Mr. Gary Guidry reports

GRAN TIERRA ENERGY INC. PROVIDES OPERATIONS UPDATE

Gran Tierra Energy Inc. has released an operational update. All dollar amounts are in U.S. dollars, and production amounts are on an average working interest before royalties basis unless otherwise indicated. Per barrel and barrel of oil per day amounts are based on WI sales before royalties.

Message to shareholders

Gary Guidry, president and chief executive officer of Gran Tierra, commented: "We are thrilled by the outcome to the start of our development drilling program so far in 2024. In particular, the performance of the Costayaco development wells serve as clear evidence of the field's ongoing development potential, and confirming our geologic and reservoir modelling continues to be a predictive tool, identifying development drilling opportunities that enhances oil recovery in a high-quality mature oil field. The current production in the Costayaco field is the highest achieved since May, 2019. This positions the company favourably as we enter 2024 as we eagerly initiate our near-field, high-impact exploration program in Ecuador, scheduled to commence in April."

Operations update:

• Production:
  • Gran Tierra's average production year to date (1) is approximately 33,100 bopd as a result of successful drilling campaigns in both Acordionero and Costayaco, representing a 6-per-cent increase from fourth quarter;
  • Total company average production of approximately:
    • January, 2024: 31,300 bopd;
    • February, 2024: 34,200 bopd;
    • March (2), 2024: 35,200 bopd;
  • Based on the 2024 budget, previously released on Jan. 23, 2024, and these encouraging results, Gran Tierra is well positioned to achieve its 2024 production guidance of 32,000 to 35,000 bopd;
• Colombia development:
  • Costayaco development campaign (Putumayo basin):
    • Since December, 2023, Gran Tierra has drilled five wells, of which four are oil producers and one is a water injector:
      • The first well, CYC-56, has been on production with jet pump since early January, 2024; during the period of Jan. 6 to March 6, 2024, CYC-56 produced on jet pump at a stable average rate of 1,821 bopd (30-degree API gravity) with a water cut of 1 per cent and a gas to oil ratio of 151 standard cubic feet per stock tank barrel;
      • The second well, CYC-57, was spudded on Jan. 6, 2024, and reached final total depth on Jan. 13, 2024; it was completed in the Villeta and Caballos formations, and started production testing on Jan. 22, 2024; during the period of Jan. 22 to March 6, 2024, CYC-57 produced on jet pump at a stable average rate of 1,086 bopd (29-degree API gravity) with a water cut of 7 per cent and a gas to oil ratio of 119 scf per bbl;
      • The third well, CYC-58, was spudded on Jan. 23, 2024, and reached final total depth on Jan. 29, 2024; it was completed in the Villeta and Caballos formations, and started production testing on Feb. 8, 2024; during the period of Feb. 8 to March 6, 2024, CYC-58 produced on jet pump at a stable average rate of 1,892 bopd (29-degree API gravity) with a water cut of 6 per cent and a gas to oil ratio of 188 scf/bbl;
      • The fourth well, CYC-59, was spudded on Feb. 8, 2024, and reached final total depth on Feb. 19, 2024; it was completed in the Villeta and Caballos formations, and started production testing on Feb. 25, 2024; during the period of Feb. 25 to March 6, 2024, CYC-59 produced on jet pump at a stable average rate of 694 bopd (29-degree API gravity) with a water cut of 42 per cent and a gas to oil ratio of 289 scf/bbl;
      • The fifth well, CYC-60, an injector, was spudded on Feb. 26, 2024, and reached final total depth on March 3, 2024; it will be completed in the Villeta and Caballos formations in second quarter 2024 as a water injector;
      • All five wells were drilled 13 per cent below budget on average for approximately $2.3-million, in approximately 11.5 days from spudding the well to final rig release; notably, CYC-58 set a new field record for cost and time of approximately $1.9-million and in 8.7 days, respectively;
      • All wells are currently produced on a jet pump, and in the third quarter, the company plans on replacing the jet pumps with electronic submersible pumps to increase drawdown and production;
    • As a follow-up to the successful development program in the north of Costayaco, Gran Tierra will drill two additional development wells in the southern region based on the same concepts applied in the north, which targeted unswept/unrecovered oil; drilling is expected to commence the second quarter of 2024;
  • Acordionero development campaign (Middle Magdalena Valley basin):
    • An 11-well development drilling program was started in December, 2023; all 11 wells have been drilled to date, including nine producers and two water injection wells; all wells are on production, and the final injection well completion is under way;
      • All 11 wells were drilled 17 per cent below budget on average for approximately $1.3-million in approximately 6.1 days on average from spudding the well to final rig release; notably, AC-122 was pacesetter and drilled for $1-million and in 4.2 days; the drill costs have decreased by approximately 51 per cent since 2016;
      • Production results were as expected and in line with its 2024 budget;
    • With the successful implementation of the water flood and encouraging results from the polymer project, Acordionero is expected to generate material free cash flow for years to come and will finance high-growth assets such as Suroriente and the high-impact, near-field exploration program;
• Exploration update:
  • Following the completion of the Acordionero drilling program, Gran Tierra is now in the process of moving the drilling rig to Ecuador to commence its 2024 near-field high-impact exploration program; drilling is expected to commence in April in the Chanangue block;
  • The acquisition of a 238-square-kilometre 3-D seismic program on the Charapa block began in January; to date, working with communities, Gran Tierra's third party contractor continues to progress land permitting and surveying; the program is planned to be finished in late second quarter to early in third quarter; the 3-D seismic will assist in the full field development of Charapa and in identifying additional prospects on the block;
• Operational safety:
  • Gran Tierra continues to be the top performer in both lost-time incident frequency (3) (0.00) and total recordable incident frequency (4) (0.04) safety metrics as per an internal study conducted by the Colombian Health, Safety and Environmental National Committee for 2023 on Colombian producers;
  • During 2023, Gran Tierra received an A rating from MSCI (5) as a result of its beyond compliance philosophy and environmental, social and governance performance;
• Corporate presentation:
  • Gran Tierra's corporate presentation has been updated and is available at the Gran Tierra website.

(1) Gran Tierra's total year-to-date 2024 average production is for the period of Jan. 1, 2024, to March 10, 2024.

(2) Gran Tierra's March total average production is for the period of March 1, 2024, to March 10, 2024.

(3) Lost-time incident frequency.

(4) Total recordable incident frequency.

(5) MSCI is a leading provider of critical decision support tools and services for the global investment community.

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.

We seek Safe Harbor.