Gran Tierra signs three new exploration and exploitation contracts in Colombia

Tue. June 23, 2009; Posted: 09:36 AM

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Jun 23, 2009 (Datamonitor via COMTEX) -- GTRE | Quote | Chart | News | PowerRating -- Gran Tierra Energy has signed three exploration and exploitation contracts with the Colombian National Hydrocarbons Agency totaling 235,264 acres, in which Gran Tierra has a 100% working interest.

The Piedemonte Norte Block, encompassing 78,743 acres, lies southwest of the Chaza Block where the Costayaco field is located. The Piedemonte Sur Block, encompassing approximately 73,897 acres, is located immediately west of the Orito Field, in the Putumayo Basin of Colombia.

Further south, the Rumiyaco Block encompasses 82,624 acres in the central Putumayo Basin. These blocks were previously a part of the Putumayo West A and B Technical Evaluation Areas.

Dana Coffield, president and CEO of Gran Tierra Energy, said: "These exploration and exploitation contracts provide Gran Tierra Energy with access to a number of material exploration prospects in regions of the Putumayo Basin that have gone relatively unexplored since the 1980s.

"The seismic reprocessing we completed in 2008 identified several prospective structures on both Piedemonte blocks that lie on the same geological trend as our Costayaco discovery."

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