 |
March 26, 2008 |
|
|
|
 |
GRAN TIERRA: Launches Construction of Popa-2 Exploration Well Gran Tierra Energy has started building the Popa-2 exploration well in the Rio Magdalena block. According to Gran Tierra, drilling for the well will begin in April. Meanwhile, planning continues for the work-over of the Palmera-1 well in the Azar block, BNamericas notes. Testing for Palmera-1 will start in the second quarter, BNamericas states. 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 with the U.S. Securities and Exchange Commission, Gran Tierra Energy Inc.'s 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. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
