GTE

GTE Corporation, formerly General Telephone & Electronics Corporation was the largest independent telephone company in the United States during the days of the Bell System.Originally founded in 1926 as Associated Telephone Utilities, it went bankrupt in 1933 during the Great Depression, and reorganized as General Telephone in 1934. In 1991, it acquired the third largest independent, Continental Telephone . They also owned Automatic Electric, a telephone equipment supplier similar in many ways to Western Electric, and Sylvania Lighting, the only non-communications-oriented company under GTE ownership. GTE provided local telephone service to a large number of areas of the U.S. through operating companies, much as American Telephone & Telegraph provided local telephone service through its 22 Bell Operating Companies.The company also acquired BBN Planet, one of the earliest Internet service providers, in 1997. That division became known as GTE Internetworking, and was later spun off into the independent company Genuity to satisfy Federal Communications Commission requirements regarding the GTE-Bell Atlantic merger that created Verizon.GTE operated in Canada via large interests in subsidiary companies such as BC TEL and Quebec-Téléphone. When foreign ownership restrictions on telecommunications companies were introduced, GTE's ownership was grandfathered. When BC Tel merged with Telus ) to create BCT.Telus, GTE's Canadian subsidiaries were merged into the new parent, making it the second-largest telecommunications carrier in Canada. As such, GTE's successor, Verizon Communications, was the only foreign telecommunications company with a greater than 20% interest in a Canadian carrier, until Verizon completely divested itself of its shares in 2004.In the Caribbean, CONTEL purchased several major stakes in the newly independent countries of the British West Indies .Prior to GTE's merger with Bell Atlantic, GTE also maintained an interactive television service joint-venture called GTE mainStreet as well as an interactive entertainment and video game publishing operation, GTE Interactive Media. Wikipedia.


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This work evaluates the transient convective exchanges taking place in a building wall made up of air-filled inclined cells. Each cell is formed by two vertical active walls connected by a channel of insulating material. The active hot wall is composed by alternated isothermal and adiabatic bands and is opposite to the active cold wall. Both walls are vertical and separated by a distance equal to their height. The channel connecting these walls is inclined at an angle α with respect to the horizontal, being the values considered in the present work 0° (square cell), ±15°, ±30°, ±45° and ±60°. Two-dimensional temperature fields and streamlines are presented at some representative instants. The temporal evolution of the average Nusselt number at each band of the hot wall is determined for all the treated configurations. Numerical results are validated by comparison with other experimental and numerical studies for cavities with isothermal hot wall in steady state. The maximum deviation found is about 9% for the Nusselt number. This can be considered as very satisfactory for this type of studies characterized by high Rayleigh numbers varying between 1 × 105 and 3 × 108, representative of real building installations. © 2010 Elsevier B.V. All rights reserved.


This work is intended to improve the operation of on-board radar systems contained in the disk of an inclined air-filled hemispherical cavity. When the device is switched on, its thermal behaviour is driven by the transient convection heat transfer that precedes the steady state. The heat flux density imposed on the device, the radius of the disk and its inclination with respect to the horizontal are the most influential parameters on this phenomenon. Nusselt-Rayleigh-Fourier correlations are proposed to calculate the transient convective heat exchanges. These relationships cover a wide range of Rayleigh numbers varying between 104 and 3.2 × 1011 and inclination angles comprised between 0° (horizontal cavity) and 90°(vertical cavity) in steps of 15°. These results are obtained by numerical approach based on the finite volume method and supplement steady state correlations presented in previous works validated experimentally. The large Rayleigh number and inclinations ranges considered in this work allow application of the proposed correlations in several other engineering fields such as solar energy, security of persons, domotics or installation safety. © 2014 Elsevier Ltd. All rights reserved.


