Gran Tierra Energy Announces Agreement To Sell Its Colombia & Ecuador Business To Maurel & Prom
GTE•Gran Tierra agrees to sell Colombia and Ecuador business
Aug. 5 (Reuters) - Gran Tierra Energy Inc. GTE.TO:
- Gran Tierra Energy Inc. announces agreement to sell its Colombia and Ecuador business to Maurel & Prom and reposition the company for fully financed growth.
- Gran Tierra Energy expects $315 million net cash proceeds from sale, $250 million at closing.
- Gran Tierra Energy: continuing company to have an estimated pro-forma PDP net asset value (NPV10 BT) of approximately $12.49 per share (fully diluted).
- Gran Tierra Energy Inc. - total consideration represents $1.33 billion which aligns to an after-tax net present value.
- Gran Tierra: purchaser to assume substantially all of company's net liabilities, positioning Gran Tierra to be debt-free with significant cash at completion.
