CALGARY, April 22, 2015
/PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra" or the
"Company") (NYSE MKT: GTE, TSX: GTE), today stated that West
Face Capital Inc. ("West Face") has provided notice of its intent
to nominate six candidates to stand for election to Gran Tierra's
Board of Directors at the 2015 Annual Meeting of Stockholders.
Gran Tierra issued the following statement:
The Gran Tierra Board of Directors and management team are
committed to enhancing stockholder value, and we are executing a
plan that we believe will enable us to achieve this goal. We
take the views of our stockholders seriously and have had, and will
continue to have, conversations with West Face.
We believe that Gran Tierra's current strategy of retaining
balance sheet strength by minimizing or eliminating expenditures
that have no immediate value at current oil prices and making
significant operating and general and administrative cost
reductions and eliminations through resource re-allocation
initiatives is the best path to maximize stockholder value and
realize the full potential of our assets. The Gran Tierra
Board has been candid about areas of underperformance and –
recognizing the need for change – took decisive action to reshape
the Company and usher in a new era at Gran Tierra. The
Company is pursuing a strategy of focusing on its core Colombian
properties, curtailing all discretionary expenditures
elsewhere.
Gran Tierra's Board at present is composed of four
highly-qualified and proven leaders, three of whom are independent.
They are active, engaged and have the expertise needed to drive
success and build stockholder value, including: extensive
South American oil and gas energy experience: material
participation leading other oil and gas exploration companies;
experience with mergers and acquisitions; experience investing in,
developing and growing oil and gas exploration companies; as well
as expertise in finance and accounting.
The Gran Tierra Board will consider West Face's nominations in
due course, will continue to look for other qualified nominees and
will present details regarding the Board's recommended slate of
director nominees in the Company's definitive proxy statement and
other materials, to be filed with the Securities and Exchange
Commission and mailed to all stockholders eligible to vote at the
2015 Annual Meeting, the date of which has yet to be announced.
About Gran Tierra Energy Inc.
Gran Tierra is an international oil and gas exploration and
production Company, headquartered in Calgary, Canada, incorporated in the United States and operating in
South America, with its stock
trading on the NYSE MKT Exchange (GTE) and the Toronto Stock
Exchange (GTE). Gran Tierra holds interests in producing and
prospective properties in Colombia, Peru, and Brazil. Gran Tierra has a strategy that
focuses on establishing a portfolio of producing properties, plus
production enhancement and exploration
Gran Tierra's Securities and Exchange Commission filings are
available on a web site maintained by the Securities and Exchange
Commission at http://www.sec.gov and on SEDAR at
http://www.sedar.com.
Additional information concerning Gran Tierra is available at
www.grantierra.com, on SEDAR (www.sedar.com) and with the
Securities and Exchange Commission (www.sec.gov).
Important Additional Information and Where to Find It
Gran Tierra Energy Inc., its directors and certain of its
executive officers may be deemed to be participants in the
solicitation of proxies from stockholders in connection with Gran
Tierra's 2015 Annual Meeting of Stockholders. Gran Tierra intends
to file with the SEC and provide to its stockholders a proxy
statement and a WHITE proxy card in connection with such
solicitation. GRAN TIERRA STOCKHOLDERS ARE STRONGLY ENCOURAGED
TO READ ANY SUCH PROXY STATEMENT (INCLUDING ANY AMENDMENTS AND
SUPPLEMENTS) AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Information regarding the names of Gran Tierra's directors and
executive officers and their respective interests in Gran Tierra by
security holdings or otherwise is set forth in Gran Tierra's proxy
statement for the 2014 Annual Meeting of Stockholders, filed with
the SEC on April 30, 2014, which
documents are available at Gran Tierra's investor relations website
at http://investor.Gran Tierra.com. To the extent holdings of such
participants in Gran Tierra's securities have changed since the
amounts described in the proxy statement, or if a particular
participant's holdings are not set forth in the proxy statement,
such holdings (or changes thereto) have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 filed with the SEC. Information
regarding the special interests of such participants, if any, in
the matters to be voted on at Gran Tierra's 2015 Annual Meeting of
Stockholders will be included in the proxy statement referred to
above. You can obtain free copies of these referenced documents as
described below.
These documents, including any proxy statement (and amendments
or supplements thereto) to be filed, and any other relevant
documents and other material filed by Gran Tierra with the SEC, are
or will be available for no charge at the SEC's website at
www.sec.gov and at Gran Tierra's investor relations website at
http://investor.GranTierra.com/. Copies may also be obtained free
of charge by contacting Gran Tierra Investor Relations by mail at
Gran Tierra Energy Inc., Investor Relations Director, 200, 150
13th Avenue S.W., Calgary,
Alberta, Canada T2R 0V2.
SOURCE Gran Tierra Energy Inc.