Gran Tierra resumes production in Putumayo Basin

Wed. August 19, 2009; Posted: 01:03 PM

Aug 19, 2009 (Datamonitor via COMTEX) -- GTRE | Quote | Chart | News | PowerRating -- Canadian oil and gas company Gran Tierra Energy has resumed regular production operations in the Putumayo Basin in southern Colombia.

The company has resumed the crude oil transportation operations on the Ecopetrol-operated Trans Andean Pipeline. Gran Tierra Energy subsequently restored production in Colombia over several days and is currently averaging approximately 21,770 barrels of oil per day (bopd) gross, or 18,000bopd net after royalty.

During the 32 days of reduced production due to pipeline repairs, from July 10, 2009 to August 10, 2009, oil production averaged approximately 6,500bopd gross. Over the same period oil sales averaged 3,440bopd net after royalty.

Gran Tierra Energy has said that additional royalties are expected for the Costayaco field once cumulative production reaches five million barrels of oil late in the third quarter of 2009.

With these additional royalties taken into account, Gran Tierra Energy reportedly remains on track to produce at its previously announced rate of 14,000bopd to 16,000bopd net after royalty in the fourth quarter of 2009.

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