Q2 2026 Gran Tierra Energy Inc Earnings Call

August 5, 2026

Operator: [Break] Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's conference call for Q2 2026 Results. My name is Shannon, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following the initial remarks, we will conduct a question and answer session for securities analysts and institutions. Instructions will be provided as the time for you to queue up for questions. I would like to remind everyone that this conference call is being webcast and recorded today, Wednesday, 5 August 2026, at 11:00 AM Eastern Time. Today's discussion may include certain forward-looking information, oil and gas information, and non-GAAP financial measures.

Speaker #2: Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's conference call for Q2 2026 results. My name is Shannon, and I will be your coordinator for today.

Speaker #2: At this time, all participants are on a listen-only mode. Following the initial remarks, we will conduct the question-and-answer session for securities analysts and institutions.

Speaker #2: Instructions will be provided at the time for you to queue up for questions. I would like to remind everyone that this conference call is being webcast and recorded today, Wednesday, August 5, 2026, at 11:00 AM Eastern Time.

Speaker #2: Today's discussion may include certain forward-looking information, oil and gas information, and non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important advisories and disclaimers with regard to this information, and for reconciliations of any non-GAAP measures discussed on today's call.

Operator: Please refer to the earnings and operational update press release we issued yesterday for important advisories and disclaimers with regard to this information and for reconciliations of any non-GAAP measures discussed on today's call. Finally, this earnings call is property of Gran Tierra Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy. I will now turn the conference call over to Gary Guidry, President and Chief Executive Officer of Gran Tierra. Mr. Guidry, please go ahead.

Speaker #2: Finally, this earnings call is property of GRAND TIERRA ENERGY, Inc., and a copy and a rebroadcasting of this call is expressly forbidden without the written consent of GRAND TIERRA ENERGY.

Speaker #2: I will now turn the conference call over to Gary Guidry, president and chief executive officer of GRAND TIERRA. Mr. Guidry, please go ahead.

Speaker #3: Thank you, operator. Good morning, and welcome to GRAND TIERRA's Q2 2026 results conference call. My name is Gary Guidry. GRAND TIERRA's president and chief executive officer.

Gary Guidry: Thank you, operator. Good morning and welcome to Gran Tierra's Q2 2026 results conference call. My name is Gary Guidry, Gran Tierra's President and Chief Executive Officer. With me today are Ryan Ellson, our Executive Vice President and Chief Financial Officer, and Sebastien Morin, our Chief Operating Officer. On Tuesday, 4 August 2026, we issued two press releases. The first included detailed information about our Q2 2026 results. The second release highlighted we entered into a share purchase agreement to sell all our Colombia and Ecuador businesses, which are available on our website. Before we begin our discussion of quarterly results, I want to address the announcement we made yesterday regarding the definitive agreement to sell our oil businesses in Colombia and Ecuador.

Speaker #3: And with me today are Ryan Ellson, our executive vice president and chief financial officer; and Sebastien Morin, our chief operating officer. On Tuesday, August 4, 2026, we issued two press releases.

Speaker #3: The first included detailed information about our Q2 2026 results and second release highlighted we entered into a share purchase agreement to sell all our Columbia and Ecuador businesses which are available on our website.

Speaker #3: Before we begin our discussion of quarterly results, I want to address the announcement we made yesterday regarding the definitive agreement to sell our oil businesses in Colombia and Ecuador.

Speaker #3: The definitive agreement governing this transaction contains restrictions on what we and Moral & Prom may publicly disclose about it beyond what is included in our respective announcements and public filings.

Gary Guidry: The definitive agreement governing this transaction contains restrictions on what we and Morral and Prom may publicly disclose about it beyond what is included in our respective announcements and public filings. Because of those contractual restrictions, we are not in a position to answer questions about the transaction on today's call. We recognize this is an important topic for many of you. We will provide additional information consistent with our disclosure obligations as it becomes appropriate to do so, including in the proxy statement for the special stockholder meeting to be held to consider approval of the transaction. For now, we would like to focus on today's discussion on our quarterly financial results and business performance. We appreciate your understanding. Ryan and Sebastien will make a few brief comments. Then we will open the line for questions.

