Canaccord Genuity Reiterates a 'Hold' on Gran Tierra Energy (GTE); Petrolifera Acquisition Closes

Canaccord Genuity reiterates a 'Hold' on Gran Tierra Energy (NYSE: GTE), PT C$9.25.

Canaccord analyst says, "Gran Tierra continues to enjoy a strong share price in apparent anticipation of exploration drilling success in Colombia and Peru, from which catalysts are expected in early to mid 2011...Although our valuation incorporates 2P reserve values (which only increased from $194 million to $202 million for Petrolifera), it is also important to note that Petrolifera’s 3P reserve value increased considerably, from $277 million to $389 million year-over-year."

For more ratings news on Gran Tierra Energy click here and for the rating history of Gran Tierra Energy click here.

Shares of Gran Tierra Energy closed at $7.82 yesterday.

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