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