 24 000 on. by Q1, 2010 "Forecast netiafter royalty production on gross production of 35,000 BBL/Day
Slide 13: Wells Planned
1 6 Wells Planned ‘Chaza Block Producing Oil Fiolds gan Uchupayaco rerereiee By the end of 2008: sh 6 Producers For 2009: preteen 8 Additional Producers LL 2 Water Injectors 3
Slide 14: Investing in new pipeline
Investing in new pipeline Expanding Costayaco’s Infrastructure Now 10 km pipe line to Uchupayaco completed. Carries 9,000 BOPD, capacity for 50,000 BOPD. 2010 ’ New 50,000 BOPD pipeline to Santana Oil Orito, utilizing existing right- sales point of-ways, to accommodate Costayaco plateau production 4
Slide 15: More reserves, more pipeline, more production
More reserves, more pipeline, more production rayne 30 26,000* v 8 Barrels of Oil per Day ('000's) 3S 2006 2007 2008 10-2010 26,000 siro2y ("Predicted combined net production after royalty exit rates for GTE and SOR)
Slide 16: Our Vision: Taking Gran Tierra to 50,000
Our Vision: Taking Gran Tierra to 50,000...
Slide 17: Aggressive 2009 Exploration in Colombia
Aggressive 2009 Exploration in Colombia _—_GranTierra 1.5 million wergy inc Seismic Exploration wells planned outside Costayaco Leads and prospects Basins Net acres 7
Slide 18: Developing the Putumayo Basin
Developing the Putumayo Basin GranTierral Colombia exploration land holder in the Putumayo Basin ig sboeots
Slide 19: Developing the Putumayo Basin Blocks
Developing the Putumayo Basin 6 Blocks 807,409 Net Acres 751 km_ Seismic planned in 2009 2 Wells planned for 2009 19
Slide 20: Llanos Basin
Llanos Basin GranTierra| + Los Aceites-1, oil discovery + Initial test at 5,645 BOPD + Long term test at 1,000-2,000 BOPD Colombia ie «Next steps: + Build production facilities es + Acquire 3D seismic + Evaluate drilling development + 3 Exploration wells
Slide 21: Middle Magdalena Basin
Middle Magdalena Basin GranTierra| + Popa-2, Gas-Condensate Discovery + Initial test at 8.5 MMCFGD and 236 BCPD gross (Condensate) + Next steps: Colombia + Build long term test production facilities + Initiate long-term test + Acquire 3D seismic + 1 Exploration Well x) 9Bogota 1
Slide 22: Catatumbo Basin
Catatumbo Basin: - . - GranTierraf An Extension of Venezuela’s Maracaibo Basin ali + Next steps: + Acquire 2D seismic + Up to 3 Exploration wells Colombia aes t
Slide 23: Stakeholder Engagement
ll Stakeholder Engagement Key to success + Employ over 150 local oil & gas experts + Work closely with government agencies + Develop the communities where we operate + Education support + Building infrastructure + Aboriginal support (traditional medicine research) + Funding of medical services =
Slide 24: Our Vision: Taking Gran Tierra to 100,000
Our Vision: Taking Gran) Tierra to 100,000...
Slide 25: Elephant hunting in Peru
= Elephant hunting in Peru GranTierra = The Maranon Basin 8 1 Billion : Barrels Recoverable
Slide 26: Iquitos Arch - The hunting ground
Iquitos Arch - The hunting ground 55 fa
Slide 27: If it walks like an elephant, talks like an elephant
If it walks like an elephant, talks like an Grantiorra) elephant... owas = Andes Mountains Maranon Basin Iquitos Arch Oil & Gas Formation Migration of Oil & Gas Entrapment jerra - Blocks 122 & 128 a arch im ‘Mountain range Brooks Zagros Rockies Atlas Mountains Basin North Stope Arabian Gulf wes Atla
Slide 28: Blocks at the Top of the Arch
Blocks 122 & 128 - At the Top of the Arch 2 Blocks Gran Tierra Acres Seismic (2009) Exploration wells (2010) + Blocks 122 and 128 are a likely focal point for petroleum migration from adjacent Maranon basin + Environmental impact Bloc assessment for seismic initiated 28
Slide 29: Argentina - Option Value
Argentina—Option Value GranTierra| exploration land \ # holder in the | a Noroeste Basin & Noroeste Basin + 1.3 million acres (net) * New Discovery Proa-1 + 3Q 2008 oil discovery + Tested 2,324 BOPD gross + Currently on long term test at 500 BOPD. + Improving Prices + Grew from $33 to $44/BBL in 200
Slide 30: 2009 Key Milestones
2009 Key Milestones + Full field development plan Q2 + 50,000 BOPD pipeline, year- end + Continuous development drilling program + Complete Los Aceites long term test Q2 + Define Popa Field commerciality Q3 + Continuous exploration drilling program - Pre-feasibility engineering study QI + Complete E
Slide 31: Program is Fully Funded
fm, Program is Fully Funded Grantierra( ) Costayaco C a S h Putumayo a on hand Middle Magdalena Lower Magdalena In available Catatumbo Basin e Maranon (Peru) C re d | t Facilities*
