Gran Tierra Energy (NYSE: GTE) reported Q1 EPS of ($0.01), versus $0.03 reported last year. Revenue for the quarter came in at $152.57 million versus the consensus estimate of $190.43 million.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "Gran Tierra has delivered another quarter of record production and has now profitably grown production at an average rate of 14% per year since early 2015. Our strategy remains centered on full-cycle returns with an emphasis on creating long term shareholder value through economic production and reserves growth. Our sharp focus on capital efficiency has achieved an economic return on average capital employed of 11% over the last 12 months. With the current oil price and our low cost structure, we have also been able to return significant value to shareholders via our ongoing share buyback program.

The combination of our high netback production, access to infrastructure, low declines and large resource base has created a sustainable business model which we expect to be fully funded by forecasted cash from operating activities in 2019. We operate over 95% of our production and have a 100% WI in 22 out of 31 of our blocks, including all 17 in Colombia's Putumayo and all 3 in Ecuador's Oriente. We currently have 2.3 million gross acres in Colombia and 140,000 gross acres in Ecuador, all of which are in proven hydrocarbon basins. With this large, diverse and operated portfolio, Gran Tierra has significant control and flexibility on capital allocation and timing during volatile periods in oil price and capital markets.

We are very excited about Ayombero with oil charge proven in all three wells drilled to date, which provides us with confidence in the potential for large oil in place volumes. We are addressing the mechanical challenges that have been experienced in drilling and completion operations due to the highly over-pressured reservoirs encountered in each well.

Over the last four years, we have successfully built a strong position in the three major producing basins in Colombia and achieved a new country entry into Ecuador's highly prospective Oriente Basin. Gran Tierra now has a significant amount of exploration, appraisal and development opportunities for years to come. We believe that Gran Tierra is well positioned for an exciting year of growth in 2019 and beyond as we continue to create value in multi-horizon, proven hydrocarbon basins."

For earnings history and earnings-related data on Gran Tierra Energy (GTE) click here.