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March 19, 2008 |
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GRAN TIERRA: Secures Data for Peruvian Blocks 122 & 128 Gran Tierra Energy Chief Executive Officer Dana Coffield said in a webcast that the firm has acquired 9,490 kilometers of high- definition gravity and magnetic data for Peruvian blocks 122 and 128, Business News Americas reports. BNamericas relates that block 122 covers 1.2 million acres and block 128 about 2.2 million acres. According to BNamericas Gran Tierra started to acquire data for the blocks in 2007. Ms. Coffield commented to BNamericas, "This data will be used to define exploration leads over which we intend to acquire 2D seismic data in the second exploration period of each block." Headquartered in Calgary, Canada, Gran Tierra Energy Inc. (OTCBB: GTRE.OB) -- http://www.grantierra.com/ -- is an international oil and gas exploration and production company with substantial interests and prospective properties in Argentina, Colombia and Peru. * * * In a 10-Q filing dated Nov. 8, 2007, Gran Tierra Energy Inc. management disclosed that the company's ability to continue as a going concern is dependent upon obtaining the necessary financing to acquire, explore and develop oil and natural gas interests and generate profitable operations from its oil and natural gas interests in the future. The company incurred a net loss of US$10,630,571 for the nine months ended Sept. 30, 2007, and had an accumulated deficit of US$18,673,955 as at Sept. 30, 2007. The company expects to incur substantial expenditures to further its capital investment programs and the company's existing cash balance and cash flow from operating activities may not be sufficient to satisfy its current obligations and meet its capital investment commitments. To provide financing for Gran Tierra's ongoing operations, the company said it secured a US$50 million credit facility with Standard Bank Plc on Feb. 28, 2007, which will provide additional financing for the company's future operations. As at Sept. 30, 2007, the company said it has not drawn-down on this facility. The company's intention is to build a portfolio of oil and natural gas production, development, and exploration opportunities using the capital raised during 2006, cash provided by future operating activities and by using the available credit facility. However, the company said it may need to secure additional sources of capital to fund its future operating activities. |
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