Gran Tierra Energy reports 3Q net income of $33 million, down from 3Q 2012

CALGARY – Gran Tierra Energy Inc. (TSX:GTE), says it had a net income of $33 million in the second quarter, or 12 cents per share.

The Calgary-based oil and gas company reports that was down from $44.6 million, or 16 cents a share, in the same quarter of 2012.

Revenue and other income totalled $189.6 million, up from $168.9 million a year ago.

Gran Tierra says higher production was partially offset by lower prices.

Average realized oil prices decreased by to $95.28 per barrel for the three months ended Sept. 30, from $96.75 in the third quarter of 2012.

Gran Tierra Energy anticipates 2013 average production to range between 21,500 and 22,500 barrels of oil equivalent before adjustment for inventory changes.

That’s up from earlier projections of 21,000 to 22,000.

“Gran Tierra Energy continues to show strong execution of its business plan with near-record production leading to a second increase in our 2013 production projections,” said Dana Coffield, president and CEO.

The company is focused on oil and gas exploration and production in South America.