Gran Tierra Energy Inc. (GTE.TO)

A great story. Got production in Columbia and Brazil and Peru. 23k BOEs in Q1 of which 96% is oil. Expanding in Peru. Likes the stock. $6.48 NAV. Great buy under $5.

Has been taking a closer look at it. Well run South American company in Columbia, Peru and Argentina. Cash on the balance sheet. Interesting exploration program. Ultimate recoverable resource in Peru could be much larger than anyone would have thought. He is doing more work on it.

Has a wonderful valuation because everybody's hated it for a long time. They just had a discovery in Peru.

(Market Call Minute) A nice blend of production in South America as well as good exploration upside.

Just put out a release talking about Peru and it looks like a good discovery there. Will be getting results at the end of February. Potentially $7 of good value and the stock is moving towards the high end of that range. He would wait. There are issues in Argentina and he doesn’t see any other high impact drilling for the near-term.

Interesting Colombia names have been quite low. Not only have we been in a risk adverse market for a couple of years, there has been an increase in pipeline bombings in Colombia. Stock has failed to break out. He is hoping to buy this back at about $5. Just announced a supposedly new discovery in Peru but it is in an extremely remote area.

Likes the company. His target is $6 so there is some upside here. Key for the company will be the drilling in Peru that hopefully results in Q1. Continuing to add more results at Moqyeta. Costayaco is still doing very well, but at some point depletion will kick in. Very strong balance sheet but they need another win at the drill bit after Costayaco. Moqyeta has been a nice discovery but not on the size of Costayaco. Potentially, the play they are drilling in Peru in Q1 could be a sizable play of 30-50 million barrels.

(Market Call Minute) Would buy it. South American exposure and exploration potential.