Speaker #3: Because of those contractual restrictions, we are not in a position to answer questions about the transaction on today's call. We recognize this is an important topic for many of you.

Speaker #3: And we will provide additional information consistent with our disclosure obligations as it becomes appropriate to do so, including in the proxy statement for the special stockholder meeting to be held to consider approval of the transaction.

Speaker #3: For now, we would like to focus today's discussion on our quarterly financial results and business performance. We appreciate your comments, and then we will open the line for questions.

Speaker #3: I will now turn the call over to Ryan to discuss our financial results.

Gary Guidry: I will now turn the call over to Ryan to discuss our financial results.

Speaker #4: Thanks, Gary. And good morning, everyone. Our Q2 performance reflects another active period for GRAND TIERRA: stronger commodity prices and lower total operating costs supported improved margins and positive free cash flow, while the strategic actions completed during and after the quarter further refined our portfolio and enhanced our financial flexibility.

Ryan Ellson: Thanks, Gary, and good morning, everyone. Our Q2 performance reflects another active period for Gran Tierra. Stronger commodity prices and lower total operating costs supported improved margins and positive free cash flow. While the strategic actions completed during and after the quarter further refined our portfolio and enhanced our financial flexibility. An important milestone we achieved during the quarter was the completion of our $123 million capital carry commitment in Suroriente. The post-carry period commenced on 18 July, and the economics and overall profitability of future activity on the block have improved, which will contribute to additional future cash generation and higher returns. In Tisquirama, we satisfied all outstanding conditions present to the effectiveness of our agreement with Ecopetrol. This advances our opportunity to earn a 49% working interest in the Tisquirama block and further expands our operating position in Colombia's Middle Magdalena Valley Basin.

Speaker #4: An important milestone we achieved during the quarter was the completion of our $123 million capital carry commitment in Soriente. The post-carry period commenced on July 18, and the economics and overall profitability of future activity on the block have improved, which will contribute to additional future cash generation and higher returns.

Speaker #4: In Fiscorama, we satisfied all outstanding conditions present to be effectiveness of our agreement with EcoPetrol. This advances our opportunity to earn a 49% working interest in the Fiscorama block and further expands our operated position in Columbia's middle magdalena valley basin.

Speaker #4: Additionally, we completed the disposition of a 44% working interest in Associated Title Rights in the Lodgepole area for $9 million US, this transaction further contributed to our liquidity and removed the Associated Asset Retirement obligations of $13 million from our balance sheet.

Ryan Ellson: We completed the disposition of a 54% working interest and associated title rights in the Lodgepole area for $9 million. This transaction further contributed to our equity and removed the associated asset retirement obligations of $13 million from our balance sheet. Together with the assignment at disposition completed in Q1 2026, the Lodgepole sale further optimizes our Canadian portfolio around the opportunities where we see the highest long-term potential and returns, including the Dawson Clearwater area and Mount Head. Combined with the conclusion of the Suroriente carry, these actions improve the quality of our portfolio. Turning now to our financial results for Q2 2026. Gran Tierra generated net income of $25 million, compared to a net loss of $119 million in the prior quarter and a net loss of $13 million in Q2 2025.

Speaker #4: Together with the assignment at disposition completed in the first quarter of 2026, the Lodgepole sale further optimized our Canadian portfolio around the opportunities where we see the highest long-term potential in returns, including the Dawson Clearwater area and Mount Head.

Speaker #4: Combined with the completion of the Soriente carry, these actions improved the quality of our portfolio. Turning now to our financial results for the Q2 of 2026, GRAND TIERRA generated net income of $25 million compared to a net loss of $119 million in the prior quarter and a net loss of $13 million in the Q2 of 2025.

