History
Gran Tierra spent 2022 to 2026 refinancing its debt, bought Canadian assets in 2024, then agreed in 2026 to sell its Colombia and Ecuador business for $1.33 billion.
2022-2023: Swapping the bank loan for new lenders
The record for this period is about debt rather than drilling. In June 2022 Gran Tierra paid off its Bank of Nova Scotia-led credit facility, which dated from 2015, and terminated it in July with no early-termination penalties. In August it lined up a replacement with commodities trader Trafigura: $100 million at first, expandable to $150 million, secured on its Colombian assets, at 6.00% plus interest.
In September 2023 the Trafigura facility was cut to $50 million, available through year-end, while Gran Tierra launched an offer to swap its older notes for new ones. The exchange closed in October. Holders gave up $247.1 million of 6.25% notes due 2025 and $275.8 million of 7.75% notes due 2027 and received $487.6 million of new 9.5% senior secured notes due 2029. Maturities were pushed out and collateral was added, but the interest cost was substantially higher.
2024-2025: A Canadian acquisition
In August 2024 Gran Tierra agreed to buy UK-listed i3 Energy plc, which held Canadian oil and gas assets. The deal was a cash-and-stock scheme worth roughly 13.92 pence per i3 Energy share, with a new Trafigura term loan lined up to help pay. In September it tapped a further $150 million of its 9.5% 2029 notes to fund the cash portion. Shares on issue rose from about 32.2 million at the end of 2023 to about 36.0 million at the end of 2024, though the beats do not tie this to the deal.
The record for most of 2025 is quiet. In October Gran Tierra arranged a crude-oil prepayment with Trafigura: up to $200 million advanced against oil deliveries from its Ecuador production over four years. It was meant to repay the revolving credit facility, buy back notes and fund Ecuador spending.
2026: Trimming the debt, then selling the core
In February 2026 Gran Tierra terminated its year-old revolving credit facility and expanded the Trafigura prepayment by up to $200 million, now covering Colombian and Ecuadorian production. On 20 February it exchanged $617.0 million of its 2029 notes for $487.6 million of new 9.75% notes due 2031 plus $125 million in cash. That cut notes outstanding by roughly $129 million and extended maturity by two years, although the cash came from drawing the Trafigura facility.
On 5 August 2026 Gran Tierra agreed to sell its entire Colombia and Ecuador business to French company Etablissements Maurel & Prom. The price is $1.33 billion, made up of cash, assumed debt, a prepayment facility and a note payable in 364 days. Closing requires Gran Tierra to redeem its 2027 notes, and the buyer to assume the 2029 and 2031 notes. As of 13 August 2026 the sale awaited shareholder and regulatory approval. If it completes, Gran Tierra will operate only its Canada and Azerbaijan assets.
Written from the 10 story beats below (2022 to 5 Aug 2026), which come from the company's own announcements and filings.