Good day ladies and gentlemen and welcome to the third quarter Gran Tierra Energy conference call. (Operator Instructions) I would now like to turn the presentation over to your host for today’s call, Mr. Dana Coffield, CEO of Gran Tierra Energy. Please proceed.

Thank you. Good morning everyone and welcome to Gran Tierra Energy’s third quarter 2008 earnings and post-Solana business combination conference call. We issued a press release earlier last week outlining our performance for the quarter and gave the timing of our vote regarding our acquisition of Solana. We decided to postpone what would have been our normally scheduled earnings call for us to include information on the shareholder vote on the transaction. Today’s call is being broadcast over this conference line and is available via the web as noted in our press release. It will also be available after the call in recorded format and on our website. Martin Eden and I are dialing in from different parts of the globe today. I am in Miami and Martin is in Columbia so we ask you to bear with us regarding any technical difficulties during today’s call. As you all have no doubt noted it has been a great quarter for Gran Tierra on all fronts and we are eager to bring you the highlights. Before we begin I would like to ask Al Palombo of our investment firm Cameron Associates to read our disclaimer regarding forward-looking statements.

In order to comply with the forward-looking statement Safe Harbor I would like to advise you that in addition to historical information certain comments made during this conference call particularly those anticipating future financial performance, business prospects and overall operating strategies constitute forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as anticipate, believe, estimate, expect, intend, and predict or similar expressions. Such statements which include estimated financial information or results are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Listeners are urged to not place undue reliance on these forward-looking statements which speak only as of the date of this call. Gran Tierra assumes no obligation to update these forward-looking statements in order to reflect any event or circumstance that may arise after the date of this call other than as may be required by applicable law or regulation. Listeners are urged to carefully review and consider the various disclosures made by Gran Tierra in its reports filed with the Securities and Exchange Commission including those risks set forth in the Gran Tierra annual report on its most recent form 10K as amended which attempts to advise interested parties of the risks and factors that may affect Gran Tierra’s business, financial conditions, results of operations and cash flows. If one or more of these materialize or if the underlying assumptions prove incorrect Gran Tierra’s actual results may vary materially from those expected or projected. Gran Tierra undertakes no obligation to update forward-looking statements. Finally, this earnings call is the property of Gran Tierra Energy, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy. With that said I will now turn the call back to Dana.

We have got a lot to cover today so we are going to do our best to keep our overview brief and get to your questions as soon as we can. As I indicated earlier, Gran Tierra Energy had a fantastic third quarter in almost every aspect of our business. We reported our fifth consecutive quarter of profitability with growth driven primarily by the development of our exploration successes and in particular the growth in production from the Costayaco Field in Columbia. As is customary for us with these earnings reports, I am going to hand the call over to Martin who will provide you with a review of the numbers. I’ll then come back on the line and provide you with the many updates in some of the operations and activities we have taken during the quarter as well as a recap of the Solana acquisition and the vote that approved this transaction on November 14. Over to you Martin.

Thank you. It was another excellent quarter for Gran Tierra. Just to remind everyone, unless otherwise stated all of the figures I refer to today do not include any results of operations from Solana. These are Gran Tierra’s stand-alone results for the third quarter. As Dana indicated, the third quarter 2008 represented our fifth consecutive quarter of profitability and revenue growth with total revenue of $40.3 million compared to $8 million for the same period in 2007. Net income for the quarter increased to $23 million or $0.20 per share basic and $0.18 per share diluted as compared to net income of $1.1 million or $0.01 per share basic and diluted in the same period of 2007. The results for the quarter reflect the growing production and the recent oil discoveries in Columbia and the higher WTI price, partially offset by higher overall operating expenses, depletion, depreciation and accretion, general and administrative expenses and income taxes resulting from the company’s increased level of activities. Operating costs on a per barrel basis have decreased by 39% to $11.70 per barrel from $19.05 for the same quarter in 2007 which reflects increased production from new fields in Columbia which have lower operating costs. When looking at Q3 2007 and Q3 2008 comparison, it is important to note the results for the third quarter of 2008 are impacted by the financial derivatives gained of $4.5 million of which $5.5 million was unrealized but was offset by realized losses of $1 million. To put the WTI increase I mentioned a moment ago in perspective, during the quarter the average price per barrel of oil increased 78% to $150.88 for Q3 2008 from $58.26 per barrel in the third quarter 2007. In each of our regions of operations the break down is as follows: The…

