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Gran Tierra Energy Sinking After Drilling Dry Hole in Columbia; Workover of Mature Argentina Field Showing Improvement

Gran Tierra Energy Inc. (GTE.TO,GTE) is down about 6.2% at $.90 a share this afternoon, starting to move lower again after an extended rally off its mid-day low of $5.67 failed to break through apparent resistance at $6.00 a share.

The stock has been under pressure all day after the company said it plugged and abandoned a new well adjacent to its Brillante SE-1 gas field in Columbia after drilling indicated no reservoir. One other exploration is now being drilled in the Andean foothills while another well in Putumayo basin is expected to spud late next week.

Gran Tierra said it also has completed the first of four development wells in Puesto Morales field in Argentina and is now being prepared for production. Production declines experienced at the mature field in recent years appear to have been halted and additional workovers on existing wellbores are continuing, the firm said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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