Gran Tierra Energy is an oil and gas E&P company with operations in Colombia, Ecuador, and Canada. Colombia is the historical core, generating roughly 70% of revenue from conventional heavy crude oil production across key fields in the Middle Magdalena Valley and Putumayo Basin. Ecuador contributes ~11% of revenue from five blocks in the Oriente Basin, and Gran Tierra recently transitioned from exploration to development phase there after completing a 14-well commitment program. Canada, added through the late 2024 acquisition of i3 Energy, contributes ~19% of revenue from liquids-rich Montney natural gas and Clearwater heavy oil, though Gran Tierra divested its Simonette Montney interest after year-end 2025. Gran Tierra makes money by producing and selling crude oil, with revenue driven by production volumes, commodity prices (primarily Brent for South American barrels), and the differential between reference prices and realized wellhead prices. Because Colombian and Ecuadorian production is primarily heavy crude sold at a discount to Brent, differentials meaningfully affect revenue. Gran Tierra's cost structure is roughly 75% fixed, so unit costs decline as production grows. Near-term growth is anchored by the Cohembi waterflood in Colombia and full-scale development of Ecuadorian fields, targeting a production plateau of 11,000–19,000+ BOE/day. Capital allocation prioritizes free cash flow generation and debt reduction, with the company targeting net debt/EBITDA of 1x over the medium term.