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Gran Tierra Energy Inc. Announces 2019 Year-End Reserves and Operational Update

Achieved 200% 1P Reserves and 101% 2P Reserves Replacement



Added 25.3 MMBOE of 1P Reserves Primarily in the Company's Four Core Assets Under Waterflood



Increased 2P Net Asset Value per Share to $6.28 Before Tax and $4.54 After Tax

CALGARY, Alberta, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE)(NYSE MKT:GTE)(TSX:GTE)(LSE:GTE), a company focused on oil exploration and production in Colombia and Ecuador, today announced the Company's 2019 year-end reserves as evaluated by the Company's independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. ("McDaniel") in a report with an effective date of DecemberA31, 2019 (the "GTE McDaniel Reserves Report") and an operational update.All dollar amounts are in United States ("U.S.") dollars and all reserves and production volumes are on a working interest before royalties ("WI") basis. Production is expressed in barrels ("bbl") of oil per day ("bopd") or bbl of oil equivalent ("boe") per day ("boepd"), while reserves are expressed in bbl, boe or million boe ("MMBOE"), unless otherwise indicated. All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 a?? Standards of Disclosure for Oil and Gas Activities (a??NI 51-101a??) and the Canadian Oil and Gas Evaluation Handbook ("COGEH") and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved ("1P"), 1P plus Probable ("2P") and 2P plus Possible ("3P").Commenting on Gran Tierra's 2019 year-end reserves, operational update and future plans, Gary Guidry, President and Chief Executive Officer of Gran Tierra, said: a??The last three years have been transformational for Gran Tierra, as we have focused the Company on long life, low decline oil assets under waterflood. During this time, we invested a significant amount of capital, predominately in the Acordionero field, and acquired additional WI in and operatorship of the Suroriente Block. This large capital investment is now behind us. With our strategy, we have positioned the Company for significant potential free cash flow1 generation in all reserve cases, by materially advancing our waterflooding efforts in our four core assets. We believe Gran Tierra's assets are truly world-class, showing waterflood response, low decline rates, and requiring minimal capital expenditures going forward. As a result of our focused 2019 activity, all of these assets realized material reserves growth. In 2020, we have elected to reduce capital expenditures relative to 2019 levels, in order to emphasize free cash flow1 generation, rather than significant production growth. We forecast 2020 average production of 35,500 to 37,500 boepd for the Company."Highlights2019 Year-End Reserves and Values
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