August 18, 2009 / 11:48 AM / in 9 years

UPDATE 1-Gran Tierra resumes production in Colombia

* Resumes production at Putumayo Basin, Colombia

* Says will meet Q4 production rate forecast

Aug 18 (Reuters) - Gran Tierra Energy Inc (GTE.TO) said it resumed regular production operations in the Putumayo Basin in Southern Colombia, and remains on track to meet its prior production rate forecast for the fourth quarter.

The company, which is focused on oil exploration and production in South America, said crude oil transportation operations on the Ecopetrol-operated Trans Andean pipeline resumed on Aug. 10.

Calgary-based Gran Tierra said it subsequently restored production in Colombia over several days and is currently averaging about 21,770 gross barrels of oil per day (bopd) or 18,000 bopd net, after royalty.

“Additional royalties are expected for the Costayaco field once cumulative production reaches 5 million barrels of oil late in the third quarter,” Gran Tierra said in a statement.

With these additional royalties taken into account, Gran Tierra said it remains on track to produce at its previously announced rate of 14,000 to 16,000 bopd net after royalty in the fourth quarter.

Gran Tierra shares closed at C$4.05 Monday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair)

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