Gran Tierra Energy (GTE) 10-K 23 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-34018
Entity Registrant Name	GRAN TIERRA ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0479924
Entity Address, Address Line One	900, 520 - 3 Avenue SW
Entity Address, City or Town	Calgary,
Entity Address, State or Province	AB
Entity Address, Country	CA
Entity Address, Postal Zip Code	T2P 0R3
City Area Code	403
Local Phone Number	265-3221
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GTE
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 265.4
Entity Common Stock, Shares Outstanding		367,144,500
Documents Incorporated by Reference	The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the registrant’s definitive proxy statement relating to the 2022 annual meeting of stockholders, which definitive proxy statement will be filed with the Securities and Exchange Commission within 120 days after December 31, 2021.
Entity Central Index Key	0001273441
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Calgary, Canada
Auditor Firm ID	85

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
OIL SALES (NOTE 11)	$ 473,722,000	$ 237,838,000	$ 570,983,000
EXPENSES
Operating	132,331,000	111,888,000	183,204,000
Transportation	11,315,000	10,543,000	20,400,000
COVID-19 related costs (Note 12)	3,694,000	2,679,000	0
Depletion, depreciation and accretion (Note 5 and 10)	139,874,000	164,233,000	225,033,000
Goodwill impairment (Note 6)	0	102,581,000	0
Asset impairment (Note 6)	0	564,495,000	0
General and administrative	36,263,000	25,350,000	36,501,000
Foreign exchange loss	20,477,000	4,184,000	627,000
Derivative instruments loss (Note 15)	48,838,000	2,935,000	3,669,000
Other financial instruments loss (gain) (Note 15)	3,369,000	48,047,000	(49,884,000)
Interest expense (Note 8)	54,381,000	54,140,000	43,268,000
TOTAL EXPENSES	450,542,000	1,091,075,000	462,818,000
OTHER LOSS	(44,000)	(469,000)	(12,886,000)
INTEREST INCOME	0	345,000	696,000
INCOME (LOSS) BEFORE INCOME TAXES	23,136,000	(853,361,000)	95,975,000
INCOME TAX EXPENSE (RECOVERY)
Current (Note 13)	4,479,000	754,000	17,058,000
Deferred (Note 13)	(23,825,000)	(76,148,000)	40,227,000
INCOME TAX EXPENSE (RECOVERY)	(19,346,000)	(75,394,000)	57,285,000
NET AND COMPREHENSIVE INCOME (LOSS)	$ 42,482,000	$ (777,967,000)	$ 38,690,000
NET INCOME (LOSS) PER SHARE - BASIC (in USD per share)	$ 0.12	$ (2.12)	$ 0.10
NET INCOME (LOSS) PER SHARE - DILUTED (in USD per share)	$ 0.12	$ (2.12)	$ 0.10
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (Note 9) (in shares)	367,022,903	366,981,556	376,495,306
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (Note 9) (in shares)	367,873,389	366,981,556	376,507,812

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 26,109	$ 13,687
Restricted cash and cash equivalents (Note 10)	392	427
Accounts receivable (Note 3)	13,185	8,044
Investment (Note 15)	0	48,323
Taxes receivable (Note 4)	45,506	49,925
Other current assets	16,609	13,459
Total Current Assets	101,801	133,865
Oil and Gas Properties (using the full cost method of accounting)
Proved	859,580	797,355
Unproved	131,865	161,763
Total Oil and Gas Properties	991,445	959,118
Other capital assets	4,352	5,364
Total Property, Plant and Equipment (Note 5)	995,797	964,482
Other Long-Term Assets
Taxes receivable (Note 4)	17,522	42,635
Deferred tax assets (Note 13)	61,494	57,318
Other long-term assets	12,497	3,425
Total Other Long-Term Assets	91,513	103,378
Total Assets	1,189,111	1,201,725
Current Liabilities
Accounts payable and accrued liabilities (Note 7)	148,694	100,784
Current portion of long-term debt (Note 8)	66,987	0
Taxes payable (Note 4)	6,620	0
Equity compensation award liability (Note 9 and 15)	2,710	805
Total Current Liabilities	227,987	113,639
Long-Term Liabilities
Long-term debt (Note 8)	587,404	774,770
Asset retirement obligation (Note 10)	54,525	48,214
Equity compensation award liabilities (Note 9 and 15)	13,718	3,955
Other long-term liabilities	3,397	4,113
Total Long-Term Liabilities	659,044	831,052
Commitments and Contingencies (Note 14)
Shareholders’ Equity
Common Stock (Note 9) (367,144,500 and 366,981,556 shares of Common Stock, par value $0.001 per share, issued and outstanding as at December 31, 2021, and December 31, 2020, respectively)	10,270	10,270
Additional paid in capital	1,287,582	1,285,018
Deficit	(995,772)	(1,038,254)
Total Shareholders’ Equity	302,080	257,034
Total Liabilities and Shareholders’ Equity	$ 1,189,111	$ 1,201,725

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common shares, issued (in shares)	367,144,500	366,981,556
Common shares, outstanding (in shares)	367,144,500	366,981,556
Common shares, par value (in USD per share)	$ 0.001	$ 0.001

