Another company enjoying insider buying is Gary Guidry's Colombian oil producer, Gran Tierra Energy Inc. (GTE), up three cents to $1.60 on 2.1 million shares. Gran Tierra has had such a rough 2019 that it was booted out of the S&P/TSX Composite Index effective last week, reflecting its failure to comply with the index's strict market cap requirements as the stock spent 2019 plunging to as little as $1.22 from over $3. The plunge largely reflected operational setbacks that forced Gran Tierra to reduce its production guidance twice in 2019 and set a lower-than-hoped-for target for 2020. Once one of the energy sector's most ambitious guidance-setters, Gran Tierra has retreated into the land of conservative budgets and cautious production targets. This may be just how director Brooke Wade likes it. In the last week, Mr. Wade, through his private investment company Wade Capital Corp., has spent over $750,000 (U.S.) buying 606,000 shares. These shares nearly double his overall position to 1.43 million of Gran Tierra's 366 million shares.
Mr. Wade has been on the board of Gran Tierra since mid-2015. He was one of the directors that came along with Mr. Guidry, who took over as Gran Tierra's president and CEO in mid-2015 through a dissident coup. Both men were previously at Caracal Energy (Mr. Guidry as president and CEO and Mr. Wade as a director), which had just been sold to Glencore in 2014. Mr. Wade is better known as the founding president and CEO of Methanex Corp., the world's largest methanol producer, which has been around since 1987 and trades under the symbol MX. He left Methanex in 1994 to co-found Acetex Corp., another chemical producer, which was sold in 2005 to the Blackstone Group-backed Celanese Corp. for about $500-million (U.S.). Mr. Wade is currently based in Vancouver and is happy to share his entrepreneurial experiences. Two months ago, he was the star attraction at a B.C. Tech Association networking event -- cozily dubbed a "Fireside Chat with Brooke Wade" -- at the Fasken law offices on Burrard Street. Tickets went for $15 to $25.