Good afternoon, ladies and gentlemen, and welcome to the Gran Tierra Energy's results conference call for the quarter ended March 31, 2014. My name is Crystal, and I will be the coordinator for today. [Operator Instructions] I would like to remind everyone that this conference call is being webcast and recorded today, Wednesday, May 7, 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 as 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 in 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 quarter ended March 31, 2014, filed with the Securities and Exchange Commission, May 6, 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 those -- these forward-looking statements other than as may be required by applicable law or regulation. Today's conference 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, Inc. Any copying or rebroadcasting of this call is expressly forbidden without the written consent of Gran Tierra Energy. I will now turn the conference over to Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy. Mr. Coffield, please go ahead.

Thank you, Crystal. Good afternoon, and thank you for joining us for Gran Tierra Energy's First Quarter 2014 Results Conference Call. With me today is Shane O'Leary, our Chief Operating Officer; and James Rozon, our Chief Financial Officer. Yesterday evening, we disseminated a press release that included detailed financial information about the quarter. In addition, Gran Tierra Energy's 2014 report on Form 10-Q for the 3 months ended March 31, 2014, has been filed on EDGAR and SEDAR and will be 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. James will discuss key aspects of this quarter's financial results, and Shane will then take a few minutes to provide an operations update. I will then return to provide a budget update and closing remarks. Gran Tierra Energy has just delivered another strong quarter of production and funds flow from operations, exceeding our budget for the first quarter or this year. Quarterly oil and natural gas production net after royalty and adjusted for inventory changes of 21,819 barrels of oil equivalent per day was consistent with production of 21,556 barrels of oil equivalent per day for the fourth quarter of 2013. Before inventory adjustments, production in April 2014 averaged approximately 21,900 barrels of oil equivalent per day net after royalty. Cash flow for the first quarter of 2014 was ahead of expectations due to lower than budgeted production deferral resulting from a continued successful execution of measures to mitigate the impact of disruptions in the OTA pipeline Colombia. In addition, in Colombia, production from new wells had a positive impact in the first quarter of 2014. As a result, Gran Tierra Energy continues to anticipate 2014 average production to range between 23,500 and 24,500 BOEs per day…

Thank you, Dana, and good afternoon, everyone. Our operational success has translated into another quarter of financial success, allowing us to retain a strong balance sheet to continue funding our growth strategy. For the first quarter of 2014, revenue and other income increased by 6% to $170 million from $160 million compared with the fourth quarter of 2013, due to higher production and realized prices. Average realized oil prices increased by 7% to $88.45 per barrel for the first quarter of 2014, compared with $82.30 per barrel in the fourth quarter of 2013, due to lower volumes sold in the current quarter for which price is adjusted for trucking costs. Revenue and other income in the first quarter of 2014 decreased by 17% to $170 million compared to $205 million in the corresponding quarter in 2013, when realized prices were higher and a larger inventory reduction in Columbia accounted for additional production of 1,556 barrels of oil equivalent per day. The average price received per barrel of oil increased by 11% to $88.45 for the first quarter of 2014 from -- sorry, decreased by 11% to $88.45 from -- for the first quarter of 2014 from $99.17 in the first quarter of 2013, due to a lower Brent oil price and a higher percentage of volume sold in the current quarter for which the price is adjusted for trucking costs. During the first quarter of 2014, 48% 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 price for the first quarter of 2014 was a reduction of approximately $8.33 per barrel to $89.73 per barrel, as compared to delivering all of our Colombian oil to the…

