Gran Tierra Energy Expects $315 Million From $1.33 Billion Sale

Gran Tierra Energy Inc. expects approximately $315 million in net cash proceeds from the $1.33 billion sale of its Colombian and Ecuadorian businesses to Maurel & Prom, following stockholder approval of the transaction.

The proceeds are expected to include $250 million payable at closing and an additional $65 million due 364 days later.

Stockholders approved the sale Friday, Oct. 9. The transaction covers Gran Tierra’s operations in Colombia and Ecuador, with Maurel & Prom acquiring the businesses.