Puesto Morales & Rinconada

PUESTO MORALES: Conventional & Unconventional Targets

  • This block is located in the Neuquén Basin of Argentina

  • MVN is the operator with 100% W.I. (69,370 net acres)

  • Puesto Morales is an Exploitation Concession with core base production and facilities infrastructure

  • Certified 2P reserves of 3,348 MBoe1 at Dec. 31, 201

  • Production is currently being sold primarily to Shell and YPF in the area

  • 3D seismic coverage on 95% of the Block

  • Horizontal light oil development potential in both the Sierras Blancas and Loma Montosa reservoirs

  • The Loma Montosa oil resource play offers significant Resource-In-Place and Scalable Development Potential

  • Additional upside through vertical infill drilling and EOR / waterflood programs

  • Company plans to apply horizontal multi-stage frac technology in 2015 to test the Loma Montosa Resource Play

  • Note: 1Based on the independent reserve reports of Gran Tierra evaluating the crude oil, natural gas liquids and natural gas reserves of Gran Tierra as at December 31, 2013 prepared by an independent reserves evaluator in accordance with National Instrument 51101 Standards of Disclosure for Oil and Gas Activities (NI 51 101) and the COGE Handbook. Adjustments made pursuant to internal management estimates conducted by a qualified reserves engineer.- Adjustments consisted of reduced PUD locations due to rescheduling or removal of proven undeveloped and probable locations on the subject assets.