Gran Tierra Energy Inc., one of the largest exploration landholders in the Putumayo Basin of southern Colombia, has announced a capital spending program worth US$198 million for exploration and production development operations in Colombia, Peru, and Argentina for 2009.

This investment plan involves the drilling of seven exploration wells and six development wells in Colombia, in addition to seismic acquisition programs in Colombia, Peru, and Argentina.

The company believes that the production would grow to approximately 20,000 barrels of oil per day (BOPD), net after royalty, in the second half of 2009, in contrast to previous expectations of approximately 15,000 BOPD, net after royalty.

Gran Tierra Energy currently has approximately US$140 million in cash and no debt.