Correlations of the type Nusselt-Rayleigh-Fourier are proposed to determine the convective exchanges that occur in transient regime in closed cavities of parallelogrammic section. They complement the correlations obtained in a previous work for steady state. The active vertical walls of these cavities are vertical, maintained isothermal and differentially heated, while the closing channel is adiabatic. This work covers a wide range of the Rayleigh number 1.84 × 105 ≤ Ra ≤ 1.70 × 109 and different angles of inclination ranging from -60° to 60°, enabling applications in several fields of engineering such as building, solar energy or power electronics. Correlations are obtained from numerical results based on the finite volume method and are validated by measurements. © 2012 Elsevier Ltd. All rights reserved.


Bairi A.,GTE
International Communications in Heat and Mass Transfer | Year: 2015

Qualification and quantification of the natural convective phenomena are examined in the case of a Quad Flat Non-lead (QFN32). This active electronic package is inclined with respect to the horizontal plane by an angle varying between 0° and 90° corresponding to the horizontal and vertical position respectively. It generates during its operation a constant volumetric heat flux leading to Rayleigh numbers varying in the range 1.31x107-1.01x108. The walls of the large air-filled cubic cavity containing this device are maintained isothermal. The temperature and velocity fields are presented for different combinations of the Rayleigh number and inclination angle. The convective heat transfer concerning the whole component exchange surface is determined for all the treated configurations. Correlations of Nusselt-Rayleigh type are proposed. They allow optimizing the thermal design of electronic assemblies used in various engineering domains. © 2015 Elsevier Ltd.


This work quantifies the natural convective heat transfer occurring in hemispherical air-filled cavities whose disk is inclined at an angle varying between 0° and 90°. This active hot disk as well as the dome are maintained isothermal at different temperatures. The numerical approach by means of the control volume method allows the examination of the dynamical phenomena that occurs in many configurations obtained by varying the temperature difference between the two active walls and the radius of the hemisphere. Convective heat transfer at the hot wall is represented by the average Nusselt number associated to Rayleigh numbers varying between 104 and 2.55×1012. By taking into account all the studied configurations, correlations between these two dimensionless numbers are established for the set of considered inclination angles. Comparisons with results from other studies for the case of horizontal cavity show a good agreement. The relationships presented here cover the laminar, transitional and turbulent heat transfer regimes. They complement previous studies with the condition of heat flux imposed on the disk. The wide range of Rayleigh numbers considered in this survey and its association with the large inclination angle range allow the application of the correlations to various engineering fields such as nuclear technology, solar energy, building, embarked electronics, architecture, safety or domotics. © 2014 Elsevier Ltd.


Methods and systems are provided for communicating data from wireline terminals to mobile terminals in a telecommunications network, which includes a home node associated with the mobile terminal and one or more visited nodes. To establish communication with a mobile terminal, a wireline terminal sends data to a server in the telecommunications network. The server identifies a mobile identification number associated with the mobile terminal, and based on the identified mobile identification number, the server determines a route that excludes the home node when the mobile terminal is out of the geographical area served by the home node. The server then establishes via the determined route a connection to the mobile terminal and sends to the mobile terminal the data received from the wireline terminal.


Grant
Agency: Cordis | Branch: FP7 | Program: BSG-SME-AG | Phase: SME-2013-2 | Award Amount: 2.78M | Year: 2014

The production and installation of resilient flooring in public and private buildings is a major business in Europe involving various sectors including material and coating production, designers, architects, installers, cleaners as well as the end-users. The main requirements are: durability, ease of installation, optical appearance, ease of cleaning and low cost maintenance. On the other hand slip accidents are a major source of injury in Europe. The floorings industry is therefore challenged to develop flooring with improved slip behaviour under varying environmental conditions (humidity caused by rain or cleaning can reduce friction dramatically). Besides there is often a conflict of interest between decreasing slipperiness and maintaining ease of cleaning because conventional approaches to reduce slipperiness imply the macroscopic roughening of the surface resulting in the collection of dirt (problem in hospitals). With new standards and testing methods harmonised in Europe this problem becomes more prominent, requiring substantially new and innovative approaches to address the problem by the flooring industry, like material suppliers, coating technology manufacturers, flooring installers, cleaners and companies developing testing methods. SlipSafe involves the key players in the industry in an integrated bottom-up approach. Based on fundamental studies of the tribological phenomena of slip under varying environmental conditions, SlipSafe will develop new intelligent material formulations and processes to gain control of the interface between flooring and shoe. New technologies will allow the use of these new materials in flooring manufacturing as well as in an after-treatment process to renew existing or worn out floorings with anti-slip properties. A key aim is to at least double service life and to allow easy cleaning. An important factor will be development of a new testing method, allowing monitoring of slipperiness as a function of the wear of installed flooring material.