Thank you, James. On the Chaza Block in Colombia, we drilled and started completion work on the Costayaco-20 development well in the Costayaco field and commenced drilling the Costayaco-22 development well. The Costayaco-20 development well was completed as an oil producing well subsequent to the quarter and has been producing approximately 2,000 barrels of oil per day gross. We drilled the Corunta-01 exploration well, but encountered drilling problems prior to reaching the reservoir target on this long-reach deviated well, and the decision was made to abandon the well. The well location is expected to be drilled again in 2014 with a revised drilling plan. We drilled the Zapotero-1 exploration well, another long-reach deviated well. After encountering and overcoming similar drilling problems, we were able to reach total depth, down depth into the East of the known oil accumulation in the Moqueta field. The well reached total depth within the Caballos formation at 10,672 feet measured depth or 7,550 feet true vertical depth. The Zapotero-1 bottom hole location is approximately 7,400 feet northeast of Moqueta-12, and the reservoir sandstones were encountered approximately 2,000 feet lower than the lowest known oil encountered at the Moqueta-12. Testing is underway to confirm the fluid content and productivity of the encountered zones and is expected to be completed in May. Initial testing and evaluation of the Miraflor Oeste-1 exploration well on the Guayuyaco Block, we expect to initiate long-term test productions in June of 2014. On the Llanos-22 Block, the Mayalito-1 oil exploration well started long-term test production in late January. We completed 2D seismic acquisition on the Piedmonte Sur block, continued 2D seismic acquisition on the Cauca 7 Block and 3D seismic acquisition on the Putumayo 1 block and commenced an arrow gravity and magnetic survey on the Sinu-1 and Sinu-3 blocks. Our planned…

Thank you, Shane. Gran Tierra Energy's planned capital program for its exploration and production operations in Columbia, Brazil, Peru and Argentina for 2014 has been revised to $495 million from $467 million. This includes $246 million for Columbia, $38 million for Brazil, $48 million for Argentina, $161 million for Peru and $2 million associated with corporate activities. The majority of the increase is associated with the increasing cost for the long-term test facilities on Block 95, acceleration of the base camp construction on Block 107 in Peru, where we are planning to drill an exploration well next year. Additional Zapotero-1 and Corunta-1 exploration well costs and 2013 budget spillover into 2014, in both Colombia and Brazil. The capital spending program will allow us to grow production this year, continue exploration drilling for new reserves, and most importantly, continue developing our vast undeveloped reserve base. Our focus will be developing the Moqueta field in Columbia to drive near-term production growth, while continued development at Bretaña in Peru will drive our midterm growth profile. Gran Tierra Energy continues to execute these programs while retaining a strong balance sheet with a substantial undeveloped reserve base, an unusually long reserve life index, and, after exploration program and appraisal drilling program, have a growing production base and a strong balance sheet. We are perfectly positioned to continue growing our company and look forward to communicating continued success with you for the remainder of this year and beyond. Well that concludes our prepared remarks this afternoon. We would now be pleased to answer any questions you might have. Crystal?

[Operator Instructions] Our first question will come from the line of John Malone from Mizuho Securities.

Just looking at the release, you're talking about Peru, and now you're saying that Q4 will be the likely start for the long-term test. I think Shane mentioned some processing and loading construction you're doing, is that the reason that you delayed it from a Q3 start you talked about previously?

We had planned on September 1 for a start. And just to answer, yes, it's a variety of different construction issues, long lead items and finalizing barges that's caused -- looks like it's probably a month or so delay, pushing it into the fourth quarter.

Okay. And then in Columbia, just on the kind of the back of the envelope numbers you're running so far, it looks like relatively flat year-on-year in terms of production. Am I reading that right, is Costayaco going to decline or is it going to stay flat for the balance of the year?

Costayaco has not started decline. We are expecting to start declining in late this year, perhaps early next year, but it's still on plateau production. Moqueta production is more or less flat. It's going to drilling towards the end of the year. And it looks like that, obviously, continue growing next year. So overall, it's actually flat as you say. There's a few intakes on the different wells, but it's essentially flat.

Okay. And one last one for me. Just I'm kind of taking a step back in looking at Brazil, when you talk about what you need to do, ascertain the commerciality, on the unconventional play there. When do you think you'll have a better handle on whether or not the commercial -- whether it would be -- unconventional play will be commercial and how are things different now than they were looking at it 6 months ago?

Well, now we have more rough data, we've recovered some oil, we have not had commercial flow rates. So what we're doing is stepping back, as you said, evaluating all of our data. We still have another fracture stimulation we want to do on a tight sand. And that point, just have a complete fresh look at all our data, the rock properties, the various test results and decide where to -- where and how to proceed with that program. So I think the decision on next steps will be made later this year, but we won't see any more drilling this year, that would happen next year.

