2009-08-15-2008-09-01-2009-01-01

Bought company with average 72% average WI in 10 exploration blocks in Colombia, gaining 2,625 BOE/d, 6 MMBOE, 2 Bcfg proved.

Gran Tierra Energy Inc., Calgary, (Amex, Toronto: GTE) has closed its acquisition of Solana Resources Ltd., Calgary, (Toronto Venture: SOR; London Aim: SORL) for approximately C$650 million in stock. Gran Tierra paid 0.9527918 share of Gran Tierra or of a Canadian subsidiary per Solana share, representing a premium of approximately 14.1% to the 20-day weighted average trading price on July 28. Solana security-holders now own approximately 49% of the combined company. Solana held an average 72% average working interest in 10 exploration blocks in Colombia as of year-end 2007. Exit production at year-end was 2,625 barrels of oil equivalent per day. Proved net reserves were 6 million barrels of oil and 2 billion cubic feet of gas. The combined company will have a market value of approximately C$1.35 billion with assets in Colombia, Argentina and Peru. Production is more than 11,600 barrels equivalent per day. Estimated combined 2008 exit production is 15,000 barrels equivalent per day. Proved reserves are 18.4 million barrels equivalent. The company holds 1.5 million acres in Colombia, including a 100% working interest in Costayaco Field, 1.3 million acres in Argentina, and 3.4 million acres in Peru. Gran Tierra president and chief executive Dana Coffield will continue in those roles. Solana president and chief executive J. Scott Price will join the board of the combined company. Coffield says, "In today's economic environment, the combination of Gran Tierra Energy and Solana Resources makes tremendous sense as we continue to strengthen our balance sheet, expand our drilling portfolio, and continue to grow our reserves and production." Blackmont Capital Inc. was advisor to Gran Tierra. Tristone Capital Inc. was advisor to Solana.