December 2, 2011 / 4:34 PM / 7 years ago

UPDATE 1-Gran Tierra's Columbia results disappoint, shares fall

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Dec 2 (Reuters) - Canadian oil and gas exploration company Gran Tierra Energy Inc said initial drilling results at two of its wells in Colombia have been disappointing, sending its shares down as much as 8 percent.

Gran Tierra, which has assets in Colombia, Brazil, Argentina and Peru, drilled the Rumiyaco-1 exploration well at the Rumiyaco block in southwestern Columbia, which reached a total depth of 10,648 feet.

However, data indicated that only non-commercial hydrocarbons were present.

The company also said it drilled one well, which reached a total depth of 5520 feet, at the Sierra Nevada block in northern Colombia. However, no reservoir was found and the well was plugged and abandoned.

“With one exploration well currently drilling and a second exploration well poised to begin drilling in Colombia, we remain focused on the potential for additional reserve growth this year,” Chief Executive Dana Coffield said in a statement.

Shares of the Calgary, Alberta-based company were trading down at C$5.76 on Friday morning on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Supriya Kurane)

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