Gran Tierra hikes Putumayo field's oil reserves

Midyear 2012 reserves for Costayaco field in the Putumayo basin of Colombia are up sharply since the end of 2011, said Gran Tierra Energy Inc., Calgary. Costayaco proved reserves are up 38% to 20.4 million bbl of oil. Proved and probable reserves are up 40% to 23.2 million bbl, and proved, probable, and possible reserves are up 21% to 26.7 million bbl. Calculated in accordance with US Securities & Exchange Commission rules, the increases are several percentage points less, Gran Tierra said. Costayaco is the company's largest asset. Gran Tierra revised its 2012 capital program to $396 million, a $60 million reduction, deferring spending from area not expected to affect production capac...

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