11:39 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.

The company said it earned US$1.1 million, or US$0.04 per share, in the period. down from US$6.5 million, or US$0.20, in the year-prior quarter. Adjusted Ebitda fell to US$92.8 million from US$119.2 million while oil sales fell to US$151.4 million from US$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, to buy back and cancel up to 3.5-million shares, or 10% of the public float. The normal course issuer bid will start Nov. 6 and run for 12 months.

The company's shares were last seen up $1.05 to $9.66 on the Toronto Stock Exchange.

Price: 9.56, Change: +0.95, Percent Change: +11.03