Gran Tierra Energy Inc. · AMEX:GTE
Gran Tierra Energy — Investor Presentation (October 2026)
44 slides from Gran Tierra Energy's investor presentation, October 2026
Slide 1: Diversified Oil & Gas Producer Focused on Long Term Value Creation
October 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 and timing of cash to be received by the Company at and natural gas are unpredictable and volatile; the effect of The information contained in this presentation does following closing, including the deferred amount, and any hedges, the
Slide 3: General Advisory
GENERAL ADVISORY announcement or pendency of the Transaction on the expectations; the accuracy of testing and production been approved by management as of the date of this Company’s business, relationships and securities; and the results and seismic data; pricing and cost estimates presentation. Rea
Slide 4: 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 BT3, 38.4MM di
Slide 5: Rationale, Go-Forward & Timing
RATIONALE, GO-FORWARD & TIMING REMAINING COMPANY: REPOSITIONED FOR FULLY FINANCED GROWTH PRODUCTION (MBOEPD) 2P RESERVES (MMBOE) ANNUAL INTEREST SAVED4 UNDRAWN FACILITY TARGETED CLOSE 12-13 86 $80MM C$75MM DEC 2026 Pro-forma, Canada Proved plus Probable Estimated, post-closing Canadian credit facili
Slide 6: 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 7: Introduction
INTRODUCTION Slide 7 www.grantierra.com
Slide 8: 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: producing » Maintaining strict » Debt-free at completion, exploration in Azerbaijan, peers underpins our
Slide 9: 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 10: Gran Tierra's Focused Strategy
GRAN TIERRA’S FOCUSED STRATEGY ST RAT EG IC CRIT ERI A CANADA AZERBAIJAN Proven Hydrocarbon Basins 1 World-class, large OOIP / OGIP inventory of development and prospects across proven basins Establish Infrastructure to Deliver Half-Cycle Economics 2 Sufficient spare infrastructure capacity for long
Slide 11: Asset Overview
ASSET OVERVIEW Slide 11 www.grantierra.com
Slide 12: Azerbaijan: A Long Oil and Gas Heritage
AZERBAIJAN: A LONG OIL AND GAS HERITAGE 1846 15 billion+ bbl 92 tcf World’s first industrial oil well drilled in Baku Cumulative Azerbaijani oil production Proven natural gas reserves 1994 2006 1846 1949 “Contract of the Baku-Tbilisi-Ceyhan 2020 World’s first World’s first offshore Century,” Azerbai
Slide 13: Stable, Investment Grade Host
STABLE, INVESTMENT GRADE HOST PROVEN CONTRACT FRAMEWORK SOVEREIGN AND INVESTMENT STRENGTH • “Contract of the Century” (1994): Azerbaijan’s first PSA, Investment grade for the Azeri-Chirag-Gunashli (ACG) oil fields, the country’s Rated BBB- by Fitch and Baa3 ~6% of GDP flagship oil project. Extended
Slide 14: Access to International Markets
ACCESS TO INTERNATIONAL MARKETS Crude oil CRUDE OIL Ceyhan, Türkiye BTC | 1,768 km | 1.2 MMbbl/d (Mediterranean) 4.7B+ bbl Crude loaded at Ceyhan via BTC since 2006, on 6,276 tankers Sangachal Crude oil ~1.3 MMbbl/d terminal, Combined crude export capacity of BTC and Supsa, Georgia Baku-Supsa Baku B
Slide 15: Direct Access to Global Markets
DIRECT ACCESS TO GLOBAL MARKETS GTE CONTRACT AREA EUROPE BAKU SUPSA BAKU ITALY CASPIAN SOUTHERN GAS CORRIDOR TO EUROPE | ~3,500 KM Route Length Capacity Start-up CEYHAN OIL EXPORT PIPELINES South Caucasus Pipeline 692 km 2.3 Bcf/d 2006-07 (expanded 2018) Route Length Capacity Start-up TANAP (Türkiye
Slide 16: PSA Key Terms
PSA KEY TERMS CONTRACT TERM EXPLORATION DEVELOPMENT AND PRODUCTION EXTENSION 5 years 25 years from Development Program approval Up to 5 more years MINIMUM WORK PROGRAMS FISCAL AND FUNDING TERMS COST RECOVERY INITIAL PROGRAM MAIN PROGRAM Cash basis, settled in quarterly entitlements in barrels at the
Slide 17: Fiscal Regime and R-Factor Split
FISCAL REGIME AND R-FACTOR SPLIT Cost recovery P R O F I T O I L S H AR E R AN G E S Gross production Operating costs recovered in full first. CONTRACTOR SOCAR Capital costs recovered from remaining production, with any shortfall carried forward. 10% to 55% 45% to 90% Less: petroleum used in operati
Slide 18: 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 19: 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 20: Clearwater: Core Position
CLEARWATER: CORE POSITION ALBERTA CLEARWATER 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.