Speaker #4: The net income position was primarily the result of stronger commodity prices improved margins and lower total operating costs during the quarter. In Ecuador, our M-1 pricing structure benefited our Q2 results.

Ryan Ellson: The net income position was primarily the result of stronger commodity prices, improved margins, and lower total operating costs during the quarter. In Ecuador, our M-1 pricing structure benefited our Q2 results. The realized M-1 benchmark price of $101.89 per barrel increased revenue by approximately $4 million, compared with the average Brent price for the quarter of $96.68 per barrel. The company generated adjusted EBITDA of $85 million, up from $74 million in the prior quarter and $77 million in Q2 2025. Funds flow from operations were $60 million, or $1.70 per share, up 41% from the prior quarter and up 12% from Q2 2025. During the quarter, the company generated free cash flow of approximately $6 million, an increase when compared to the $2.7 million generated in Q2 2025.

Speaker #4: The realized M-1 benchmark price of $101.89 per barrel increased revenue by approximately $4 million compared with the average Brent price for the quarter of '96.68 per barrel.

Speaker #4: The company generated adjusted EBITDA of $85 million, up from $74 million in the prior quarter and $77 million in the Q2 of 2025. Funds flow from operations were $60 million or $1.70 per share, up 41% from the prior quarter and up 12% from the Q2 of 2025.

Speaker #4: During the quarter, the company generated free cash flow of approximately $6 million and increased when compared to the 2.7 million generated in the Q2 of 2025.

Ryan Ellson: Gran Tierra's capital expenditures of $54 million were higher than the $45 million in the prior quarter and $51 million in Q2 2025. During the quarter, the company completed the Sur Oriente carry and the 6-well development drilling program at the Cohembi field, with the final 2 wells drilled and brought on production during the quarter. The company's 2026 capital program was intentionally weighted to H1 of the year and we continue to expect capital expenditures to remain within our previously stated guidance. At quarter end, Gran Tierra had a cash balance of $127 million, total gross debt of $606 million, and net debt of $479 million. During H1 2026, we repurchased $6 million face value of our 9.75% senior notes due 2031 at a 12% discount.

Speaker #4: GRAND TIERRA's capital expenditures of $54 million were higher than the $45 million in the prior quarter and $51 million in the Q2 of 2025.

Speaker #4: During the quarter, the company completed the Soriente carry and the six well-development drilling program at the Cohenby field, with the final two wells drilled and brought on production during the quarter.

Speaker #4: The company's 2026 capital program was intentionally weighed to the first half of the year and will continue to expect capital expenditures to remain within our previously stated guidance.

Speaker #4: At quarter-end, Gran Tierra had a cash balance of $127 million, total gross debt of $606 million, and net debt of $479 million. During the first six months of 2026, we repurchased $6 million face value of our 9.75% senior notes due 2031 at a 12% discount.

Ryan Ellson: Subsequent to Q2, we repurchased an additional $50 million face value of 2031 senior notes at a 10% discount, further advancing our debt reduction priorities. Alongside the $127 million on cash on hand, the company currently has $53 million in undrawn credit and lending facilities. Gran Tierra generated oil sales of $187 million, an increase of 25% from Q2 2025 and 9% from the prior quarter. The year-over-year increase was primarily driven by stronger Brent pricing, partially offset by lower sales volume and higher quality and transportation discounts in Colombia associated with the alternative transportation routes with the Colombia-Ecuador border closed. Sequential higher Brent prices, lower Colombia differentials, and stronger premiums in Ecuador more than offset the impact of lower sales volumes from having only one lifting during the quarter and higher royalties associated with stronger commodity prices.

Speaker #4: Subsequent to the quarter, Q2, we repurchased an additional $50 million face value of 2031 senior notes at a 10% discount, further advancing our debt reduction priorities.

