Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Investor Presentation (August 2025)
57 slides from Gran Tierra Energy's investor presentation, August 2025
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
August 2025 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 Low-Cost Leaders in Free Cash Diversified Company Operator Sustainability Flow » Focused on » Prudent utilization of » Acquisition of i3 » Focused on » Top quartile safety reinvesting in the free cash flow to Energy diversifies continuous performance2 business
Slide 5: Gran Tierra Snapshot
GRAN TIERRA SNAPSHOT CORE AREAS WITH SCALABLE UPSIDE AND DEVELOPMENT OPPORTUNITIES Highlights Reserve Highlights (2) Q2/2025 Liquids/Gas (1) Production 1P Reserves Ecuador 9% ~47 ~81%/ 167 MMBOE (2) Canada 36% MBOEPD (1) 19% 10 Years RLI (1) Colombia Gran Tierra Assets 55% DIVERSIFIED 2P Reserves Ca
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 Canadian acquisition sets Gran Tierra up for years of future growth, enhancing its existing oil portfolio through diversification of g
Slide 7: Acquisition Lookback
ACQUISITION LOOKBACK Slide 7 www.grantierra.com
Slide 8: Acordionero Lookback
ACORDIONERO LOOKBACK TIMELINE July 2016: 2020: Focus on power 2022: 22 development 2024: 8 Acquired PetroLatina for $525 MM securing 2018: 14 development reliability and expansion wells drilled, increasing wells drilled, facilities development wells 100% WI and operatorship of Acordionero; infrastru
Slide 9: Suroriente Lookback
SURORIENTE LOOKBACK TIMELINE April 2023: 20 year contract extension allowing 2025: Drilled 5 development wells which the long-term investment in infrastructure and work average drilling cost of the five wells was ~$3.0 February 2019: programs to EOR efficiency in existing fields, and million per wel
Slide 10: Canada Acquisition Lookback
CANADA ACQUISITION LOOKBACK Highlights Acquisition Metrics – Pre & Post Canadian Acquisition % Change vs GTE New Country Entry with compelling asset portfolio – assets in Price USD $150 million3 South American Assets various lifecycle stages ACQUISITION DETAILS: 2025 Estimated boe/d 18,300 58% Produ
Slide 11: 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 12: North America Crude Oil & Natural Gas Plays
NORTH AMERICA CRUDE OIL & NATURAL GAS PLAYS1 Half-Cycle Payout Period 2X Half-Cycle Payout Period Half-Cycle Payout Period 2X Half-Cycle Payout Period WTI US$72/B US$72/B WTI US$72/B US$72/B PAR C$92/B C$92/B PAR C$92/B C$92/B NYMEX US$3.22/Mcf US$3.22/Mcf NYMEX US$3.22/Mcf US$3.22/Mcf AECO C$2.78/M
Slide 13: 2024 Reserves
2024 RESERVES Slide 13 www.grantierra.com
Slide 14: Global Portfolio: 1P/2P Reserve and RLI Growth
GLOBAL PORTFOLIO 2021-2024: 1P/2P RESERVE1 AND RESERVE LIFE INDEX GROWTH2 300 30 300 30 HIGHLIGHTS 1P South America 2P South America 1P Canada 2P Canada 1P RLI 2P RLI Portfolio Longevity 250 25 250 25 2024 focused on resource capture – 2025 focuses on execution 200 20 200 20 1P Reserves MMBOE 2P Res
Slide 15: Year-End 2024 Reserves
YEAR-END 2024 RESERVES1 BALANCED PORTFOLIO WITH CASH FLOW GENERATING AND GROWTH ASSETS HIGHLIGHTS COLOMBIA ECUADOR CANADA Reserves by Category Reserves by Category Reserves by Category (MMBOE) 1P 2P 3P (MMBOE) 1P 2P 3P (MMBOE) 1P 2P 3P December 31, 2024 75 115 155 December 31, 2024 15 28 42 December
Slide 16: 2025 Guidance & 5 Year Plan
2025 GUIDANCE & 5 YEAR PLAN Slide 16 www.grantierra.com
Slide 17: 2025 Key Objectives
2025 KEY OBJECTIVES 2025 Budget1 Low Case Base Case High Case Budgeted Base Fully Funded Capital Case Costs Costs per BOE ($/boe) Program Generating Brent Oil Price ($/bbl) 65.00 75.00 85.00 Lifting 12.00-14.00 Free Cash Flow WTI Oil Price ($/bbl) 61.00 71.00 81.00 Profitable production Workovers 1.
