Gran Tierra Energy Inc. announced the company will spend $299.2 million in 2011 on its oil and gas program. The funds will be used for exploration and development on the company’s properties in South America, including Colombia, Peru, Argentina and Brazil.
Gran Tierra Energy Inc. plans to spend $146.9 million on drilling and completion of oil and gas wells. This capital will cover the drilling of twenty one wells during 2011. The company has allocated the majority of this capital for its program in Colombia, where it plans ten wells in 2011. Gran Tierra Energy Inc. also plans to drill eleven other wells in 2011, including six in Brazil, three in Peru and two in Argentina.
Gran Tierra Energy Inc. has allocated $74.4 million in capital to be used on facilities, pipelines and other midstream assets to enable oil and gas production from its properties. $77.9 million has been allocated to conduct 2D and 3-D seismic work on its South American properties. The company will use this data to plan future exploration programs in 2012 and beyond.
For more information on the company, go to www.grantierra.com