Gran Tierra Energy says Q4 net income down, but annual revenue hits record

CALGARY – Gran Tierra Energy Inc. (TSX:GTE) says it lost 12.4 million in net income in the fourth quarter, or four cents per diluted share.

That‘s compared to a net gain of $42.2 million, or 15 cents per diluted share, in the same period a year earlier.

For all of 2013, the Calgary-based company said its revenue grew 24 per cent to a record $723.6 million and net income increased 27 per cent to $126.3 million.

The company credits increased production, partially offset by decreased average realized oil prices.

“Once again, Gran Tierra Energy has had another outstanding year, growing oil reserves and production to record levels, even after producing a record volume of oil during the year,” said president and CEO Dana Coffield.

”We achieved record funds flow from operations and remain debt free.”

Gran Tierra operates in South America, with interests in producing and prospective properties in Argentina, Colombia, Peru, and Brazil.