Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Investor Presentation (September 2026)
37 slides from Gran Tierra Energy's investor presentation, September 2026
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
September 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 reserves. or from the imposition or lifting of crude oil production quotas or The information contained in this presentation does This presentation contains opinions,
Slide 3: Consideration, Structure & Value
CONSIDERATION, STRUCTURE & VALUE COLOMBIA & ECUADOR DIVESTITURE · $1.33 BILLION TOTAL CONSIDERATION TOTAL CASH PROCEEDS TO GTE PRO-FORMA PDP NAV PER SHARE PREMIUM TO 20-DAY VWAP DEBT AT CLOSE $1.33B $315MM $12.49 83% ZERO Colombia and Ecuador business $250MM at close, $65MM note NPV10 BT, 38.4MM dil
Slide 4: Rationale, Go-Forward & Timing
RATIONALE, GO-FORWARD & TIMING REMAINING COMPANY: REPOSITIONED FOR FULLY FINANCED GROWTH PRODUCTION (MBOEPD) 2P RESERVES (MMBOE) ANNUAL INTEREST SAVED UNDRAWN FACILITY TARGETED CLOSE 12-13 86 $80MM C$75MM DEC 2026 Pro-forma, Canada Plus 80 2C and 67 P50 Estimated, post-closing Canadian credit facili
Slide 5: Illustrative Net Asset Value
ILLUSTRATIVE NET ASSET VALUE Illustrative NAV implies meaningful premium to current share price ~400,000 Acres in a Proven Basin 80 MMboe Contingent & BT 2P 67 MMboe NPV10 of Prospective BT 1P $375 MM BT PDP $17.96 Resource(3) NPV10 of NPV10 of $165 MM $204 MM $13.52 $4.29 $12.49 $8.21 GTE 20-Day VW
Slide 6: Introduction
INTRODUCTION Slide 6 www.grantierra.com
Slide 7: Who Is Gran Tierra?
WHO IS GRAN TIERRA? Focus on Full Cycle Low-Cost Focused Capital Debt-Free Company Operator Portfolio Discipline Fully Financed Growth » Find: high-impact » Benchmarking against » Two core areas: » Maintaining strict » Debt-free at completion, exploration in Azerbaijan, peers underpins our cost prod
Slide 8: Gran Tierra Snapshot
GRAN TIERRA SNAPSHOT CORE AREAS WITH SCALABLE UPSIDE AND Highlights Pro-Forma Reserve Highlights (3) DEVELOPMENT OPPORTUNITIES Q2 2026 Canadian Liquids/Gas (1) 1P Reserves Production ~14 ~51%/ 43 MMBOE (3) MBOEPD (1) 49% 9 Years RLI (2) TOP TIER 2P Reserves High-quality ~93% asset base in the operat
Slide 9: Asset Overview
ASSET OVERVIEW Slide 9 www.grantierra.com
Slide 10: Canada: Portfolio Overview
CANADA: PORTFOLIO OVERVIEW FOUR CORE AREAS ACROSS ALBERTA CLEARWATER ~89,000 net acres Heavy oil multilateral development | multi-area position ~300 boe/d July 2026 WAPITI ~84,900 net acres Liquids-rich Deep Basin | more than 7 horizons ~2,200 boe/d July 2026 CENTRAL ~277,100 net acres Multi-zone pr
Slide 11: Canadian Portfolio Advantage
CANADIAN PORTFOLIO ADVANTAGE MULTIPLE ANALOGUES BROADEN THE SHORT-CYCLE OPPORTUNITY SET GTE CANADIAN PLAY TYPES HIGHLIGHTED ANALOGUES YEARS TO PAYOUT 4 5 ~0.8–1.5 Exposure across oil and gas Clearwater represented twice Selected third-party analogues SELECTED PETERS & CO. HALF-CYCLE PAYOUT ANALOGUES
Slide 12: Clearwater: Core Position
CLEARWATER: CORE POSITION ALBERTA CLEARWAY FAIRWAY | MULTI-AREA POSITION THE POSITION DAWSON SEAL OTHER AREAS 100% WORKING INTEREST IN THE DAWSON AND SEAL CORE AREAS 32 9 ~99 ~300 BOEPD sections | 100% WI sections | 100% WI Walrus, Marten Creek, Durham Creek, Harmon + more JULY 2026 PRODUCTION 40.5
Slide 13: Waterflood Implementation Expertise
WATERFLOOD IMPLEMENTATION EXPERTISE CLEARWATER 3RD PARTY DATA AND GRAN TIERRA’S OPERATING TRACK RECORD CURRENT BASE DECLINE BY ON-STREAM YEAR (%) WATERFLOOD ADOPTION ACROSS THE PLAY Waterflood-supported Primary (no waterflood) 2026 40% 36% 36% Water injection (MB/d) Waterflood-supported oil 34% 34%
Slide 14: Waterflooding: A Core Competency
WATERFLOODING: A CORE COMPETENCY PROVEN IN SOUTH AMERICA, APPLIED TO CLEARWATER Waterflooding has been a core competency for over a A dedicated in-house reservoir decade. Virtually all South American assets were under modelling team supports timely waterflood, with floods designed, implemented and m
Slide 15: Costayaco Waterflood Performance
