Should you buy Gran Tierra Energy Inc. (NYSEMKT:GTE), AMERICAS PETROGAS (OTCMKTS:APEOF)

Posted by Kristi Scott May 8, 2013 0 Comment 1396 views


Hartford, CT 05/08/2013 (GDPInsider) – Gran Tierra Energy Inc. (NYSEMKT:GTE) shares were down by 1.14% to close at $6.08. GTE is a Canada-headquartered global energy company engaged in oil and gas exploration with a market capitalization worth $1.73 billion.

The company announced record sales for the first quarter ended March 31, 2013. Gran Tierra’s revenue soared 32% to reach at $205.4 million during the quarter. While net income was $57.9 million, representing $0.20 earnings per share (diluted) compared with loss of $0.00 EPS in the same period last year.

Gran Tierra’s quarterly oil and natural gas production was a record 23,424 barrels of oil equivalent per day, a 40% increase over comparable period in 2012. The company also announced major oil discovery in Peru.

“Gran Tierra Energy is having an outstanding start to the year with a major new oil exploration well success in Peru, and record levels of production and sales,” commented Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. “Operationally, we believe the northern boundary of the Moqueta field has now been successfully defined with the Moqueta-9D appraisal well. The balance of this year will focus on increasing water injection for pressure support and increasing production capacity from the field.  Once permits are in place, we can then direct our attention to appraising the eastern flank of the Moqueta structure, which remains undrilled. In Peru, the evaluation of our Bretaña Norte oil discovery continues, with initial testing of our well extension expected in the coming month, preliminary field development planning initiated, and long-term testing expected to begin within a year. Our exploration program in the onshore Recôncavo Basin in Brazil, testing a new play with horizontal drilling and multi-stage fracture stimulation, is ongoing with results expected mid-year.”

The company has revised its capital program from $363 million to $424 million for its exploration and production operations in Colombia ($223 million), Peru ($101 million), Brazil ($77 million), and Argentina ($20 million) for 2013. And, the remaining and $3 million associated with corporate activities. The planned program currently includes the drilling of nine wells in Colombia, three wells each in Argentina and Brazil, and two wells in Peru.

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Americas Petrogas’ net oil sales revenues rose 420% in 2012

AMERICAS PETROGAS (OTCMKTS:APEOF) shares rose 1.04% to close at $1.94. A Canadian oil and gas company with market capitalization of $368.29 million announced its earnings for full fiscal year 2012.

The company’s oil sales revenue (gross) was $53,795,419 and oil sales (net) revenue was $46,207,873 for the year ended December 31, 2012 compared to net oil sales revenues of $8,887,511 last year, representing an increase of 420% in net oil sales revenues.

Net loss for the year was $12,500,031, or $0.06 per share, compared to $16,740,226, or $0.09 EPS in 2011.

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About Kristi Scott

Kristi Scott joined GDP Insider in 2005 as a Wall Street reporter for the Business and Market section. Kristi covers the stock market, financial markets and personal finance. Her awards have come from the National Federation of Professional Writers, the Ohio Newspaper Association, the Cleveland Press Club, the Society of Professional Journalists and Suburban Newspapers of America. Kristi was named SNA's national Journalist of the Year

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