07:17 AM EST, 11/04/2024 (MT Newswires) -- Gran Tierra Energy ( GTE ) on Monday said net income fell in the third quarter on lower oil sales.

Third-quarter net income came in at $1.1 million, or $0.04 per share, down from $6.5 million, or $0.20 per share. Adjusted ebitda also decreased to $92.8 million from $119.2 million while oil sales fell to $151.4 million from $179.9 million.

The company produced 32,764 barrels of oil per day (b/d), down from 33,940 b/d.

In addition, the company said it has successfully drilled its sixth consecutive oil discovery in Ecuador, the Charapa-B7 well.

Separately, Gran Tierra said it has obtained approval from the TSX to make a normal course issuer bid, under which the company will buy for cancellation up to 3.5 million of its common shares, or 10% of the public float.

The normal course issuer bid will start Nov. 6 and end no later than Nov. 5, 2025.

The company's share price at last look had jumped 9.9% to US$6.77 in U.S. pre-market trading on Monday.