Speaker #4: Alongside the $127 million on cash on hand, the company currently has $53 million in undrawn credit and lending facilities. GRAND TIERRA generated oil sales of $187 million and an increase of 25% from the Q2 of 2025 and 9% from the prior quarter.

Speaker #4: The year-over-year increase was primarily driven by stronger Brent pricing, partially offset by lower sales volume and higher quality in transportation discounts in Columbia associated with the alternative transportation routes with the Columbia-Ecuador border closed.

Speaker #4: Sequentially higher Brent prices lowered Colombia differentials and stronger premiums equity, more than offset the impact of lower sales volume from having only one lifting during the quarter and higher royalties associated with stronger commodity prices.

Speaker #4: Total operating expenses decreased by 22% to $52 million compared to the prior quarter and decreased by 7% compared to Q2 2025, primarily due to lower workover activity, reduced field personnel costs, and inventory fluctuations.

Ryan Ellson: Total operating expenses decreased by 22% to $52 million compared to the prior quarter and decreased by 7% compared to Q2 2025, primarily due to lower workover activity, reduced field personnel costs, and inventory fluctuations. As we move through H2 of the year, our priorities remain with allocating capital with discipline, protecting liquidity, generating free cash flow, and using our financial flexibility to reduce debt and invest in the highest return opportunities across the portfolio. The actions completed during the quarter leave Gran Tierra with a more focused portfolio and a stronger foundation to further contribute to long-term shareholder value. I will now turn the call over to Sebastien to discuss some of the operational highlights.

Speaker #4: As we move through the second half of the year, our priorities remain without looking at capital with discipline, protecting liquidity, generating free cash flow, and using our financial flexibility to reduce debt and invest in the highest return opportunities across the portfolio.

Speaker #4: The actions completed during the quarter leave GRAND TIERRA with a more focused portfolio and a stronger foundation to further contribute to long-term shareholder value.

Speaker #4: I'll now turn the call over to Sebastien to discuss some of the operational highlights.

Speaker #3: Thanks, Ryan. And good morning, everyone. From a production perspective, GRAND TIERRA delivered Q2 2026 average working interest production of approximately $41,500 barrels of oil per day.

Sebastien Morin: Thanks, Ryan, and good morning, everyone. From a production perspective, Gran Tierra delivered Q2 2026 average working interest production of approximately 41,500 barrels of oil per day, which was within our annual guidance range and reflected the impact of the Canadian asset dispositions completed during H1 of the year. Production was 9% lower than the prior quarter and 12% lower year-over-year. The decrease primarily reflected the Canadian dispositions and temporary unplanned artificial lift system failures at Acordionero and Cohembi, partially offset by strong performance from the Conejo discoveries, early water flood responses in Chanangue, and incremental production from the Perico Block. From an operational standpoint, as Ryan noted, during the quarter, we completed our $123 million capital carry commitment under the Sur Oriente joint venture with Ecopetrol through the completion of the 6-well development drilling program at Cohembi, which was successfully delivered under budget.

Speaker #3: Which was within our annual guidance range and reflected the impact of the Canadian asset dispositions completed during the first half of the year. Production was 9% lower than the prior quarter and 12% lower year-over-year.

Speaker #3: The decrease primarily reflected the Canadian dispositions in temporary unplanned artificial list system failures at accordionero in Cohenby, partially offset by strong performance from the Conejo discoveries early water flood responses in Chenangay and incremental production from the Perico block.

Speaker #3: From an operational standpoint, as Ryan noted, during the quarter we completed our 123 million capital carry commitment under the Soriente joint venture with Ecopetrol through the completion of the six well-development drilling program at Cohenby.

Speaker #3: Which was successfully delivered under budget. In Tiscarama, execution is already begun with licensing, surveying, and detailed engineering of flow lines, facilities, and wells. We expect to initiate field activities in the second half of 2026, which will include well workovers, flow line installations, and new facilities.