Slide 18: Financial Objectives for 2025 and Beyond
FINANCIAL OBJECTIVES FOR 2025 AND BEYOND Based on the base case of guidance we target to generate ~$20 million of free cash Generation of free flow1. Being the operator of the majority of our assets, we can adjust capital cash flow1 programs in response to commodity price cycles to deliver FCF in mo
Slide 19: 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 is operator of the majority of its assets resulting in flexibility when allocating US$746MM3 of Net Debt capital and having the ability to quickly respond to changes in commodity cycles »
Slide 20: Hedging Summary
HEDGING SUMMARY Oil Gas Crude Oil Barrels Hedged (bbls/d) Natural Gas GJs Hedged (GJs/d) WTI Brent Total AECO 18,000 35,000 16,000 15,750 15,750 15,750 15,750 14,850 30,000 14,000 13,250 25,000 12,000 10,500 10,000 20,000 8,000 15,000 6,000 4,000 10,000 19,000 30,000 30,000 30,000 16,500 16,500 21,5
Slide 21: Exploration Overview
EXPLORATION OVERVIEW Slide 21 www.grantierra.com
Slide 22: 2025+ Diversified Opportunity Portfolio
2025+ DIVERSIFIED OPPORTUNITY PORTFOLIO PORTFOLIO DIVERSE OPPORTUNITY FOCUSED ON SHORT-CYCLE PORTFOLIO TIMES, PROVEN BASINS & ACCESS TO INFRASTRUCTURE Genesis Norte Genesis Sur Rose 2 Portfolio in 5 proven COLOMBIA multizone basins Putumayo Basin Conejo A1 Gran Tierra Assets ECUADOR Conejo A2 Canada
Slide 23: High Impact Exploration Portfolio
HIGH IMPACT EXPLORATION PORTFOLIO PUTUMAYO & ORIENTE: UNDEREXPLORED, PROVEN BASINS » Colombia’s Putumayo basin 7 TIMES the area for seismic is underexplored due to past coverage1 in the Oriente above-ground security » 3,400 km2 vs 25,150 km2 issues, now mitigated by Peace Agreement 5 TIMES higher we
Slide 24: Oil Discoveries in Ecuador
10 OIL DISCOVERIES IN ECUADOR » With every oil discovery, Gran Tierra IMMEDIATE has promptly transported barrels to MONETIZATION market, swiftly monetizing them to realize economic benefits quickly » Three of these five wells are drawing medium to light hydrocarbons from distinct geological zones, h
Slide 25: Asset Overview
ASSET OVERVIEW Slide 25 www.grantierra.com
Slide 26: 2025+ Diversified Opportunity Portfolio
2025+ 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 27: Asset Management – Key Reservoirs
ASSET MANAGEMENT – KEY RESERVOIRS Colombia and Ecuador N Sand / Basal Tena 100,000 Caballos/Hollin & T Sand Lisama 10,000 » 100’s mD to multiple Darcy reservoirs 1,000 Canada » High quality conventional Clearwater reservoirs with excellent » 10’s mD to Darcy connectivity 100 reservoir Permeability (
Slide 28: 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 29: Costayaco Waterflood Performance – Historical
COSTAYACO WATERFLOOD PERFORMANCE - HISTORICAL Original Recoverable Current ~83% ACR2 ~92% CYC2 watercuts: STARTED INJECTION Waterflood Incremental Above 1P YE2010 Production YE 2010 to 2024 December 31, 2024 Water injection through 2010 YE Reserves (MMbbl) (MMbbl) Reserves (MMbbl)3 water flooding mo
Slide 30: Acordionero Overview
ACORDIONERO OVERVIEW 81,000 BWIPD Activity Map 100% 2024 Peak Working Interest Water Injection Rate 2013 November 2039 First Production Contract Expiry Year Asset Overview » Acordionero (ACD) is a cash cow, generating $212 MM of free cash flow2 per year, for the last 3 years » New max injection reac
Slide 31: Chaza Overview
CHAZA OVERVIEW 84,800 BWIPD (CYC) Activity Map 100% 18,850 BWIPD (MQT) Working Interest 2024 Peak Water Injection Rate 2007 (CYC) June 2033 (CYC) 2010 (MQT) Dec 2037 (MQT) First Production Contract Expiry Year Asset Overview » Successful infill wells have confirmed unswept areas in the Costayaco (CY
Slide 32: Suroriente Overview
SURORIENTE OVERVIEW Activity Map 47% 4,230 BOPD Working Interest 2024 Peak Oil Rate 2004 Sept. 2043 First Production Contract Expiry Year Asset Overview » In September 2023 a 20-year contract extension began for the block » Cohembi Field is underdeveloped with reservoir extending along play fairway
Slide 33: Cohembi Field
