Good afternoon, ladies and gentlemen, and welcome to the Gran Tierra Energy's results conference call for the quarter and year ended December 31, 2013. My name is Glen, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for securities, analysts and institutions. Instructions will be provided at that time for you to queue up for questions. (Operator Instructions) I would like to remind everyone that this conference call is being webcast and recorded today, Wednesday, February 26, 2014, at 4:00 p.m. Eastern Standard Time. Please be advised 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, predict and hope or similar expressions. Such statements, which include estimated or forward-looking production and 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 carefully review and consider the various disclosures made by Gran Tierra Energy and its reports filed with the Securities and Exchange Commission, including those risks set forth in Gran Tierra Energy's quarterly report on Form 10-Q for the year ended December 31, 2013, filed with the Securities and Exchange Commission, February 25, 2014. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, Gran Tierra Energy's actual results may vary materially from those expected or projected. Listeners are urged not to place undue reliance on forward-looking statements made in today's conference call. Gran Tierra Energy assumes no obligation to update these forward-looking statements other than as may be required by applicable law or regulation. Today's conference call also includes the non-GAAP measure funds flow from operations. The press release disseminated by Gran Tierra Energy this morning includes a reconciliation of this non-GAAP item with the company's GAAP net income or loss, as well as information about why management believes this measure is useful in evaluating the company's performance, and is available on Gran Tierra Energy's website, www.grantierra.com. All dollar amounts mentioned in today's conference call are in U.S. dollars, unless otherwise stated. Finally, this earnings call is the property of Gran Tierra Energy, Incorporated. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy. I'd now turn the conference over to Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. Mr. Coffield, please go ahead.

Thank you, Glen. Good afternoon, and thank you for joining us for Gran Tierra Energy's fourth quarter and fiscal year end 2013 results conference call. With me today is Shane O' Leary, our Chief Operating Officer; and James Rozon, our Chief Financial Officer. Yesterday, we disseminated a press release that included detailed financial information about the fourth quarter and full year 2013. In addition Gran Tierra Energy’s 2013 report on Form 10-K for the 12 months ending December 31, 2013 has been filed on EDGAR and is available on our website at www.grantierra.com. I'm going to begin today by talking about some of the key developments for the quarter and year; James will then take a few minutes to discuss key aspects of this year’s financial results; Shane will then provide an operational overview and outlook followed by closing remarks. Gran Tierra Energy achieved record annual production in 2013 of 22,267 barrels of oil equivalent per day net after royalty and after inventory changes representing a 32% increase from the average production in 2012. Reserve growth last year was outstanding not only replacing production, but adding new reserves to new record levels based on Gran Tierra Energy’s 2013 year end United States Securities and Exchange Commission reserves calculations. Total proved net after royalty reserves increased 4% to approximately 42 million barrels of oil. Total proved plus probable reserves net after royalty increased 99% essentially doubling to approximately 112 million barrels of oil equivalent and total proved plus probable plus possible reserves net after royalty increased 113% more than doubling to approximately 184 million barrels of oil equivalent. Gran Tierra Energy replaced 117% of oil produced in 2013 after producing the record 8 million barrels of oil net after royalty or 10 million barrels of oil working interest. With our year…

Thank you, Dana, and good afternoon everyone. Our operational success last year has translated into another year of financial success allowing us to retain a strong balance sheet to continue funding our growth strategy. Revenue and other income in 2013 was $724 million, a 24% increase from 2012 due to increased production, partially offset by decreased average realized oil prices. The average price received per barrel of oil decreased by 7% to $90.61 from $97.31 from 2012. During 2013, 49% of our oil and gas volumes sold in Colombia were to a customer where the realized price is adjusted for trucking costs related to a 1,500 kilometer route. The effect on the Colombian realized oil price was a reduction of approximately $12.55 per barrel to $92.21 per barrel as compared to delivering all of our Colombian oil through the OTA pipeline. Operating expenses in 2013 was $149 million or $18.34 per BOE comparative $125 million or $20.20 per BOE in 2012. For 2013, a decrease in the operating cost per BOE was more than offset by increased production. Operating expenses per BOE decreased in 2013, primarily due to OTA transportation costs and other trucking costs not incurred for those volumes subject to alternative transportation arrangements. For these volumes, ownership is transferred at the wellhead and the associated transportation paid by the purchaser is netted to arrive at a realized price. The estimated net effect of OTA pipeline disruptions on Colombian transportation costs for 2013 was a reduction of $1.39 per BOE. Depletion, depreciation, accretion and impairment, or DD&A, expenses in 2013 were $267 million compared to $182 million in 2012. DD&A expenses in 2013 include a $31 million ceiling test, impairment loss in our Argentina cost center due to a decrease in reserves as a result of deferred investment and…

