Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Investor Presentation (May 2026)
50 slides from Gran Tierra Energy's investor presentation, May 7, 2026
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
May 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 Capital Free Cash Operator Diversified Company Discipline Flow & Reducing Debt » Find: Discover high- » Global benchmarking » GTE’s portfolio is » Maintaining strict » In 2026 exchanged the quality barrels through underpins our cost diversified across
Slide 5: Gran Tierra Snapshot
GRAN TIERRA SNAPSHOT CORE AREAS WITH SCALABLE UPSIDE AND DEVELOPMENT OPPORTUNITIES Highlights Reserve Highlights (3) Q1 2026 Liquids/Gas (1) Production 1P Reserves Ecuador 19% ~45 ~85%/ 131 MMBOE (3) Canada MBOEPD (1) 15% 8 Years RLI (2) 34% DIVERSIFIED 100% Gran Tierra Assets Colombia 2P Reserves C
Slide 6: Global Portfolio: 2022-2025 Reserve and RLI Growth
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 14 years 30 30 250 250 234 Canadian Assets 1P Reserves MMBOE 2P Reserves MMBOE 25 25
Slide 7: Year-End 2025 Reserves
YEAR-END 2025 RESERVES1 BALANCED PORTFOLIO WITH CASH FLOW GENERATING AND GROWTH ASSETS HIGHLIGHTS COLOMBIA ECUADOR CANADA2 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 8: 2026 Revised Guidance
2026 REVISED GUIDANCE Revised 2026 Budget1 Base Case Revised Budgeted Costs per BOE 2026 Capital Program Base Case Costs ($/boe) Generating Material Brent Oil Price ($/bbl) [Q1 $78.38; Q2 $92.00; Q3 85.00; Q4 $80.00] 83.80 Free Cash Flow Lifting 14.00 – 15.00 Recent exploration success WTI Oil Price
Slide 9: Debt Maturity Profile
DEBT MATURITY PROFILE Debt Outstanding Credit Ratings US$481MM1 of Net Debt Ratings2,3 » $494 MM: 9.75% p.a. coupon (amortization schedule: 2029: 15%; 2030: 15%; 2031: 70%). Repurchased $9.2 million (face value) of 9.75% Senior Notes as of March 31, » Fitch: B+ 2026. » S&P: B » $88 MM: 9.50% p.a. co
Slide 10: 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 16,000 16,000 15,500 14,000 20,000 12,000 15,000 10,000 8,000 10,000 6,000 20,000 20,000 4,000 6,739 3,000 5,000 2,000 0 0 0 Q2/26 Q3/26 Q4/26 Q1/27 Q2/26 Q3/26 Q
Slide 11: Asset Overview
ASSET OVERVIEW Slide 11 www.grantierra.com
Slide 12: 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 19+ productive Predictive Mapping Gran Tie
Slide 13: Waterflood: Proven Value Creation
WATERFLOOD: PROVEN VALUE CREATION 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 OIL BOEPD PRIMARY OIL % Waterflood Life WATERF
Slide 14: Waterflooding – Candidate Screening
WATERFLOODING – CANDIDATE SCREENING Gran Tierra’s reservoirs significantly exceed Gran Tierra’s assets rank established waterflood screening benchmarks1, as world-class candidates indicating strong technical suitability for for waterflooding secondary recovery ECUADOR ASSETS UNDER WATERFLOOD2 Factor
Slide 15: Azerbaijan: New Entry into a Proven Basin
AZERBAIJAN: NEW ENTRY INTO A PROVEN BASIN Background1 » 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 world’s earliest and most prolific c
Slide 16: Tisquirama Block Overview
TISQUIRAMA BLOCK OVERVIEW 49% Economic Limit Working Interest Contract Expiry 364 MMBOE of original oil in place Asset Overview » The Block contains ~364 MMBOE of OOIP with less than 7% recovered to date - significant remaining upside » Adjacent Acordionero has recovered ~18% of OOIP, with booked 2P
Slide 17: Acordionero Overview
ACORDIONERO OVERVIEW Activity Map 100% November 2039 Working Interest Contract Expiry ~10,500 BOPD Q1 2026 Production Asset Overview » Acordionero (ACD) is a cash cow, generating ~$195MM of free cash flow2 on average per year between 2022 and 2025 » New max injection reached of 85,000 bwipd » Mandre
Slide 18: Chaza Overview
CHAZA OVERVIEW June 2033 (CYC) Activity Map 100% Dec 2037 (MQT) Working Interest Contract Expiry ~6,100 BOPD Q1 2026 Production Asset Overview » Successful infill wells have confirmed unswept areas in the Costayaco (CYC) \ and Moqueta (MQT) fields » Gran Tierra’s northern Costayaco development progr
Slide 19: Suroriente Overview
