I agree with you freedom as well. There has been a substantial move in the share price over the last few months (was very undervalued imho). I think that you will find that the value of resource plays gradually moving up in general. Again I think positive results this year will drive the sp. more so than sales, but a the profit from VM.x-1001 sales will definately help.

The drop by 10% today I think reflects the problems and abandoning of the Dantayaco-1 well (the water).

Mason Granger, portfolio manager, Sentry Select Capital was on BNN yesterday (market call tonight) and felt that you should wait before geting in (i.e. have had a good appreciation in sp) but he is very positive overall. He went on to say " Deep technical expertise. Enormous amounts of free cash flow, no debt. Drilling 11 or 12 exploratory wells this year."

If you want to see it here is the link: http://watch.bnn.ca/market-call-tonight/january-2010/market-call-tonight-january-5-2010/#clip252439 (around the 5 min mark)

Johnyboy

Gran Tierra Energy Announces Opening of Office in Brazil and Appointment of President for Brazil Business Unit

Gran Tierra Energy Inc. (NYSE Amex: GTE; TSX: GTE), a company focused on oil exploration and production in South America, today announced that it is opening an office in Rio de Janeiro, and appointing Julio Cesar Moreira as president of its Brazil business unit.

"Gran Tierra Energy's successful growth in South America has been driven by our ability to identify underdeveloped land in countries that provide a favorable environment for independent oil and gas exploration companies," said Dana Coffield, President and Chief Executive Officer. "While more than 20 proven petroleum basins exist in Brazil, many of the onshore and offshore shallow water regions remain relatively untested. We're entering this region to expand access to exploration opportunities, and to leverage our operating capabilities in a country in which our senior management already has experience, and which has a stable legal system and attractive fiscal terms."

Julio Cesar Moreira's appointment to the position of President of Gran Tierra Energy's Brazilian business unit will be effective September 8, 2009. Mr. Moreira has over 25 years of experience working for international companies in Brazil in senior business development positions. Most recently, he was Managing Director for IBV Petroleo Ltda, and Brazil Country Manager for EnCana Corporation where he was instrumental in capturing assets which were later sold for a combined value of over $500 million. Prior to that Mr. Moreira was New Ventures & Business Development Vice President of Unocal Corporation.

Mr. Moreira holds an Information Technology degree from Universidade Federal Fluminense in Rio de Janeiro, and a graduate degree in Marketing from Rio Catholic University. In addition, he has attended Executive Management programs in Oil and Gas at Thunderbird (USA) and the Ivey Business School at the University of Western Ontario (Canada).

The Rio de Janeiro office will coordinate business development activities targeted at capturing high quality exploration and production opportunities in the onshore and shallow water offshore areas of Brazil. These opportunities may include new bid round acreage, production enhancement on acreage that may be acquired with pre-existing operations, farm in opportunities, and M&A transactions.

In addition to a small office staff in Rio de Janeiro, Gran Tierra Energy is establishing a Brazil technical team in Calgary that will work with Mr. Moreira to evaluate Brazil opportunities. This team and Mr. Moreira will report up through Mr. Shane O'Leary, Chief Operating Officer, who previously worked closely with Mr. Moreira in his capacity as Business Unit Leader, EnCana Brazil.

Gran Tierra Energy's Brazil business unit is currently located in temporary offices at Avenida Luis Carlos Prestes, 180, Sala 349 - CEP 22775-055 - Barra da Tijuca, Rio de Janeiro, Brazil, Telephone: (21) 2112-4657, Fax: (21) 2112-4601. Permanent offices are expected to be established in approximately three months.

Freedom,

I had been away on vacation for a bit so have not had a chance to comment on the progress of GTE.

About 2 weeks ago Joseph Schatcher was on BNN and had it as his Top Pick with the following comments:

"Colombian basin. Had some problems recently with a tax on the pipeline system. Costayaco play has continued to work out for them. Should do about $.80 in cash flow. As upside in other areas of Colombia and will be doing some high impact exploration drilling. Also have upside in Peru. Pristine balance sheet."

Things look good for the long term.

Cheers

Johnyboy

Gran Tierra Energy Provides Update to Costayaco Field Reserves and Results of Logging Operations at Costayaco-9

    <<

    Plateau Production of Approximately 19,000 Barrels of Oil per Day Gross

    Established Early

    >>

Gran Tierra Energy Inc. (NYSE AMEX: GTE; TSX: GTE), a company focused on oil exploration and production in South America, today provided a reserve update, effective July 31, 2009, for the Costayaco field located in the Chaza Block of the Putumayo Basin of Colombia. Gran Tierra Energy also announced that it has completed the drilling and logging of Costayaco-9 and established plateau production in the Costayaco field ahead of schedule. Gran Tierra Energy is the operator of the Costayaco field and the Chaza Block with a 100% working interest.