Thank you Martin. In addition to all the legwork associated with the Solana acquisition the company attained several operational models during the third quarter of 2008 that should lead to continued growth through the balance of 2008 and beyond. I’ll focus on these first. Now let me start with our drilling and infrastructure update in Columbia. As noted in our release development effort activities in our Costayaco field continue. The company drilled and tested Costayaco five and initiated drilling of Costayaco six. Drilling of Costayaco six is now finished and casing is being set. We expect testing to take place in December. Preliminary findings of the drilling and log beam operations will be released shortly once processing and interpretation of the data is completed. We expect to initiate drilling Costayaco seven late in December once location construction is completed with drilling to be completed in late January. As mentioned before, we will have a continuous development drilling campaign ongoing through 2009. During the third quarter pipeline construction for a line to the Costayaco field and existing pipeline system at Costayaco was completed and is now operational. Upon the removal of downstream constraints the find will have 50,000 barrels per day capacity, enough to handle the 35,000 per day plateau construction plan for the Costayaco field in 2010. Truck loading and unloading facilities for crude transportation were constructed to bypass bottlenecks in the existing pipeline system. Trucking operations from Santana to [Orito] are expected to begin later this week while trucking from Costayaco to [Nayva] is expected to begin in December. We continue to plan for the deployment of the existing 100 km pipeline from and to Guayuyaco through Santana our crude oil sales point and onwards to [Orito]. We expect this downstream pipeline expansion to have capacity of 50,000 barrels…

(Operator Instructions) The first question comes from [Ian McQueen – McGuire Canada]. [Ian McQueen – McGuire Canada]: Can you go through some of the details of plans for the Llanos basin, the Solano lands that I haven’t actually heard an update on that? I also would expect you would be putting a presentation on your website as well, is that correct?

Yes there will be an updated presentation on our website today, technology working with us. For the details on the Llanos basin, Solano had a pretty comprehensive summary in their third quarter release last week. We just finished drilling one of the wells in the basin which I referred to as [Sefiro-1]. This was to test stratographic concept nearby to the [inaudible] discovery and we will have results of that well forthcoming shortly in the coming couple of weeks when we finish the log interpretation. There are two more commitment wells on this group of blocks in the Llanos basin. Both are contemplating drilling additional stratographic traps different than the traditional structural play in the basin. Both of these wells will be drilled in this dry season which extends from now through the first quarter of next year. In addition we will be acquiring additional 3-D seismic programs to better define these channels that the wells are targeting for future exploration. One last point is with the [inaudible] specifically it is currently on a long-term test. We are monitoring pressures, water tests, etc. and based on the results of the long-term tests we will then determine whether or not additional wells are required to develop the field and then we will also be able to determine the scale of the facilities that are required for the full development of the field. Currently the crude is being transported by truck. Does that answer your questions? [Ian McQueen – McGuire Canada]: I assume there will be additional further details on your spending in your coming budget details from December?

As I said we won’t have an official 2009 work program and budget until early December and some time in December we will get those results.

The next question comes from Jamie Somerville – Genuity Capital Markets. Jamie Somerville – Genuity Capital Markets: On that share count, can you explain what caused the fully diluted share count to be reduced from the 268 million that you put out at the time of the deal to the 263 million you are reporting now? Secondly, I’m wondering if you can give us what you can say what proportion of Solana shareholders chose to run their exchangeable shares rather than Gran Tierra shares themselves?

