Gran Tierra Energy Inc. (GTE) stock soared 8.33% in the pre-market trading session at the price of $1.04 despite no fundamental reason. The last published news was the appointment of Alison Redford to the company’s Board of Directors. Gran Tierra Energy is an international energy company in Colombia and Ecuador. It focuses on the research and production of oil and natural gas reserves.
GTE Appointed Alison Redford
On 1st September 2021, GTE appointed Alison Redford as an independent director to its Board of Directors. The appointment became effective from 1st September 2021.
Ms. Alison worked as an advisor to national ministries in emerging economies on regulatory reform. She presented her opinion on the formation of regulatory regimes related to climate, social, and governance sustainability. She has served as Minister of Justice and Attorney General from 2008 and as Premier of Alberta from 2011 to 2014. Ms. Redford was appointed Queens Counsel in 2008. She graduated from the College of Law at the University of Saskatchewan and received her Master’s degree from London University.
GTE’s Board Chairman, Robert Hodgins, remarked that they are delighted to welcome Alison Redford to their Board of Directors. Alison has years of government, regulatory and international experience and will be a valuable member of their Board. They look forward to availing benefits from her knowledge and expertise.
GTE Second Quarter 2021 Financial Results
On 3rd August 2021, GTE reported financial and operating results for the quarter ended 30th June 2021. The quarter’s production totaled 23,035 BOPD, a 6% loss from the first quarter of 2021. As of 30th June 2021, GTE had a cash and cash equivalents balance of $20 million. The cash and cash equivalents were $22 million at the end of the previous quarter. The company had paid down $5 million to $175 million of its credit facility balance by 30th June 2021.
During the second quarter, general and administrative expenses increased from $0.77/bbl. to $3.49/bbl. compared to the previous quarter. For the second quarter ended 30th June 2021, net loss deduces 53% to $18 million from $37 million compared to the prior quarter. EBITDA substantially improved to $34 million, $16 million up from the first quarter. For the quarter ended 30th June 2021, GTE generated $97 million in oil sales, 1% or $1 million higher from the prior quarter.
