Gran Tierra Energy Inc. Announces Signing of Onshore Exploration, Development and Production Sharing Agreement with the State Oil Company of the Republic of Azerbaijan

CALGARY, Alberta, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE:GTE) (TSX:GTE) (LSE:GTE) is pleased to announce that it has signed, through an indirect wholly owned subsidiary, an exploration, development and production sharing agreement ("EDPSA") for the onshore Guba- Khazaryani region within the Republic of Azerbaijan (the "Contract Area") with the State Oil Company of the Republic of Azerbaijan ("SOCAR").

"We are extremely excited about the opportunity to enter Azerbaijan, which we view as a compelling addition to Gran Tierra's portfolio, and we are honored to be welcomed by the Republic of Azerbaijan and to partner with SOCAR, a highly professional, world-class integrated energy company," said Gary Guidry, President and Chief Executive Officer of Gran Tierra. "We believe this represents an early, scaled entry through SOCAR's bid round into a jurisdiction that is clearly supportive of the continued development of its hydrocarbon resources, under a stable and transparent framework, as demonstrated by several recently announced production sharing agreements. Gran Tierra's nimble operating model and proven track record of exploration and development in complex geologies position us well to advance exploration and development activities in Azerbaijan. Azerbaijan is a deeply established hydrocarbon province with major discoveries and a world-class, export-ready infrastructure system, supported by more than a century of oil and gas production history, including some of the world's earliest and most prolific commercial oil developments. This aligns well with our strategy of pursuing risk-mitigated, capital-efficient growth in regions with demonstrated upside. Importantly, Azerbaijan plays a critical role in European energy security, supplying both oil and gas to key European markets, and we are excited about the opportunity to participate in that value chain over the long term."

The effectiveness of the EDPSA remains subject to certain customary and legal conditions, including approval by the legislature of the Republic of Azerbaijan and various other requisite legal formalities and procedures.

Key Highlights

• EDPSA provides significant access rights in a proven region, with access to established infrastructure and exposure to a contiguous basin trend supported by shared geology, legacy well control, and seismic data, providing clear exploration, appraisal, and development upside.
• Azerbaijan is a world-class petroleum region anchored by some of the largest conventional oil and gas fields globally. The Contract Area surrounds an approximately 65-kilometer-long structure that has produced more than 100 million barrels of oil and more than 200 billion cubic feet of natural gas, underscoring the scale and quality of the petroleum system in Azerbaijan.
• Allows Gran Tierra to leverage its proven expertise in exploration, appraisal, development, and optimization, pairing the Company's core technical and operational capabilities with strategic access to European markets, and clear, capital-efficient development horizons.
• Gran Tierra has secured a 65% working interest ("WI") and operatorship of the Contract Area, which equals approximately 0.4 million gross acres, more than two times our current acreage in Ecuador.
• Gran Tierra's EDPSA has five years for exploration and appraisal, and 25 years for development of any economic discoveries, with potential to extend development an additional five years.
• The exploration period consists of an initial three-year phase followed by a second two-year phase. The initial phase includes the acquisition of a gravity study, together with a commitment to drill two wells and acquire 250 km² of 3D seismic. The second phase carries a further commitment to drill two wells and acquire an additional 250 km² of 3D seismic. Upon completion of the initial phase, the Company has the option to proceed into the second phase.
• Gran Tierra expects to commence an airborne gravity study in 2026, with seismic acquisition and drilling activities planned to begin in 2027. These activities are expected to be funded by the Company's forecasted net cash provided by operating activities.
  
  
  
  

Contact Information

For investor and media inquiries please contact:

Gary Guidry, Chief Executive Officer

Ryan Ellson, Executive Vice President & Chief Financial Officer

+1-403-265-3221

[email protected]

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company's portfolio. The Company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company's website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to [email protected] or (403) 265-3221.

Gran Tierra's filings with the U.S. Securities and Exchange Commission (the "SEC") are available on the SEC website at http://www.sec.gov. Gran Tierra's Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Forward Looking Statements and Legal Advisories:

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), which can be identified by such terms as "expect," "plan," "can," "will," "should," "guidance," "estimate," "forecast," "signal," "progress" "believes" and "remains subject to," derivations thereof and similar terms are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, estimated quantities and net present values of reserves and other resources, capital program, and the ability to fund the Company's exploration program over a period of time, statements about the Company's financial and performance targets and other forecasts or expectations regarding, or dependent on, the Company's business outlook for 2026 and beyond, capital spending plans and any benefits of the changes in our capital program or expenditures, well performance, production, the restart of production and workover activity, future development costs, infrastructure schedules, waterflood impacts and plans, growth of referenced reserves and other resources, forecast prices, five-year expected oil sales and cash flow and net revenue, estimated recovery factors, liquidity and access to capital, the Company's strategies and results thereof, the Company's expectations regarding organic and inorganic growth opportunities, the expected effectiveness of the EDPSA in Azerbaijan and the timing and execution of the related exploration program, the Company's operations including planned operations and developments, disruptions to operations and the decline in industry conditions, and expectations regarding environmental commitments.

The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the effects of drilling down-dip, the effects of waterflood and multi-stage fracture stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions in Canada, Colombia, Ecuador and Azerbaijan and areas of potential expansion, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: certain of Gran Tierra's operations are located in South America and the Company is pursuing activities in other international jurisdictions, including Azerbaijan, and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests, civil unrest, sanctions-related restrictions, or other political instability; risks associated with the Company's potential entry into Azerbaijan, including the risk that the EDPSA may not become effective or may be delayed due to failure to obtain required legislative or governmental approvals, and political, regulatory or legal risks associated with operating in a new jurisdiction and the risk that exploration activities may not result in commercial discoveries; technical difficulties and operational difficulties may arise which impact the production, transport or sale of Gran Tierra's products; other disruptions to local operations; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and natural gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the ongoing conflicts in Ukraine, the Middle East and Venezuela, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil and natural gas prices and oil and natural gas consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges, the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of Gran Tierra's products; the ability of Gran Tierra to execute its business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for Gran Tierra's operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of Gran Tierra's common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra's ability to comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra's periodic reports filed with the SEC, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 24, 2025 and its other filings with the SEC. These filings are available on the SEC's website at http://www.sec.gov and on SEDAR at www.sedar.com.

The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management's experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risks and uncertainties, many of which are beyond Gran Tierra's control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable.

Certain information in this press release may constitute "analogous information" as defined in NI 51-101, including but not limited to, information relating to the properties or wells in geographical proximity to properties that are or may be held by Gran Tierra. Such information has been obtained from independent government sources, regulatory agencies or other industry participants. Gran Tierra believes the information is relevant as it helps to define the reservoir or asset characteristics in which Gran Tierra holds or may hold an interest. Gran Tierra is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor pursuant to NI 51-101 in accordance with the COGE Handbook. Such information is not an estimate of the reserves or asset characteristics attributable to properties held or potentially to be held by Gran Tierra and there is no certainty that the reservoir data and economics information for the properties held or potentially to be held by Gran Tierra