Good morning, ladies and gentlemen, and welcome to Gran Tierra Energy's Conference Call for Fourth Quarter and Year End 2017 Results. My name is Bruce, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Following the initial remarks, we will conduct a question-and-answer session for securities, analysts and institutions. Instructions will be provided at that time to queue up for your question. [Operator Instructions] I would like to remind everyone that this conference call is being webcast and recorded today, Wednesday, February 28, 2018, at 11 AM Eastern Time. Today's discussion may include certain forward-looking information, oil and gas information, and non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important disclaimers with regard to this information and reconciliation of any non-GAAP measures discussed on today's call. 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 will now turn the conference over to Gary Guidry, President and Chief Executive Officer of Gran Tierra. Mr. Guidry, please go ahead.

Thank you, Operator. Good morning and welcome to Gran Tierra's Fourth Quarter and Year End 2017 Results Conference Call. My name is Gary Guidry, Gran Tierra's CEO. And with me today are Ryan Ellson, our Chief Financial Officer and Rodger Trimble, our Vice President, Investor Relations. We issued a press release yesterday that included detailed financial and operational information on the fourth quarter and year end 2017 results. In addition, Gran Tierra Energy’s 2017 annual report on Form 10-K has been filed on Edgar and is available on our website at grantierra.com. Ryan, Rodger and I will make a few brief comments and then we will open the line for questions. After successfully transforming our portfolio in 2015, 2016 our focus on execution in 2017 delivered strong, financial performance. Our Colombia value focused strategy with emphasis on profitable production growth has generated great results. In 2017, our Colombia only average production was up 20% relative to 2016 and 21% on a per share basis mostly achieved through the drill bit. In the fourth quarter of 2017, we reached an all time high for Gran Tierra of approximately 34,500 barrels of oil equivalent per day, 53% higher than Q2, 2015 when we refocused the company’s strategy. In 2017, our net loss was dramatically lower to $32 million down 93% from 2016 while our funds flow from operations more than doubled to $220 million compared to $105 million in 2016. Our impressive 2017 growth in the funds flow from operations greatly exceeded the 24% increase in Brent oil price in 2017 and is a strong indicator of our sharp focus on controlling our cost structure and optimizing oil marketing strategies. Ryan will now summarize key developments, milestones and financial results for the quarter and the year.

Good morning, everyone. In Q4, 2017 funds flow was up 25% from Q3 to $69 million or $276 million on annualized basis. Gran Tierra had an active Q4 with capital investment of $75 million which exceeded our funds flow by $6 million primarily as a result of acceleration following the Acordionero production facilities. Oil and gas sales increased to $422 million in 2017 up 46% from 2016 and in Q4, were $127 million up 23% from Q3. We have continued to have top quartile performance in 2017 relative to our oil weighted peers in terms of operating netback on a working interest sales basis which increased 47% from 2016 and in Q4 grew by 22% to approximately $29 per BOE relative to Q3. These increases greatly exceed the rise in Brent oil price. Creation of long term stake holder value is at the center of everything we do at Gran Tierra, which we believe is achieved by focusing on capital efficiency and return on invested capital. As we reported a month ago, during 2017, our robust portfolio delivered proved plus probable growth of 18% reserves, 20% in reserves per share, 27% in total NPV to $2.5 billion and 30% in NAV per share to approximately $5.69 per share all in U.S. dollars. Our high quality set of assets is now forecasted to achieve production of approximately 50,000 BOE per day by 2020 based on the 2P forecast from our Independent Reserve Report. With our large resource base, we plan to drill 30 to 35 exploration wells over the next three years, which are expected to be funded by funds flow. This exploration campaign is designed to test the vast majority of our world class portfolio of unrisked mean prospective resources of 1.5 billion BOE, including our dominant position in the…

Good morning. I’ll briefly mention some other key operational highlights during 2017 and into 2018. The Vonu-1 well on the PUT-1 Block where we have an operated 55% working interest continues to be our star performer in the A-Limestone. On a 100% gross basis, it is produced at an average rate of 1974 barrels of oil per day since October 1, 2017 with only modest natural decline observed so far. Since starting production in July 2017, Vonu-1 has produced a total of 415,000 barrels of oil with essentially no water. Costayaco-19, the first vertical well that we re-completed in the A-Limestone in September 2016 has produced a total of 537,000 barrels of oil with virtually no water and has averaged roughly 690 barrels of oil per day since October 1, 2017. In total, on a 100% gross basis Gran Tierra has produced 1.4 million barrels of oil from the A-Limestone today, all at less than 1% water cut. The Costayaco 30 vertical well which targeted the A-Limestone yielded encouraging results after the initial completion. However, after simulation pressure analysis indicates that the completion fluids damage the formation. We are working to redesign and optimize the completion fluids which should then be more compactable with the A-Limestone. We have brought the completion rate back to Costayaco 30 to restimulate the well with the optimized completion fluids and to recommence production testing. We plan to apply our learings at Costayaco 30 to the Siriri-1 Exploration Well on the PUT-4 Block, and to future wells in the A-Limestone. At Siriri-1, during December 2017 we perforated and stimulated 15 feet out of 70 feet of oil pay in the A-Limestone. An oil gradient was measured in the wellbore using wireline pressure gauges and samples of 29 degree API oil were recovered. Also, finger print…

Thank you. [Operator Instructions] One moment for our first question. And our first question comes from the line of Leonardo Marcondes from UBS. Your line is now open.