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income (loss)	$ 42,482,000	$ (777,967,000)	$ 38,690,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion (Note 5 and 10)	139,874,000	164,233,000	225,033,000
Goodwill impairment (Note 6)	0	102,581,000	0
Asset impairment (Note 6)	0	564,495,000	0
Deferred tax (recovery) expense (Note 13)	(23,825,000)	(76,148,000)	40,227,000
Stock-based compensation (Note 9)	8,396,000	1,216,000	1,430,000
Amortization of debt issuance costs (Note 8)	3,809,000	3,625,000	3,376,000
Non-cash lease expenses	1,667,000	1,951,000	1,806,000
Lease payments	(1,621,000)	(1,926,000)	(1,969,000)
Unrealized foreign exchange loss	21,879,000	5,271,000	1,803,000
Derivative instruments loss (Note 15)	48,838,000	4,100,000	3,669,000
Cash settlement on derivatives instruments (Note 15)	(58,427,000)	4,874,000	(3,273,000)
Other financial instruments loss (gain) (Note 15)	3,369,000	46,882,000	(49,884,000)
Cash settlement of asset retirement obligation (Note 10)	(805,000)	(201,000)	(870,000)
Other non-cash loss	44,000	2,026,000	0
Loss on redemption of Convertible Notes	0	0	11,501,000
Net change in assets and liabilities from operating activities (Note 16)	59,154,000	36,062,000	(93,874,000)
Net cash provided by operating activities	244,834,000	81,074,000	177,665,000
Investing Activities
Additions to property, plant and equipment (Note 5)	(149,879,000)	(96,281,000)	(379,314,000)
Property acquisitions (Note 5)	0	0	(77,772,000)
Proceeds on disposition of investment, net of transaction costs (Note 15)	43,126,000	0	0
Changes in non-cash investing working capital	1,431,000	(48,642,000)	(7,851,000)
Net cash used in investing activities	(105,322,000)	(144,923,000)	(464,937,000)
Financing Activities
Proceeds from issuance of Senior Notes, net of issuance costs (Note 8)	0	0	289,271,000
Proceeds from bank debt, net of issuance costs	(228,000)	88,332,000	342,575,000
Repayment of debt	(122,500,000)	(17,000,000)	(349,219,000)
Lease payments	(2,182,000)	(879,000)	0
Proceeds from exercise of stock options	100,000	0	0
Repurchase of shares of Common Stock (Note 9)	0	0	(37,561,000)
Net cash (used in) provided by financing activities	(124,810,000)	70,453,000	245,066,000
Foreign exchange loss on cash and cash equivalents and restricted cash and cash equivalents	(821,000)	(156,000)	(1,027,000)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	13,881,000	6,448,000	(43,233,000)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of year (Note 16)	17,523,000	11,075,000	54,308,000
Cash and cash equivalents and restricted cash and cash equivalents, end of year (Note 16)	$ 31,404,000	$ 17,523,000	$ 11,075,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Deficit	DeficitCumulative Effect, Period of Adoption, Adjustment
Balance, beginning of year at Dec. 31, 2018		$ 10,290	$ 1,318,048	$ (298,588)	$ (389)
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (Note 9)			0
Stock-based compensation (Note 9)			2,120
Repurchase of Common Stock		(20)	(37,541)
Net income (loss)	$ 38,690			38,690
Balance, end of year at Dec. 31, 2019	1,032,610	10,270	1,282,627	(260,287)	0
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (Note 9)			0
Stock-based compensation (Note 9)			2,391
Repurchase of Common Stock		0	0
Net income (loss)	(777,967)			(777,967)
Balance, end of year at Dec. 31, 2020	257,034	10,270	1,285,018	(1,038,254)	$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (Note 9)			100
Stock-based compensation (Note 9)			2,464
Repurchase of Common Stock		0	0
Net income (loss)	42,482			42,482
Balance, end of year at Dec. 31, 2021	$ 302,080	$ 10,270	$ 1,287,582	$ (995,772)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Gran Tierra Energy Inc., a Delaware corporation (the “Company” or “Gran Tierra”), is a publicly traded company focused on international oil and natural gas exploration and production with assets currently in Colombia and Ecuador.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Significant accounting policies are: Basis of Consolidation These consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimated proved and probable reserves volumes and the related cash flows are determined by the independent reservoir engineering specialists and used in several of the estimates made by management in preparing these financial statements. Numerous estimates are required to be made in the reserve report, including forecasted production, forecasted operating royalty, capital cost assumptions, and in certain cases forecasted commodity prices. Significant estimates made by management include: depreciation, depletion, amortization (“DD&A”) and impairment; impairment assessments of goodwill; timing of transfers from oil and gas properties not subject to depletion to the depletable base; asset retirement obligations; determining the value of the consideration transferred and the net identifiable assets acquired and liabilities assumed in connection with business combinations and determining goodwill; assessments of the likely outcome of legal and other contingencies; income taxes; stock-based compensation; and determining the fair value of derivatives. Although management believes these estimates are reasonable, changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results may differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted Cash and Cash Equivalents Restricted cash and cash equivalents comprise cash and cash equivalents pledged to secure letters of credit and to settle asset retirement obligations. Letters of credit currently secured by cash relate to work commitment guarantees contained in exploration contracts. Restrictions will lapse when work obligations are satisfied pursuant to the exploration contract or an asset retirement obligation is settled. Cash and claims to cash that are restricted as to withdrawal or use for other than current operations, or are designated for expenditure in the acquisition or construction of long-term assets are excluded from the current asset classification. The long-term portion of restricted cash and cash equivalents is included in other long-term assets on the Company’s balance sheet. Allowance for Doubtful Accounts At each reporting date, the Company assesses the expected lifetime credit losses on initial recognition of trade accounts receivable. Credit risk is assessed based on the number of days the receivable has been outstanding and the internal credit assessment of the customer. The expected loss rates are based on payment profiles over a period of 36 months prior to the period-end and the corresponding historical credit losses experienced within this period. Historical loss rates are adjusted to reflect current and forward-looking economic factors of the country where the Company sells oil that affect the ability of the customers to settle the receivables. Trade receivables are written off when there is no reasonable expectation of recovery. Prepaid Equity Forwards The Company is exposed to equity price risk in relation to its long-term incentive plans. The Company utilizes prepaid equity forwards (“PEF”) on the equivalent number of the Company’s common shares in order to fix the future settlement cost on a portion of its cash-settled long-term incentive plans. PEF is recorded in other long-term assets on the Company’s balance sheet at fair value, with changes in fair value recognized as stock-based compensation expense in the consolidated statements of operations. The Company utilizes PEF to manage equity price risk in relation to its long-term incentive plans. Derivatives The Company records derivative instruments on its balance sheet at fair value as either an asset or liability with changes in fair value recognized in the consolidated statements of operations as financial instruments gains or losses. While the Company utilizes derivative instruments to manage the price risk attributable to its expected oil production and foreign exchange risk, it has elected not to designate its derivative instruments as accounting hedges under the accounting guidance. Inventory Inventory consists of oil in tanks and third party pipelines and supplies and is valued at the lower of cost and net realizable value. The cost of inventory is determined using the weighted average method. Oil inventories include expenditures incurred to produce, upgrade and transport the product to the storage facilities and include operating, depletion and depreciation expenses, and royalties. Income Taxes Income taxes are recognized using the liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax base, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. Valuation allowances are provided if, after considering the available evidence, it is not more likely than not that some or all of the deferred tax assets will be realized. The tax benefit from an uncertain tax position is recognized when it is more likely than not, based on the technical merits of the position, that the position will be sustained on examination by the taxing authorities. Additionally, the amount of the tax benefit recognized is the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The Company recognizes potential penalties and interest related to unrecognized tax benefits as a component of income tax expense. Oil and Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties as defined by the Securities and Exchange Commission (“SEC”). Under this method, the Company capitalizes all acquisition, exploration, and development costs incurred for the purpose of finding oil and natural gas reserves, including salaries, benefits, and other internal costs directly attributable to these activities. Costs associated with production and general corporate activities; are expensed as incurred. Separate cost centers are maintained for each country in which the Company incurs costs. The Company computes depletion of oil and natural gas properties on a quarterly basis using the unit-of-production method based upon production and estimates of proved reserve quantities. Future development costs related to properties with proved reserves are also included in the amortization base for the computation of depletion. The costs of unproved properties are excluded from the amortization base until the properties are evaluated. The cost of exploratory dry wells is transferred to proved properties and thus is subject to amortization immediately upon determination that a well is dry in those countries where proved reserves exist. The Company performs a ceiling test calculation each quarter in accordance with SEC Regulation S-X Rule 4-10. In performing its quarterly ceiling test, the Company limits, on a country-by-country basis, the capitalized costs of proved oil and natural gas properties, net of accumulated depletion and deferred income taxes, to the estimated future net cash flows from proved oil and natural gas reserves discounted at 10%, net of related tax effects, plus the lower of cost or fair value of unproved properties included in the costs being amortized. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to net income or loss. Any such write-down will reduce earnings in the period of occurrence and result in a lower DD&A rate in future periods. A write-down may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the ceiling. The Company calculates future net cash flows by applying the unweighted average of prices in effect on the first day of the month for the preceding 12-month period, adjusted for location and quality differentials. Such prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Unproved properties are not depleted pending the determination of the existence of proved reserves. Costs are transferred into the depletable base on an ongoing basis as the properties are evaluated, proved reserves are established, or impairment is determined. Unproved properties are evaluated quarterly to ascertain whether impairment has occurred. This evaluation considers, among other factors, seismic data, requirements to relinquish acreage, drilling results, and activity, remaining time in the commitment period, remaining capital plans, and political, economic, and market conditions. During any period in which factors indicate impairment, the cumulative costs incurred to date for such property are transferred to the full cost pool and subject to depletion. For countries where a reserve base has not yet been established, the impairment is charged to earnings. In exploration areas, related seismic costs are capitalized in unproved property and evaluated as part of the total capitalized costs associated with a property. Seismic costs related to development projects are recorded in proved properties and therefore subject to depletion as incurred. Gains and losses on the sale or other disposition of oil and natural gas properties are not recognized, unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and natural gas attributable to a country. Asset Retirement Obligation The Company records an estimated liability for future costs associated with the abandonment of its oil and gas properties, including the costs of reclamation of drilling sites. The Company records the fair value of a liability for a legal obligation to retire an asset in the period in which the liability is incurred with an offsetting increase to the related oil and gas properties. The fair value of an asset retirement obligation is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value, while the asset retirement cost is amortized over the estimated productive life of the related assets. The accretion of the asset retirement obligation and amortization of the asset retirement cost is included in DD&A. If estimated future costs of an asset retirement obligation change, an adjustment is recorded to both the asset retirement obligation and oil and gas properties. Revisions to the estimated asset retirement obligation can result from changes in retirement cost estimates, revisions to estimated inflation rates, and changes in the estimated timing of abandonment. Other Capital Assets Other capital assets, including additions and replacements, are recorded at cost upon acquisition and include furniture, fixtures and leasehold improvement, computer equipment, automobiles and right-of-use assets for operating and finance leases. Depreciation for furniture and fixtures, computer equipment, and automobiles is provided using the straight-line method over the useful life of the asset. Leasehold improvements and right-of-use assets for operating and finance leases are depreciated on a straight-line basis over the shorter of the estimated useful life and the term of the related lease. The cost of repairs and maintenance is charged to expenses as incurred. Leases At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the inception of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. The Company has applied judgment to determine the lease term for contracts which include renewal or termination options. The assessment of whether the Company is reasonably certain to exercise such options impacts the lease term, which significantly affects the amount of lease liabilities and right-of-use assets recognized. Revenue from Contracts with Customers The Company’s revenue relates to oil sales in Colombia. The Company recognizes revenue when it transfers control of the product to a customer. This generally occurs at the time the customer obtains legal title to the product and when it is physically transferred to the delivery point agreed with the customer. Payment terms are generally within three business days following delivery of an invoice to the customer. Revenue is recognized based on the consideration specified in contracts with customers. Revenue represents the Company's share and is recorded net of royalty payments to governments and other mineral interest owners. The Company evaluates its arrangement with third parties and partners to determine if the Company acts as a principal or an agent. In making this evaluation, management considers if the Company obtains control of the product delivered, which is indicated by the Company having the primary responsibility for the delivery of the product, having the ability to establish prices, or having inventory risk. If the Company acts in the capacity of an agent rather than as a principal in the transaction, then the revenue is recognized on a net basis, only reflecting the fee realized by the Company from the transaction. Tariffs, tolls, and fees charged to other entities for the use of pipelines owned by the Company are evaluated by management to determine if these originate from contracts with customers or from incidental arrangements. When determining if the Company acted as a principal or agent in transactions, management determines if the Company obtains control of the product. As part of this assessment, management considers criteria for revenue recognition set out in ASC 606. Stock-based Compensation The Company records stock-based compensation expense in its consolidated financial statements measured at the fair value of the awards that are ultimately expected to vest. Fair values are determined using pricing models such as the Black-Scholes-Merton or Monte Carlo simulation stock option-pricing models and/or observable share prices. For equity-settled stock-based compensation awards, fair values are determined at the grant date, and the expense, net of estimated forfeitures, is recognized using the accelerated method over the requisite service period. An adjustment is made to compensation expense for any difference between the estimated forfeitures and the actual forfeitures. For cash-settled stock-based compensation awards, fair values are determined at each reporting date, and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. The Company uses historical data to estimate the expected term used in the Black-Scholes option pricing model, option exercises, and employee departure behavior. Expected volatilities used in the fair value estimate are based on the historical volatility of the Company’s shares. The risk-free rate for periods within the expected term of the stock options is based on the U.S. Treasury yield curve in effect at the time of grant. Stock-based compensation expense is capitalized as part of oil and natural gas properties or expensed as part of general and administrative (“G&A”) or operating expenses, as appropriate. Foreign Currency Translation The functional currency of the Company, including its subsidiaries, is the United States dollar. Monetary items are translated into the reporting currency at the exchange rate in effect at the balance sheet date, and non-monetary items are translated at historical exchange rates. Revenue and expense items are translated in a manner that produces substantially the same reporting currency amounts that would have resulted had the underlying transactions been translated on the dates they occurred. DD&A expense on assets is translated at the historical exchange rates similar to the assets to which they relate. Gains and losses resulting from foreign currency transactions, which are transactions denominated in a currency other than the entity’s functional currency, are recognized in net income or loss. Earnings (Loss) per Share Basic earnings (loss) per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of Common Stock issued and outstanding during each period. Diluted net income per share is calculated by adjusting the weighted average number of shares of Common Stock outstanding for the dilutive effect, if any, of share equivalents. The Company uses the treasury stock method to determine the dilutive effect. This method assumes that all Common Stock equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase shares of Common Stock of the Company at the volume weighted average trading price of shares of Common Stock during the period. Risks and Measurement Uncertainty The outbreak of COVID-19 continued throughout 2021 including the spread of the highly transmissible Omicron variant. Worldwide economic climate continued to be volatile making accounting estimates more onerous. Recently Adopted Accounting Pronouncements Government Assistance (ASC 832) In November 2021, the FASB issued ASU 2021-10, “Government Assistance”. This ASU is a new topic issued to increase the transparency for government assistance transactions and disclosures due to a lack of specific authoritative guidance in GAAP. This ASU requires disclosures about government assistance in the notes to the financial statements that will provide comparable and transparent information to investors and other financial statement users to enable them to understand an entity’s financial results and prospects of future cash flows. This ASU is effective for annual periods beginning after December 15, 2021. The Company has early adopted this ASU for its financial statements dated December 31, 2021, the adoption of which had no material impact on the Company's disclosure requirements, balance sheet, results of operations or cash flow. Recently Issued Accounting Pronouncements Business Combinations (ASC 805) In October 2021, the FASB issued ASU 2021-08, “Business Combinations”. This ASU will improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this update on its consolidated financial position, results of operations or cash flows.

