Business Context and Reporting Period
Company: Gran Tierra Energy Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: January 28, 2026
Reporting Period: Year ended December 31, 2025
Primary Subject: Announcement of 2025 year-end oil and natural gas reserves and operational updates for the fourth quarter and full year 2025.
Key Financial and Operational Metrics
Reserves (Net After Royalty - NAR) as of December 31, 2025:
- Total Proved Reserves: 111.62 Million BOE (MBOE)
- Total Probable Reserves: 94.01 MBOE
- Total Possible Reserves: 56.31 MBOE
Operational Volumes (Year Ended Dec 31, 2025):
- Average Daily Sales (NAR): 37,640 BOEPD
- Average Daily Working Interest Production: 38,448 BOEPD
Net Present Value (NPV10) After Tax (Dec 31, 2025):
- Total Company: $936.1 Million
- Colombia: $756.2 Million
- Ecuador: $76.4 Million
- Canada: $103.5 Million
Realized Prices Used for Reserves Calculation:
- Colombia Oil: $57.32/bbl
- Ecuador Oil: $63.05/bbl
- Canada Oil: $56.77/bbl
Note: The filing does not provide specific revenue, profit, cash flow, or debt figures for the period.
Material Changes vs. Prior Period
Reserves Changes (Year-over-Year):
- Proved Reserves: Decreased 17% from 135 MBOE in 2024 to 112 MBOE in 2025.
- Probable Reserves: Decreased 11% from 106 MBOE in 2024 to 94 MBOE in 2025.
- Possible Reserves: Decreased 25% from 75 MBOE in 2024 to 56 MBOE in 2025.
Production Changes (Year-over-Year):
- Sales Volumes: Increased 37% from 27,436 BOEPD in 2024 to 37,640 BOEPD in 2025.
- Working Interest Production: Increased 38% from 27,890 BOEPD in 2024 to 38,448 BOEPD in 2025.
Outlook, Risks, and Management Commentary
Management Commentary: The company highlights a significant increase in production volumes despite a decline in total proved reserves. The reserves assessment was independently prepared by McDaniel & Associates Consultants Ltd.
Key Risks and Contingencies:
- Geopolitical & Operational: Operations in South America face risks from guerilla activity, strikes, blockades, and protests.
- Integration: Risks associated with integrating assets from the 2024 acquisition of i3 Energy Plc.
- Market Volatility: Exposure to global commodity price fluctuations, inflation, and trade policies.
- Reserve Uncertainty: Reserve estimates are forward-looking and subject to variances in pricing, costs, and technical data.
- Capital Access: Risks regarding the ability to access debt or equity markets to fund operations and acquisitions.
Investor Verification Checklist
- Verify the reconciliation of the 17% decline in proved reserves against the 37% increase in production volumes to understand the reserve replacement ratio.
- Review the full McDaniel reserves report (Exhibit 99.2) for detailed assumptions regarding pricing and costs.
- Assess the impact of the i3 Energy acquisition integration on future capital spending and operational synergies.
- Monitor geopolitical developments in Colombia and Ecuador that could disrupt the reported production levels.
- Confirm the company's liquidity position and debt covenants, as these specific figures are not detailed in this 8-K summary.