LONDON, UK / ACCESSWIRE / February 17, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Oil & Gas - E&P industry. Companies recently under review include Tourmaline Oil, Gran Tierra Energy, Advantage Oil & Gas, and Pine Cliff Energy. Get all of our free research reports by signing up at: http://www.activewallst.com/register/. At the close of the Canadian markets on Thursday, February 16, 2017, the Toronto Exchange Composite index ended the trading session at 15,864.17, 0.12% higher from its previous closing price. The Energy Index was in the red, closing the day at 206.14, down 0.16%. Active Wall St. has initiated research reports on the following equities: Tourmaline Oil Corporation (TSX: TOU), Gran Tierra Energy Inc. (TSX: GTE), Advantage Oil & Gas Ltd. (TSX: AAV), and Pine Cliff Energy Ltd. (TSX: PNE). Register with us now for your free membership and research reports at: http://www.activewallst.com/register/. On Thursday, shares in Calgary, Canada-based Tourmaline Oil Corp. ended the session 0.73% lower at $31.27 with a total volume of 987,735 shares traded. Tourmaline Oil's shares gained 17.16% in the past one year. Shares of the company, which together with its subsidiaries, engages in the acquisition, exploration, development, and production of petroleum and natural gas properties in the Western Canadian Sedimentary Basin, are trading below its 50-day and 200-day moving averages. Furthermore, the stock's 200-day moving average of $34.72 is greater than its 50-day moving average of $31.74. See our research report on TOU.TO at: http://www.activewallst.com/register/. Calgary, Canada headquartered Gran Tierra Energy Inc.'s stock closed the day 0.28% lower at $3.56. The stock recorded a trading volume of 918,145 shares. Shares he company, which engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $3.79 is greater than its 50-day moving average of $3.58. The complimentary research report on GTE.TO at: http://www.activewallst.com/register/. Calgary, Canada headquartered Advantage Oil & Gas Ltd's stock edged 0.23% higher, to finish Thursday's session at $8.66 with a total volume of 370,994 shares traded. Over the last one month and the previous one year, Advantage Oil & Gas' shares have gained 1.64% and 21.12%, respectively. The Company's shares are trading above its 50-day moving average. Advantage Oil & Gas's 200-day moving average of $9.03 is above its 50-day moving average of $8.55. Shares of the Company, which together with its subsidiaries, acquires, exploits, develops, and produces oil and gas in the province of Alberta, Canada, are trading at a PE ratio of 346.40. Register for free and access the latest research report on AAV.TO at: http://www.activewallst.com/register/. On Thursday, shares in Calgary, Canada headquartered Pine Cliff Energy Ltd recorded a trading volume of 6.79 million shares, which was higher than their three months average volume of 632,214 shares. The stock ended the day 2.41% lower at $0.81. Pine Cliff Energy's stock has advanced 5.19% in the past one year. Shares of the Company, which engages in the acquisition, exploration, development, and production of natural gas, crude oil, and natural gas liquids in the Western Canadian Sedimentary Basin, are trading below its 50-day and 200-day moving averages. The stock's 200-day moving average of $1.03 is above its 50-day moving average of $0.99. Get free access to your research report on PNE.TO at: http://www.activewallst.com/register/. