Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Q4 2025 Earnings Presentation
51 slides from Gran Tierra Energy's earnings presentation, Mar 4, 2026
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
March 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 including the conflicts in Ukraine and the Middle East and Venezuela The forward-looking statements contained in this presentation are The information contained in this presentation does or from the imposition or lifting of crude oil p
Slide 3: Introduction
INTRODUCTION Slide 3 www.grantierra.com
Slide 4: Who Is Gran Tierra?
WHO IS GRAN TIERRA? Focus on Full Cycle Low-Cost Leaders in Free Cash Operator Diversified Company Sustainability Flow & Reducing Debt » Find: Discover high- » Global benchmarking » GTE’s portfolio is » Top quartile safety » In 2026 exchanged the quality barrels through underpins our cost diversifie
Slide 5: Gran Tierra Snapshot
GRAN TIERRA SNAPSHOT CORE AREAS WITH SCALABLE UPSIDE AND DEVELOPMENT OPPORTUNITIES Highlights Reserve Highlights (2) Q4 2025 Liquids/Gas (1) Production 1P Reserves Ecuador 11% ~46 ~82%/ 142 MMBOE (2) Canada MBOEPD (1) 18% 36% 8 Years RLI (1) Gran Tierra Assets Colombia DIVERSIFIED 2P Reserves Canada
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
GLOBAL PORTFOLIO 2022-2025: 1P/2P RESERVE1 AND RESERVE LIFE INDEX GROWTH2 1P South America 2P South America 350 40 350 40 HIGHLIGHTS 1P Canada 2P Canada 1P RLI 2P RLI 35 35 Portfolio Longevity 300 300 293 2P RLI of 15 years 30 258 30 1P Reserves MMBOE 250 250 2P Reserves MMBOE Canadian Assets 25 25
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 Chance Unrisked Risked of Dvpt Substantial Canadian Resource Base By Product Type 1C 2C 3C 2C % 74 MMBOE of unrisked Light and Medi
Slide 10: 2026 Key Objectives
2026 KEY OBJECTIVES 2026 Budget1 Low Case Base Case High Case Budgeted Base 2026 Capital Program Case Costs Costs per BOE ($/boe) Generating Material Brent Oil Price ($/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
Slide 11: Bond Exchange Transaction
BOND EXCHANGE TRANSACTION Restructured Debt Outstanding Credit Ratings US$533MM1 of Proforma Net Debt Ratings4,5 » $504 MM2: 9.75% p.a. coupon (amortization schedule: 2029: 15%; 2030: 15%; 2031: 70%). » Fitch: B+ » $88 MM: 9.50% p.a. coupon (amortization schedule: 2026: 25%; 2027: 5%; 2028: 30%; » S
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 15,500 16,000 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 CANADA CANADA CANADA Wapiti Central Clearwater CANADA Alberta EUROPE AZERBAIJAN USA COLOMBIA COLOMBIA & ECUADOR Middle Magdalena Valley Putumayo & Oriente Basin AZERBAIJAN COLOMBIA ECUADOR SOUTH AMERICA Portfolio in 6 Predictive Mapping Gran Tierra is focused
Slide 15: Successful and Efficient Business Model
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: Acordionero Overview
ACORDIONERO OVERVIEW Activity Map 100% November 2039 Working Interest Contract Expiry ~13,100 BOPD Q4 YTD Production ~11,500 BOPD Q4 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 17: Chaza Overview
CHAZA OVERVIEW June 2033 (CYC) Activity Map 100% Dec 2037 (MQT) Working Interest Contract Expiry ~6,500 BOPD Q4 YTD Production ~6,300 BOPD Q4 2025 Production Asset Overview » Successful infill wells have confirmed unswept areas in the Costayaco (CYC) \ and Moqueta (MQT) fields » Gran Tierra’s northe
Slide 18: Suroriente Overview
SURORIENTE OVERVIEW Activity Map 47% Sept. 2043 Working Interest Contract Expiry ~3,000 BOPD Q4 YTD Production ~4,000 BOPD Q4 2025 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 19: Chanangue Overview
CHANANGUE OVERVIEW 20 years Activity Map 100% Field Development Working Interest Plan approved Oct 2025 ~1,300 BOPD Q4 YTD Production ~1,600 BOPD Q4 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 20: Charapa Overview
CHARAPA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~2,500 BOPD Q4 YTD Production ~3,900 BOPD Q4 2025 Production Asset Overview » 20-year contract for the block commencing after the end of the exploration phase » Charapa and Conejo field devel
Slide 21: Perico & Iguana Overview
PERICO & IGUANA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~1,000 BOPD Q4 YTD Production ~1,400 BOPD Q4 2025 Production Asset Overview » Acquired Perico Block directly adjacent to Gran Tierra’s operated Iguana Block, where Gran Tierra has mad
Slide 22: Clearwater Overview
CLEARWATER OVERVIEW No Expiry Activity Map 75% Concerns Working Interest Contract Expiry ~400 BOEPD Q4 YTD Production ~500 BOEPD Q4 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 23: Central Overview