SURORIENTE OVERVIEW Activity Map 47% Sept. 2043 Working Interest Contract Expiry ~3,500 BOPD Q1 2026 Production Asset Overview » In September 2023, a 20-year contract extension began for the block » During the first quarter of 2026, Gran Tierra successfully drilled the Raju-2 well, the final well fr
Slide 20: Chanangue Overview
CHANANGUE OVERVIEW 20 years Activity Map 100% Field Development Working Interest Plan approved Oct 2025 ~1,500 BOPD Q1 2026 Production Asset Overview » 20-year contract for the block commencing after the end of the exploration phase » A successful injectivity test in the Basal Tena in the Chanangue
Slide 21: Charapa Overview
CHARAPA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~5,000 BOPD Q1 2026 Production Asset Overview » 20-year contract for the block commencing after the end of the exploration phase » Charapa and Conejo field development plans (“FDPs”) were for
Slide 22: Perico & Iguana Overview
PERICO & IGUANA OVERVIEW 20 years Activity Map 100% Expires when Field Working Interest Development Plan is approved ~2,300 BOPD Q1 2026 Production Asset Overview » Acquired Perico Block directly adjacent to Gran Tierra’s operated Iguana Block, where Gran Tierra has made two oil discoveries in the f
Slide 23: Clearwater Overview
CLEARWATER OVERVIEW No Expiry Activity Map 75% Concerns Working Interest Contract Expiry ~500 BOEPD Q1 2026 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 development cycle with signif
Slide 24: Central Overview
CENTRAL OVERVIEW No Expiry Activity Map 49% Concerns Working Interest Contract Expiry ~10,900 BOEPD Q1 2026 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 access with high-grade roads » Own
Slide 25: 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 26: Wapiti Overview
WAPITI OVERVIEW No Expiry Activity Map 27% Concerns Working Interest Contract Expiry ~2,300 BOEPD Q1 2026 Production Asset Overview » Extensive contiguous land base of ~87,000 net acres covering multiple horizons with no expiry concerns » Stacked proven oil and liquids-rich gas reservoirs » Contiguo
Slide 27: Marketing & Transportation
MARKETING & TRANSPORTATION Slide 27 www.grantierra.com
Slide 28: 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 29: Commodity Pricing
COMMODITY PRICING South America - Key Differentials Ice Brent Diff. Vasconia Diff. Castilla Diff. Oriente USD 5.00 Diff. Castilla avg Diff. Vasconia avg Diff. Oriente avg » Crude oil prices strong in Colombia USD 100.00 & Ecuador with steady, narrow USD - differentials, unlike in the US & USD 80.00
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 between the Oriente and Putumayo basins » 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 gravity oil from the Hollin f
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 » Adjusted 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 R
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 0.50 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 39: Environmental Highlights
ENVIRONMENTAL HIGHLIGHTS ~75% ~48% ~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 40: 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 41: Appendix
APPENDIX Slide 41 www.grantierra.com
Slide 42: McDaniel Price Decks
MCDANIEL PRICE DECKS JANUARY 1, 2026 OIL PRICE (US$/BBL) BRENT COMPARISON (US$/BBL) 100 100 Brent WTI 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 McDaniel’s pric
Slide 43: 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 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, asset impairment, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt Barrel (bbl) issuance costs,
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 » “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 47: 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 48: 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 49: 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 50: 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 50 Long-Term Value Creation | May 2026
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