Gran Tierra Energy Inc.

Good morning, ladies and gentlemen, and welcome to Grand Tierra Energy's results conference call for the first quarter of 2025. My name is Shannon, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following the initial remarks, we will conduct a question and answer session for securities analysts and institutions. Instructions will be provided at that time for you to queue up for questions. I would like to remind everyone that this conference call is being webcast and recorded today. May 2nd, 2025 at 11 o'clock a.m. Eastern Time. Today's discussion may include certain forward-looking information as well as certain non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important disclaimers with regard to this information and reconciliations of any non-GAAP measures discussed on today's call. Any production volumes are based on working interest sales before royalties. Finally, this earnings call is the property of Grantier Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Grand Tierra Energy. I will now turn the conference call over to Gary Guidry, President and Chief Executive Officer of Grand Tierra. Mr. Guidry, please go ahead.

Thank you, operator. Good morning and thanks for joining us for Grand Tierra's first quarter 2025 results conference call. My name is Gary Guidry, President and Chief Executive Officer. And with me today are Ryan Elson, our Executive Vice President and Chief Financial Officer, and Sebastian Morin, our Chief Operating Officer. On Thursday, May 1, 2025, we issued a press release that included detailed information about our first quarter 2025 results, which is available on our website. Ryan and Sebastian will now make a few brief comments, and then we will open the line for questions. Immediately following the earnings call at 10 a.m. Mountain Time, 12 noon Eastern Time, we will be holding our annual general meeting of shareholders. During the meeting, I will give a brief overview of Grantiera, where the company is heading. We invite you to join us after this call. Dial-in instructions can be found on our website. I will now turn the call over to Ryan, who will discuss key financial aspects. from our first quarter results.

Good morning, everyone. Our first quarter performance reflects strong operational execution and disciplined financial management. Our front-loaded 2025 capital program, which had up to five rigs active during the quarter, delivered record drilling times and significant cost efficiency across all our key assets that Sebastian will discuss. GrandPierre achieved first quarter 2025 average working interest production of approximately $46,650 BUE per day, which was 14% higher than fourth quarter 2024 and 45% higher year over year due to the recognition of three full months of production from Canada and positive exploration well results in Ecuador. During the first quarter of 2025, Grand Pierre incurred a net loss of $19 million compared to a net loss of $34 million in the prior quarter. The company generated adjusted EBITDA of $85 million versus $76 million in the prior quarter and $95 million in the first quarter of 2024. Twelve-month trailing net debt to adjusted EBITDA was 1.9 times. However, this only accounts for five months of Canadian adjusted EBITDA, and we continue to have long-term target of one times. Fund flow from operations was $55 million, or $1.55 per share, up 25% from Q4 2024, and down 26% from the first quarter of 2024 because of lower oil prices. Grantier's capital expenditures of $95 million were higher than the $79 million in the prior quarter and $55 million in the first quarter of 2024 as a result of the addition of the Canadian Development Program, an active Ecuador exploration program, and development activities in the Cohembe field during the quarter. During the quarter, the company had three rigs active in Canada, one in Ecuador and one in Colombia. Currently, the company has one rig active. At quarter end, Grand Tierra had cash balance of $77 million, total debt of $760 million, and net debt of $683 million. During the quarter, we repaid at maturity the remaining principal of our 6.25%. Senior notes due in 2025. in an amount of $25 million, and repurchased $2 million of our 9.5% senior notes due in 2029, reducing gross debt by $27 million. In addition to the $77 million cash on hand as at March 31, 2025, Grantier currently has approximately $110 million in undrawn credit facilities. This includes a revolving credit facility in Canada with a borrowing base of $100 million, with available commitment of $50 million. On April 16, 2025, the company announced an additional $75 million reserve-based lending facility in Columbia with a final maturity in 36 months from the closing date. In terms of share buybacks, Grantiere repurchased approximately 450,000 shares during the quarter. From January 1, 2023 to April 29, 2025, the company repurchased approximately 5.2 million shares or 15% of shares issued outstanding at January 1st, 2025 from free cash flow. Grand Tierra generated oil sales of $171 million, which was up 8% from the first quarter of 2024 and up 16% from the prior quarter, primarily due to higher sales volumes. On a per BUE basis, operating expenses decreased by 3% when compared to the first quarter of 2024 and the prior quarter. We continue to make significant gains to reduce operating costs through efficiencies and scale. Financially and operationally, Grantiere delivered a strong start to 2025, demonstrating record production, enhanced capital efficiency, meaningful debt reduction, increased financial flexibility through new credit facilities, and continued focus on share returns through share repurchases. I'll now turn the call over to Sebastian to discuss our operational highlights from our first quarter results.