Our next question will come from the line of Alan Knowles from Haywood Securities.

A question on the seismic, you've made a shift from your -- in the amount of 2D down and the 3D up, can you just give us some color as to where you're moving your program around?

What do you mean the program? We got -- and I don't know that we've actually moved the program around. It's the same program. There's been slippage in time on different projects. To tell you the truth I can't think of how we changed the 2D versus 3D on any of our programs.

Okay. I'm just thinking of the emphasis from your -- because you had 2,200 kilometers in your original guidance down to 1,700 on the updated?

I'll have to get back to you, Alan.

Okay. And then, just on Moqueta. So I know you're expecting to get that approval this quarter still. As soon as you get that, is there -- can we look to see you more active in the drilling front-end and then maybe getting after the wells that you want to drill and you've been delaying them, is that fair to say?

I wouldn't say you'll see a quick increase in drilling activity this year. With that permit we'll decide on whether or not and where to build the road and platform, construction, et cetera. The real advantage to getting that permit is, one is the appraisal drilling, which would happen late this year into next year to further delineate the limits in the field, avoid the difficulties we've had with Zapotero and Corunta. In terms of developing the reserves we have now, we're going through a process now to determine whether or not we can actually just proceed with that development from existing pads, not actually need new pads for the water injection and additional development production well drilling. Shane?

Yes, I mean, I think it's important to note that we've done a lot of work already without the permit. And we can continue to do a lot of work without the permit. It's just not optimum from a cost perspective because we've got to move everything by helicopters. We can only drill from certain pads, which means we have to drill more deviated long-reach wells than we'd like. And so, we can actually develop this whole field from the existing pads we have, but it's just not optimum. But we'll continue to do what we have to do to grow production and not wait on the permit, which is what we've been doing.

Okay. And I guess lastly on Proa-3, can you -- do you know the timing on when we might see the results of the testing you're going to be doing there?

Testing is going to take place over the next, I'll say, 2 weeks. So results maybe, end of May.

Our next question will come from the line of Ian Macqueen from Paradigm Capital.

Just a simple question for James, actually. One of the things I noticed for sure is that DD&A on a per barrel basis went down. Is that mostly a function of a higher depletable base on the 2P reserves?

Sorry, depletion is calculated on 1P reserves. And the reason why -- the most significant reason for change compared to prior year is the fact that our 1P reserves increased back up in Colombia. We replaced our production. So essentially moved 2P to 1P last year at the end of the year, which results in a lower DD&A rate at the last quarter and moves into this year. So that's the most significant reason from Colombia. And then, as a reminder, last quarter, we -- in the fourth quarter of 2013, we did have an impairment in our Argentina cost center, which also decreased that depletable base, which will move through into this year.

Right. So we should expect something fairly similar to what we saw in Q1 for the remainder of the year? That's the idea, I guess.

Yes, excluding any potential write-downs that may occur for reasons that right now, we don't -- we're unaware of.

[Operator Instructions] Our next question will come from the line of Felipe Santos from JPMorgan. Felipe Dos Santos - JP Morgan Chase & Co, Research Division: Just some quick questions. What's the company's idea for developing the Peru assets and would it be -- considering finding out to consider considering doing alone and how do you see, I mean, there's increase in CapEx. Do you think that with CapEx, Q4 should be the same?

For Peru, for Bretaña, our plan is just proceed as developing it on our own. At this time. For exploration typically, we will typically bring on partners to help offset our capital exposure, risk capital exposure. So that's something we may evaluate in the future. But right now, for Bretaña, the current plan is just continue alone. I forgot what your second question was. Felipe Dos Santos - JP Morgan Chase & Co, Research Division: That's okay, it's just about the development of Peru, that's perfect.

And now, I'd like to turn the call back over to Mr. Dana Coffield for closing remarks.

All right. Well, I'd like to everyone for joining us today. And we look forward to updating you with our results next quarter.

Ladies and gentlemen, that concludes today's presentation. You may now disconnect. Have a great day.