Mr. Gary Guidry reports

GRAN TIERRA ENERGY INC. PROVIDES OPERATIONAL UPDATE

Gran Tierra Energy Inc. has provided an operational update. All dollar amounts are in United States dollars, and production amounts are on an average working interest before royalties (WI) basis unless otherwise indicated. Per barrel (bbl) and bbl of oil per day (bopd) amounts are based on WI sales before royalties.

• Achieved second quarter 2023 total company average production of approximately 33,800 bopd, an increase of 7 per cent from first quarter 2023;
• 2023 year-to-date total company average production of approximately 32,900 bopd;
• Total company current average production of approximately 34,800 bopd;
• 2023 capital expenditures expected to be approximately $210-million to $230-million, at lower end of 2023 guidance;
• First half 2023 drilling activity summary: 21 development wells drilled, consisting of 14 new producers and seven new injectors.

Message to shareholders

Gary Guidry, president and chief executive officer of Gran Tierra, commented: "We are very pleased with the results from our development drilling campaign during the first half of 2023, which has been a key factor in our continuing ramp-up of production and further demonstrates the quality of our assets and our ability to execute on our strategy. By completing the majority of our development program during the first half of 2023, Gran Tierra is positioned to realize higher oil production for the rest of the year, and with most of our development capital behind us, this should allow us to maximize cash flow in the second half of 2023. The company is well positioned to optimize value and grow production from our assets through continued enhanced oil recovery activities."

Operations update:

• Production:
  • During second quarter 2023, Gran Tierra's total average production was approximately 33,800 bopd, which is at the high end of the company's 2023 previously disclosed average annual production guidance range. Gran Tierra's total company current average production for third quarter 2023 to date is approximately 34,800 bopd.
  • During second quarter 2023, Acordionero's production averaged approximately 18,000 bopd, another strong quarter of performance due to the successful 2023 drilling program and continuing prudent management of the enhanced oil recovery waterflood scheme.
• Development
  • During the first half of 2023, the company drilled a total of 21 wells:
    • Acordionero: 10 wells were drilled; six are on production, four are on water injection;
    • Costayaco and Moqueta: Gran Tierra has completed its drilling campaign at Costayaco and Moqueta which consisted of seven wells (four production and three water injection) and four wells (four production), respectively. The CYC-54 well is the most northern well drilled in the Costayaco field and the success of the well has resulted in the identification of multiple additional drilling opportunities to target unswept portions of oil. A summary of the recent 48-hour production test from the CYC-54 well on electric submersible pump is as shown in the attached table.

Second quarter 2023 financial results: Gran Tierra will release second quarter financial results postmarket on Aug. 1, 2023, followed by a conference call the following day. Additional details, including how to participate in the conference call, will be press released during the week of July 24, 2023.

Corporate presentation

Gran Tierra's corporate presentation is available on the company website.

About Gran Tierra Energy Inc.

Gran Tierra Energy, together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The company is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen the company's portfolio. The company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE.

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