Gran Tierra declared financial and operating results for the quarter ended June 30, 2010.

Highlights for the quarter include •Confirmed oil discovery at Moqueta-1 exploration well in the Chaza Block in Colombia. Initial testing without a pump flowed 349 barrels of oil per day (BOPD), in addition to successful gas testing in a more shallow reservoir interval. Subsequent drilling and logging of the Moqueta-2 delineation well suggests net oil pay has increased to 44 feet and gross oil column height has increased to 105 feet in the Caballos reservoir; •Quarterly production of 13,234 BOPD net after royalty (NAR), a 5% increase in average daily oil production from the same period in 2009 of 12,611 BOPD NAR. Oil production is down from 14,908 BOPD NAR average in Q1 2010 due to certain well pump failures and required recompletions in Argentina and Colombia, and by the OTA pipeline in Colombia being offline for 7 days in the second quarter; •Revenue and other income for the quarter of $84.1 million, a 44% increase over the same period in 2009; •Net income of $17.4 million or $0.07 per share basic and diluted, compared to net loss of $28.2 million or $0.12 per share basic and diluted in the same period in 2009; •Funds flow from operations of $44.3 million compared to $36.0 million for the same period in 2009; •Cash and cash equivalents were $293.2 million at June 30, 2010 compared to $270.8 million at December 31, 2009. Gran Tierra Energy remains debt free; •Working capital increased to $278.7 million at June 30, 2010 compared to $215.2 million at December 31, 2009; • Awarded three blocks (Putumayo-10, Cauca-6 and Cauca-7) in the 2010 Colombia Bid Round administered by Colombia's National Hydrocarbon Agency; and •Received Environmental Impact Assessment ("EIA") approval for seismic and drilling operations for Block 128, Maranon Basin, Peru.

"The oil discovery at Moqueta and our success in the 2010 Colombia bid round were the highlights of another strong quarter," said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy Inc. "We have increased our anticipated capital expenditures for 2010 as we add two delineation wells at Moqueta and revise our drilling campaigns in Colombia, Peru and Argentina. These revisions include drilling up to six additional exploration wells in Colombia, initiating exploration drilling in Peru, and drilling a significant well in Argentina. Our focus in Colombia and Peru is on finding additional oil reserves, while our focus in Argentina is on defining the gas resource potential of our lands. In addition, upon completion of pump repairs and several recompletions, we expect to return production to our projected range of 14,000 - 16,000 barrels of oil per day net after royalties."

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