I can’t give you precise amounts. It is primarily because there were more Solana shareholders chose to take cash rather than roll their options over. I don’t have the exact split with me actually of the percentage of shareholders who got exchangeable shares versus Gran Tierra shares. Essentially most of the Canadian shareholders got exchangeable shares; I just don’t have that number with me right now. Jamie Somerville – Genuity Capital Markets: One follow-up, the Solana option holders taking cash. Is that shown in any of the Q3 accounts? Presumably not.

No. We will be consolidated as of November 15. So the only numbers you have are just for Q3 and Gran Tierra. It will show up on a go forward basis. Jamie Somerville – Genuity Capital Markets: Dana, I know you are not putting out the official budget until late December but you have given us some good detail here on what your plans are for seismic and for drilling. I’m wondering could you kind of sum up what you are looking at in terms of spend on seismic or kilometers to be acquired and then on the drilling side what it means in terms of total wells and how many rigs you might need at this point in time on a preliminary basis?

We are looking at approximately 8 development wells in the Costayaco field, plus approximately two water injectors in the Costayaco field so more or less 10 wells at Costayaco. On the exploration well count for next year we don’t actually have a hard number to give you right now but the order of magnitude would be between 5-10 exploratory wells. I realize that is a bit of a range but that is what we are looking at now. For the seismic we are looking at 3D and 2D but we are looking at about 900 km of seismic acquisition. We might have about 100 square km roughly of 3D seismic.

The next question comes from David Dudlyke – Thomas Weisel Partners Canada. David Dudlyke – Thomas Weisel Partners Canada: With regard to your exploration could you just remind me the number of rigs you have under contract and if we run with that 10 development wells and 5-10 exploration wells presumably you would be in the market for rigs, and whether you are in the market and what that market in Columbia is currently looking like?

Currently we have two rigs under contract plus one work over rig or work over unit. So we have one rig contracted in the Llanos basin and we have one rig contracted in the Putumayo basin to flush out the drilling and then we have the work over unit in the Putumayo basin also. David Dudlyke – Thomas Weisel Partners Canada: These would be contracted through 2009 presumably?

We have that option yes. Now to do the development drilling I described at Costayaco we will need a second rig for that. We don’t have that contracted yet, so yes we would be in the market for a rig. Some of the exploration drilling there will be one-off wells there with the well in the middle Magdalena valley, perhaps one or two wells in the Catatumbo basin in the north plus a couple of wells in the Llanos. So these would be the one-off rig contracts. We don’t have those contracted yet either. Usually when we have rig contracting we have to constantly use it for the drilling I have described. The second part of your question is what is the status of the rig market. It remains tight in Columbia. More rigs are being brought in but the demand for those rigs continues to grow so the rig market remains tight in Columbia. Having said that I’m confident we will get the rigs to do the work we need. David Dudlyke – Thomas Weisel Partners Canada: Moving to a slightly different subject with regard to the exchangeable shares. I just wonder if either yourself or Martin can confirm, of the 49% of your current share count that was issued to Solana shareholders how many were in fact took exchangeables? There is some information out there that suggests the order of $69 million but I’m just trying to get an idea as to whether that number of people that took exchangeables would have had the effect to liquidity and thus free flow to GTE given the exchangeables were issued presumably for some tax deferral purposes for shareholders?

I don’t have that number with me but most of the Canadian shareholders in Solana would have taken exchangeable shares so it is going to be 69 is probably not too far out. I just don’t have the exact number with me. Those exchangeable shares do trade on the Toronto Stock Exchange and they are exchangeable into Gran Tierra Energy shares so we are not sure what the overall impact on the sheet would be but we do expect those shares to trade. David Dudlyke – Thomas Weisel Partners Canada: In Columbia there is the ability to tax shield to develop a tax shield based on 40% of your capEx. One question that I don’t have the answer to immediately is there a clock on that with regards to that particular tax shield? Does it run out in a certain year to your knowledge?