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / February 17, 2017 / Active Wall St. announces the list of stocks for today's research reports. Pre-market the Active Wall St. team provides the technical coverage impacting selected stocks trading on the Toronto Exchange and belonging under the Oil & Gas - E&P industry. Companies recently under review include Tourmaline Oil, Gran Tierra Energy, Advantage Oil & Gas, and Pine Cliff Energy. Get all of our free research reports by signing up at: http://www.activewallst.com/register/. At the close of the Canadian markets on Thursday, February 16, 2017, the Toronto Exchange Composite index ended the trading session at 15,864.17, 0.12% higher from its previous closing price. The Energy Index was in the red, closing the day at 206.14, down 0.16%. Active Wall St. has initiated research reports on the following equities: Tourmaline Oil Corporation (TSX: TOU), Gran Tierra Energy Inc. (TSX: GTE), Advantage Oil & Gas Ltd. (TSX: AAV), and Pine Cliff Energy Ltd. (TSX: PNE). Register with us now for your free membership and research reports at: http://www.activewallst.com/register/. On Thursday, shares in Calgary, Canada-based Tourmaline Oil Corp. ended the session 0.73% lower at $31.27 with a total volume of 987,735 shares traded. Tourmaline Oil's shares gained 17.16% in the past one year. Shares of the company, which together with its subsidiaries, engages in the acquisition, exploration, development, and production of petroleum and natural gas properties in the Western Canadian Sedimentary Basin, are trading below its 50-day and 200-day moving averages. Furthermore, the stock's 200-day moving average of $34.72 is greater than its 50-day moving average of $31.74. See our research report on TOU.TO at: http://www.activewallst.com/register/. Calgary, Canada headquartered Gran Tierra Energy Inc.'s stock closed the day 0.28% lower at $3.56. The stock recorded a trading volume of 918,145 shares. Shares he company, which engages in the acquisition, exploration, development, and production of oil and gas properties in Colombia, Peru, and Brazil, are trading below their 50-day and 200-day moving averages. Moreover, the stock's 200-day moving average of $3.79 is greater than its 50-day moving average of $3.58. The complimentary research report on GTE.TO at: http://www.activewallst.com/register/. Calgary, Canada headquartered Advantage Oil & Gas Ltd's stock edged 0.23% higher, to finish Thursday's session at $8.66 with a total volume of 370,994 shares traded. Over the last one month and the previous one year, Advantage Oil & Gas' shares have gained 1.64% and 21.12%, respectively. The Company's shares are trading above its 50-day moving average. Advantage Oil & Gas's 200-day moving average of $9.03 is above its 50-day moving average of $8.55. Shares of the Company, which together with its subsidiaries, acquires, exploits, develops, and produces oil and gas in the province of Alberta, Canada, are trading at a PE ratio of 346.40. Register for free and access the latest research report on AAV.TO at: http://www.activewallst.com/register/. On Thursday, shares in Calgary, Canada headquartered Pine Cliff Energy Ltd recorded a trading volume of 6.79 million shares, which was higher than their three months average volume of 632,214 shares. The stock ended the day 2.41% lower at $0.81. Pine Cliff Energy's stock has advanced 5.19% in the past one year. Shares of the Company, which engages in the acquisition, exploration, development, and production of natural gas, crude oil, and natural gas liquids in the Western Canadian Sedimentary Basin, are trading below its 50-day and 200-day moving averages. The stock's 200-day moving average of $1.03 is above its 50-day moving average of $0.99. Get free access to your research report on PNE.TO at: http://www.activewallst.com/register/. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