Hi, guys. Thanks for the call. My first question is regarding our 2018 production guidance. How many extra wells do you do consider drilling in this guidance compared to last year? And I see [Brent has][ph] $57 per barrel, but with the oil at the current level, could we expect a more aggressive number? Thanks.

Thanks for the questions. With respect to development wells. Our total development wells are 19 to 21 gross wells, but most of that is focused in Acordionero field and with respect to change - increase in our capital program at this point we don't intend to increase our capital program.

Okay. That's perfect. Thanks guys.

Thanks.

And our next question comes from the line of Adam Naughton from RBC Capital Markets. Your line is now open.

Yes. Good morning guys. Just quick question from me on Totumillo and when we expect results from the well, just to confirm, should we expect a result from Ayombero sometime next month? Thank you.

I think the answer on Ayombero is, yes, we expect to have test results in the next month or so. We have tested the lowermost zone. We have two more zones to test. On Totumillo we’re in the process of trying to log the well. We expect to have logs and we’ll make a decision on what we see from those logs, so again over the next week or so we should have some results on that.

Okay. Thank you.

And our next question comes from the line of Josef Schachter from Schachter Energy Research. Your line is now open.

Good morning, Gary, Ryan and Rodger, congratulations on the reserve build and the results for the year. First question, I’ve got a few. Given the success of Vonu-1, is there plans for development locations in the latter part of this year to follow up to see how good the discovery is?

The quick answer to that Josef is land access. We’re working on land access on the block that Vonu-1 well is actually drilled from the Chaza block directionally. We do have the capability of potentially drilling one or two more wells from the Chaza block. Our preference is to get direct -- to get land access on the block itself, it makes things a lot simpler to drill the well and also to ultimately produce the well. And so the answer is land access, we think within the next 12 months we will have that and we’re geared up to start appraising and developing the Vonu field. It looks quite exciting to us.

Good. Thanks very much. Second question, given that you have had $150 million of cash and given the presentation Ryan made about cash flow and CapEx for the year. Is there a potential for some acquisitions in 2018? Are there some things potentially coming on the horizon, that do you want to have cash war chest for something like that?

I think the answer is we always look for opportunity. We don't necessarily need anything. We are very opportunity rich, billion and a half barrels of mean prospective unrisked resources. So we have lot to do, highly economic and so we’re quite disciplined in what we do look at, having said that, we always look at upgrading our portfolio. We also look at joint ventures, Ecopetrol have announced several times that they may consider joint ventures in the Magdalena Valley and elsewhere in Colombia. We don't control that pace. And then finally over the last couple of years we've been quite disciplined looking at opportunities in Mexico. We continue to do that. We’re quite encouraged by the joint venture approach that the PEMEX have taken in the last round that we participated in. And economically we see that that's at least what we bid on competes with Colombia.

Okay. Last question from me and there has been some articles in the Economist magazine about National Liberation Army, ELN and also the massive influx of civilians from Venezuela into Colombia over half a million in the February 17th article. Does that affect the Llanos Basin with the massive immigration from Venezuela or the ELN affecting anything in the San Juan basin?

The immigration crossing the border that does not impact the operations that we have ongoing. We’re continually looking at ways that we can help with that problem through the Colombian government and -- but overall it does not impact us. The ELN have been quite active in the country, have not directly impacted our operations. They’ve been active in the Magdalena Valley on infrastructure, causing damage to infrastructure which is logistically made us make alternative routes to get to market with our oil. But though there's lots of infrastructure in the country and overall it's not impacted us but they have been active in the area of our Magdalena operations.

Have you changed the security procedures or done anything there to keep your people safe and because of that, has that increased your cost structure?

Yes. We are always on alert being in remote locations. We are in continuous communication with the police and the military in the country who are managing what’s was going on with the ELN. But I would say, Josef that in general our alert is always high being in remote locations.

Good. Okay. Thanks so much and congratulations on a good year.

Thank you.

Gentlemen, there are no further questions at this time. Please continue.

Thank you, operator. Once again I would like to thank everyone for joining us today. We look forward to speaking with you over the next quarter and update you on our ongoing progress. Thank you.

Ladies and gentlemen, thank for your participation in today’s conference. This does conclude the program and you may all disconnect. Everyone have a great day.