Participation in the cyclical and capital-intensive oil and gas exploration and production (E&P) industry; Small proven reserve and production base; Limited geographic diversity because its assets are concentrated in the Acordionero block in Colombia; and Competitive cost structure, given its low lifting costs in new blocks and effective water pumping methods. Aggressive capital spending of about $220 million to $240 million per year; No near-term maturities until 2021 when the convertible bond matures; and Strong liquidity backed by undrawn committed bank lines for $300 million. The stable outlook reflects our view that GranTierra Energy Inc.'s (GranTierra) operations increase oil production and reserves due to the company's recent field acquisition. It also reflects our expectation that the company's leverage will remain
