December 16, 2011 / 1:12 PM / 7 years ago

UPDATE 1-Gran Tierra sees higher production in 2012

Dec 16 (Reuters) - Canadian oil and gas exploration company Gran Tierra Energy Inc forecast higher production and capital spending next year.

Gran Tierra, which has operations in Colombia, Brazil, Peru and Argentina, expects to produce 20,000-21,000 barrels of oil equivalent per day (boe/d) in 2012 after royalty, 95 percent of which will be light oil.

Its target for 2011 is 17,500-19,000 boe/d, after royalty.

The Calgary, Alberta-based company also expects capital spending of $367 million in the next year, including $246 million on drilling.

The estimate is slightly higher than the $357 million capital expenditure it expects for 2011.

However, following the company’s deal with Norwegian Statoil’s Brazilian division, Gran Tierra expects its 2011 capital expenditure to be impacted by $17 million.

Shares of the company, whose chief financial officer recently went on medical leave to recover from an emergency surgery, closed at C$4.71 on Thursday on the Toronto Stock Exchange. (Reporting by Shounak Dasgupta in Bangalore; Editing by Sreejiraj Eluvangal)

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