Gran Tierra Energy Inc.

Good morning, ladies and gentlemen, and welcome to Grand Tierra Energy's conference call for fourth quarter and year-end 2025 results. My name is Shannon, and I will be your coordinator for today. At this time, all participants are in a listening 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, Wednesday, March 4th, 2026, at 11 o'clock a.m. Eastern Time. Today's discussion may include certain forward-looking information, oil and gas information, and non-GAAP financial measures. Please refer to the earnings and operational update for press release we issued yesterday for important advisories and disclaimers with regard to this information and for reconciliations of any non-GAAP measures discussed on today's call. This earnings call is the property of Grand Tierra 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, Shannon. Good morning and welcome to Grand Tierra's fourth quarter and year-end 2025 results conference call. My name is Gary Guidry, Grand Tierra's 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. Yesterday, we issued a press release that included detailed information about our fourth quarter and year-end 2025 results. In addition, Grand Tierra Energy's 2025 annual report on Form 10-K has been filed on EDGAR and is available on our website. Ryan and Sebastian will make a few brief comments, and we will then open the line for questions. I'll now turn the call over to Ryan to discuss our financial results.

Thanks, Gary, and good morning, everyone. The company has recently successfully executed a bond exchange of our 9.5% senior secured advertising notes due in 2029 with a participation rate of approximately 88%. demonstrating high investor confidence in the company's strategy. Combined with our prepayment agreement and recent Simonette disposition, we are entering 2026 with a meaningfully enhanced liquidity position and a stronger balance sheet. Subsequent to year-end, we amended and expanded our existing prepayment agreement, adding up to $175 million of incremental capacity plus $25 million accordion, and was our primary source of liquidity to support the 2029 notes exchange. Concurrently, we terminated our Columbia credit facility, however, kept our $75 million Canadian facility in place. Importantly, this improved maturity profile and enhanced liquidity position allow us to shift from near-term refinancing considerations to disciplined, optimistic debt reduction with extended runway provided from the debt exchange. We can actively pursue bond buybacks, extract the discounts while continuing to allocate capital to the highest return development opportunities across the portfolio, accelerating deleveraging without sacrificing asset progression or long-term value creation. Additionally, we're very pleased to announce our entry into Azerbaijan, which we view as a compelling and a capital efficient addition to our portfolio. Partnering with SOCAR provides an early scaled entry into a stable and supportive jurisdiction with established infrastructure and the long production history. This opportunity aligns with our strategy of pursuing risk-negated growth in proven basins where our operating model and technical expertise can drive value. Given Azerbaijan's role in supplying energy to European markets, we see meaningful long-term strategic potential from this entry. From a hedging standpoint, we continue to layer in hedges to support cash flow stability in 2026. Oil volumes are approximately 50% hedge throughout the year using a mix of three ways, callers, and puts with an average floor around $60 balancing downside production with upside exposure. For gas, we have echo swaps covering on average 14,200 GJs per day at approximately $2.77 per GJ for 2026. Our 12-month rolling program maintains disciplined coverage levels while preserving price upside. Turning now to our financial results for the year, during 2025, Grand Tierra realized a net loss of $193 million, or $5.45 per share, which included non-cash ceiling test impairment losses of $136 million, compared to net income of $3.2 million, or $0.10 per share, in 2024. Grantier's capital expenditures increased slightly by $8 million or 3% to $256 million compared to 2024 due to the higher number of wells drilled during the year in Colombia, Ecuador, and Canada. The company realized adjusted EBITDA of $284 million, a decrease of 23% from $367 million in 2024. 2025 fund flow from operations were $178 million, or $5.02 per share, compared to $225 million in 2024. Both these decreases were commensurate with the decrease in Brent oil price. The company generated net cash provided by operating activities of $313 million, an increase of 31% from $239 million in 2024. The company had $83 million in cash and cash equivalents as at December 31st, 2025, a decrease compared to a cash balance of $103 million as at December 31st, 2024. In addition, the company has its CanCraft facility fully undrawn with a capacity of 75 million Canadian. During 2025, the company bought back $21.3 million in face value of the company's 2029 senior notes. Grand Tierra's net oil and gas sales for the year were $597 million, a slight decrease of 4% compared to 2024. Total 2025 operating expenses were $249 million compared to $202 million in 2024, representing a 23% increase, while operating expenses per BOE were $15.17, 6% lower when compared to 2024. The increase in total operating expenses in 2025 was a result of higher operating costs in Ecuador driven by a production ramp up in 2025 and a full year contribution from arcane operations. Taken together, we have had a very busy start to the year with all these corporate actions, reposition the company for a strong 2026 and beyond. I'll now turn the call over to Sebastian Moore and discuss some of our highlights of our current operations.