Thank you, Shane. Gran Tierra Energy is extremely excited about the successful addition of booked reserves on the Bretaña discovery in Peru. However, we also continue to be focus on managing Costayaco field, the development of Moqueta field another opportunities in Colombia to bridge us to the onset of production growth in Peru. Gran Tierra Energy’s asset portfolio was stronger than ever with Costayaco remaining our base, Moqueta providing near term growth and Bretaña providing mid term growth. While in parallel, we continue to execute on Gran Tierra Energy’s high impact exploration program with very significant exploration prospects to be drilled in 2015 and 2016 in Peru. Numerous catalysts are pending this year in Colombia, the interest rate results from this equatorial exploration well on March. We are planning to drill the Eslabón Norte Shallow exploration well in the second quarter and the Eslabón Norte Deep and the Cabañas Norte exploration wells in the third quarter. In Peru, we continue to plan for initiation of Bretaña long-term test oils in September. And to drill Bretaña Sur well in the southern portion of the field with the intent to shift the majority of the possible reserves into the probable category before year end. We would like to thank all our stakeholders for their continued support of Gran Tierra Energy and our vision for continued substantial and sustained growth for the years to come. That concludes our prepared comments for this morning. We will now be pleased to answer any questions you might have. Over to you Glen.

Thank you. Ladies and gentlemen, we will now conduct the question-and-answer session for securities analysts. (Operator Instructions) One moment please, for your first question. And that question comes from the line of John Malone, Mizuho Securities. Please proceed.

Yes. Good afternoon gentlemen. So Dana you read that the water differentials you’ve seen in Colombia because of the alternative transport arrangements. Is that something you think will be sustained going forward? What will it take you to get back to something I know the prices that are closer to world prices?

The differentials we’re experiencing -- Gran Tierra is experiencing is because of our additional trucking and try to undertake because the main pipeline, the OTA pipeline has been out of service for so much of the year -- last year and last quarter. That pipeline is now up and running as we speak today whereas we can’t predict how not just be open or down in the coming year. The other factor has been an negative in the last few months is the -- the second pipeline we have in Southern Ecuador has been out of service and is undergoing repairs, so expecting that to be up and running again in the third quarter. So the reality is we’re expecting to continue relaying on trucks in the coming months and here peaces process is on going in Colombia and we’re in a position where you just -- we can’t really predict how long, how present these continuing disruptions will be on OTA.

Okay, okay. And then just switching gear for a moment. Could you just give me some more in sense in timing on the prospect delineation, you named some of the really attractive prospects in Peru. Can you give an idea, how you’re going to delineate those numbers over a period of time. And also, if anything you can say about the -- when your peers had some very attractive wells over to the East of your -- from a southern Peruvian blocks. Anything you could say on those.

Yes, we’re looking at drilling four to five exploration wells in Peru on different independent new exploration prospects. With the first to be drilled on Block 107 in (inaudible) in the second half of next year. There is specific drilling schedule still being worked on, but it’s going to have it drilled and evaluated before year end next year. And then the subsequent wells will follow into 2016. So that’s a very robust program, it’s independent prospects very large in size multi 100 million barrel respective of resource potential in each. What’s interesting about the Block 107 well that we’re going to drill next year is in the same sub basin on the opposite side. (inaudible) just announced an oil discovery. So again that’s a same kitchen area, same resource rock, same rocks they will be targeting. So on centers producing the geologic risk the chance of success on our prospect, that’s very good news for us, very good news for Peru, I think it’s highlighting again the tremendous upside that Peru is presenting to company that’s now being targeted by active exploration drilling.

Okay. Thank you.

And your next question comes from the line of Nathan Piper with RBC. Please proceed.

Hi, guys. Thanks very much. Two questions from me if I may, first of all, has to do with the expectations on Zapotero. Clearly not having the full access to everything you are having to drill quite extended wells and hasn’t worked, so Zapotero maybe in sidetrack, how much are you going to be able to find out from this well and not in that context what would be a success and could you -- would you be able to do anything like production testing or deliverability assessment from this well?