CALGARY, ALBERTA--(Marketwired - March 1, 2017) - Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE MKT:GTE)(TSX: GTE), a company focused on oil and gas exploration and production in Colombia, today announced the Company's financial and operating results for the fourth quarter and year ended December 31, 2016. All dollar amounts are in United States ("U.S.") dollars unless otherwise indicated. Per barrel of oil equivalent ("BOE") amounts are based on working interest ("WI") sales before royalties. For per BOE amounts based on net after royalty ("NAR") production, see Gran Tierra's Annual Report on Form 10-K filed February 28, 2017. Unless otherwise expressly stated, all reserves and resources values contained in this press release have been calculated in compliance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") and are based on the Company's 2016 year-end estimated reserves as evaluated by the Company's independent qualified reserve evaluator McDaniel & Associates Consultants Ltd. ("McDaniel") in a report with an effective date of December 31, 2016 (the "GTE McDaniel Reserves Report"). Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented "During 2016, Gran Tierra successfully transformed its portfolio by delivering on our strategy of building a high-quality, diversified suite of assets in Colombia with high netback production, low base production declines, an expanded drilling inventory and a large resource base. Now that we have transformed the portfolio, our focus is on execution. With our delivery of strong production growth in fourth quarter 2016, we are demonstrating that Gran Tierra has created a sustainable business model which we expect to be fully funded point-forward by forecasted cash from operating activities. Since we operate over 90% of our production, Gran Tierra also has significant control and flexibility on capital allocation and timing. We transformed our portfolio through four strategic, accretive acquisitions in Colombia in 2016 (three completed, one pending), which established a dominant land position in the highly prospective, underexplored Putumayo Basin and a new core area in the prolific Middle Magdalena Valley Basin. Our high quality asset base now has 74% of its 2P reserves contained in three large operated, conventional, onshore Colombian oil assets: Acordionero, Costayaco and Moqueta. As we reported on January 23, 2017, this transformed portfolio delivered, during 2016, proved ("1P"), proved plus probable ("2P") and proved plus probable plus possible ("3P") WI reserves growth of 51%, 91% and 146% respectively, compared to 2015. Our inventory of net undrilled development locations has grown to 36 (2P) and 54 (3P) during the year. We are also pleased that we were able to increase our 2P reserve life index from 7.8 years to 11.1 years3. This robust set of assets is now expected to have visibility to 2018 WI production greater than 40,000 BOEPD by 2018, based on the 2P forecast. With our large resource base, we also plan to drill 30 to 35 exploration wells over the next three years, which are all expected to be funded by cash from operating activities. Our exploration campaign is designed to test the majority of our portfolio of prospective resources with these wells, including our now dominant Putumayo position in the emerging "N" Sand and "A" Limestone oil play fairways. We believe Gran Tierra ended 2016 on a strong note by delivering strong production growth in fourth quarter 2016, as we realized the first full three months of production from the PetroLatina acquisition which closed August 23, 2016. Fourth quarter 2016 WI production averaged 31,031 BOEPD, an increase of 34% from fourth quarter 2015's level of 23,138 BOEPD and an increase of 20% from the Prior Quarter. Commensurate with our increased production, our funds flow from operations1 saw a substantial increase of 54% in fourth quarter 2016 to $36.2 million compared with $23.5 million in the Prior Quarter. Oil prices increased in fourth quarter 2016, with Brent prices averaging $51.13 per barrel, a 9% increase from the Prior Quarter, while Gran Tierra's realized oil price also rose by 9% to $31.89 per BOE in the same time period. Gran Tierra continued to be successful in driving down combined operating and transportation expenses to $11.10 per BOE in the fourth quarter, a decrease of 17% from the Prior Quarter. We believe our low cost structure and growing production base allow us to be successful in a variety of pricing environments. Our ongoing focus on cost reductions allowed us to increase our operating netback in fourth quarter 2016 to $20.79 per BOE, up 31% from the Prior Quarter, a larger increase than the 9% increase in the Brent oil price over the same period. On behalf of our Board of Directors and the team at Gran Tierra, I want to thank all of our stakeholders for their continued support. We believe that our focused strategy is delivering results on several fronts and that Gran Tierra is well positioned for an exciting year of growth in 2017 and beyond as we efficiently create value in the multi-horizon, proven hydrocarbon producing basins of Colombia." Financial and operating highlights for the year include: Financial and Operational Highlights (all amounts in $000s, except per share and BOE amounts) (1) Operating netbacks, earnings before interest, taxes, depletion, depreciation, accretion and impairment ("DD&A") ("EBITDA"), funds flow from operations and cash netbacks, are non-GAAP measures and do not have a standardized meaning under generally accepted accounting principles in the United States of America ("GAAP"). Refer to "Non-GAAP Measures" in this press release for descriptions of these non-GAAP measures and reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP. (2) Based on number of shares of Gran Tierra's common stock and exchangeable shares issued and outstanding at December 31, 2016, of 399.0 million and number of shares of Gran Tierra's common stock and exchangeable shares issued and outstanding at December 31, 2015, of 282.0 million. Net working capital and long-term debt at December 31, 2016, and working capital at December 31, 2015, prepared in accordance with generally accepted accounting principles in the United States of America. (3)2016 and 2015 reserve life index is calculated by dividing the reserves (in BOE) in the referenced category by average fourth quarter 2016 WI production of 31,031 BOEPD and fourth quarter 2015 WI production of 23,138 BOEPD, respectively. (4)Per BOE amounts are based on WI sales before royalties. For per BOE amounts based on NAR production, see Gran Tierra's Annual Report on Form 10-K filed February 28, 2017. With expected 2017 average WI production before royalties of 34,000 to 38,000 BOEPD, Gran Tierra expects approximate 2017 cash from operating activities and approximate 2017 expenses to be in the following ranges: (1) Budgeted 2017 Brent oil price of $56.00 per bbl is approximately equal to the average forward month pricing for Brent for 2017 of $56.68 per bbl as of December 16, 2016. Gran Tierra will host its fourth quarter and full year 2016 results conference call on Wednesday, March 1, 2017, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by dialing 1-844-348-3792 or 1-614-999-9309 (North America), 00800-028-8438 or 020-3107-0289 (United Kingdom) or 01-800-913-0176 (Colombia). The call will also be available via webcast at www.grantierra.com. An archive of the webcast will be available on Gran Tierra's website until the next earnings call. For interested parties unable to participate, an audio replay of the call will be available following the call until March 3, 2017. To access the replay dial 1-855-859-2056 or 1-404-537-3406 (North America) and use passcode 71220946. Gran Tierra Energy Inc. is an independent international energy company focused on oil and natural gas exploration and production in Colombia. The Company also has business activities in Peru and Brazil. The Company is focused on its existing portfolio of assets in Colombia and will pursue new growth opportunities throughout Colombia, leveraging our financial strength. The Company's common shares trade on the NYSE MKT and the Toronto Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221. Gran Tierra's Securities and Exchange Commission filings are available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com. 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"). Such forward-looking statements include, but are not limited to Gran Tierra's strategic focus, growth strategy, and operations including planned operations and the planned completion of the acquisitions, Gran Tierra's 2017 budget, expected future net cash provided by operating activities (described in this press release as "cash from operating activities"), expected reserve life, production estimates, drilling and infrastructure schedules, our ability to grow in both the near and long term and the funding of our growth opportunities; our plans, objectives, expectations and intentions regarding production, exploration and exploration upside, development; Gran Tierra's financial position including liquidity and financial capacity, our ability to complete the Brazil divestiture, and the future development of the Company's business. 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 including in areas of potential expansion, and the ability of Gran Tierra to execute its current 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: sustained or future declines in commodity prices and potential resulting future impairments and reductions in proved reserve quantities and value; Gran Tierra's operations are located in South America, and unexpected problems can arise due to guerrilla activity; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; geographic, political and weather conditions can impact the production, transport or sale of our products; the ability of Gran Tierra to execute its business plan; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; the risk that oil prices could continue to fall, or current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; and the risk factors detailed from time to time in Gran Tierra's periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Annual Report on Form 10-K for the year ended December 31, 2016. These filings are available on the Web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at www.sedar.com. Although the current capital spending program and long term strategy of Gran Tierra is based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed. 