Accounts Receivable

Accounts Receivable	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable As at December 31, (Thousands of U.S. Dollars) 2021 2020 Trade $ 9,193 $ 3,799 Other 3,992 4,245 Total Accounts Receivable $ 13,185 $ 8,044

Taxes Receivable

Taxes Receivable	12 Months Ended
	Dec. 31, 2021
Tax Receivable Agreement [Abstract]
Taxes Receivable	Taxes Receivable The table below shows the break-down of taxes receivable, comprised of value-added tax (“VAT”) and income tax receivables. Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 Taxes Receivable Current VAT Receivable $ 21,918 $ 35,977 Income Tax Receivable 23,588 13,948 $ 45,506 $ 49,925 Long-Term VAT Receivable $ — $ 28,485 Income Tax Receivable 17,522 14,150 $ 17,522 $ 42,635 Taxes Payable Current VAT Payable $ 6,620 $ — Total Taxes Receivable net of Taxes Payable $ 56,408 $ 92,560 The following table shows the movement of VAT and income tax receivables for the past two years: (Thousands of U.S. Dollars) VAT Receivable Income Tax Receivable Total Taxes Receivable Balance, December 31, 2019 $ 118,646 $ 43,061 $ 161,707 Collected through direct government refunds (40,884) (26,471) (67,355) Collected through sales contracts (46,326) — (46,326) Taxes paid 43,719 14,611 58,330 Current tax expense — (754) (754) Foreign exchange loss (10,693) (2,349) (13,042) Balance, December 31, 2020 $ 64,462 $ 28,098 $ 92,560 Collected through direct government refunds (604) (14,228) (14,832) Collected through sales contracts (105,858) — (105,858) Taxes paid 63,792 36,352 100,144 Current tax expense — (4,479) (4,479) Foreign exchange loss (6,494) (4,633) (11,127) Balance, December 31, 2021 $ 15,298 $ 41,110 $ 56,408

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment As at December 31, (Thousands of U.S. Dollars) 2021 2020 Oil and natural gas properties Proved $ 4,302,473 $ 4,106,768 Unproved 131,865 161,763 4,434,338 4,268,531 Other (1) 34,943 32,135 4,469,281 4,300,666 Accumulated depletion, depreciation and impairment (3,473,484) (3,336,184) $ 995,797 $ 964,482 (1) The “other” category includes $13.9 million right-of-use assets for operating and finance leases which had a net book value of $3.9 million as at December 31, 2021 (December 31, 2020 - $11.4 million which had a net book value of $4.4 million). Depletion and depreciation expense on property, plant and equipment for the year ended December 31, 2021, was $135.7 million (2020 - $160.8 million; 2019 - $220.8 million). A portion of depletion and depreciation expense was recorded as oil inventory in each year. Unproved Oil and Natural Gas Properties At December 31, 2021, unproved oil and natural gas properties consist of exploration lands held in Colombia and Ecuador. Unproved oil and natural gas properties are being held for their exploration value and are not being depleted pending determination of the existence of proved reserves. Gran Tierra will continue to assess the unproved properties over the next several years as proved reserves are established and as exploration warrants whether or not future areas will be developed. The Company expects that approximately 100% of costs not subject to depletion at December 31, 2021, will be transferred to the depletable base within the next five years. The following is a summary of Gran Tierra’s oil and natural gas properties not subject to depletion as at December 31, 2021: Costs Incurred in (Thousands of U.S. Dollars) 2021 2020 2019 Prior to 2019 Total Acquisition costs - Colombia $ — $ — $ — $ 10,268 $ 10,268 Exploration costs - Colombia 2,416 9,909 36,881 63,306 112,512 Exploration costs - Ecuador 2,708 2,160 4,217 — 9,085 $ 5,124 $ 12,069 $ 41,098 $ 73,574 $ 131,865

Impairment

Impairment	12 Months Ended
	Dec. 31, 2021
Impairment Disclosure [Abstract]
Impairment	Impairment Asset Impairment Asset impairment for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Impairment of oil and gas properties $ — $ 560,344 $ — Impairment of inventory — 4,151 — $ — $ 564,495 $ — (i) Oil and gas property impairment For the year ended December 31, 2021, the Company had no ceiling test impairment losses. There was $560.3 million of ceiling test impairment losses for the year ended December 31, 2020, and no ceiling test impairment losses for the year ended December 31, 2019. The Company follows the full cost method of accounting for its oil and gas properties. Under this method, the net book value of properties on a country-by-country basis, less related deferred income taxes, may not exceed a calculated “ceiling”. The ceiling is the estimated after-tax future net revenues from proved oil and gas properties, discounted at 10% per year. In calculating discounted future net revenues, oil and natural gas prices are determined using the average price for the 12 months prior to the ending date of the period covered by the balance sheet, calculated as an unweighted arithmetic average of the first day-of-the month price for each month within such period. That average price is then held constant, except for fixed and determinable changes by existing contracts. Therefore, ceiling test estimates are based on historical prices discounted at 10% per year, and should not be assumed that estimates of future net revenues represent the fair market value of the Company’s reserves. In accordance with GAAP, Gran Tierra used an average Brent price of $68.92 p er bbl for of the December 31, 2021 ceiling test calculations (December 31, 2020, and 2019 - $43.43 and $64.20 per bbl, respectively). The Company has considered the impact of the evolving worldwide demand for energy and global advancement of alternative sources of energy that are not sourced from fossil fuels in the ceiling test impairment assessment on oil and gas properties. The estimated ceiling amount of the Company’s oil and gas properties was based on proved reserves, the life of which is generally less than 16 years. The ultimate period in which global energy markets can transition from carbon based sources to alternative energy is highly uncertain. However, the majority of the cash flows associated with proved reserves per the 2021 reserve report should be realized prior to the potential elimination of carbon-based energy. At December 31, 2021, a specific adjustment to the discount rate used in the ceiling test to account for the risk of the evolving demand for energy is not permitted as under the full cost accounting 10% discount rate is prescribed. (ii) Inventory impairment For the year ended December 31, 2021, the Company had no inventory impairment losses. There were inventory impairment losses of $4.2 million for the year ended December 31, 2020, and no inventory impairment losses for the year ended December 31, 2019. Goodwill Impairment The entire goodwill balance of $102.6 million was impaired during the year ended December 31, 2020. The reporting unit’s carrying value exceeded its fair value due to lower forecasted commodity prices. There was no goodwill impairment for the year ended December 31, 2019.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 Trade $ 91,101 $ 70,450 Royalties 14,761 1,570 Employee compensation 4,382 1,701 Other 38,450 27,063 $ 148,694 $ 100,784