"Attaining plateau production in the Costayaco field marks a major milestone in the history of our company," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Following our discovery in 2007 of Costayaco, one of the largest light oil field discoveries in Colombia in the last decade, we are on track to complete the development of the field by the end of this year. With well established reserves, and strong cash flow expected to be generated from Costayaco's plateau production in the coming years, Gran Tierra Energy is well positioned to focus on its upcoming 14 well exploration program in Colombia and Peru in late 2009 and 2010."

Costayaco Reserves Update

GLJ Petroleum Consultants have provided an independent reserve evaluation of the Costayaco field effective July 31, 2009. Taking into consideration 3D seismic, and drilling results from eight wells (Costayaco-1 through Costayaco-8), the reserve evaluation indicates that as of July 31, 2009, the Costayaco field had gross proved reserves of 19.7 million barrels of oil (MMbbl), gross proved plus probable reserves of 30.3 MMbbl, and gross proved plus probable plus possible reserves of 43.5 MMbbl.

Cumulative production from January 1, 2009 to July 31, 2009 was approximately 2.186 MMbbl gross, or 1.912 MMbbl net after royalty. Accounting for production, proven and probable reserves increased during 2009 due to additional development drilling (Costayaco-8), and technical revisions resulting from routine and special core analyses. These revisions include an increase in oil saturation estimates and an increase in the oil recovery factor for the field. The reduction in possible reserves was due to the previously announced results for Costayaco-7.

Gran Tierra Energy's reserves as of July 31, 2009, net after royalty, compared with year end 2008 for the Costayaco field, accounting for production during the period, are as follows:

    <<

    -   Total net after royalty proved reserves (calculated in accordance

        with United States Securities and Exchange Commission rules) were

        14.16 MMbbls at July 31, 2009 compared with 15.29 MMbbls at year end

        2008, a decrease of 7%. The decrease is due to production, partially

        offset by upward technical revisions and reserve additions from

        Costayaco-8;

    -   Total net after royalty proved plus probable reserves (calculated in

        accordance with Canadian requirements (NI 51-101)) were 21.31 MMbbl

        at July 31, 2009 compared with 21.49 MMbbl at year end 2008, a

        decrease of 1% due entirely to production; and

    -   Total net after royalty proved plus probable plus possible reserves

        (calculated in accordance with Canadian requirements (NI 51-101))

        were 30.37 at July 31, 2009 compared with 36.25 at year end 2008, a

        decrease of 16%, with one third of the decrease due to production.


    The following table summarizes gross reserves for the field, and Gran

Tierra Energy's gross and net reserves. Proved reserves are based on SEC

reserve definitions with a July 31, 2009 posted price. Probable reserves and

possible reserves are based on the requirements of National Instrument 51-101.

                                                   Gran Tierra   Gran Tierra

                                                        Energy    Energy Net

    Light and Medium Oil                   Gross       Working         After

                                        Reserves      Interest       Royalty

                                      (Costayaco)     Reserves      Reserves

    Reserves Category                      MMbbl         MMbbl         MMbbl

    Proved

        Producing (SEC Compliant)           9.55          9.55          6.93

        Undeveloped (SEC Compliant)        10.11         10.11          7.23

    Total Proved (SEC Compliant)           19.66         19.66         14.16

    Total Proved (NI 51-101 Compliant)     19.66         19.66         13.93

    Total Probable (NI 51-101 Compliant)   10.63         10.63          7.38

    Total Proved Plus Probable

     (NI 51-101 Compliant)                 30.29         30.29         21.31

    Total Possible (NI 51-101 Compliant)   13.22         13.22          9.06

    Total PPP (NI 51-101 Compliant)        43.51         43.51         30.37

    The following table summarizes changes in gross reserves for the Costayaco

field. Proved, probable, and possible reserves are based on the requirements

of National Instrument 51-101.

