10:06 AM EDT, 08/05/2025 (MT Newswires) -- Gran Tierra Energy ( GTE ) said Tuesday that its Gran Tierra Energy Ecuador 1 and Gran Tierra Energy Ecuador 2 subsidiaries have signed agreements to acquire oil assets in Ecuador's Oriente Basin for an aggregate $15.6 million.

Gran Tierra Energy's ( GTE ) subsidiaries will buy GeoPark ( GPRK ) Ecuador's and Frontera Energy Colombia Corp Sucursal Ecuador's stakes in the Perico and Espejo blocks and their associated consortia, the company said.

Gran Tierra Energy ( GTE ) said the agreements include a contingent consideration of $1.5 million, payable upon the Perico block achieving cumulative gross production of two million barrels as from Jan. 1, 2025.

The blocks that will be acquired have an existing production of roughly 2,000 barrels of oil per day, the company said.

The deal is expected to close in Q4 at the earliest, subject to approvals from Ecuador's Ministry of Energy, Gran Tierra Energy ( GTE ) said.

Shares were up 3% in recent early trading.

Price: 3.98, Change: +0.12, Percent Change: +2.98