India, Aug. 5 -- Gran Tierra Energy Inc. (GTE), a company engaged in exploration and production of oil and gas, Wednesday announced that is has agreed to sell its oil business in Colombia and Ecuador to Maurel & Prom S.A, an oil and natural gas exploration and production company owned by PT Pertamina for $1.33 billion.
This transaction is the result of the Gran Tierra's continuous strategic portfolio review with an aim to step-change in the company's financial position and provides stockholders with a fully funded growth vehicle.
Gran Tierra is expected to use a portion of the net cash proceeds to return capital to stockholders through a share repurchase of the common shares of the company, with the balance proceeds used to fund the compa...