Gran Tierra Energy (GTE.TO) has agreed to sell its oil business in Colombia and Ecuador to Etablissements Maurel & Prom in a $1.33 billion deal.
Maurel & Prom is an oil and gas exploration and production company owned by a PT Pertamina subsidiary. The divested oil business represents about 29,000 barrels of oil per day of first-half 2026 average working-interest production, 114 million barrels of proved plus probable reserves and about 1.4 million gross acres across Colombia and Ecuador.
Part of the proceeds will be used to return capital to stockholders through a repurchase of outstanding common shares, with the rest to be used to fund Gran Tierra's Canadian and Azerbaijan programs and for general corporate purposes
The transaction is scheduled to close by Dec. 31, with an economic effective date of March 31.