I don’t know what it would run into. We are going to apply to see if we can maintain that tax shield on a long-term basis and there is a possibility of us doing that. I don’t know when it is going to expire. It may not expire. It may not go on for perpetuity. Certainly it will be in place for 2009. I believe 2010 as well.

The next question comes from Howard [Barkett] – [Barkett Group Inc.] Howard [Barkett] – [Barkett Group Inc.]: The $40 some odd dollar rate that was quoted during the presentation is that the same rate you are getting at the Columbia fields as well, Costayaco?

No. I believe you are referring to the $44 per barrel. In Columbia we are getting a much higher price. In Columbia the sales price is tied directly the West Texas Intermediate with some modest discount to West Texas approximately $7.50 discount. So whatever West Texas Intermediate is we are getting about $7.50 less than that versus at our Costayaco. Howard [Barkett] – [Barkett Group Inc.]: How many months in advance do you generally contract pricing?

I believe it is reconciled on a bi-monthly basis. Martin?

I think that is correct. Howard [Barkett] – [Barkett Group Inc.]: So it is just a continuing modification depending on West Texas Intermediate?

Yes.

The next question comes from Paul Weiner – Wachovia Securities. Paul Weiner – Wachovia Securities: You mentioned that on one of the new fields it is pretty much sounds like a natural gas discovery and natural gas liquids. Is the infrastructure there basically in place to move that to the bucket or do you have to build the infrastructure like you did with your lean field in Costayaco and are any of your prices you get on oil hedged going forward or are you pretty much sell at the market whatever that is?

The answer to the first question is at the Rio Magdalena block the Popa gas condensate discovery is located adjacent to the main north/south gas trunk line that runs through central Columbia. I would say within about 10 km or so. So it will be an easy tie in once we have a gas sales contract in place but first we have to run the long-term tests to determine the reserves before we can sign the gas sale contracts. So the short answer is yes there is infrastructure nearby and tying into that infrastructure is not a problem. The second part of your question, we do have a small amount of production hedged. 300 barrels a day to support our borrowing days on our credit facility. Paul Weiner – Wachovia Securities: I’m not sure of the gas prices in Columbia. Natural gas prices. Are they similar to what it is here? I understand the prices in North America are kind of low compared to the rest of the world. Have you been potentially getting a better price for gas in Columbia?

No. In Columbia they do not have an integrated gas marketing system. Prices vary quite a bit depending on the local market within Columbia. So prices can vary from say $3 mcf to $8 mcf. It varies a lot depending on where you are with the local demand is within Columbia.

The next question comes from [Dirk Wilson] – [Claire Securities]. [Dirk Wilson] – [Claire Securities]: I’m wondering if you can just outline precisely how you are going to get to the 50,000 barrel per day exit figure from the current 11,600 barrel per day number you are at?

We are going to do three things. The first thing we are going to do is initiate trucking from Santana west to [Oritos] and that is supposed to start at the end of this week. That will add 2,000-3,000 barrels per day. Then in early December we are going to initiate trucking from Costayaco north to [Nayva] which will be another 2,000-3,000 barrels per day. Then something else we have already started and actually haven’t talked about has pretty exciting results. We have been putting anti-friction material fluids mixing with the oil streak and running that and actually adding several thousand barrels per day capacity in the existing system with this [inaudible] although it is not actually a [inaudible] it is anti-friction reducer. So we are actually finding we can increase the existing pipeline capacity with this addition to the oil streak. So all three of those we are going to reach our goal by year-end.

There are no further questions in the queue. I will now turn the call over to Mr. Dana Coffield.

Thank you. I appreciate the interest everyone has shown by participating in this conference call. Gran Tierra Energy continues to show spectacular results and I appreciate all our stakeholders and all our listeners’ interest in the company and look forward to continuing to grow this company with all of you. Thank you very much for your time.

Thanks for your participation in today’s conference. This concludes the presentation. You may now disconnect.