Slide 32: Investment Highlights
Investment Highlights $145 million in cash and strong cash flow
Slide 33: Gran Tierra Financials
Gran Tierra Financials Ed
Slide 34: Recent Financial Results
Recent Financial Results (Pre-Solana acquisition) Gn $000"s Us) ‘Revenue and Other Income, ‘it and natural gas sales Interest Expenses ‘Operating expenses Income (loss) befoe income tes tncome tax expense (recovery) ‘Netinome (oss) Esmings (oss) per share -basic GranTierra' energy inc 042006 Q1 2007
Slide 35: Balance Sheet
Balance Sheet (In $000's US) Assets Cash Other Current Assots Oil and Gas Properties Proved Unproved Other Long-term assots Total Assets Liabilities and Shareholders’ Equity Total Current Liabilities Total Long-Term Liabilities Total Liabilities Shareholders’ Equity Total Liabilities and Shareholder
Slide 36: Company summary
Company summary GranTierra! energy ine symbol (TSX, AMEX): GTE Headquarters: Calgary, Canada Year End: December 31 As of: November 17, 2008 Basic Shares Outstanding 225 million Fully Diluted: 263 million # of Employees: 180 Director & Officer Ownership: 11%
Slide 37: A disciplined management team
A disciplined | manasement team SS With) SloDal experience
Slide 38: Our Vision: 100,000 BBL/Day
Slide 39: Appendices
Appendices Ey
Slide 40: Management Team
il Management Team Management Dana Coffield, PhD, President & CEO Previously EnCana and ARCO Martin Eden, CFO Previously artumas, Nexen, Emst & Young ‘Max Wel, VP Operations Proviously EnCana, Occidental Rafaol Orunesu, Prasident, GTE Argentina Proviously Pluspatrol and YPF Eddie Dyes, Prasident, GT
Slide 41: Colombian Operating Netbacks Per BO
Colombian Operating Netbacks Per BO ANH Contract (Chaza - Costayaco) wri $50.00 WTI Discount (1) $7.15 Royalty @.23%) @)@) $ 3.53 3% party NPI royalty 5 341 Economic Rights (acreage fee) § 0.10 Operating costs (4) $5.23 Operating netback before tax $30.78 ‘Colombian income tax rates: 33% 5 Price off
Slide 42: Colombian Operating Netbacks Per BO
I Colombian Operating Netbacks Per BO Association Contract (Juanambu) Carer wtl $50.00 $75.00 $100.00 WTI Discount (1) S Vi2e: § 7.23 $' 17.93 Royalty (6%) $ 3.42 § 5.42 S$ 7.42 3" party IPI royalty 5 2.89 § 5.19 S$ 7.49 Operating costs (2) $10.47 $10.47 S$ 10.47 Operating netback before tax $25.99
Slide 43: Colombian Operating Netbacks Per Bbl
Colombian Operating Netbacks Per Bbl Association Contract (Guayuyaco) Graig wil $50.00 $75.00 $100.00 WTI Discount (1) S$ 7.46 S$ 7.46 S$ 746 Royalty (8%) § 3.40 $ 5.40 S$ 7.40 3 party over-riding royalty § 0.78 $ 1.36 § 2.39 Operating costs (2) $20.73 20.73 S$ 20.73 Operating netback before tax $17
Slide 44: Colombian Operating Netbacks Per BO
Il! Colombian Operating Netbacks Per BO Risk Sharing Contract (Santana) carrer Wri $50.00 $75.00 $100.00 WTI Discount (1) § 8.42 $ 8.42 $ 8.42 Royalty (20%) $ 8.32 $13.32 $ 18.32 3 party over-riding royalty § 0.67 S 1A7 S$ 2.07 Operating costs (2) $18.90 $18.90 S 18.90 Operating netback before tax $
Slide 45: Colombian Operating Netbacks Per Bbl
Colombian Operating Netbacks Per Bbl Association Contract (Guachiria) wr WTI Discount Royalty (6%) Ecopetrol ORR (13%) Operating costs Operating netback before tax Colombian income tax rates: 33% $50.00 $16.42 S$ 2.69 $ 4.02 $13.00 $13.88 $75.00 $16.42 § 4.69 $ 7.01 $13.00 $33.89
Slide 46: Argentina Operating Netbacks Per BO
| Argentina Operating Netbacks Per BO Palmar Largo wrt $50.00 WTI Discount (1) $ 6.00 Provincial Sales Tax (1.5%) 5 0.66 Royalty (12%) § 5.28 Operating costs (2) $20.87 Operating netback before tax $17.19 ‘Argentina income tax rates: 35% tt 2 Based on received price for Q3 2008 Based on Q3 2008 aver
Slide 47: Argentina Operating Netbacks Per BO
Argentina Operating Netbacks Per BO a GranTierral Chivil wrt $50.00 $75.00 WTI Discount (1) $ 6.00 $31.00 Provincial Sales Tax (1.5%) $ 0.66 § 0.66 Royalty (12%) $ 5.28 5 5.28 Operating costs (2) $24.12 Operating netback before tax $13.94 $13.94 Argentina income tax rates: 35% 1. Based on received p
Slide 48: Argentina Operating Netbacks Per BO
i Argentina Operating Netbacks Per BO Vinalar WTI $50.00 WTI Discount (1) $ 6.00 Provincial Sales Tax (1.8%) $ 0.79 Royalty (12%) § 5.28 34 party over-riding royalty @.7% $ 1.19 Operating costs (2) § 8.62 Operating netback before tax $28.12 Argentina income tax rates: 35% 1. Based on received price
Slide 49: rantiera(_)
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