SURUBI: Conventional Oil Upside

  • This block is located in the Northwest Basin of Argentina

  • MVN is the operator with 85% W.I. (77,200 net acres); REFSA 15%

  • Surubi is an Exploitation Concession. MVN was granted a 10 year contract extension until August 17, 2026

  • Certified W.I. 2P reserves of 3.0 MMbbl1 at Dec. 31, 2013

  • Madalena operated production and facility infrastructure

  • Proa-2 well had the highest test rate for an oil well in Argentina in the past 20 years at 6,300 Bbls/d. The well produced approximately 1.0 MMbbl in its first 18 months of production

  • Significant exploration upside in conjunction with El Chivil field: 32.8 MMbbl of prospective resources

  • 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.