Gran Tierra Energy Provides Mid-Year Update to Costayaco Field Reserves, Colombia

Gran Tierra Energy Inc. a company focused on oil exploration and production in South America, announced the results of a mid-year reserve update for the Costayaco Field in the Chaza Block located in the Putumayo Basin of Colombia. Gran Tierra Energy holds a 50 percent working interest and is the operator of the Costayaco Field and the Chaza Block. Solana Resources Limited holds the remaining 50 percent working interest. An independent reserve evaluation of the Costayaco field conducted by GLJ Petroleum Consultants effective July 1, 2008, using 3-D seismic and drilling results from four wells (Costayaco-1 through -4, not including test results of Costayaco-4 as these test results are not yet available) indicates that the Costayaco field has gross proved reserves of 20.5 million barrels of oil (MMbbl), gross proved plus probable reserves of 34.9 million barrels of oil and gross proved plus probable plus possible reserves of 61.4 million barrels of oil. The following table summarizes gross reserves for the field, in addition to Gran Tierra Energys gross and net reserves.

Publication: Euclid Infotech - Construction News
Provider: Euclid Infotech
Date: July 30, 2008