CENTRAL OVERVIEW No Expiry Activity Map 49% Concerns Working Interest Contract Expiry ~11,600 BOEPD Q4 YTD Production ~11,000 BOEPD Q4 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 ac
Slide 24: Wapiti Overview
WAPITI OVERVIEW No Expiry Activity Map 27% Concerns Working Interest Contract Expiry ~2,700 BOEPD Q4 YTD Production ~2,500 BOEPD Q4 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 25: Azerbaijan: A Premier Energy Play
AZERBAIJAN: A PREMIER ENERGY PLAY TOP-TIER BASIN, POSITIONED FOR EXPANSION1 Background » Deeply established hydrocarbon province with major discoveries and a world-class, export-ready infrastructure system, supported by more than a century of oil and gas production history, including some of the wor
Slide 26: Marketing & Transportation
MARKETING & TRANSPORTATION Slide 26 www.grantierra.com
Slide 27: 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 28: 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 29: 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 30: Exploration Overview
EXPLORATION OVERVIEW Slide 30 www.grantierra.com
Slide 31: 2026+ Diversified Opportunity Portfolio
2026+ DIVERSIFIED OPPORTUNITY PORTFOLIO PORTFOLIO DIVERSE OPPORTUNITY FOCUSED ON SHORT-CYCLE PORTFOLIO TIMES, PROVEN BASINS & ACCESS TO INFRASTRUCTURE Colombia Putumayo Basin Gran Tierra Assets EUROPE Canada NORTH AMERICA Gran Tierra Assets Ecuador Colombia AFRICA Gran Tierra Assets Oriente Basin Az
Slide 32: 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 33: 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 34: South American Prospective Resources
SOUTH AMERICAN PROSPECTIVE RESOURCES1 2025 PROSPECTIVE RESOURCES – COLOMBIA & ECUADOR HIGHLIGHTS SOUTH AMERICAN PROSPECTIVE RESOURCES Company Gross Values1 Prospective Resources – Light and Medium Crude Oil1 Unrisked Risked Low Best Mean High Mean Exploration Inventory Prospect1 Mbbl Mbbl Mbbl Mbbl
Slide 35: Acquisition Lookback
ACQUISITION LOOKBACK Slide 35 www.grantierra.com
Slide 36: Canada Acquisition Lookback
CANADA ACQUISITION LOOKBACK Highlights Size and Scale » Pro Forma 1P & 2P Reserves2: 45 MMBOE & 91 MMBOE, respectively » Adjusted 2026 Production Guidance3: 13,000 – 14,000 boepd Substantial Resource Base » Total Unrisked 2C Contingent Resources4: 74 MMBOE » Total Unrisked 3C Natural Gas Contingent
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 0.50 GTE LTIF 0.5 North America Average North America Average South America Average 0.40 South America Average 0.4 0.30 0.3 0.20 0.2 0.08 0.07 0.08 0.10 0.1 0.04 0.03 0.02 0.00 0.02 0.06 0.00 0.00 0.00 0.00 0 2020 2021 2022 2023 2024 2025
Slide 40: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ~74% ~52% ~21% ~72% Companywide reduction in Fugitive Emissions were Companywide Reduction in Total Energy used in Flaring Emissions Reduced Companywide Greenhouse Gas Emissions Operations was Generated by Since 2019 Since 2019 Since 2019 Gas-to-Power in South America Gran T
Slide 41: Impact Investment & Human Rights
IMPACT INVESTMENT & HUMAN RIGHTS BIODIVERSITY PROTECTION – ECONOMIC DEVELOPMENT – HUMAN RIGHTS GTE has grown to support over 800 local families in deforestation-free 800 cacao farming, connected them with international buyers and we have FAMILIES trained over 420 local beekeepers to produce sustaina
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: Asset Management Section 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 GTE McDaniel December 31,
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, asset impairment, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non- Barrel (bbl) cash in
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 » “probable reserves” are those unproved reserves that are less certain to be recovered than proved reserves. It is equally likely that actual remaining quantities recovered will be greater or less than sum of BOEs have been
Slide 48: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION Reserves Information Unless otherwise expressly stated, all reserves values, future net revenue, ancillary information and any measure of oil Oil and Gas Metrics and gas activities contained in this presentation is as at December 31, 2025 and has been prepared a
Slide 49: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION All resources values and ancillary information contained in this presentation have been prepared by Prospective Resources McDaniel and calculated in compliance with NI 51-101 and the COGEH and derived from a report with » Prospective resources are those quantiti
Slide 50: 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 Azerbaijan, Ecuador, the Putumayo & O
Slide 51: 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 51 Long-Term Value Creation | March 2026