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An announcement from Gran Tierra Energy ( (GTE) ) is now available.
Gran Tierra Energy Inc. has announced a new $200 million prepayment and marketing agreement through its subsidiary Gran Tierra Energy Colombia GmbH. This agreement, known as the Oriente Crude Oil Agreements, involves a crude oil sale and purchase arrangement with an initial advance of up to $150 million and a potential additional advance of $50 million. These funds will be used to bolster the company’s balance sheet and enhance financial flexibility. Additionally, Gran Tierra has amended its Colombian credit facility to accommodate this new agreement, reducing the borrowing base from $75 million to $60 million and adjusting financial covenants. This strategic move is expected to enhance Gran Tierra’s financial stability and reflects strong partner confidence in its operations, positioning the company as a leading operator in Ecuador and a reputable international producer.
More about Gran Tierra Energy
Gran Tierra Energy Inc. is an independent international energy company focused on the exploration and production of oil and natural gas in Canada, Colombia, and Ecuador. The company is engaged in developing its existing portfolio and seeking new growth opportunities to strengthen its assets. Its common stock is traded on the NYSE American, Toronto Stock Exchange, and London Stock Exchange under the ticker symbol GTE.
For an in-depth examination of GTE stock, go to TipRanks’ Overview page.