Debt and Debt Issuance Costs

Debt and Debt Issuance Costs	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt and Debt Issuance Costs	Debt and Debt Issuance Costs The Company’s debt at December 31, 2021 and 2020, was as follows: As at December 31, (Thousands of U.S. Dollars) 2021 2020 Current Revolving credit facility $ 67,500 $ — Unamortized debt issuance costs (513) — Current portion of long-term debt $ 66,987 $ — Long Term 6.25% Senior Notes $ 300,000 $ 300,000 7.75% Senior Notes 300,000 300,000 Revolving credit facility — 190,000 Unamortized debt issuance costs (14,030) (18,124) Long-term lease obligation (1) 1,434 2,894 Long-term debt $ 587,404 $ 774,770 Total Debt $ 654,391 $ 774,770 (1) The current portion of the lease obligation has been included in accounts payable and accrued liabilities Senior Notes At December 31, 2021, the Company had $300.0 million of 7.75% Senior Notes due 2027 (the “7.75% Senior Notes”) and $300.0 million of 6.25% Senior Notes due 2025 (the “6.25% Senior Notes” and, together with the 7.75% Senior Notes, the “Senior Notes”). The Senior Notes are fully and unconditionally guaranteed by the Company and certain subsidiaries of the Company that guarantee the revolving credit facility. The 7.75% Senior Notes bear interest at a rate of 7.75% per year, payable semi-annually in arrears on May 23 and November 23 of each year, beginning on November 23, 2019. The 7.75% Senior Notes will mature on May 23, 2027, unless earlier redeemed or repurchased. Before May 23, 2023, the Company may, at its option, redeem all or a portion of the 7.75% Senior Notes at 100% of the principal amount plus accrued and unpaid interest and a “make-whole” premium. Thereafter, the Company may redeem all or a portion of the 7.75% Senior Notes plus accrued and unpaid interest applicable to the date of the redemption at the following redemption prices: 2023 - 103.875%; 2024 - 101.938%; 2025 and thereafter - 100%. The 6.25% Senior Notes bear interest at a rate of 6.25% per year, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on August 15, 2018. The 6.25% Senior Notes will mature on February 15, 2025, unless earlier redeemed or repurchased. Before February 15, 2022, the Company may, at its option, redeem all or a portion of the 6.25% Senior Notes at 100% of the principal amount plus accrued and unpaid interest and a make-whole premium. Thereafter, the Company may redeem all or a portion of the 6.25% Senior Notes plus accrued and unpaid interest applicable to the date of the redemption at the following redemption prices: 2022 - 103.125%; 2023 - 101.563%; 2024 and thereafter - 100%. Credit Facility At December 31, 2021, the Company had a revolving credit facility with a syndicate of lenders with a borrowing base of $150.0 million. On December 21, 2021, management completed the semi-annual re-determination and elected to reduce the borrowing base from $215.0 million to $150.0 million, with $125.0 million readily available and $25.0 million subject to approval by majority lenders. The maturity date of the borrowings under the revolving credit facility is November 10, 2022. The next re-determination of the borrowing base is due to occur no later than May 2022. Under the terms of credit facility, the Company is required to maintain compliance with the following financial covenants: limitations on Company’s ratio of Debt to Earnings before interest, taxes, depletion, depreciation and accretion and exploration expenses (“EBITDAX”) to a maximum of 4.0; limitations on Company’s ratio of Senior Secured Debt to EBITDAX to a maximum of 3.0; and the maintenance of a ratio of EBITDAX to interest expense of at least 2.5. The failure to comply with these financial covenants would cause a default under the terms of the credit agreement, resulting in an acceleration of repayment of all indebtedness under the revolving credit facility. As at December 31, 2021, the Company was in compliance with all covenants. Amounts drawn down under the revolving credit facility bear interest, at the Company’s option, at the USD LIBOR rate plus a margin ranging from 2.90% to 4.90% (December 31, 2020 - 2.90% to 4.90%), or an alternate base rate plus a margin ranging from 1.90% to 3.90% (December 31, 2020 - 1.90% to 3.90%), in each case based on the borrowing base utilization percentage. The alternate base rate is currently the U.S. prime rate. Undrawn amounts under the revolving credit facility bear interest from 0.73% to 1.23% (December 31, 2020 - 0.73% to 1.23%) per annum, based on the average daily amount of unused commitments. The Company’s revolving credit facility is guaranteed by and secured against the assets of certain of the Company’s subsidiaries (the “Credit Facility Group”). Under the terms of the credit facility, the Company is subject to certain restrictions on its ability to distribute funds to entities outside of the Credit Facility Group, including restrictions on the ability to pay dividends to shareholders of the Company. Certain LIBOR benchmarks will no longer be published after December 31, 2021. We expect the LIBOR benchmark to be replaced with risk-free rates. The Company does not expect this change to have a material impact on the Company as U.S dollar borrowings under the credit facilities can also bear interest at the U.S. base loan rate. Interest Expense The following table presents the total interest expense recognized in the accompanying consolidated statements of operations: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Contractual interest and other financing expenses $ 50,572 $ 50,515 $ 39,892 Amortization of debt issuance costs 3,809 3,625 3,376 $ 54,381 $ 54,140 $ 43,268