Sebastien Morin: In Tisquirama, execution has already begun with licensing, surveying, and detailed engineering of flow lines, facilities, and wells. We expect to initiate field activities in H2 2026, which will include well workovers, flow line installations, and new facilities. In Ecuador, we received government approval for three additional field development plans covering Charapa, Conejo, and Perico, bringing total approvals to five of our six discovered fields. These approvals allow us to transition the portfolio from exploration toward development while retaining approximately 156,000 acres for 20 years, with an additional approximately 16,000 acres at Espejo pending approval. Ecuador production averaged 7,990 barrels of oil per day during the quarter, supported by the continued strength of the Conejo discoveries and an earlier than expected response to water injection at Chanangue.

Speaker #3: In Ecuador, we received government approval for three additional field development plans covering Chirapa, Conejo, and Perico. Bringing total approvals of to five of our six discovered fields.

Speaker #3: These approvals allow us to transition the portfolio from exploration toward development while retaining approximately $156,000 acres for 20 years with an additional approximately $16,000 acres at Espejo pending approval.

Speaker #3: Ecuador production averaged $7,990 barrels of oil per day during the quarter. Supported by the continued strength of the Conejo discoveries and an earlier-than-expected response to water injection at Chenangay.

Speaker #3: These results further reinforces our confidence in the application of water flooding across the portfolio to significantly improve overall production performance and project economics. As Ryan highlighted, the large pool disposition further sharpened our Canadian portfolio.

Sebastien Morin: These results further reinforces our confidence in the application of water flooding across the portfolio to significantly improve overall production performance and project economics. As Ryan highlighted, the logical disposition further sharpened our Canadian portfolio. Our focus is now on Dawson Clearwater and Mount Head, where new resource report highlights meaningful long-term exploration and development potential. McDaniel assigned best estimate 2C contingent resources of approximately 6.5 million barrels at Dawson Clearwater, along with unrisked best estimate prospective resources of approximately 55 million barrels at Dawson Clearwater and 12 million barrels at Mount Head, representing approximately 67 million barrels of combined unrisked best estimate prospective resources. Prospective resources relate to undiscovered accumulations and will require confirmation through future drilling. Gran Tierra operates both plays with a 100% working interest across approximately 108,000 net acres.

Speaker #3: Our focus is now on Dawson Clearwater and Mount Head. Where new resource report highlights meaningful long-term exploration and development potential. McDaniel assigned best estimate 2C contingent resources of approximately $6.5 million barrels at Dawson Clearwater.

Speaker #3: Along with unrisked best estimate prospective resources of approximately $55 million barrels at Dawson Clearwater, and $12 million barrels at Mount Head. Representing approximately 67 million barrels of combined unrisked best estimate prospective resources.

Speaker #3: Prospective resources relate to undiscovered accumulations and will require confirmation through future drilling. GRAND TIERRA operates both plays with a 100% working interest across approximately 108,000 net acres.

Sebastien Morin: Dawson Clearwater benefits from shallow depths and low-cost horizontal multilateral development, while Mount Head targets light oil and broadens our commodity mix in Canada. Both plays are also suited to waterflooding and are expected to be a focus of our 2027 drilling activity. Overall, the quarter reflects disciplined execution across the base business and continued progress in building a more focused, durable, and opportunity-rich portfolio. I will now turn the call back to the operator, and Gary, Ryan, and I will be happy to take questions. Operator, please go ahead.

Speaker #3: Dawson Clearwater benefits from shallow depths and low-cost horizontal multilateral development, while Mount Head targets light oil and broadens our commodity mix in Canada. Both plays are also suited to water flooding and are expected to be a focus of our 2027 drilling activity.

Speaker #3: Overall, the quarter reflects disciplined execution across the base business and continued progress in building a more focused, durable, and opportunity-rich portfolio. I will now turn the call back to the operator and Gary, Ryan, and I will be happy to take questions.

Speaker #3: Operator, please go ahead.

