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Gran Tierra Energy nets $42.2 million in Q4, or 15 cents per share

CALGARY – Gran Tierra Energy Inc. (TSX:GTE) says it made $42.2 million in the quarter ended Dec. 31, 2012, or 15 cents per diluted share.

That’s an 30 per cent improvement over the $32.5 million in net income, or 12 cents per share, in the same period a year earlier.

For all of 2012, Gran Tierra says net income fell by 21 per cent from the prior year to $99.7 million, or diluted per share income of 35 cents.

That compares with net income of $126.9 million, or 45 cents per diluted basic share in 2011.

Company president and CEO Dana Coffield says 2012 presented ”significant challenges” due to unexpected increases in pipeline downtime in Colombia.

But overall, said Coffield, “Gran Tierra Energy had another excellent year.”

“The downtime challenges have now been substantially mitigated and we are currently consistently producing at near record levels.”

Calgary-based Gran Tierra is focused on oil and gas exploration and production in South America.