Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Investor Presentation (December 2025)
49 slides from Gran Tierra Energy's investor presentation, Dec 10, 2025
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
December 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 Free Cash Low-Cost Leaders in Diversified Company Flow & Operator Sustainability Reducing Debt » Focused on » Since January 1, » Acquisition of i3 » Focused on » Top quartile safety reinvesting in the 2022, Gran Tierra has Energy diversifies continuous perform
Slide 5: Gran Tierra Snapshot
GRAN TIERRA SNAPSHOT CORE AREAS WITH SCALABLE UPSIDE AND DEVELOPMENT OPPORTUNITIES Highlights Reserve Highlights (2) Current Liquids/Gas (1) Production 1P Reserves Ecuador 9% ~48-49 ~81%/ 167 MMBOE (2) Canada 36% MBOEPD (1) 19% 10 Years RLI (1) Colombia Gran Tierra Assets 55% 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 Canadian acquisition sets Gran Tierra up for years of future growth, enhancing its existing oil portfolio through diversification of g
Slide 7: 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 250 25 250 25 Portfolio Longevity 2P RLI of 17 years 200 20 200 20 1P Reserves MMBOE 2P Reserves MMBOE Canadian Assets Complements So
Slide 8: 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 9: 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 10: 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$743MM of Gross Debt capital and having the ability to quickly respond to changes in commodity cycles
Slide 11: 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 16,250 16,500 16,000 14,000 20,000 12,500 12,000 15,000 10,000 8,000 8,000 6,000 10,000 6,000 10,000 22,500 20,000 20,000 4,000 6,667 5,000 2,000 0 0 Q4/25 Q1/26 Q2/26 Q
Slide 12: Asset Overview
ASSET OVERVIEW Slide 12 www.grantierra.com
Slide 13: 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 Cristobal 1 Predictive Mapping High qua
Slide 14: 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 15: 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 16: 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 $271 MM of free cash flow2 per year, since 2022 » New max injection reached of 85,000 bwip
Slide 17: Chaza Overview
CHAZA OVERVIEW June 2033 (CYC) Activity Map 100% Dec 2037 (MQT) Working Interest Contract Expiry ~6,500 BOEPD Q3 YTD Production ~5,700 BOEPD Q3 2025 Production Asset Overview » Successful infill wells have confirmed unswept areas in the Costayaco (CYC) \ and Moqueta (MQT) fields » Gran Tierra’s nort
Slide 18: 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 » Cohembi’s waterflood continues to outperform, with five H1/25 developme
Slide 19: Chanangue Overview
CHANANGUE OVERVIEW 20 years Activity Map 100% Field Development Working Interest Plan approved Oct 2025 ~1,300 BOEPD Q3 YTD Production ~1,000 BOEPD 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
Slide 20: Charapa Overview
CHARAPA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~2,000 BOEPD Q3 YTD Production ~2,000 BOEPD Q3 2025 Production Asset Overview » 20-year contract for the block commencing after the end of the exploration phase » Conejo A-1: The well continu
Slide 21: 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 (92,000 gross and 69,227 net acres) » Limited Reserves bookings (4 gross and 2 net) - early in the d
Slide 22: 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 » Two additional Lower Mont
Slide 23: 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 298,000 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 ~2,800 BOEPD Q3 YTD Production ~2,700 BOEPD Q3 2025 Production Asset Overview » Extensive contiguous land base of ~100,000 net acres covering multiple horizons with no expiry concerns » Stacked proven oil and liquid
Slide 25: Marketing & Transportation
MARKETING & TRANSPORTATION Slide 25 www.grantierra.com
Slide 26: 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 27: 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 28: 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 29: Exploration Overview
EXPLORATION OVERVIEW Slide 29 www.grantierra.com
Slide 30: 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 31: 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 32: 13 Oil Discoveries in Ecuador
13 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 33: Acquisition Lookback
ACQUISITION LOOKBACK Slide 33 www.grantierra.com
Slide 34: 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 ~$3.0 February 2019: programs to EOR efficiency in existing fields, and million per wel
Slide 35: Canada Acquisition Lookback
CANADA ACQUISITION LOOKBACK Highlights Size and Scale Increased production, higher reserve base and larger asset portfolio with exciting and economic plays Natural Gas Upside Enhanced the portfolio with upside potential of natural gas resources of up to 1 Tcf Improved Rating Ratings agencies upgrade
Slide 36: Gran Tierra's Focused Strategy
GRAN TIERRA’S FOCUSED STRATEGY WHY CANADA FITS ACQUISITION CHECKLIST Proven Hydrocarbon Basins World-class program targeting large prospect inventory across proven plays in Alberta Access to Established Infrastructure Spare capacity in pipelines & trucking, leads to strong oil prices, short cycle ti
Slide 37: ESG
ESG Slide 37 www.grantierra.com
Slide 38: HSE Is a Key Priority at Gran Tierra
HSE IS A KEY PRIORITY AT GRAN TIERRA LTIF1,3 TRIF2,3 GTE TRIF 0.5 GTE LTIF 0.5 North America Average North America Average South America Average 0.4 South America Average 0.4 0.3 0.3 0.2 0.2 0.12 0.08 0.07 0.08 0.1 0.1 0.04 0.03 0.02 0.02 0.06 0.00 0.00 0.00 0 0 2019 2020 2021 2022 2023 2024 2019 20
Slide 39: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ~77% 93% ~77% 72% Decreased Flaring Operational Injected Water Decrease in Flaring Total Energy used in Greenhouse Gas Emissions was Recycled in South Emissions in Colombia & Operations was Generated by Since 2019 in South America America Ecuador Since 2019 Gas-to-Power in S
Slide 40: Impact Investment & Human Rights
IMPACT INVESTMENT & HUMAN RIGHTS BIODIVERSITY PROTECTION – ECONOMIC DEVELOPMENT – HUMAN RIGHTS 689 families are producing high-quality cocoa through the 689 NaturAmazonas program. In 2024, one of the world’s largest buyers of FAMILIES cocoa purchased 10 tons of their deforestation-free organic cocoa
Slide 41: Appendix
APPENDIX Slide 41 www.grantierra.com
Slide 42: McDaniel Price Decks
MCDANIEL PRICE DECKS JANUARY 1, 2025 OIL PRICE (US$/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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 49 Long-Term Value Creation | December 2025
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