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Share Capital	Share Capital Shares of Common Stock Balance, December 31, 2018 387,079,027 Shares repurchased and cancelled (20,097,471) Balance, December 31, 2019 and 2020 366,981,556 Options exercised 162,944 Balance, December 31, 2021 367,144,500 The Company’s authorized share capital consists of 595 million shares of capital stock, of which 570 million was designated as Common Stock, par value $0.001 per share and 25 million as Preferred Stock, par value $0.001 per share. Equity Compensation Awards The Company has an equity compensation program for its executives, employees, and directors. Executives and employees are given equity compensation grants that vest based on a recipient’s continued employment. In the case of Performance Share Units (“PSUs”), the number of units that vest is dependent upon the achievement of specific key performance measures. Equity settled awards consist of 80% of PSUs and 20% of stock options. The Company’s stock-based compensation awards outstanding as at December 31, 2021, include PSUs, deferred share units (“DSUs”), and stock options. In accordance with the 2007 Equity Incentive Plan, as amended, the Company’s Board of Directors is authorized to issue options or other rights to acquire shares of the Company’s Common Stock. On June 27, 2012, the s hareholders of Gran Tierra approved an amendment to the Company’s 2007 Equity Incentive Plan, which increased the Common Stock available for issuance thereunder fro m 23,306,100 shares to 39,806,100 shares. On June 2, 2021, the shareholders of Gran Tierra approved an amendment to the Company’s 2007 Equity Incentive Plan, which increased the Common Stock available for issuance thereunder from 39,806,100 shares to 54,806,100 shares. The following table provides information about PSU, DSU and stock option activity for the year ended December 31, 2021: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price /Stock Option ($) Balance, December 31, 2020 23,273,404 4,067,897 15,444,949 $ 1.50 Granted 13,428,840 1,642,867 5,889,310 0.80 Exercised (1,639,926) — (162,944) 0.62 Forfeited (4,697,122) — (1,998,558) 1.14 Expired — — (1,324,035) 3.17 Balance, December 31, 2021 30,365,196 5,710,764 17,848,722 $ 1.20 Vested and exercisable, at December 31, 2021 7,534,488 $ 1.66 Vested, or expected to vest, at December 31, 2021 through the life of the options 17,394,842 $ 1.21 For the year ended December 31, 2021, Stock-based compensation expense wa s $8.4 million (2020 - $1.2 million; 2019 - $1.4 million) and was recorded in G&A expenses. At December 31, 2021, there was $11.8 million (December 31, 2020 - $5.9 million; December 31, 2019 - $6.7 million) of unrecognized compensation cost related to unvested PSUs and stock options to be recognized over a weighted average period of 1.6 years . The weighted average remaining contractual term of options vested, or expected to vest, at December 31, 2021, is 3.0 years . PSUs PSUs entitle the holder to receive, at the option of the Company, either the underlying number of shares of the Company’s Common Stock upon vesting of such units or a cash payment equal to the value of the underlying shares. PSUs will cliff vest after three years, subject to the grantee’s continued employment. Upon vesting, the underlying number of Common Shares or the cash payment equivalent to their value may range from nil to 200% of the number of PSU’s vested, based on the Company’s performance with respect to the applicable performance targets. As at December 31, 2021, 4.4 million (December 31, 2020 - 2.7 million) of PSUs had vested and will settle in cash. The performance targets for the PSUs outstanding as at December 31, 2021, were as follows: i. 50% of the award is subject to targets relating to the total shareholder return (“TSR”) of the Company against a group of peer companies; ii. 2019 and 2020 awards: 25% of the award is subject to targets relating to net asset value (“NAV”) of the Company per share, and NAV is based on before tax net present value discounted at 10% of proved plus probable reserves; 2021 awards: compliance with financial covenants and $20 million free cash flow (1) ; and iii. 25% of the award is subject to targets relating to the execution of corporate strategy. (1) Defined as funds flow from operations less capital expenditures before exploration expense and Short-term incentive plan. The compensation cost of PSUs is subject to adjustment based upon the attainability of these performance targets. No settlement will occur with respect to the portion of the PSU award subject to each performance target for results below the applicable minimum threshold for that target. In excess of the target number granted, PSUs will vest and be settled if performance exceeds the targeted performance goals. The Company currently intends to settle the PSUs in cash. DSUs DSUs entitle the holder to receive either the underlying number of shares of the Company’s Common Stock upon vesting of such units or, at the option of the Company, a cash payment equal to the value of the underlying shares. Once a DSU is vested, it is immediately settled. During the year ended December 31, 2021, DSUs were granted to directors and will vest 100% at such time the grantee ceases to be a member of the Board of Directors. The Company currently intends to settle the DSUs in cash. Stock Options Each stock option permits the holder to purchase one share of Common Stock at the stated exercise price. The exercise price equals the market price of a share of Common Stock at the time of grant and vest over three years. The term of the stock options granted is five years or three months after the grantee’s end of service to the Company, whichever occurs first. For the year ended December 31, 2021, 162,944 stock options were exercised, and $0.1 million cash proceeds were received (year ended December 31, 2020, and 2019, no options exercised and no cash proceeds received). At December 31, 2021 and 2020, the weighted average remaining contractual term for outstanding and exercisable stock options wa s 3.0 and 3.2 years, respectively, and for exercisable stock options was 2.2 and 1.9 years, respectively. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model based on assumptions noted in the following table: Year Ended December 31, 2021 2020 2019 Dividend yield (per share) Nil Nil Nil Volatility 71% to 80% 50% to 69% 48% to 54% Weighted average volatility 78 % 52 % 51 % Risk-free interest rate 0.4% to 0.9% 0.3% to 1.7% 1.5% to 2.5% Expected term 4 - 5 years 5 years 4 - 5 years The weighted average grant date fair value for options granted in the year ended December 31, 2021 was $0.47 (2020 - $0.29; 2019 - $0.89) per option. The weighted average grant date fair value for options vested in the year ended December 31, 2021 was $0.52 (2020 - $0.79; 2019 - $1.10) per option. The total fair value of stock options vested during year ended December 31, 2021 was $2.1 million (2020 and 2019 - $1.9 million for each year). Weighted Average Shares Outstanding Year Ended December 31, 2021 2020 2019 Weighted average number of common shares outstanding 367,022,903 366,981,556 376,495,306 Shares issuable pursuant to stock options 1,592,092 — 87,204 Shares assumed to be purchased from proceeds of stock options (741,606) — (74,698) Weighted average number of diluted common shares outstanding 367,873,389 366,981,556 376,507,812 For the year ended December 31, 2021, 15,559,816 options were excluded from the diluted earnings (loss) per share calculation as the options were anti-dilutive (2020 - all options ; 2019 - 9,465,737 options)

Asset Retirement Obligation

Asset Retirement Obligation	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation	Asset Retirement Obligation Changes in the carrying amounts of the asset retirement obligation associated with the Company’s oil and natural gas properties were as follows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 Balance, beginning of year $ 48,214 $ 43,419 Liability incurred 4,122 909 Settlements (805) (201) Accretion 4,180 3,464 Revisions in estimated liability (1,186) 623 Balance, end of year $ 54,525 $ 48,214 Revisions in estimated liabilities relate primarily to changes in estimates of asset retirement costs and include, but are not limited to, revisions of estimated inflation rates, changes in property lives and the expected timing of settling asset retirement obligations. At December 31, 2021, the fair value of assets that was legally restricted for purposes of settling asset retirement obligations was $5.3 million (December 31, 2020 - $3.8 million). These assets were accounted for as restricted cash and cash equivalents on the Company’s balance sheet (Note 16).

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue All of the Company’s revenue is generated from oil sales at prices that reflect the blended prices received upon shipment by the purchaser at defined sales points or are defined by contract relative to ICE Brent and adjusted for Vasconia or Castilla crude differentials, and quality and transportation discounts each month. For the year ended December 31, 2021, 100% (2020 and 2019 - 100%) of the Company's revenue resulted from oil sales and quality and transportation discounts were 15% (2020 - 25%; 2019 - 16%) of the ICE Brent price. During the year ended December 31, 2021, the Company’s production was sold primarily to three major customers in Colombia (2020 and 2019 - three) equalling 66%, 19% and 12% of total sales volumes. As at December 31, 2021, accounts receivable included nil accrued sales revenue related to December 2021 production (as at December 31, 2020, and December 31, 2019 - $0.1 million related to December production of each respective year).

COVID-19 Related Costs

COVID-19 Related Costs	12 Months Ended
	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
COVID-19 Related Costs	COVID-19 Related Costs The COVID-19 pandemic resulted in extra operating and transportation costs related to COVID-19 health and safety preventative measures, including incremental sanitation requirements and enhanced procedures for trucking barrels and crew changes in the Field. Below is a break-down of the costs: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Operating expenses $ 3,391 $ 2,482 $ — Transportation costs 303 197 — COVID-19 costs $ 3,694 $ 2,679 $ —

Taxes

Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Taxes	Taxes The income tax expense and recovery reported differs from the amount computed by applying the statutory rate to income (loss) before income taxes for the following reasons: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Income (loss) before income taxes United States $ (31,329) $ (19,065) $ (27,984) Foreign 54,465 (834,296) 123,959 23,136 (853,361) 95,975 Statutory rate (1) 31 % 32 % 33 % Income tax expense (recovery) expected 7,172 (273,076) 31,672 Impact of foreign taxes 9,723 26,668 9,387 Foreign currency translation 14,450 48,734 11,527 Goodwill Impairment — 32,826 — Stock-based compensation 1,708 666 430 Change in valuation allowance (53,434) 75,241 3,429 Non-deductible third party royalty in Colombia 1,568 697 2,240 Other permanent differences (1,058) 5,349 6,082 Non-deductible investment loss (gain) 525 7,501 (7,482) Total income tax (recovery) expense $ (19,346) $ (75,394) $ 57,285 Effective tax rate (84) % 9 % 60 % Current income tax expense Foreign (2) 4,479 754 17,058 4,479 754 17,058 Deferred income tax (recovery) expense Foreign (23,825) (76,148) 40,227 Total income tax (recovery) expense $ (19,346) $ (75,394) $ 57,285 (1) The tax rate is the statutory rate in Colombia. (2) 2021 current tax expense relates to capital gain tax from internal restructuring in Colombia. In general, it is the Company’s practice and intention to reinvest the earnings of our non-U.S. subsidiaries in such subsidiaries’ operations. As of December 31, 2021, the Company has not made a provision for U.S. or additional foreign withholding taxes on the investments in foreign subsidiaries that are indefinitely reinvested. Generally, such amounts become subject to taxation upon the remittance of dividends and under certain other circumstances. In the third quarter of 2021, the Colombia government enacted a new tax reform to replace the 2019 tax reform. The new tax reform increases the corporate tax rate to 35% as from January 1, 2022 onwards. The tax rates applied to the calculation of deferred income taxes have been adjusted to reflect this change. The table below presents the components of the deferred tax assets as at December 31, 2021 and 2020: As at December 31, (Thousands of U.S. Dollars) 2021 2020 Tax benefit of operating loss carryforwards $ 67,134 $ 100,616 Tax basis in excess of book basis 16,815 37,698 Foreign tax credits and other accruals 91,381 86,664 Tax benefit of capital loss carryforwards 28,050 27,661 Deferred tax assets before valuation allowance 203,380 252,639 Valuation allowance (141,886) (195,321) Deferred tax assets $ 61,494 $ 57,318 At December 31, 2021, the Company has not recognized the benefit of unused non-capital loss carryforwards of $62.1 million (2020 - $46.0 million) for federal purposes in the United States, which expire from 2030 to 2041. At December 31, 2021, the Company has not recognized the benefit of unused non-capital loss carryforwards of $21.1 million (2020 - $33.1 million) for federal and provincial purposes in Canada, which expire from 2030 to 2040. The Company has not recognized the benefit of capital loss carry forwards of $243.9 million (2020 - $240.5 million) for federal and provincial purposes in Canada which can be carried forward indefinitely. At December 31, 2021, the Company has recognized the benefit of unused non-capital loss carryforwards of $102.4 million (2020 - $115.6 million), out of a total of $122.0 million; and no tax credits (2020 - $1.0 million), out of a total of $1.8 million, for federal purposes in Colombia. The Company’s losses of $122.0 million are entitled to a carryforward period of 12 years. As at December 31, 2021 and 2020, Gran Tierra had no unrecognized tax benefits and related interest and penalties included in its deferred tax assets and current tax liabilities in the consolidated balance sheet. The Company does not anticipate any material changes with respect to unrecognized tax benefit within the next twelve months. The Company had no other significant interest or penalties related to taxes included in the consolidated statement of operations for the year ended December 31, 2021. The Company and its subsidiaries file income tax returns in the U.S. and certain other foreign jurisdictions. The Company is subject to income tax examinations for the tax years ended 2013 through 2021 in certain jurisdictions.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Obligations, Firm Agreements and Leases As at December 31, 2021, future minimum payments under non-cancelable agreements with remaining terms in excess of one year were as follows: Year ending December 31 (Thousands of U.S. Dollars) Total 2022 2023 2024 2025 2026 Thereafter Facilities 31,228 5,981 5,970 5,755 5,739 5,739 2,044 Operating leases (1) 2,889 2,163 623 94 9 — — Finance leases (1) 3,686 2,532 1,154 — — — — Software and Telecommunication 1,239 413 413 413 — — — $ 39,042 $ 11,089 $ 8,160 $ 6,262 $ 5,748 $ 5,739 $ 2,044 (1) Including maintenance and operating costs. Gran Tierra has operating leases for office spaces, vehicles, and tanks and finance leases for waterflood facilities, storage tanks and compressors. Indemnities Corporate indemnities have been provided by the Company to directors and officers for various items including, but not limited to, all costs to settle suits or actions due to their association with the Company and its subsidiaries and/or affiliates, subject to certain restrictions. The Company has purchased directors’ and officers’ liability insurance to mitigate the cost of any potential future suits or actions. The maximum amount of any potential future payment cannot be reasonably estimated. The Company may provide indemnifications in the normal course of business that are often standard contractual terms to counterparties in certain transactions such as purchase and sale agreements. The terms of these indemnifications will vary based upon the contract, the nature of which prevents the Company from making a reasonable estimate of the maximum potential amounts that may be required to be paid. Letters of Credit At December 31, 2021, the Company had provided letters of credit and other credit support totali ng $103.0 million ( December 31, 2020 - $100.6 million) as security relating to work commitment guarantees contained in exploration contracts in Colombia and Ecuador and other capital or operating requirements. Contingencies Gran Tierra has several lawsuits and claims pending, including a dispute with the ANH relating to the calculation of HPR royalties. The outcome of the lawsuits and disputes cannot be predicted with certainty; Gran Tierra believes the resolution of these matters would not have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. Gran Tierra records costs as they are incurred or become probable and determinable.

