Tear Sheet: Gran Tierra Energy Inc.

This report does not constitute a rating action. We think GTE will increase its average daily production of oil and gas to about 50,000 barrels of oil equivalent (boe) or more by the end of 2025. This should result in a higher revenue base and healthy cash flow despite Brent oil price uncertainty (considering oil's commodity nature and the various macroeconomic events that could influence it). After GTE released its second quarter results, the company's revenue fell 5.5% on a 12-month-rolling basis, mainly due to lower international oil prices (especially in the second quarter). Nevertheless, GTE continued to increase its average daily production to approximately 47,000 boe over the last three quarters after acquiring i3 Energy Canada Ltd. and its

...Rating Component Scores Foreign currency issuer credit rating B/Positive/-- Local currency issuer credit rating B/Positive/-- Business risk Vulnerable Country risk Moderately High Industry risk Moderately High Competitive position Vulnerable Financial risk Aggressive Cash flow/leverage Aggressive Anchor b Modifiers Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Neutral (no impact) Liquidity Adequate (no impact) Management and governance Neutral (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile b...

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