I have been an Inner Circle member for years and am invested in your pooled funds. Thanks for everything. I am pretty conservative but like to play as well. What are your thoughts on Gran Tierra Energy?
Gran Tierra Energy, $8.10, symbol GTE on Toronto (Shares outstanding: 236.6 million; Market cap: $1.9 billion; www.grantierra.com), is a Calgary-based oil company with exploration and producing properties in Colombia and Argentina. It also has exploration properties in Peru and Brazil. The stock began trading on Toronto in February 2008 at $3.50 a share.
Gran Tierra’s cash flow per share was $0.77 in 2010. That’s up 22.2% from $0.63 in 2009. (All figures except share price and market cap in U.S. dollars.) Revenue rose 42.0%, to $374.5 million from $263.7 million.
Production from new development wells at the company’s Costayaco field in Colombia pushed up its 2010 production by 13.9%, to 14,448 barrels of oil per day from 12,684 barrels in 2009. That was the main reason for the higher revenue and cash flow. As well, its average price received per barrel rose 25.4%, to $71.19 from $56.79.
The company holds cash of $355.4 million, or $1.50 a share. It has…
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