Time for Change
With the reporting of yet another horrendous quarter of non-performance, it may be time for a change in leadership and company direction. Even after adjusting for the "temporary" disruption in production, year-over-year production growth was essentially flat (despite all the capex spending). The only properties that are seemingly doing well are those that were sold to PetroTal in Peru. How ironic. At least Gran Tierra holds a signficant interest in PetroTal. In addition to a new slate of executive management, I would favor a change in business strategy that seeks to harvest existing resources with only maintenance capex. With the resulting cash flow, pay off debt first. Then, distribute the resulting cash flow while existing reserves are harvested or sold off in orderly fashion.