Gran Tierra Energy Inc.

Good morning, ladies and gentlemen, and welcome to the Grand Tierra Energy's conference call for first quarter 2026 results. My name is Tanya, 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, Friday, May 8, 2026, at 11 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 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. Finally, 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, Tanya. Good morning, and welcome to Grand Tierra's first quarter 2026 results conference call. My name is Gary Guidry, Grantier'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. On Thursday, May 7, 2026, we issued a press release that included detailed information about our first quarter 2026 results, which is available on our website. Ryan and Sebastian will make a few brief comments and then we will open the line for questions. Immediately following this earnings call at 10 a.m. Mountain Time, 12 noon Eastern Time, we will be holding our annual general meeting of stockholders. During the meeting, I will give a brief overview of Grand Sierra and where the company is heading. We invite you to join us on this call, and dial-in instructions can be found on our website. I will now turn the call over to Ryan to discuss our financial results.

Thanks, Gary, and good morning, everyone. Our first quarter performance marks a solid start to 2026, with production aligning within expectations and capital spending coming in under plan, highlighting disciplined execution across the organization. With assignment asset disposition and bond exchange completed during the quarter, we have materially strengthened the balance sheet as we exited the quarter with $125 million in cash and extended maturities. Additionally, we signed an exploration, development, and production sharing agreement with a state oil company of the Republic of Azerbaijan, which provides access to a world-class proven basin with established infrastructure and contiguous acreage with significant development, appraisal, and exploration opportunities. Lastly, we entered a strategic partnership with EC Patrol, where Grand Tierra expects to earn a 49% working interest in the Tiscarama Block, located in the middle Magdalena Valley basin of Colombia. Combined with our existing Accord Narrow operations, this expands our operated position in the basin and is expected to drive operational synergies and enhance long-term value. From a hedging standpoint, oil volumes are hedged throughout the year using a mix of three ways, callers, and puts, with an average ceiling of approximately $76 per barrel. For gas, we have eight cold swaps covering an average of 15,600 GJs per day, at approximately $2.71 per GJ for 2026. We continue to evaluate market conditions and will add to our hedge position where options align with our established hedging policy and support our objectives of protecting cash flow while maintaining exposure to higher commodity prices. As a result of our strategic developments in the evolving market environment, our 2026 guidance has been revised to reflect how our portfolio and the market has changed since the original guidance announced in December 2025. The primary drivers of revised guidance were the higher commodity price assumptions, our completed Simonette disposition, the addition of the Tiscarano block through our partnership with F-Patrol, and incremental hedges put in place after the original guidance was announced. Despite higher oil prices improving the backdrop, the benefit is partially offset by energy losses forecast between $70 and $72 million, the loss of Simonette production, and incremental calculations capital spend tied to our new portfolio additions. An approximately $84 rent average for the year, we're guiding to production of 40 to 45,000 barrels of oil equivalent per day, even of 345 to 395 million, and free cash flow of 95 to 115 million, with a capital program of 130 to 170 million. Turning now to our financial results for the first quarter of 2026, Grand Care incurred a net loss of $119 million compared to a net loss of $141 million in the prior quarter and a net loss of $19 million in the first quarter of 2025. The net loss position was primarily the result of non-cash charges such as unrealized hedging losses, the remeasurement of equity compensation funds, coupled with non-recurring charges such as a senior note exchange and severance. Ecuador pricing late during the quarter due to our M-1 structure, reducing revenue by approximately $16 million versus the average Brent. With Brent moving higher in April and May, we expect the time and effect to reverse and support stronger realizations from Ecuador in the second quarter. The company generated just even of $74 million versus $52 million in the prior quarter and $85 million in the first quarter of 2025. Fundful from operations were $43 million or $1.21 per share. up 60% from the prior quarter and down 20% from the first quarter of 2025. Grand Hero's capital expenditures of $45 million were lower than the $53 million in the prior quarter and $95 million in the first quarter of 2025. During the quarter, the company spent three development wells in Columbia and three development wells in Canada in the Somna area, which was disposed in March 2026. Grand Hero recouped the costs associated with the drilling of the Montney Wells through the purchase price adjustment related to the transaction, as it effectively was January 1st. At quarter end, the grantee ran a cash balance of $125 million, total gross debt of $606 million, and net debt of $481 million. Furthermore, we repurchased approximately $9.2 million in face value of the company's 9.75% senior notes due April 15, 2031. The repurchase represents a discount of 12% to the face value of the repurchase loss. Alongside the $125 million of cash as of March 31, 2026. The company currently has approximately 54 million undrawn credit and lending facilities. Grand Terror generated oil sales of 172 million, which was up 2% from the first quarter of 2025 and up 32% from the prior quarter, primarily due to a 24% increase in rent price and a 12% increase in sales volume as a result of higher wallet sale volumes in Ecuador, first offset by higher differentials. On a per BUE basis, operating expenses decreased by 3% when compared to the first quarter of 2025 due to lower work over activities, with parts offset by higher lifting costs with inventory fluctuations resulting from the Ecuador sales. With the portfolio changes and current market conditions, we remain focused on generating free cash flow, reducing debt, and maintaining the flexibility to adjust capital allocation as conditions evolve. I'll now turn the call over to Sebastian to discuss some of the operational highlights.