Business Context and Reporting Period
Gran Tierra Energy Inc. filed this Form 8-K on December 22, 2014, reporting the entry into material definitive agreements by its wholly owned indirect subsidiaries, Gran Tierra Energy Colombia, Ltd. and Petrolifera Petroleum (Colombia) Limited.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It details specific contractual transportation rates:
- Transportation Capacity: Up to 10,000 barrels of oil per day (BOPD) per subsidiary, subject to availability.
- Rate 1 (Santana to Orito): $0.5539 per barrel.
- Rate 2 (Orito to Port of Tumaco): $3.3244 per barrel.
- Contract Term: Twelve months commencing December 1, 2014.
Material Changes
The filing discloses the execution of new transportation agreements with Cenit Transporte y Logística de Hidrocarburos S.A.S. ("CENIT"). These agreements secure pipeline capacity for crude oil produced by the subsidiaries or their affiliates. The filing does not provide comparative financial data against prior periods.
Outlook, Risks, and Contingencies
Management Commentary: The agreements allow for the transportation of additional crude oil in excess of 10,000 BOPD on the same terms, subject to capacity availability and nomination procedures.
Risks and Contingencies: The transportation rights are explicitly subject to the availability of capacity within the CENIT pipeline network.
Investor Verification Checklist
- Verify the operational status and capacity availability of the CENIT Mansoya–Orito and Orito–Tumaco pipelines.
- Confirm the total daily production volumes of Gran Tierra Colombia and Petrolifera Colombia to assess utilization of the 10,000 BOPD threshold.
- Review the full text of Exhibits 10.1 through 10.4 for specific nomination procedures and termination clauses.
- Assess the impact of the combined transportation cost ($3.8783 per barrel) on the company's netback margins for Colombian assets.