What the changes say
- 2026 capital spending fell to $120–160 million from $240–280 million, but funding still depends on oil and gas prices.
- AECO gas averaged C$1.99 per mcf, below the C$3.00 assumption supporting 2026 operating cash-flow funding.
- Carbon risk now covers output-based pricing systems, tradeable credits, and the liquidity and pricing of related markets.
- Canada’s new greenwashing rules create disclosure and potential legal exposure for sustainability and forward-looking environmental claims.
What changed since the prior 10-K
New
- NewRisks Related to our Financial Condition
Anti-greenwashing rules introduce risk into making certain environmental-related disclosures
Canadian anti-greenwashing rules may make sustainability and forward-looking environmental disclosures risky; private claims began in June 2025, with Bill C-15 proposing their removal.
Reworded
- 68% rewrittenRisks Related to our Financial Condition
Our business requires significant capital expenditures, and we may not have the resources necessary to fund these expenditures
The 2026 capital program fell to $120–160 million from $240–280 million, with lower oil assumptions but a higher C$3.00 gas-price funding threshold.
- 66% rewrittenLegal and Regulatory Risks
Reduction, elimination or expiration of government subsidies
The risk now includes output-based pricing systems, tradeable credits, and uncertainty over the liquidity and pricing of carbon-related financial instruments.
- 24% rewrittenLegal and Regulatory Risks
We are dependent on obtaining and maintaining permits and licenses from various governmental authorities
No substantive change: the risk still covers obtaining, maintaining, renewing, or complying with conditions on oil and gas permits.
- 22% rewrittenRisks Related to our Business
Indigenous rights and stakeholder opposition in Canada
The wording changes Indigenous rights to Aboriginal rights, specifically adds Alberta, and simplifies the discussion of federal rights implementation.
All 23 risk factors
Headings as the filing states them, in filing order.
Risks Related to our Business
- 01Estimates of oil and natural gas reserves may be inaccurate and our actual revenues may be lower than estimated
- 02Exploration for oil and natural gas, and development of new formations, is risky
- 03Drilling activities may encounter sour gas
- 04Possible shortage of fresh water and surface and groundwater licenses
- 05Crown land tenure obligations, interpretations and freehold offset royalty obligations
- 06Indigenous rights and stakeholder opposition in Canada22% rewritten
- 07Restrictions on development activities to protect wildlife
- 08Joint Venture partner alignment
- 09We are vulnerable to risks associated with geographically concentrated operations
- 10Social disruptions or community disputes in Colombia and Ecuador may delay production and result in lost revenue
- 11Security concerns in Colombia, Ecuador or Azerbaijan may disrupt our operations
- 12Certain acquisitions could adversely affect our financial results
- 13We may be adversely affected by global epidemics or public health crises
Risks Related to our Financial Condition
- 14Our business requires significant capital expenditures, and we may not have the resources necessary to fund these expenditures68% rewritten
- 15If cash flows from operations and cash on hand are not sufficient to fund our capital program, we may be required to seek external financing or to delay or reduce our exploration and development activities, which could impact production, revenues and reserves
- 16Anti-greenwashing rules introduce risk into making certain environmental-related disclosuresNew
- 17Foreign currency exchange rate volatility may affect our financial results
Legal and Regulatory Risks
- 18We are dependent on obtaining and maintaining permits and licenses from various governmental authorities24% rewritten
- 19Environmental regulation and risks may adversely affect our business
- 20If the United States imposes sanctions on Colombia, Ecuador or Canada in the future, our business may be adversely affected
- 21Reduction, elimination or expiration of government subsidies66% rewritten
- 22Carbon taxes and environmental compliance costs
Risks Related to Ownership of our Common Stock
- 23The market price of our Common Stock may be volatile
Other Gran Tierra Energy 10-Ks
- FY2024 10-K risk factors24 risks
Production is concentrated in four Colombian fields, creating outsized operational and reserve exposure.
Filed Feb 24, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.