April 11, 2011 / 12:23 PM / 7 years ago

CORRECTED-UPDATE 1-Gran Tierra ups FY production, capex view

(Corrects headline and first three paragraphs to show that the company raised, not cut, its full-year production outlook to account for some newly acquired assets)

* Sees FY prod of 17,500-19,000 boe/d

* Raises capex to $355 mln from $299 mln

* To spend about $55 mln on new assets

April 11 (Reuters) - Gran Tierra Energy Inc raised its full-year production outlook and capital expenditure budget to account for the assets of Petrolifera Petroleum Ltd , which it bought in January.

Including the Petrolifera assets, Gran Tierra sees average production of 17,500-19,000 barrels of oil equivalent (boe/d) per day, net after royalty.

In late December, the company had forecast production of 16,000 to 18,000 boe/d net after royalty.

The Calgary-based company, which has assets in Colombia, Argentina and Peru, raised its capital expenditure for the year by about 19 percent to $355 million.

The company, which expects to spend about $55 million on the newly acquired assets, will fund its new capital program from existing cash reserves and cash flow, it said in a statement.

Gran Tierra acquired Petrolifera Petroleum in a $151 million deal in January, bringing together a pair of Canadian-based companies exploring for oil in South America. [ID:nN178894]

Shares of the company closed at C$7.65 on Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Vyas Mohan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below