Current oil and gas production at Gran Tierra is at a record high at approximately 40,000 boe per day (boepd).
As of December 16, 2018, oil and gas production in the fourth quarter averaged 38,220 boepd, which is an increase of 6% from the third quarter of 2018 and 11% growth year/year.
Looking into 2019, the company expects to see 2019 average production come in at 40,000 to 42,000 boepd, which represents organic growth of 12% to 18% over average production in the first nine months of 20181 and an increase of 27% to 34% over 2017 average production. In 2018, average production through September 30, 2018 was 35,683 boepd.
The company is also forecasting 2019 cash flow of $365-375 mln at $65/barrel Brent crude oil prices. Plans in 2019 are expected to build on the operational momentum achieved by our team in 2018, to be fully funded from cash flow and to deliver the next phase of transformative production and reserves growth.
Within the company's 2019 expense budget, it's forecasting decreases in both of its operating and general and administrative costs per boe compared to 2018.
Shares of GTE were near $4/share before sliding over 40% lower, which came as oil prices collapsed. Now shares are close to the $2.30/share area.