Equipment Leasing News: Gran Tierra (TSX:GTE) confirms South American oil discoveries, plans more exploration

VANCOUVER, BC (September 14, 2011) Clearlease Financial Reports Gran Tierra Energy Inc. (TSX:GTE) has confirmed new oil discoveries in both Colombia and Argentina and says it plans additional drilling this year in those countries as well as in Brazil.

Gran Tierra said the discoveries in Colombia involved the Melero-1 well and the Jilguero-2 well made by the joint venture with CEPSA Colombia S.A., both located on the Garibay Block in the Llanos Basin.

Gran Tierra Energy, through a wholly owned indirect subsidiary, holds a 50 per cent working interest in the Garibay Block while, CEPSA, a wholly owned subsidiary of Compania Espanola de Petroleos S.A., holds the remaining 50 per cent and is the operator of the property.

In Argentina, the first of three exploration wells to be drilled on the Rinconada Norte Block located in the Neuquen Basin of Argentina has made a new discovery of oil, testing 1,023 barrels of oil equivalent per day, Gran Tierra said.

Americas Petrogas Argentina S.A., a wholly owned subsidiary of America Petrogas Inc. and operator of the block with a 65 per cent working interest, first announced a “significant discovery of oil” at the well earlier this week.

Gran Tierra holds a 35 per cent working interest in the Rinconada Norte Block.

“Gran Tierra is pleased these oil discoveries will contribute to our existing base of reserves and production in Colombia and Argentina while we prepare for additional exploration drilling in these countries and in Brazil in 2011”, said president and CEO Dana Coffield.

Gran Tierra, headquartered in Calgary and incorporated in the United States, holds interests in producing and prospective properties in Colombia, Argentina, Peru and Brazil.

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