Yes, we -- because of the fact that we don’t yet have Global Environmental Permit, we’re drilling even with our very technically challenging long reach wells from our exploration wells locations and are really at the limits of the great capability today, the main reason for the current drilling failure. Now, Zapotero we just set casing and we’re just getting ready to drill out, if you haven’t already started, I guess we’re still waiting on this one get ready to drill out. So, we’re -- next week to two weeks, our intent is to get into the reservoir with Zapotero and our hope is of course to find reservoir and then find oil in that reservoir. And wells designed to be tested and production tested. So, we -- so that in March we should know where the reservoir is, whether it has oil in it or not and then have subsequent to testing have good reservoir data on that. Again, this is a well that’s being drilled low and outside our known area of oil outside of our reserve area. So we will -- our intent of course is to prove doing additional reserves for this field, so we do not yet to know the limits of the field.

Understood. But once you have the permit, I guess you then proceed with drilling the well you talked about in Moqueta. Is there a chance of doing any more like the appraisal drilling from a location this year, are you pretty much set what you’re going to do from a drilling perspective when we look at it?

From the existing locations I think we’re essentially done, we are still expecting the Global Environmental Permit at the end of this quarter earliest next quarter, in the next couple of months. And then with that we will then be able to build the road, build -- appropriate locations -- drilling locations. And then begin proper development drilling appraisal program. And then we could add, our intent is to add additional wells later this year but at this point from existing locations we’re not going to be drilling any additional long reach wells, although we are (inaudible), we drilling that.

Understood. And probably think of the approvals, to think about Peru now, where you do have lots of drilling sand and although it’s a quite far away. And can you speak to how the approval process in Peru which is (inaudible) I guess and the fact that how that’s progressing over the last two years where I guess we’re hoping for things to happen faster?

Yes, we haven’t seen progress in last few years until really just recently and the government has really taken upon sales implement changes -- change regulatory environment the permitting process to accelerate activity. And nearly in the last three or five months we’re seeing some dramatic improvements, we are going to drill a lot of disposal well, I think we’re going to start drilling in April, on the Bretaña drilling pad, we got that approval and passed on a few months, that approval has taken years before, so it’s a dramatic improvement. We just got another -- Shane O’Leary: Yes. We moved the drilling locations to drill those -- the southern well and that’s what about three months to change the permit from one location in the north that we have permitted to changes to the south that took about three months that would have taken years in the old permitting system.

So we are seeing very real and very substantial improvements as we speak and we’re obviously very excited about this and it bodes very well. Our programs as well as industry in general in Peru.

Great. And one final one if I may. The new oil discoveries you’ve made Miraflor Oeste and Mayalito I mean two questions production from those discoveries an additional to your production guidance for this year and secondly, what kind of potential do you think they have?

I think the potential is relatively modest it covers our basics they really sort of help replace reserve help maintain production levels. So they are the part of the budget this year relatively modest numbers not game changers but they’re part of our plan for this, budget for this year.

Understood, thank you very much.

Yes.

And your next question comes from the line of Marcus Sequeira with Deutsche Bank. Please proceed.

Hi, good afternoon thank you very much for taking my questions. I have one question regarding OpEx, we saw an increase in OpEx in the quarter especially Colombia and Argentina. Just wondering if you elaborate a bit on what drove this increase and what kind of levers we should be looking for the rest of the year? And then going back on the transportation, if you could tell us how much of a production in this quarter was truck via, was transported via truck versus pipelines? Thank you.

So in terms of increasing OpEx in the quarter-over-quarter so there was an increase mostly driven by increase workover cost in Argentina, there were some workovers that were carried out in fourth quarter that increased that portion of our OpEx cost. So that’s the biggest effect or largest effect in the quarter. Basically looking forward 2014 we’re budgeting a similar level of OpEx for BOE, I believe our year-to-date was $18.34 and we’re budgeting just above that just below $19.

And what about, sorry what about the OpEx in Colombia also had an increase during the quarter?

Just one minute. So the increase in Colombia also was driven by, there were two factors but also workovers both in Costayaco and Moqueta increased our operating cost by about $1.24 each that was partially offset by a decrease in transportation cost associated with not moving volumes with the OTA, but also moving volumes to the coast. Again, looking forward for 2014, we’re budgeting similar operating cost per BOE in Colombia as we experienced in Q4.