COSTAYACO WATERFLOOD PERFORMANCE PROVEN WATERFLOODING EXPERTISE Current ~87% ACR ~92% CYC watercuts: STARTED INJECTION Waterflood Incremental Above 1P YE2010 WHAT THE TRACK RECORD DEMONSTRATES 57 MMBOE produced since YE2010 — more than 2x the 24 › › Costayaco still carried 13 MMBOE1 of 1P reserves a
Slide 16: Clearwater Upside
CLEARWATER UPSIDE CLEARWATER ECONOMICS IN CONTEXT(1)(2) EOR UPLIFT POTENTIAL | CLEARWATER OFFSET WELL(3) $100 1,000 Actuals Expected Primary Decline 20:1 WTI:HH NPV10 BE (US$/bbl) $80 800 Oil Rate (bbl/d) $54 600 $60 $51 $52 $53 $53 $47 $49 $49 $43 $45 Injection Start 400 $40 200 $20 - 0 12 24 36 48
Slide 17: Clearwater: Dawson Development
CLEARWATER: DAWSON DEVELOPMENT DAWSON CLEARWATER E | DEVELOPMENT CONCEPT 5% 54.8 MMbbl 100% 1.26 Bbbl P50 RECOVERY FACTOR1 P50 PROSPECTIVE1 WORKING INTEREST P50 OOIP, DAWSON/SEAL1 per McDaniel, both zones unrisked, company gross Dawson Clearwater E E1 + G1, unrisked | McDaniel DEVELOPMENT CONCEPT1 »
Slide 18: Mount Head: The Play
MOUNT HEAD: THE PLAY MISSISSIPPIAN LIGHT OIL EXPLORATION | SOUTHWEST ALBERTA 93.6 MMbbl 11.7 MMbbl ~19,200 100% P50 OOIP, UNRISKED1 P50 PROSPECTIVE1 NET ACRES WORKING INTEREST Mount Head B + C | McDaniel unrisked | risked mean 4.9 mineral rights, two blocks both GTE blocks » Proven light oil system:
Slide 19: Canadian Prospective Resources
CANADIAN PROSPECTIVE RESOURCES1 PROSPECTIVE RESOURCES – CLEARWATER & MOUNT HEAD HIGHLIGHTS SUMMARY OF PROSPECTIVE RESOURCES ESTIMATE Gross Prospective Resources(1)(2)(3) Chance of Unrisked Risked Dvpt Substantial Canadian By Product Type Low Best Mean High Mean % Prospective Resource Base Light and
Slide 20: Central Alberta: Overview
CENTRAL ALBERTA: OVERVIEW MULTI-ZONE PRODUCTION AND DEVELOPMENT BASE 81 372 ~9,500 ~277,100 ~$7 MM GROSS BOOKED LOCATIONS1 GROSS IDENTIFIED LOCATIONS NET BOE/D, QTD NET ACRES PROCESSING INCOME2 61 net, all Central zones 33 Tier 1 and 2 July 2026 ~433 net sections 2026E annualized MULTI-ZONE INVENTOR
Slide 21: Canadian Contingent Resources
CANADIAN CONTINGENT RESOURCES1 CONTINGENT RESOURCES - NATURAL GAS UPSIDE HIGHLIGHTS SUMMARY OF CONTINGENT RESOURCES ESTIMATE Gross Contingent Resources(1)(2)(3) Chance Unrisked Risked of Dvpt Substantial Canadian Contingent Resource By Product Type 1C 2C 3C 2C % Base Light and Medium Crude Oil 80 MM
Slide 22: Wapiti: Overview
WAPITI: OVERVIEW LIQUIDS-RICH DEEP BASIN | WEST CENTRAL ALBERTA ~84,900 ~2,200 550+ >7 NET ACRES NET BOE/D, QTD UNBOOKED LOCATIONS1 PROSPECTIVE HORIZONS 411.9 gross / 131.0 net sections July Production 559 gross / 136 net | 34 booked multi-zone oil and gas MULTI-ZONE POTENTIAL Shallow light oil and
Slide 23: Canada Acquisition Lookback
CANADA ACQUISITION LOOKBACK Highlights Size and Scale » Adjusted 1P & 2P Reserves3: 43 MMBOE & 86 MMBOE, respectively » Adjusted 2026 Production Guidance2: 13,000 – 14,000 boepd Substantial Resource Base » Total Unrisked 2C Contingent Resources4: 80 MMBOE » Total Unrisked 3C Natural Gas Contingent R
Slide 24: Azerbaijan: New Entry into a Proven Basin
AZERBAIJAN: NEW ENTRY INTO A PROVEN BASIN Background1 » Deeply established hydrocarbon jurisdiction 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 world’s earliest and most proli
Slide 25: ESG
ESG Slide 25 www.grantierra.com
Slide 26: 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 27: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ~75% ~49% ~24% ~83% 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 Companywide Gran Tierra
Slide 28: 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 29: Appendix
APPENDIX Slide 29 www.grantierra.com
Slide 30: McDaniel Price Decks
MCDANIEL PRICE DECKS JANUARY 1, 2026 OIL PRICE (US$/BBL) BRENT COMPARISON (US$/BBL) 100 100 Brent WTI July 1 2026 April 1 2026 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 McD
Slide 31: 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 or recovery, amortization of debt Barrel (bbl) issuance costs,
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: Contact Us
CONTACT US 500 CENTRE STREET SE, CALGARY, ALBERTA, CANADA T2G 1A6 Investor Relations: Tel: (403) 265-3221 Email: info@grantierra.com Slide 37 Long-Term Value Creation | September 2026
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