Slide 21: 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 22: 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 23: Costayaco Waterflood Performance
COSTAYACO WATERFLOOD PERFORMANCE PROVEN WATERFLOODING EXPERTISE Current ~87% ACR ~92% CYC watercuts: STARTED INJECTION Waterflood Incremental Above 1P YE20101 WHAT THE TRACK RECORD DEMONSTRATES 57 MMBBL produced since YE2010 — more than 2x the 24 › › Costayaco still carried 13 MMBBL1 of 1P reserves
Slide 24: 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 25: 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 OIIP, DAWSON/SEAL1 per McDaniel, both zones unrisked, company gross, prospect Dawson Clearwater E E1 + G1, unrisked | McDaniel DEVELOPMENT
Slide 26: Mount Head: The Play
MOUNT HEAD: THE PLAY MISSISSIPPIAN LIGHT OIL EXPLORATION | SOUTHWEST ALBERTA 93.6 MMbbl 11.7 MMbbl ~19,200 100% P50 OIIP, 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 27: Canadian Prospective Resources
CANADIAN PROSPECTIVE RESOURCES1 PROSPECTIVE RESOURCES – CLEARWATER & MOUNT HEAD SUMMARY OF PROSPECTIVE RESOURCES ESTIMATE HIGHLIGHTS Unrisked Prospective Resources Risk Factors Risked (Mbbl) (1)(2) Chance of Product Type / Low Best High Chance of Chance of Mean Commerciality Mean (3) (Mbbl) Play (P9
Slide 28: Central Alberta: Overview
CENTRAL ALBERTA: OVERVIEW MULTI-ZONE PRODUCTION AND DEVELOPMENT BASE 83 372 ~9,500 ~277,100 ~$7 MM GROSS BOOKED LOCATIONS1 GROSS IDENTIFIED LOCATIONS NET BOE/D, QTD NET ACRES PROCESSING INCOME2 65 net: 19 PUD, 64 PAUD 33 Tier 1 and 2 July 2026 ~433 net sections 2026E annualized MULTI-ZONE INVENTORY
Slide 29: Canadian Contingent Resources
CANADIAN CONTINGENT RESOURCES1 CONTINGENT RESOURCES - NATURAL GAS UPSIDE HIGHLIGHTS SUMMARY OF CONTINGENT RESOURCES ESTIMATE Unrisked Contingent Risking Risked Resources (1)(2) Product Type / Maturity Low Best High Chance of Best Project Subclass (1C) (2C) (3C) Development (2C) (3) (3) Substantial C
Slide 30: 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 | 35 booked² multi-zone oil and gas MULTI-ZONE POTENTIAL Shallow light oil and
Slide 31: 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 Resources (development on hold)4: 80 MMBOE » Total Unrisked 3C Na
Slide 32: ESG
ESG Slide 32 www.grantierra.com
Slide 33: 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 34: 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 35: 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 36: Appendix
APPENDIX Slide 36 www.grantierra.com
Slide 37: 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 38: Glossary of Terms
GLOSSARY OF TERMS NON-GAAP TERMS OIL & GAS Operating Netback: is defined as gross profit less depletion and accretion related to producing assets. Management believes that operating netback is a useful supplemental measure for management and investors to analyze financial Barrel (bbl) performance an
Slide 39: Advisory
ADVISORY 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 alternative
Slide 40: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION Presentation of Oil & Gas Information » “NPV10” means NPV discounted at 10%. BOEs have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion rati
Slide 41: 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 Actual locations drilled and quantities that may be ultimately recovered from the properties will differ and gas activit
Slide 42: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION The contingent resources and prospective resources in this presentation were prepared by McDaniel, the Company’s independent qualified reserves evaluator, in reports with an effective date of June 30, 2026 (the “GTE McDaniel Contingent Resources Report” and the
Slide 43: Presentation of Oil & Gas Information
PRESENTATION OF OIL & GAS INFORMATION Prospective Resources Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources should not be construe
Slide 44: Contact Us
CONTACT US 500 CENTRE STREET SE, CALGARY, ALBERTA, CANADA T2G 1A6 Investor Relations: Tel: (403) 265-3221 Email: info@grantierra.com Slide 44 Corporate Presentation | October 2026
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