Financial Instruments, Fair Val

Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk	Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk Financial Instruments Financial instruments are initially recorded at fair value, defined as the price that would be received to sell an asset or paid to market participants to settle liability at the measurement date. For financial instruments carried at fair value, GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels: • Level 1 - Inputs representing quoted market prices in active markets for identical assets and liabilities • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the assets and liabilities, either directly or indirectly • Level 3 - Unobservable inputs for assets and liabilities At December 31, 2021, the Company’s financial instruments recognized on the balance sheet consist of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, other long-term assets, derivatives, accounts payable and accrued liabilities, current portion of long-term debt, long-term debt, current and long-term equity compensation reward liability and other long-term liabilities. The Company uses appropriate valuation techniques based on the available information to measure the fair values of assets and liabilities. Fair Value Measurement The following table presents the Company’s fair value measurements of its financial instruments as of December 31, 2021 and 2020: As at December 31, 2021 2020 (Thousands of U.S. Dollars) Level 1 Assets Investment $ — $ 48,323 PEF (1) 7,578 — $ 7,578 $ 48,323 Liabilities DSUs liability - long-term (3) $ 4,346 $ 1,480 6.25% Senior Notes 273,672 205,500 7.75% Senior Notes 271,500 206,865 $ 549,518 $ 413,845 Level 2 Assets Derivative asset (2) $ 219 $ — Restricted cash and cash equivalents - long-term (1) 4,903 3,409 $ 5,122 $ 3,409 Liabilities Derivative liability $ 2,976 $ 12,050 Revolving credit facility 66,987 188,704 PSUs liability - current 2,710 805 PSUs liability - long-term (3) 9,372 2,475 $ 82,045 $ 204,034 Level 3 Liabilities Asset retirement obligation $ 54,525 $ 48,214 (1) The long-term portion of restricted cash and PEF are included in the other long-term assets on the Company’s balance sheet (2) Included in the other current assets on the Company’s balance sheet (3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet The fair values of cash and cash equivalents, current restricted cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximate their carrying amounts due to the short-term maturity of these instruments. The fair value of long-term restricted cash and cash equivalents approximate its carrying value because interest rates are variable and reflective of market rates. Prepaid Equity Forward (PEF) To reduce the Company’s exposure to changes in the trading price of the Company’s common shares on outstanding PSUs, the Company entered into PEF. At the end of the term, the counterparty will pay the Company an amount equivalent to the notional amount of the shares using the price of the Company’s common shares at the valuation date. The Company has the discretion to increase or decrease the notional amount of the prepaid equity forwards or terminate the agreement early. As at December 31, 2021, the Company’s PEF had a notional amount of 10.0 million shares and a fair value of $7.6 million. During the year ended December 31, 2021, the Company recorded a gain of $0.9 million on the PEF in general and administrative expenses (December 31, 2020 and 2019- nil). The fair value of PEF asset was estimated using Company’s share price quoted in active markets at the end of each reporting period. DSUs liability The fair value of DSUs liability was estimated using Company’s share price quoted in active markets at the end of each reporting period. PSUs liability The fair value of the PSUs liability was estimated using the inputs, such as Company’s share price and PSU performance factor. Derivative asset and derivative liability The fair value of derivatives is estimated based on various factors, including quoted market prices in active markets and quotes from third parties. The Company also performs an internal valuation to ensure the reasonableness of third party quotes. In consideration of counterparty credit risk, the Company assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually required payments. Additionally, the Company considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. The following table presents gains or losses on derivatives and other instruments recognized in the accompanying consolidated statements of operations: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Commodity price derivative loss (gain) $ 48,723 $ (220) $ 3,642 Foreign currency derivative loss 115 3,155 27 Derivative instruments loss $ 48,838 $ 2,935 $ 3,669 Unrealized investment loss (gain) $ 2,032 $ 46,883 $ (49,884) Loss on sale of investment 1,355 — — Financial instruments (gain) loss (18) 1,164 — Other financial instruments loss (gain) $ 3,369 $ 48,047 $ (49,884) These gains or losses are presented as financial instruments gains or losses in the consolidated statements of operations and cash flows. During the year ended December 31, 2021, the Company sold 100% (246.1 million common shares) of its interest in PetroTal Corp. (“PetroTal”) for cash proceeds net of transaction costs of $43.1 million, resulting in a loss on sale of $1.4 million. As at December 31, 2021, Gran Tierra no longer holds an investment in the common shares of PetroTal. Revolving credit facility and Senior Notes Financial instruments not recorded at fair value at December 31, 2021, include the Senior Notes and the Revolving Credit Facility (Note 8). The fair value of the Revolving Credit Facility approximates its carrying value. The fair value of the Revolving Credit Facility is estimated based on the amount the Company would have to pay a third party to assume the debt, including the credit spread for the difference between the issue rate and the period-end market rate. The credit spread is the Company’s default or repayment risk. The credit spread (premium or discount) is determined by comparing the debt to new issuances (secured or unsecured) and secondary trades of similar size and credit statistics for public and private debt. At December 31, 2021, the carrying amounts of the 6.25% Senior Notes and 7.75% Senior Notes were $294.0 million a nd $292.0 million, respectively, which represents the aggregate principal amounts less unamortized debt issuance costs, and the fair values were $273.7 million and $271.5 million. Asset retirement obligation The Company’s non-recurring fair value measurements include asset retirement obligations. The fair value of an asset retirement obligation is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company’s credit-adjusted risk-free interest rate. The significant level 3 inputs used to calculate such liabilities include estimates of costs to be incurred, the Company’s credit-adjusted risk-free interest rate, inflation rates, and estimated dates of abandonment. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value, while the asset retirement cost is amortized over the estimated productive life of the related assets. Commodity Price Risk The Company may at time utilize commodity price derivatives to manage the variability in cash flows associated with the forecasted sale of its oil production, reduce commodity price risk and provide a base level of cash flow in order to assure it can execute at least a portion of its capital spending. As at December 31, 2021, the Company had 3,000 bopd outstanding commodity price derivative positions and entered into additional 6,000 bopd commodity derivatives subsequent to year-end for a total hedging program presented as follows: Period and Type of Instrument Volume, Reference Sold Swap ($/bbl, Weighted Average) Sold Put ($/bbl, Weighted Average) Purchased Put ($/bbl, Weighted Average) Sold Call Premium Three-way Collars: January 1, to June 30, 2022 5,000 ICE Brent — 63.56 73.56 91.28 — Swaps: January 1, to June 30, 2022 3,000 ICE Brent 80.41 — — — — Deferred Puts: January 1, to June 30, 2022 1,000 ICE Brent — — 70.00 — 4.00 Foreign Exchange Risk The Company is exposed to foreign exchange risk in relation to its Colombian operations predominantly in operating costs, general and administrative costs and transportation costs. To mitigate exposure to fluctuations in foreign exchange, the Company may enter into foreign currency exchange derivatives. As at December 31, 2021 the Company had no outstanding foreign currency exchange derivative positions. Unrealized foreign exchange gains and losses primarily result from fluctuation of the U.S. dollar to the Colombian peso and Canadian dollar due to Gran Tierra’s current and deferred tax assets and taxes receivable, which are monetary assets and liabilities mainly denominated in the local currencies. As a result, foreign exchange gains and losses must be calculated on conversion to the U.S. dollar functional currency. A strengthening in one Colombian peso against the U.S. dollar results in foreign exchange gain of approximately $17,000 on deferred tax asset balance and a foreign exchange gain of approximately $13,000 on taxes receivable. This effect was calculated based on the Company’s December 31, 2021, deferred tax assets and taxes receivable. For the years ended December 31, 2021, 2020 and 2019 respectivel y, 100% of the Company's oil sales were generated in Colombia. In Colombia, the Company receives 100% of its revenues in U.S. dollars and the majority of its capital expenditures are in U.S. dollars or are based on U.S. dollar prices. Credit Risk Credit risk arises from the potential that the Company may incur a loss if counterparty to a financial instrument fails to meet its obligation in accordance with agreed terms. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash and accounts receivable. The carrying value of cash and cash equivalents, restricted cash and accounts receivable reflects management’s assessment of credit risk. At December 31, 2021, cash and cash equivalents and restricted cash included balances in bank accounts, term deposits and certificates of deposit, placed with financial institutions with investment grade credit ratings. Most of the Company’s accounts receivable relate to sales to customers in the oil and natural gas industry and are exposed to typical industry credit risks. The concentration of revenues in a single industry affects the Company’s overall exposure to credit risk because customers may be similarly affected by changes in economic and other conditions. The Company manages this credit risk by entering into sales contracts with only credit worthy entities and reviewing its exposure to individual entities on a regular basis and obtaining letters of credits from customers which amounted to $18.3 million as of December 31, 2021. For the years ended December 31, 2021, 2020 and 2019, respectively, the Company had three customers which accounted for over 10% of sales. To reduce the concentration of exposure to any individual counterparty, the Company utilizes a group of investment-grade rated financial institutions for its derivative transactions. The Company monitors counterparty creditworthiness on an ongoing basis; however, it cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, the Company may be limited in its ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, the Company may not realize the benefit of some of its derivative instruments.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents with the Company’s consolidated balance sheet that sum to the total of such amounts shown in the consolidated statements of cash flows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Cash and cash equivalents $ 26,109 $ 13,687 $ 8,301 Restricted cash and cash equivalents - current 392 427 516 Restricted cash and cash equivalents - long-term (1) 4,903 3,409 2,258 $ 31,404 $ 17,523 $ 11,075 (1) The long-term portion of restricted cash is included in other long-term assets on the Company's balance sheet. Net changes in assets and liabilities from operating activities were as follows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Accounts receivable and other long-term assets $ (5,686) $ 27,607 $ (5,680) Derivatives (5,808) 2,302 (638) Inventory (2,383) (2,628) (3,179) Other prepaids (199) (279) 583 Accounts payable and accrued and other long-term liabilities 48,206 (47,194) (1,367) Prepaid tax and taxes receivable and payable 25,024 56,254 (83,593) Net changes in assets and liabilities from operating activities $ 59,154 $ 36,062 $ (93,874) The following table provides additional supplemental cash flow disclosures: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Cash paid for income taxes $ 36,352 $ 14,611 $ 49,196 Cash paid for interest $ 50,109 $ 50,209 $ 37,767 Non-cash investing activities Net liabilities related to property, plant and equipment, end of year $ 30,142 $ 28,711 $ 77,353