    Reserves        Year-end                    Gain     July 31,

     Category           2008               (loss) in        2009

    (NI 51-101      Reserves  Production    Reserves    Reserves

     Compliant)       MMbbls      MMbbls      MMbbls      MMbbls  Variance %

    Gross Proved

     Developed

     Producing         8.888      (2.140)      3.052       9.800         10%

    Gross Proved

     Undeveloped      11.414      (0.046)     (1.511)      9.857        -14%

    -------------------------------------------------------------------------

    Gross Total

     Proved           20.302      (2.186)      1.541      19.657         -3%

    -------------------------------------------------------------------------

    Gross Total

     Proved Plus

     Probable         30.595      (2.186)      1.883      30.292         -1%

    -------------------------------------------------------------------------

    Gross Total

     PPP              52.418      (2.186)     (6.723)     43.509        -17%

    >>

Production Plateau

Plateau production of 19,000 barrels of oil per day (BOPD) gross for the Costayaco field, scheduled to be attained in the fourth quarter of 2009, has now been established. Production has been averaging approximately 16,700 BOPD net after royalty from the Costayaco field since attaining plateau production in early August. An increase in royalties expected at the end of the third quarter of 2009, once cumulative production reaches 5 million barrels for the Costayaco field, will subsequently result in a net after royalty production level of approximately 13,000 BOPD from the Costayaco field. This is in addition to expected production of approximately 1,200 BOPD net after royalty from Gran Tierra Energy's other operated fields in the Putumayo Basin, and approximately 1,000 BOPD net after royalty production from Argentina.

Costayaco-9

Gran Tierra Energy has completed drilling and logging operations for Costayaco-9, a vertical development well located 1,950 feet southwest of Costayaco-8. Well logs indicate that the T Sandstone of the Villeta formation lies completely within the field's oil column and that the Caballos formation encountered an oil-water contact consistent with the established Caballos oil-water contact for the field.

The well reached a total measured depth (MD) of 8,580 feet on August 17, 2009 after drilling through the same reservoir sequences encountered in previous wells drilled in the field. Log interpretations from data acquired after drilling indicate the presence of reservoir sandstones in the T sandstone beginning at 8,197 feet MD with an approximate net pay thickness of 22 feet, as well as in the Caballos sandstone beginning at 8,321 feet MD with approximately 46 feet of net pay. These results are consistent with pre-drill estimates.

Completion and testing operations are currently underway at Costayaco-9 with the drilling rig. Test results are expected in the latter part of September.

Costayaco-10

Costayaco-10 is scheduled to be drilled next, with drilling expected to begin in late September. It will be drilled approximately 2,500 feet southwest of Costayaco-9. The main objective of Costayaco-10 is to add production capacity to assist maintaining the gross production plateau of 19,000 BOPD from Costayaco field. In addition, it is expected to convert probable and possible reserves into proven and probable reserves. This is the last well planned to be drilled in the Costayaco field in 2009.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE Amex Exchange (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Argentina, Colombia and Peru. Gran Tierra Energy has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth. Additional information concerning Gran Tierra Energy is available at www.grantierra.com.

This is excellent news all around. The stock was still trading around 2$ CAN in Oslo when I checked. Since commercial development slated for Q3 in 2010 I say that we should be doing well in the future. They have also accelerated plans for two pilot horizontal wells with one expected to spud early in Q4. More good news to come for sure. Also we have a corporate presentation today at 10 EST. For those of you who want to see the slides before the presentation you can get them at:

http://www.newsweb.no/newsweb/attachment.do?name=222051_090901_QEC_Presentation(2).pdf&attId=69842

Interestingly, QEC does not have them available at their website.

Cheers to all.

Johnyboy

Gran Tierra Energy to Complete Costayaco-7 as Water Injector

Pipeline Repairs to Trans Andean Pipeline Continuing

Gran Tierra Energy Inc. (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced that testing of Costayaco-7 has been completed. In addition, production operations are continuing at a reduced level while repairs continue with the Ecopetrol-operated Trans Andean Pipeline west of Orito.

Costayaco-7

The Costayaco-7 well is located at the northern end of the Costayaco Field in the Chaza Block, Putumayo Basin of southern Colombia. Following the well's initial results, further testing demonstrated that only formation water, and no oil, was present in the top of the Villeta T Reservoir where well logs and pressure data had indicated a potential thin oil column. This well will now be completed as a water injector to dispose of produced water from the Costayaco field, and to provide pressure support for the Villeta T reservoir.

Production Operations

Repairs on the Ecopetrol-operated Trans Andean Pipeline west of Orito are continuing. Since the pipeline was shut in on July 10, Gran Tierra Energy has produced crude at a reduced level of approximately 6,000 barrels of oil per day (BOPD) net after royalty in Colombia using available trucking capacity. The company expects to continue producing at approximately these levels until repairs are completed.

Argentina production has been averaging approximately 860 BOPD net after royalty during this period. Production in Argentina has since risen to approximately 1,200 BOPD net after royalty following recent completion of well workover activity.

"We expect to be able to return to normal production levels immediately following the completion of repairs," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "Production from the recently drilled Costayaco-8, with a production capacity of 3,500-4,500 BOPD, is ready to be tied in, and drilling operations at Costayaco-9 are proceeding normally with completion expected in late August."