Gran Tierra Takes 60% Stake In Peru Contract

Acquired 60% of the Peruvian block 95 license contract in Marañon Basin of NE Peru.

Gran Tierra Energy Inc., Calgary, (NYSE Amex, Toronto: GTE) has acquired 60% of the Peruvian block 95 license contract from Global Energy Development Plc, London, (London Aim: GED) in a $15-million farm-in agreement.

Gran Tierra will become operator of the contract area in the Marañon Basin of northeastern Peru in exchange for assuming 100% of the costs of an exploration well to be drilled in 2012. Global retains a 40% interest in the contract through its subsidiary.

The contract area contains the Bretaña-1 well, which was drilled in 1974 and tested oil on natural flow rates of approximately 800 barrels of oil per day.