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent to year end, the Company signed a 6-year office lease agreement for corporate office in Calgary commencing June 1, 2022. The agreement includes the average annual lease payments of $1.8 million over the term of the lease.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of consolidation	Basis of ConsolidationThese consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimated proved and probable reserves volumes and the related cash flows are determined by the independent reservoir engineering specialists and used in several of the estimates made by management in preparing these financial statements. Numerous estimates are required to be made in the reserve report, including forecasted production, forecasted operating royalty, capital cost assumptions, and in certain cases forecasted commodity prices. Significant estimates made by management include: depreciation, depletion, amortization (“DD&A”) and impairment; impairment assessments of goodwill; timing of transfers from oil and gas properties not subject to depletion to the depletable base; asset retirement obligations; determining the value of the consideration transferred and the net identifiable assets acquired and liabilities assumed in connection with business combinations and determining goodwill; assessments of the likely outcome of legal and other contingencies; income taxes; stock-based compensation; and determining the fair value of derivatives. Although management believes these estimates are reasonable, changes in facts and circumstances or discovery of new information may result in revised estimates, and actual results may differ from these estimates.
Cash and cash equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.
Restricted cash and cash equivalents	Restricted Cash and Cash Equivalents Restricted cash and cash equivalents comprise cash and cash equivalents pledged to secure letters of credit and to settle asset retirement obligations. Letters of credit currently secured by cash relate to work commitment guarantees contained in exploration contracts. Restrictions will lapse when work obligations are satisfied pursuant to the exploration contract or an asset retirement obligation is settled. Cash and claims to cash that are restricted as to withdrawal or use for other than current operations, or are designated for expenditure in the acquisition or construction of long-term assets are excluded from the current asset classification. The long-term portion of restricted cash and cash equivalents is included in other long-term assets on the Company’s balance sheet.
Allowance for doubtful accounts	Allowance for Doubtful Accounts At each reporting date, the Company assesses the expected lifetime credit losses on initial recognition of trade accounts receivable. Credit risk is assessed based on the number of days the receivable has been outstanding and the internal credit assessment of the customer. The expected loss rates are based on payment profiles over a period of 36 months prior to the
Prepaid Equity Forward	Prepaid Equity Forwards The Company is exposed to equity price risk in relation to its long-term incentive plans. The Company utilizes prepaid equity forwards (“PEF”) on the equivalent number of the Company’s common shares in order to fix the future settlement cost on a portion of its cash-settled long-term incentive plans. PEF is recorded in other long-term assets on the Company’s balance sheet at fair value, with changes in fair value recognized as stock-based compensation expense in the consolidated statements of operations. The Company utilizes PEF to manage equity price risk in relation to its long-term incentive plans.
Derivatives	Derivatives The Company records derivative instruments on its balance sheet at fair value as either an asset or liability with changes in fair value recognized in the consolidated statements of operations as financial instruments gains or losses. While the Company utilizes derivative instruments to manage the price risk attributable to its expected oil production and foreign exchange risk, it has elected not to designate its derivative instruments as accounting hedges under the accounting guidance.
Inventory	Inventory Inventory consists of oil in tanks and third party pipelines and supplies and is valued at the lower of cost and net realizable value. The cost of inventory is determined using the weighted average method. Oil inventories include expenditures incurred to produce, upgrade and transport the product to the storage facilities and include operating, depletion and depreciation expenses, and royalties.
Income taxes	Income Taxes Income taxes are recognized using the liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax base, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. Valuation allowances are provided if, after considering the available evidence, it is not more likely than not that some or all of the deferred tax assets will be realized. The tax benefit from an uncertain tax position is recognized when it is more likely than not, based on the technical merits of the position, that the position will be sustained on examination by the taxing authorities. Additionally, the amount of the tax benefit recognized is the largest amount of benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, the Company presumes that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. The Company recognizes potential penalties and interest related to unrecognized tax benefits as a component of income tax expense.
Oil and gas properties	Oil and Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties as defined by the Securities and Exchange Commission (“SEC”). Under this method, the Company capitalizes all acquisition, exploration, and development costs incurred for the purpose of finding oil and natural gas reserves, including salaries, benefits, and other internal costs directly attributable to these activities. Costs associated with production and general corporate activities; are expensed as incurred. Separate cost centers are maintained for each country in which the Company incurs costs. The Company computes depletion of oil and natural gas properties on a quarterly basis using the unit-of-production method based upon production and estimates of proved reserve quantities. Future development costs related to properties with proved reserves are also included in the amortization base for the computation of depletion. The costs of unproved properties are excluded from the amortization base until the properties are evaluated. The cost of exploratory dry wells is transferred to proved properties and thus is subject to amortization immediately upon determination that a well is dry in those countries where proved reserves exist. The Company performs a ceiling test calculation each quarter in accordance with SEC Regulation S-X Rule 4-10. In performing its quarterly ceiling test, the Company limits, on a country-by-country basis, the capitalized costs of proved oil and natural gas properties, net of accumulated depletion and deferred income taxes, to the estimated future net cash flows from proved oil and natural gas reserves discounted at 10%, net of related tax effects, plus the lower of cost or fair value of unproved properties included in the costs being amortized. If such capitalized costs exceed the ceiling, the Company will record a write-down to the extent of such excess as a non-cash charge to net income or loss. Any such write-down will reduce earnings in the period of occurrence and result in a lower DD&A rate in future periods. A write-down may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the ceiling. The Company calculates future net cash flows by applying the unweighted average of prices in effect on the first day of the month for the preceding 12-month period, adjusted for location and quality differentials. Such prices are utilized except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Unproved properties are not depleted pending the determination of the existence of proved reserves. Costs are transferred into the depletable base on an ongoing basis as the properties are evaluated, proved reserves are established, or impairment is determined. Unproved properties are evaluated quarterly to ascertain whether impairment has occurred. This evaluation considers, among other factors, seismic data, requirements to relinquish acreage, drilling results, and activity, remaining time in the commitment period, remaining capital plans, and political, economic, and market conditions. During any period in which factors indicate impairment, the cumulative costs incurred to date for such property are transferred to the full cost pool and subject to depletion. For countries where a reserve base has not yet been established, the impairment is charged to earnings. In exploration areas, related seismic costs are capitalized in unproved property and evaluated as part of the total capitalized costs associated with a property. Seismic costs related to development projects are recorded in proved properties and therefore subject to depletion as incurred.
Asset retirement obligation	Asset Retirement ObligationThe Company records an estimated liability for future costs associated with the abandonment of its oil and gas properties, including the costs of reclamation of drilling sites. The Company records the fair value of a liability for a legal obligation to retire an asset in the period in which the liability is incurred with an offsetting increase to the related oil and gas properties. The fair value of an asset retirement obligation is measured by reference to the expected future cash outflows required to satisfy the retirement obligation discounted at the Company’s credit-adjusted risk-free interest rate. Accretion expense is recognized over time as the discounted liabilities are accreted to their expected settlement value, while the asset retirement cost is amortized over the estimated productive life of the related assets. The accretion of the asset retirement obligation and amortization of the asset retirement cost is included in DD&A. If estimated future costs of an asset retirement obligation change, an adjustment is recorded to both the asset retirement obligation and oil and gas properties. Revisions to the estimated asset retirement obligation can result from changes in retirement cost estimates, revisions to estimated inflation rates, and changes in the estimated timing of abandonment.
Other capital assets	Other Capital AssetsOther capital assets, including additions and replacements, are recorded at cost upon acquisition and include furniture, fixtures and leasehold improvement, computer equipment, automobiles and right-of-use assets for operating and finance leases. Depreciation for furniture and fixtures, computer equipment, and automobiles is provided using the straight-line method over the useful life of the asset. Leasehold improvements and right-of-use assets for operating and finance leases are depreciated on a straight-line basis over the shorter of the estimated useful life and the term of the related lease. The cost of repairs and maintenance is charged to expenses as incurred.
Leases	Leases At the inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. At the inception of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently at cost less any accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company’s revenue relates to oil sales in Colombia. The Company recognizes revenue when it transfers control of the product to a customer. This generally occurs at the time the customer obtains legal title to the product and when it is physically transferred to the delivery point agreed with the customer. Payment terms are generally within three business days following delivery of an invoice to the customer. Revenue is recognized based on the consideration specified in contracts with customers. Revenue represents the Company's share and is recorded net of royalty payments to governments and other mineral interest owners. The Company evaluates its arrangement with third parties and partners to determine if the Company acts as a principal or an agent. In making this evaluation, management considers if the Company obtains control of the product delivered, which is indicated by the Company having the primary responsibility for the delivery of the product, having the ability to establish prices, or having inventory risk. If the Company acts in the capacity of an agent rather than as a principal in the transaction, then the revenue is recognized on a net basis, only reflecting the fee realized by the Company from the transaction. Tariffs, tolls, and fees charged to other entities for the use of pipelines owned by the Company are evaluated by management to determine if these originate from contracts with customers or from incidental arrangements. When determining if the Company acted as a principal or agent in transactions, management determines if the Company obtains control of the product. As part of this assessment, management considers criteria for revenue recognition set out in ASC 606.
Stock-based compensation	Stock-based Compensation The Company records stock-based compensation expense in its consolidated financial statements measured at the fair value of the awards that are ultimately expected to vest. Fair values are determined using pricing models such as the Black-Scholes-Merton or Monte Carlo simulation stock option-pricing models and/or observable share prices. For equity-settled stock-based compensation awards, fair values are determined at the grant date, and the expense, net of estimated forfeitures, is recognized using the accelerated method over the requisite service period. An adjustment is made to compensation expense for any difference between the estimated forfeitures and the actual forfeitures. For cash-settled stock-based compensation awards, fair values are determined at each reporting date, and periodic changes are recognized as compensation costs, with a corresponding change to liabilities. The Company uses historical data to estimate the expected term used in the Black-Scholes option pricing model, option exercises, and employee departure behavior. Expected volatilities used in the fair value estimate are based on the historical volatility of the Company’s shares. The risk-free rate for periods within the expected term of the stock options is based on the U.S. Treasury yield curve in effect at the time of grant.
Foreign currency translation	Foreign Currency Translation The functional currency of the Company, including its subsidiaries, is the United States dollar. Monetary items are translated into the reporting currency at the exchange rate in effect at the balance sheet date, and non-monetary items are translated at
Earnings (loss) per share	Earnings (Loss) per Share Basic earnings (loss) per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of Common Stock issued and outstanding during each period. Diluted net income per share is calculated by adjusting the weighted average number of shares of Common Stock outstanding for the dilutive effect, if any, of share equivalents. The Company uses the treasury stock method to determine the dilutive effect. This method assumes that all Common Stock equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase shares of Common Stock of the Company at the volume weighted average trading price of shares of Common Stock during the period.
Risks and Measurement Uncertainty	Risks and Measurement Uncertainty The outbreak of COVID-19 continued throughout 2021 including the spread of the highly transmissible Omicron variant. Worldwide economic climate continued to be volatile making accounting estimates more onerous.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Government Assistance (ASC 832) In November 2021, the FASB issued ASU 2021-10, “Government Assistance”. This ASU is a new topic issued to increase the transparency for government assistance transactions and disclosures due to a lack of specific authoritative guidance in GAAP. This ASU requires disclosures about government assistance in the notes to the financial statements that will provide comparable and transparent information to investors and other financial statement users to enable them to understand an entity’s financial results and prospects of future cash flows. This ASU is effective for annual periods beginning after December 15, 2021. The Company has early adopted this ASU for its financial statements dated December 31, 2021, the adoption of which had no material impact on the Company's disclosure requirements, balance sheet, results of operations or cash flow. Recently Issued Accounting Pronouncements Business Combinations (ASC 805) In October 2021, the FASB issued ASU 2021-08, “Business Combinations”. This ASU will improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. The ASU will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact of this update on its consolidated financial position, results of operations or cash flows.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Receivables [Abstract]
Schedule of Accounts Receivable	As at December 31, (Thousands of U.S. Dollars) 2021 2020 Trade $ 9,193 $ 3,799 Other 3,992 4,245 Total Accounts Receivable $ 13,185 $ 8,044

