Home Top Movers Gran Tierra Energy, Inc. (GTE) Stock Prices on the Rise as Company...

Gran Tierra Energy, Inc. (GTE) Stock Prices on the Rise as Company Ramps Up Production

Gran Tierra Energy Inc. (GTE) stock prices were up 5.27% shortly after the trading day commenced on April 28th, 2021, bringing the price per share up to USD$0.69.

BOPD Numbers Surge

GTE has seen consistent growth in Barrels of Oil Produced per Day (BOPD) over the last several quarters, with the current quarter expecting Total Company averages of 28,930 BOPD. This is nearly 10,000 BOPD more than the 18,944 reported in Q3 2020. Q1 2020 reported total company production of 24,463 BOPD. Extrapolating from the strong numbers reported, the company has production guidance of 30,000 BOPD for the fiscal year of 2021.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


GTE’s Liquidity Position

The company reported cash and cash equivalents amounting to USD$20 million as of March 31st, 2021, with the company having paid USD$10 million towards its credit facility balance which left it at USD$180 million. Cash and cash equivalents had a balance of USD$14 million as of December 31st, 2020, while the credit facility balance was USD$190 million.

Ramping up Production

Q1 2021 reported the company attempting to workover wells that it had sent offline in 2020 on account of very low oil prices. GTE is making use of two workover rigs to bring them back online, with the average workover cost having gone down by 28% year-over-year. Average costs of drilling per well has gone down for its Acordionero Oil Field by a margin of 36% since 2019, with AC-75 boasting a record cycle time of 10.6 days at a cost of USD$1.9 million.

Develops in Costayaco

March 2021 saw the infill development drilling campaign commence in GTE’s Costayaco Oil Field, the first program initiated in the area since November 2019. Of the three oil producers being drilled, CYC-42 was completed in 12.1 days at a cost of USD$1.9 million, representing savings of 30% in comparison to the last four wells drilled in the region. The remaining two wells are on their way to start producing by the second quarter of 2021, with workovers on 6 producing wells having been completed in that time period.

More Efficient Drilling

Due largely to the company’s ongoing cost saving initiatives, GTE has successfully brought down costs associated with well drilling and completion capital at their Acordionero site. Compared to reports from 2019, costs of drilling were down by 18% in the first quarter of 2021 while completion capital costs were down by a massive 52%. GTW expects a similar reduction of costs by 18% at their Costayaco oil field, where drilling will commence in Q2 2021.

Future Outlook for GTE

With the restarting of production and ramping up of existing production in wells across its oil field sites, GTE has a well-balanced liquidity position that the company can leverage to facilitate further sustained growth. In conjunction with the impressive reduction in drilling costs, the company is primed for profitability, with current and potential investors confident in the company’s drive to maximize shareholder value.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

IT Tech Packaging Inc. (ITP) stock gains during pre-market. Here’s what’s happening?

IT Tech Packaging Inc. (NASDAQ: ITP) stock gained by 7.53% at last close while the ITP stock price rises by 2.04% in the pre-market...

Why did The9 Limited (NCTY) stock turnaround in the after-hours on Friday?

The9 Limited (NCTY) shares gained 6.87% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $11.98 per share. in the...

Energous Corporation Inc. (WATT) stock declines during after-market. Here’s to know why?

Energous Corporation Inc. (WATT) stock gained by 7.05% at last close whereas the WATT stock price plunged by 7.82% in the after-hours trading session....

AMAZON Inc. (AMZN) stock fell during after-market. Here’s the update

Amazon Inc. (NASDAQ: AMZN) stock plunged by 0.84% at last close however moving ahead the AMZAN share price also declines by 7.44% in the...

Cocrystal Pharma Inc. (COCP) stock soars during current market. Here’s what you should know

Cocrystal Pharma Inc. (NASDAQ: COCP) stock gains by 17.44% in the current market trading session. Cocrystal Pharma, Inc. is a clinical-stage biotechnology firm focused...

Best Inc. (BEST) stock gains during current market. Here’s the update?

Best Inc. (NASDAQ: BEST) stock rises by 5.45% during the current market. BEST Inc. is a prominent Chinese supplier of comprehensive smart supply chain...

Dolphin Entertainment Inc. (DLPN) stock rises during current market. Let’s find out why?

Dolphin Entertainment Inc. (NASDAQ: DLPN) stock gains by 17.47% to $9.21 today in the current market trading. Dolphin Entertainment is a leading independent entertainment...

General Electric Company Inc. (GE) stock sky-rocketing during pre-market. Here’s what you should know

General Electric Company Inc. (NASDAQ: GE) stock plunged by 2.56% at last close whereas the GE stock price surged massively during pre-market by 704.32%....

Related News

General Electric Company Inc. (GE) stock sky-rocketing during pre-market. Here’s what you should know

General Electric Company Inc. (NASDAQ: GE) stock plunged by 2.56% at last close whereas the GE stock price surged massively during pre-market by 704.32%....

Here is why GreenSky Inc. (GSKY) shares went up on Friday?

GreenSky Inc. (GSKY) shares were jumped 5.63% in after-hours on Friday, July 30, 2021, and closed the weekly trading at $6.94 per share. in...

Here is why OPKO Health Inc. (OPK) stock plunged on Thursday?

OPKO Health Inc. (OPK) shares lost 7.24% in after-hours on Thursday, July 29, 2021, and closed the daily trading at $3.46 per share. in...

Why Electrameccanica Vehicles Corp. (SOLO) stock performed well on Wednesday?

Electrameccanica Vehicles Corp. (SOLO) shares gained 5.71% in after-hours on Wednesday, July 28, 2021, and closed the daily trading at $3.70 per share. in...

Encore Wire Corporation Inc. (WIRE) stock surges during current market. Here’s to know why?

Encore Wire Corporation Inc. (NASDAQ: WIRE) stock gained by 11.10% in the current market trading session. Encore Wire Corporation is a prominent manufacturer of...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam