Gran Tierra Energy Inc. reports the successful completion of its acquisition of all the issued and outstanding common shares and warrants of Petrolifera Petroleum Limited ("Petrolifera") by way of statutory plan of arrangement (the "Arrangement"). Under the Arrangement, Petrolifera shareholders received, for each Petrolifera share held, 0.1241 of a share of Gran Tierra Energy common stock, and Petrolifera warrant holders received, for each Petrolifera warrant held, 0.1241 of a warrant to purchase a share of Gran Tierra Energy common stock at an exercise price of $9.67 per share. The Gran Tierra Energy warrants expire on August 28, 2011.

The Arrangement was approved at a special meeting of Petrolifera shareholders on March 17, 2011 and by the Court of Queen's Bench of Alberta on March 18, 2011. Approximately 72% of the Petrolifera shareholders voted, with over 99% of the votes cast by Petrolifera shareholders voting in favor of the Arrangement. Gran Tierra Energy has acquired all the issued and outstanding Petrolifera shares and warrants through the issuance of approximately 18.2 million Gran Tierra Energy shares and approximately 4.1 million Gran Tierra Energy warrants.

"The successful closing of this transaction represents a milestone for Gran Tierra Energy as we have now added substantially to our asset base in Colombia, Peru and Argentina," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. "The acquisition adds undeveloped oil and gas reserve potential in Colombia, exploration opportunities in Colombia and Peru and additional oil production and reserves in a rising oil price environment in Argentina. Gran Tierra Energy has retained its strong balance sheet and cash position to further develop the assets acquired in this transaction."

Tags: Gran Tierra Energy Inc.