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Gran Tierra Energy Spikes 9% After-Hours on Updated Drilling Programs in Peru, Columbia

By: MT Newswires
Posted: 2/11/2013 5:24:00 PM
Referenced Stocks: GTE

Gran Tierra Energy Inc. ( GTE ) shares surged in late trade after the company provided updates for its exploration drilling in Peru and appraisal drilling in Colombia.

Breta a Norte 95-2-1XD exploration well: Log interpretations and MDT fluid and pressure sampling indicate the presence of an oil-bearing sandstone reservoir in the Vivian Sandstone beginning at 9,408 feet measured depth ("MD") or 8,851 feet true vertical depth ("TVD") with an approximate gross oil column thickness of 99 feet and 53 feet net pay thickness.

Moqueta-8: The Caballos formation consisted of 209 feet TVD gross reservoir or 104 feet TVD net reservoir thickness. It was perforated and tested from 5,361 feet to 5,538 feet MD for 57 hours at a rate of 651 barrels of oil per day ("BOPD") of 28.2 API oil with a 0.4% water cut. The T Sandstone formation consisted of 85 feet TVD gross reservoir or 72 feet TVD of net reservoir thickness. It was perforated and tested from 5,153 feet to 5,256 feet MD for 16.4 hours at a rate of 925 BOPD of 27.0 API oil and a stabilized 0.4% water cut. The U Sandstone formation consisted of 44 feet TVD gross reservoir or 32 feet TVD net reservoir thickness. It was perforated and tested from 4,866 feet to 4,911 feet MD for 24 hours at a rate of 24 BOPD of 16.3 API oil with a 0.4% water cut. This well is being completed as a production well.

GTE is up 9.1% at $5.97 in a 52-week range of $4 - $6.65.