Gran Tierra Sells South American Assets to Maurel & Prom for $1.33 Billion

Gran Tierra Energy Inc. entered into a definitive agreement to sell its oil business in Colombia and Ecuador to Établissements Maurel & Prom S.A. for $1.33 billion. The transaction includes the transfer of substantially all of Gran Tierra's net liabilities, such as specific senior notes and a prepayment facility, which is expected to leave the company debt-free with approximately $315 million in total net cash proceeds.

CEO Gary Guidry stated that the deal marks a deliberate repositioning that began in 2024. Gran Tierra intends to use a portion of the proceeds for a share repurchase to return capital to stockholders, while allocating the remaining funds to growth programs in Canada and exploration interests in Azerbaijan.

The deal is targeted to close on or about December 31, 2026. Closing is pending approval from stockholders, creditors, and regulatory bodies in Colombia and Ecuador. Following the divestment, Gran Tierra will shift its production focus primarily to Canada and pursue its production sharing agreement in the Guba-Khazaryani region of Azerbaijan.