El Vinalar

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El Vinalar

EL VINALAR: Conventional Oil Upside

• This block is located in the Northwest Basin of Argentina


• MVN is the operator with 100% W.I. (59,300 net acres)


• Certified W.I. 2P reserves of 21.8 Mbbl¹ in Dec. 31, 2013


• Production is from Yacoraite Fm.


• Upside:

• Proven La Reina structure (LR.x-1 initially tested 2,675 bopd), and in undrilled satellite structures


• Mealla Fm. (Eocene) in Puesto Climaco


• Drilling opportunity in El Vinalar Norte Southern Flank

Note: ¹Based on the independent reserve reports of Gran Tierra evaluating the crude oil, natural gas liquids and natural gas reserves of Gran Tierra as at December 31, 2013 prepared by an independent reserves evaluator in accordance with National Instrument 51 101 Standards of Disclosure for Oil and Gas Activities (NI 51 101) and the COGE Handbook. Adjustments made pursuant to internal management estimates conducted by a qualified reserves engineer.- Adjustments consisted of reduced PUD locations due to rescheduling or removal of proven undeveloped and probable locations on the subject assets.

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From company PR November 4 2014:

The Company recently re-entered the LR.x-1 vertical well on the El Vinalar block to retest an oil discovery in the Yacoraite zone of interest. Madalena’s re-entry and testing program for the LR.x-1 was designed to evaluate the potential to stimulate the well and subsequently place it on production. Pressure recorders were run and have been recovered. The ongoing evaluation of pressure data is expected to determine if a stimulation program is warranted. If so, those operations will be planned for 2015 and with successful results, multiple additional opportunities exist and may be pursued on the block.