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UPDATE: Gran Tierra Energy Posts Q1 Loss, Raises Capital Spending Budget

By Insider Scoop
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Courtesy of Benzinga.

Gran Tierra Energy Inc (AMEX: GTE) reported a loss in the first quarter.

Gran Tierra Energy posted a quarterly loss of $313,000, versus a year-ago profit of $13.7 million, or $0.05 per share. Foreign exchange loss jumped to $24.4 million.

Its revenue and other income climbed 27% to $156.0 million. Its quarterly production, after royalties, gained 15% to 16,742 barrels of oil equivalent per day (boepd).

Gran Tierra Energy lifted its capital spending budget for the year to $444 million, versus $367 million.

Gran Tierra Energy shares closed at $6.05 on Friday.

(c) 2012 Benzinga.com. All rights reserved. This material may not be published in its entirety or redistributed without the approval of Benzinga.


For more Benzinga, visit Benzinga Professional Service, Value Investor, and Stocks Under $5.

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