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. The forward-looking statements included in this press release are made as of the date of this press release and 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 securities laws. Gran Tierra's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The estimates of future production and cash from operating activities set forth in this press release may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational information for 2017 and cash from operating activities for 2017. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. These projections may also be considered to contain future-oriented financial information or a financial outlook. The actual results of Gran Tierra's operations for any period will likely vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net loss or other measures of financial performance as determined in accordance with GAAP. Gran Tierra's method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. Operating netback, as presented, is oil and gas sales net of royalties and operating and transportation expenses. Cash netback as presented is net loss before DD&A expenses, asset impairment, deferred income tax recovery or expense, amortization of debt issuance costs, unrealized foreign exchange gains and losses, gain on acquisition, other gain, non-cash operating and G&A expenses and unrealized financial instruments gains and losses. Management believes that operating and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra's principal business activities prior to the consideration of other income and expenses. See the table on the first page of this press release for the components of operating netback. A reconciliation from net loss to cash netback is as follows: EBITDA, as presented, is net loss adjusted for DD&A expenses, asset impairment, interest expense and income tax recovery or expense. Management uses this financial measure to analyze performance and income or loss generated by Gran Tierra's principal business activities prior to the consideration of how non-cash items affect that loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and the Company's financial results. A reconciliation from net loss to EBITDA is as follows: Funds flow from operations, as presented, is net cash provided by operating activities adjusted for net change in assets and liabilities from operating activities and cash settlement of asset retirement obligation. Management uses this financial measure to analyze liquidity and cash flows generated by Gran Tierra's principal business activities prior to the consideration of how changes in assets and liabilities from operating activities and cash settlement of asset retirement obligation affect those cash flows, and believes that this financial measure is also useful supplemental information for investors to analyze Gran Tierra's liquidity and financial results. A reconciliation from net cash provided by operating activities to funds flow from operations is as follows: DISCLOSURE OF OIL AND GAS INFORMATION AND OPERATIONAL INFORMATION Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. Estimates of net present value contained herein do not necessarily represent fair market value of reserves. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. Gran Tierra's oil and gas reserves statement for the year ended December 31, 2016, which includes complete disclosure of its oil and gas reserves and other oil and gas information as derived from the GTE McDaniel Reserves Report and prepared in accordance with NI 51-101, is available on SEDAR at http://www.sedar.com. BOEs have been converted on the basis of 6 thousand cubic feet ("Mcf") of natural gas to 1 barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a BOE conversion ratio of 6 Mcf: 1 barrel would be misleading as an indication of value. This press release contains certain oil and gas metrics, including net asset value per share, operating netback, cash netback and reserve life index, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. Investors are urged to consider closely the disclosures and risk factors in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC, available from the Company's offices or website. These forms can also be obtained from the SEC via the internet at www.sec.gov or by calling 1-800-SEC-0330. Disclosure of Reserve Information and Cautionary Note to U.S. Investors Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable U.S. Securities and Exchange Commission ("SEC") rules and disclosure requirements of the U.S. Financial Accounting Standards Board ("FASB"), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a "company gross" basis, representing Gran Tierra's working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements. In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, "SEC requirements"). Disclosure of such information in accordance with SEC requirements is included in the Company's Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC's definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company's oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.


