Gran Tierra Energy Inc. has declared a 2013 capital spending program of $363 million for its exploration and production development operations in Colombia, Brazil, Peru and Argentina. The capital spending program allocates $202 million for drilling, $65 million for facilities, equipment and pipelines, $93 million for seismic activities and $3 million associated with corporate activities.

The budget currently contemplates the drilling of 10 wells in Colombia, 6 wells in Argentina, 2 wells in Brazil and 1 well in Peru. Approximately 50% of the drilling budget is for development and appraisal drilling, and approximately 50% is for exploration drilling. The approved 2013 capital spending program also includes funds for 1,148km of 2D and 308km2 of 3D seismic acquisition programs in Colombia, Peru, Argentina and Brazil, primarily in preparation for additional exploration and production drilling operations in 2013 and beyond.

Excluding potential exploration success, Gran Tierra Energy is expecting 2013 production to average 27,000 barrels of oil equivalent per day ("BOEPD") gross working interest with no pipeline disruptions.

Tags: Gran Tierra Energy Inc.