August 31, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gran Tierra Energy, Inc. (AMEX: GTE) (TSX: GTE) said that it has finalized an agreement with Alvorada Petroleo S.A., under which Gran Tierra Energy will pay $22.6 million and fulfill certain commitments, including in part, the drilling of 2 wells in 2011, to receive a 70% working interest in Blocks REC-T-129, -142, -155 and -224 in the on-shore Reconcavo Basin, Brazil. According to Grand Tierra, the transaction is subject to the firm obtaining the customary regulatory approval from Brazil's Agencia Nacional de Petroleo Gas Natural e Biocombustiveis.

Dana Coffield, CEO of Gran Tierra Energy, said, "This farm-in opportunity presents Gran Tierra Energy with a solid entry-point into Brazil, with new light oil reserves, production and exploration upside, including near-term drilling opportunities."

Canada-based Gran Tierra Energy is an oil and gas exploration and production company operating in South America. The firm holds interests in producing and prospective properties in Argentina, Colombia, Peru, and Brazil.

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