News Article | February 27, 2017
Site: www.theguardian.com

There has rarely been as much excitement in the phone world as over news that the iconic Nokia 3310 is making a comeback. Launched way back in 2000, a naive age when people bought mobile phones in order to talk to each other, the handset is still famed for its lengthy battery life, structural solidity and Snake II. Seventeen years later, modern smartphones are crammed with high-tech features, but you have to charge them constantly and their demands on our attention – via endless social media alerts, updates and notifications – are becoming tiresome. Some people yearn for a simpler age when the phone just did what it was primarily designed for and most of your text messages were from confused relatives saying ‘AM I USING THIS CORRECTLY’. This kind of industrial technology nostalgia is usually just that – nostalgia. Very rarely do people actually really want to go back to primitive formats. You can yearn whimsically for the warm-toned glory days of the VHS player, but just remember when you had to program one to record Match of the Day. That’s right, they called it programming – because it was complicated and it often didn’t work. But the Nokia 3310 was also easy to use. It provided a service that is still relevant and valid today. So, is there a Nokia 3310 of gaming? Has there ever been a games machine that has truly outlived its technological zenith? An argument could definitely be made for the Nintendo Entertainment System (Nes), the box-like console from 1983 that brought Nintendo into the home console sector and became so ubiquitous that people all over the world started referring to “playing video games” as “playing Nintendo”. That machine, with its rugged build, large game cartridges and simple flat joypads (designed specifically to withstand being stood on if left on the living room floor) was certainly intended to last. There was no operating system to update, no online infrastructure to be hacked, you put a cartridge in, switched the machine on, and played the game. And what games they were: Super Mario, Castlevania, Bubble Bobble, Metroid … though visually dated these titles are still compelling and exciting – they function, just like Snake II does, as pure electronic entertainment. Nintendo was so sure of the console’s appeal that it released a new, miniaturised version at the end 0f 2016 – which promptly sold out globally. It’s not the only old games machine to be repackaged like this – there are lots of third-party machines that emulate the Nes, its successor, the Snes, and Sega’s Master System and Mega Drive, so you can play old games – but the Mini Nes gets closest to the appeal of the Nokia 3310, in that it’s not just about having a laugh with old stuff and stirring memories – the Mini Nes is a completely functional modern product, providing a valid service that goes beyond pure whimsy. Are there others? There’s definitely a case for the original Game Boy. Launched in 1989, this now rather chunky handheld gaming device features an ancient 8bit processor, green-tinged monochrome visuals and a 160 × 144 pixel screen – it’s basically the zoetrope of portable gaming. However, the undemanding tech specs and tiny screen meant for excellent battery life, while the solid construction ensured it could survive the rigours of the daily commute. It’s also hard to imagine how classic titles like Tetris, Zelda: Link’s Awakening or Super Mario Land could be improved with better visuals – they exploit and explore the graphical boundaries set by the Game Boy with incredible elegance. If that’s too retro though, the later beautifully compact Game Boy Micro would all fulfil the Nokia 3310’s remit of being hardy, focused and pleasurable. There could also be a useful afterlife for Sony’s original PlayStation. Designed as a slab of grey plastic with a build in CD drive, the machine’s 32-bit Risc processor and custom GTE (geometry transformation engine) graphics hardware made it the first piece of home games hardware specifically created for 3D polygonal visuals, ushering a new era of video game aesthetics. It had two buttons, it had funny prong-shaped controllers and it stored game saves on memory cards the size of match boxes. However, like the NES, it booted up straight away, it felt rugged and capable, and it enjoyed the complete support of the development community for many years. It also boasted a very good CD player that, for a time, audiophiles considered one of the best mass-produced CD options out there. And once again, there were a lot of games – hundreds of them – that would not be significantly improved by modern graphics. Castlevania: Symphony of the Night, Vagrant Story, Ridge Racer 4 and Pa Rappa the Rappa all still look and feel stylish and interesting. Sony could absolutely rerelease this machine, with 50 built-in games and its original form factor (not the cheap horrible PSone redesign) and it would have a function. Elsewhere, there have been a few attempts to bring back the Tamagotchi virtual pets that obsessed the world in the mid- to late 90s. But if Bandai re-engineered its original devices with their colourful surrounds and abstracted gameplay, perhaps adding Bluetooth or GPS capabilities to cash in on the Pokémon Go craze, there is potential there. There is also something very hygge about the 1970s consoles – the Atari 2600 and Mattel Intellivision – with their wooden fascias and comforting retro-futuristic lines. They could enjoy a serviceable new life as decorative objects that also happened to play Space Invaders. The important thing is games hardware, like smartphone hardware, has passed a tipping point at which the perceived functionality has been surpassed by auxiliary features. We used to think we wanted mobile phones so that we could communicate with people easily, just like we thought we had games consoles so we could play Pac-Man in our living rooms. Now, broadband communication infrastructures, digital distribution, astonishingly powerful processors and a culture that has accepted depersonalised social communication as a norm, have all out-paced and outgrown the primary purposes of our gadgets. These days, if you don’t play on your Xbox or PlayStation or PC for a few days, there will be firmware updates to contend with (not just on the system, but on the games too), and then you have the fear of system hack and the constant notifications. The Nokia 3310 isn’t just about a reliable technology – and neither would be, say, a rereleased GameBoy – it harks back to an era when we could concentrate on one thing, and enjoy that experience, unimpeded by myriad other apps, services and notifications competing for our headspace. Also, Snake II was a really good game.

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