COHEMBI FIELD UNDERDEVELOPED N SAND FIELD Caiman-7 Drilled in 1970 » High-quality, waterflooded N Sand reservoir oil saturated sandstone » 6 of 10 development commitment wells planned and ready to drill Confirms reservoir presence and charge » Modifying existing Environmental Impact Assessment (EIA)
Slide 34: Chanangue Overview
CHANANGUE OVERVIEW Activity Map 100% 733 MSTB Working Interest Oil Produced to Date 2022 20 years First Production Contract Expiry upon Year approved FDP Asset Overview » Commitments completed and working on field development plan » 20-year contract for the block commencing after the end of the expl
Slide 35: Charapa Overview
CHARAPA OVERVIEW Activity Map 100% 621 MSTB Working Interest Oil Produced to Date 2022 20 year First Production Contract Expiry Year Asset Overview » 20-year contract for the block commencing after the end of the exploration phase » Development plan for Basal Tena, and T Sand water injection planned
Slide 36: Clearwater Overview
CLEARWATER OVERVIEW 75% Activity Map ~300 BOPD Working December 2024 Interest 734 No Expiry Identified Gross Concerns Locations Contract Expiry Asset Overview » Exposure to an extensive land base (92,000 gross and 69,227 net acres) » Limited Reserves bookings (4 gross and 2 net) - early in the devel
Slide 37: Simonette Overview
SIMONETTE OVERVIEW 50% Activity Map ~1,100 BOEPD Working December 2024 Interest 306 No Expiry Identified Gross Concerns Locations Contract Expiry Asset Overview » Active Montney Oil horizontal development under the recent Joint Venture agreement between GTE and Logan Energy » Contiguous land positio
Slide 38: Central Overview
CENTRAL OVERVIEW 49% Activity Map ~12,500 BOEPD Working December 2024 Interest 836 No Expiry Identified Gross Concerns Locations Contract Expiry Asset Overview » Extensive land base with 298,000 net acres, majority of the land is held by production with negligible land expires. » All season access w
Slide 39: Wapiti Overview
WAPITI OVERVIEW 27% Activity Map ~2,600 BOEPD Working December 2024 Interest 193 No Expiry Identified Gross Concerns Locations Contract Expiry Asset Overview » Extensive contiguous land base of ~100,000 net acres covering multiple horizons with no expiry concerns » Stacked proven oil and liquids-ric
Slide 40: Marketing & Transportation
MARKETING & TRANSPORTATION Slide 40 www.grantierra.com
Slide 41: 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 42: 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 43: 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 44: ESG
ESG Slide 44 www.grantierra.com
Slide 45: 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 46: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ~25% 93% ~77% 72% Decrease in Scope 1 & 2 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 America Ecuador Since 2019 Gas-to-Power in South Americ
Slide 47: 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 48: Appendix
APPENDIX Slide 48 www.grantierra.com
Slide 49: McDaniel Price Decks
MCDANIEL PRICE DECKS JANUARY 1, 2025 OIL PRICE (US$/BBL) BRENT COMPARISON (US$/BBL) Brent WTI Jan 1 2025 Jan 1 2024 100 100 95 95 90 90 85 85 80 80 75 75 70 70 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 1) As per McDaniel’s prices deck assumpt
Slide 50: 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 Gran Tierra McDaniel Rese
Slide 51: 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, Barrel (bbl) lease
Slide 52: 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 53: 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 54: 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 55: 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 56: 1P, 2P and 3P Reconciliation
1P, 2P AND 3P RECONCILATION Reconciliation of 5-year funds flow to Future Net Revenue After Future Taxes ($ millions) 1P 2P 3P Future Net Revenue After Future Taxes per Reserves PR (January 1,230 1,486 1,748 23, 2025) G&A and Interest Expense (net of tax) (252) (252) (252) Funds Flow 978 1,233 1,495
Slide 57: 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 57 Generating Long-Term Value | August 2025
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