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UPDATE 1-Gran Tierra sets $299.2 mln for exploration in Latam
December 20, 2010 / 11:41 AM / 7 years ago

UPDATE 1-Gran Tierra sets $299.2 mln for exploration in Latam

* For exploration in Colombia, Peru, Brazil, Argentina

* Expects 2011 prod between 21,500 to 23,500 BOEPD gross

Dec 20 (Reuters) - Gran Tierra Energy (GTE.TO), a Canadian oil and gas exploration company, said it has set a capital spending program of $299.2 million for exploration and development in Colombia, Peru, Argentina and Brazil.

The Calgary, Alberta-based company expects production in 2011 between 21,500-23,500 barrels of oil equivalent per day (BOEPD) gross.

The capital spending program includes $146.9 million for drilling and completions, $74.4 million for facilities, equipment and pipelines and $77.9 million for seismic activities, the company said in a statement.

Shares of the company, which have risen about 64 percent since touching a year-low in May, closed at C$8.06 on Friday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore)

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