Speaker #2: Thank you. Ladies and gentlemen, we will now conduct a question-and-answer session for Securities Analysts. If you have a question, please press the star key followed by 11 on your touchstone phone.

Operator: Thank you. Ladies and gentlemen, we will now conduct a question-and-answer session for securities analysts. If you have a question, please press the star key followed by one on your touch-tone phone. You will then hear an automated message advising your hand is raised. Your questions will be pulled in the order they are received. Please ensure you lift the handset if you're using a speakerphone before pressing any keys. One moment please, for your first question. Our first question comes from the line of Josef Schachter with Schachter Energy Research. Your line is now open.

Speaker #2: You will then hear an automated message advising that your hand is raised. Your questions will be addressed in the order they are received. Please ensure you lift the handset if you're using a speakerphone before pressing any keys.

Speaker #2: One moment, please, for your first question. Our first question comes from the line of Joseph Shacter with Circe. Your line is now open.

Speaker #4: Good morning, Gary, Ryan, and Sebastien. First thing, congratulations on surfacing the value that you've created and a $52-week high for the stock. So the market likes what's going on.

Josef Schachter: Good morning, Gary, Ryan, and Sebastien. First thing, congratulations on surfacing the value that you've created and a 52-week high for the stock. The market likes what's going on. I know we can't talk about South America, but can you talk about the go forward? You mentioned, of course, the Clearwater in the commentary. Sebastien covered that. Also, the Glauconite potential. Are we looking at Canada, where you're going to increase the budget in 2027 materially? Is there going to be M&A around these certain areas? Is there going to be a big portion of the budget for waterfloods? Can you give us an idea of what you might do in Canada? Also, in Azerbaijan, how much money might be spent in 2027, and how do you see international going forward?

Speaker #4: I know we can't talk about South America, but can you talk about the go-forward? You mentioned, of course, the Clearwater and the commentary Sebastien covered that.

Speaker #4: Also, the Glock potential. Are we looking at Canada where you're going to increase the budget in '27, materially? Is there going to be M&A around these certain areas?

Speaker #4: Is there going to be a big portion of the budget for waterfloods? Can you give us an idea of what you might do in Canada?

Speaker #4: And then also, in Azerbaijan, how much money might be spent in 2027, and how do you see international going forward?

Speaker #5: Yeah. Good morning, Joseph, and thank you. For Canada, we're quite excited, as both Sebastien and Ryan outlined in the Clearwater. We have a clear runway, and we've consolidated land, and we are putting together our program.

Gary Guidry: Good morning, Josef, and thank you. For Canada, we're quite excited. As both Sebastien and Ryan outlined, in the Clearwater, we have a clear runway, and we've consolidated land, and we are putting together our continuous program going forward. Mount Head is a region we just acquired the land, and we're quite excited about it as well. It worked with vertical wells, and we're going to try it with horizontal wells. We're quite excited about both, especially being light oil. Azerbaijan, I think, is very exciting for us because we're starting to shoot gravity over the summer here, and our plans are to drill two wells next year. Two wells in an area that's very prolific in terms of oil and gas. As you know, the gas has quite a great value in the country. We're going to focus a lot of effort.

Speaker #5: Our continuous program going forward. Mount Head is a region we just acquired the land, and we're quite excited about it as well. It worked with vertical wells, and we're going to try it with horizontal wells.

Speaker #5: So we're quite excited about both, especially being light oil Azerbaijan, I think, is very exciting for us because we're starting to shoot gravity over the summer here.

Speaker #5: And our plans are to drill two wells next year, two wells in an area that's very prolific in terms of oil and gas. As you know, the gas has quite a great value in the country, and so we're going to focus a lot of effort.

Speaker #5: We're also working on a couple of joint studies on existing fields with the government, and we'll progress those over the next coming months, going forward.

Gary Guidry: We're also working on a couple of joint studies on existing fields with the government, and we'll progress those over the next coming months going forward. It's possible that we could be looking at some exploitation projects in Azerbaijan as well. Quite excited about the go-forward future of the company.

