Mr. Gary Guidry reports

GRAN TIERRA ENERGY INC. ANNOUNCES NORMAL COURSE ISSUER bid AND AUTOMATIC SHARE PURCHASE PLAN

The Toronto Stock Exchange (TSX) has approved Gran Tierra Energy Inc.'s notice of intention to make a normal course issuer bid (the bid) for its shares of common stock. As of Oct. 20, 2023, there were 33,288,305 shares issued and outstanding and the public float was 32,349,140 shares. Pursuant to the bid, Gran Tierra will be able to purchase for cancellation up to 3,234,914 shares, representing 10 per cent of the public float, at prevailing market prices at the time of purchase, through the facilities of the TSX, the NYSE American (the New York Stock Exchange) or alternative trading platforms in Canada or the United States, if eligible, or by such other means as may be permitted by the TSX, the NYSE and applicable securities laws for a one-year period commencing on Nov. 3, 2023, and ending on Nov. 2, 2024. Gran Tierra has also entered into an automatic share purchase plan (the ASPP) in connection with the bid. The brokerage firm conducting the bid on behalf of Gran Tierra and administering the ASPP is Eight Capital. The ASPP is intended to allow for the purchase of shares under the bid when Gran Tierra would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.

Gran Tierra may purchase up to 14,306 shares during any trading day, which represents approximately 25 per cent of 57,225, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the bid. Gran Tierra may effect repurchases from time to time in the open market.

Management of Gran Tierra believes that the shares, at times, have been trading in a price range which does not adequately reflect their value in relation to Gran Tierra's current operations, growth prospects and financial position. At such times, the purchase of shares for cancellation or to satisfy awards granted under Gran Tierra's long-term equity incentive plan may be advantageous to stockholders by increasing the value of the shares.

Within the past 12 months, Gran Tierra purchased 2,530,026 shares at a volume weighted average price of $9.40 under a previously approved normal course issuer bid through the facilities of the TSX and eligible alternative trading platforms in Canada permitting the purchase of up to 3,603,397 shares (calculated on a post one-for-10 consolidation basis), which expired on Aug. 30, 2023.

Pursuant to the ASPP, outside of a trading blackout period, Gran Tierra may, but is not required to, instruct the designated broker to make purchases under the bid in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by Gran Tierra in accordance with the rules of the TSX, the NYSE, applicable securities laws, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and the terms of the ASPP. The ASPP has been precleared by the TSX and will be implemented on Nov. 3, 2023.

Outside of blackout periods, shares may be purchased under the bid based on management's discretion, in compliance with the rules of the TSX, the NYSE and applicable securities laws. Purchases made under the ASPP will be included in computing the number of shares purchased under the bid.

About Gran Tierra Energy Inc.

Gran Tierra, 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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