Peru

Gran Tierra Energy Inc., Calgary, will acquire a 20% working interest in blocks 123, 124, and 129 operated by ConocoPhillips subsidiary Burlington Resources Peru Ltd., Sucursal Peruana, on the flank of the Iquitos arch of Peru’s Maranon basin.

Sept. 21, 2010

By OGJ editors
HOUSTON, Sept. 21 – Gran Tierra Energy Inc., Calgary, will acquire a 20% working interest in blocks 123, 124, and 129 operated by ConocoPhillips subsidiary Burlington Resources Peru Ltd., Sucursal Peruana, on the flank of the Iquitos arch of Peru’s Maranon basin.

The three blocks cover 6.7 million acres contiguous to Gran Tierra’s blocks 122 and 128. Terms of the transaction include sharing technical data derived from the seismic and drilling program on Gran Tierra’s blocks 122 and 128.

A 2D seismic program is under way on the three blocks to fulfill the second period work program commitments and is scheduled for completion in 2011.

The transaction is subject to PeruPetro SA and Peruvian government approvals, expected to take 4-6 months.