Speaker #5: So it's possible that we could be looking at some exploitation projects in Azerbaijan as well. So quite excited about the go-forward future of the company.

Speaker #4: Do you have any more ambition internationally outside of Azerbaijan?

Josef Schachter: Do you have any more ambition internationally outside of Azerbaijan?

Speaker #5: Certainly. We always look. And we have very specific criteria as a company we look at, and we're base-in-driven. And so if there are opportunities for shareholders going forward, we'll certainly look at that.

Gary Guidry: Certainly, we always look. We have very specific criteria. As a company, we look at, and we're basin driven. If there are opportunities for shareholders going forward, we'll certainly look at that, but not anywhere. It has to be countries like and basins like Azerbaijan or Western Canada.

Speaker #5: But not anywhere. It has to be countries like and basins like Azerbaijan or Western Canada.

Josef Schachter: Super. Okay. Again, thanks very much for answering my questions. Congratulations for surfacing the value. Nice reaction in the market today.

Speaker #4: Super. Okay, again, thanks very much for answering my questions and congratulations for surfacing the value and nice reaction in the market today.

Speaker #2: Thank you. Our next question comes from the line of Jamie Somerville with Roth Capital Canada. Your line is now open.

Operator: Thank you. Our next question comes from the line of Jamie Somerville with Roth Capital Canada. Your line is now open.

Speaker #6: Good morning. Can you hear me?

Jamie Somerville: Good morning. Can you hear me?

Speaker #5: Yes.

Gary Guidry: Yes.

Speaker #6: Congrats, Gary. I'm just wondering, with regards to the Lodge Poultry disposition, did that include any production reserves or contingent prospective resources?

Jamie Somerville: Congrats, Gary. I'm just wondering with regards to the Lodgepole disposition, did that include any production reserves or contingent prospective resources?

Speaker #3: Yeah, Jamie, it's about 850 barrels a day that's come off, but it also took out a bunch of the ARO. So you'll see in the press release that we netted all that out.

Sebastien Morin: Yeah, Jamie, it's about 850 barrels a day that's come off, it also took out a bunch of the ARO. You'll see in the press release that we netted all that out. Actually a benefit to the company.

Gary Guidry: Yeah, Jamie, it's about 850 barrels a day that's come off, it also took out a bunch of the ARO. You'll see in the press release that we netted all that out. Actually a benefit to the company.

Speaker #3: So actually a benefit to the company.

Speaker #6: Perfect. Thank you. And then, how do you think the transaction might impact your G&A? Do you have a G&A guidance for the run rate post-transaction?

Jamie Somerville: Perfect. Thank you. How do you think the transaction might impact your G&A? Do you have a G&A guidance for run rate for post-transaction?

Speaker #5: Yeah. Go ahead.

Gary Guidry: Go ahead.

Ryan Ellson: Yeah. I think, as we get closer to closing, we'll provide more guidance on 2027 plans and future financial projections.

Speaker #6: Yeah. I think as we get closer to closing, we'll provide more guidance on 2027 plans and future financial projections. Fair enough. I had to ask.

Jamie Somerville: Fair enough. I had to ask. Thank you.

Speaker #6: Thank you.

Speaker #5: Thanks.

Ryan Ellson: Thanks.

Speaker #2: Gentlemen, there are no further questions at this time. Please continue.

Operator: Gentlemen, there are no further questions at this time. Please continue.

Speaker #5: I would like to thank everyone once again for joining us today. We look forward to speaking with you over the next quarter and update you on our ongoing progress.

Gary Guidry: I'd like to thank everyone once again for joining us today. We look forward to speaking with you over the next quarter and update you on our ongoing progress. Thank you very much.

Speaker #5: Thank you very much.

Operator: This concludes today's conference. Thank you for your participation. You may now disconnect.

Q2 2026 Gran Tierra Energy Inc Earnings Call

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