GTE - Gran Tierra Energy sells 137.1M PetroTal shares for $30.1M

Gran Tierra Energy (NYSE:GTE) announces that its wholly owned subsidiary, Gran Tierra Resources Limited (GTRL) has procured private purchasers for the sale by GTRL of ~137.1M common shares of PetroTal Corp. at a price of $0.2198/share, for an aggregate purchase price of ~$30.1M. Gran Tierra intends to use the proceeds to pay down debt and for other general corporate purposes. Following this transaction, GTRL will not own any shares of PetroTal. The Purchased Shares represent ~16.80% of the issued and outstanding common shares of PetroTal. PetroTal, GTRL and Gran Tierra Energy International Holdings were parties to an investor rights agreement dated December 18, 2017.

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Gran Tierra Energy sells 137.1M PetroTal shares for $30.1M