And your next question comes from the line of Ian MacQueen with Paradigm Capital. Please proceed.

Two things, one is on Moqueta, from what I can see the production now is about 4300 barrels a day and I'm wondering ask you get the global development permit if there is a more significant ramp in production I'm not really modeling but if you could give some idea of what production might be in 2014 and 2015 from Moqueta that would actually help quite a bit? Shane O’Leary: Yes. We’re not really expecting this ramp up in fact this year, the reason being we need to get more pressures poured into reservoir which mean throwing water injection wells and re-injecting gas. So the ramp up in production in Moqueta really takes place next year. We’ll see modest growth this year perhaps up to 10% this year we’re 42, 43 now, we might get to 4900 or 5000 by the end of the year but the real ramp up would take place for next year when we have more pressure support in place.

And can you give me an idea of what that might be in 2015?

Well, ultimately we’re trying to get to about $7,000 or $8,000 a day from Moqueta and more if Corunta and Zapotero come in. So we haven’t released what it would be in 2015. But you can sort of correlate between where it is today and where we’re trying to get to and its probably going to be pretty close to something increment each year to get up to sort of $8,000 a day.

Okay prefect. That’s great, just for your information, the number was 6400 in 2015 and ramping up to 7,000 so I'm very comfortable with that. The other thing Shane, you said something which I haven’t heard before and just if you wouldn’t mind repeating it, you said something about 800 barrels a day from the Brazil well. How does that compare to expectations? I know you’re not spending a lot in Brazil that sounds better than what I would have expected in longer term maybe in 2015 may be that will spur you on to a little bit more work. What are your current thoughts? Shane O’Leary: We have the capability of producing 2,000 barrels a day in Brazil, but we’re restricted by gas play permit. And we’ve got a number of ideas. Well, first of all we’re lobbying the ANP to increase our flaring restriction that’s the first thing. We’re looking at a power -- gas to power option to -- we’re also looking at re-injection, so we’re looking at number of options to get around as gas flaring and then we can produce 2,000 barrels a day immediately. So and that’s pretty good cash flow for a company of our size, so we’re working on that. One of the things we’re looking at on the new blocks is once we shoot the seismic this year, kind of look for some conventional targets that are similar in nature to the Tiê field. The Tiê field is producing from the conventional reservoir Sergi and Agua Grande reservoirs and the Recôncavo Basin. And we’re going to look for some of those targets on the new acreage as well. As well as looking at the unconventional because these small pools Tiê is about 4, 5 million barrel pool, are incredibly economic to develop you’re around lots of infrastructure and lighter oil and it’s close to tying points and that sort of thing. So yes, I mean we’re going to do a little more work on the new blocks and that was one of the reasons we were pretty aggressive in acquiring those blocks as we think this in good conventional potential.

Okay. That’s fantastic. Thanks very much guys.

Okay.

And your next question comes from the line of Alan Knowles with Haywood Securities. Please proceed.

Hi, guys. Quite couple of questions, one on the Ecuador pipeline so with that being offline until Q3 you mentioned, does that put any stress on your trucking option at all as far as plains [ph] or is everything okay there? And then secondly, Mayalito and back to that part of the world, because of Mayalito coming in there, is there any plans to may be add some more activity in that block in 2014 that’s not currently in your program?

Now, the program is you said as it is and we’re very excited about initial exploration potential on that block. Now the other, the repair the integrity issue with also pipeline going south into Ecuador just with there also is lets say integrity issue around support set of river crossing seismic nothing to do with security issues that were yield to pipelines dealing with. So anyway the answer to the other part of your question is the trucking, it’s not putting additional challenge or hurdle or burden on our trucking, our trucking operations are going very smoothly and in fact we have the capacity on any day to transport 100% of our crude by truck. Now the other things we’re looking at doing also is changing some of the truck routes in particularly sales points to reduce costs and there is multiple also there are several different opportunities we’re looking to reduce cost associated with the trucking as well. So we hope to deliver results on that too in the coming quarter.

Okay. Great. Thanks very much.

You’re welcome.

At this time gentlemen we have no further questions. Please continue.

All right. Well, I like to thank everyone for your attention and support and we look forward to updating you on our next quarter. So thank you and have a great week.

Ladies and gentlemen that concludes today’s conference. Thank you for your participation. You may now disconnect.