Gran Tierra Energy Inc. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan

Core Viewpoint - Gran Tierra Energy Inc. has received approval from the Toronto Stock Exchange to initiate a normal course issuer bid to repurchase up to 3,545,872 shares, representing 10% of its public float, over a one-year period starting November 6, 2024 [1][7]. Group 1: Share Repurchase Details - As of October 31, 2024, Gran Tierra had 36,460,141 shares issued and outstanding, with a public float of 35,458,717 shares [1]. - The company may purchase up to 9,829 shares on any trading day, which is approximately 25% of the average daily trading volume of 39,317 shares on the TSX over the past six months [2]. - Gran Tierra has previously repurchased 2,703,914 shares at a volume-weighted average price of CDN$9.34 under a prior issuer bid that expired on November 2, 2024 [4]. Group 2: Management's Rationale - Management believes that the shares have been trading below their intrinsic value relative to the company's operations, growth prospects, and financial position, making the repurchase advantageous for stockholders [3]. - The repurchase may also serve to satisfy awards under Gran Tierra's Long Term Equity Incentive Plan, potentially increasing the value of the shares for existing shareholders [3]. Group 3: Automatic Share Purchase Plan (ASPP) - Gran Tierra has established an Automatic Share Purchase Plan to facilitate share purchases during periods when it would typically be restricted from doing so due to regulatory constraints [5][6]. - The ASPP will be implemented on November 6, 2024, and allows the designated broker to make purchases at its discretion based on parameters set by Gran Tierra [5]. Group 4: Regulatory Exemptions - Gran Tierra has received an exemptive relief order from Canadian securities regulators, allowing it to purchase up to 10% of its public float through U.S. trading platforms without the usual 5% limitation [7]. - This exemption is valid until February 12, 2027, provided that purchases comply with applicable U.S. and Canadian securities laws [7]. Group 5: Company Overview - Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production in Canada, Colombia, and Ecuador [8]. - The company aims to develop its existing asset portfolio while pursuing additional growth opportunities [8].