Taxes Receivable (Tables)

Taxes Receivable (Tables)	12 Months Ended
	Dec. 31, 2021
Tax Receivable Agreement [Abstract]
Schedule of Taxes Receivable Components	The table below shows the break-down of taxes receivable, comprised of value-added tax (“VAT”) and income tax receivables. Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 Taxes Receivable Current VAT Receivable $ 21,918 $ 35,977 Income Tax Receivable 23,588 13,948 $ 45,506 $ 49,925 Long-Term VAT Receivable $ — $ 28,485 Income Tax Receivable 17,522 14,150 $ 17,522 $ 42,635 Taxes Payable Current VAT Payable $ 6,620 $ — Total Taxes Receivable net of Taxes Payable $ 56,408 $ 92,560
Schedule of Taxes Receivable Roll Forward	The following table shows the movement of VAT and income tax receivables for the past two years: (Thousands of U.S. Dollars) VAT Receivable Income Tax Receivable Total Taxes Receivable Balance, December 31, 2019 $ 118,646 $ 43,061 $ 161,707 Collected through direct government refunds (40,884) (26,471) (67,355) Collected through sales contracts (46,326) — (46,326) Taxes paid 43,719 14,611 58,330 Current tax expense — (754) (754) Foreign exchange loss (10,693) (2,349) (13,042) Balance, December 31, 2020 $ 64,462 $ 28,098 $ 92,560 Collected through direct government refunds (604) (14,228) (14,832) Collected through sales contracts (105,858) — (105,858) Taxes paid 63,792 36,352 100,144 Current tax expense — (4,479) (4,479) Foreign exchange loss (6,494) (4,633) (11,127) Balance, December 31, 2021 $ 15,298 $ 41,110 $ 56,408

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	As at December 31, (Thousands of U.S. Dollars) 2021 2020 Oil and natural gas properties Proved $ 4,302,473 $ 4,106,768 Unproved 131,865 161,763 4,434,338 4,268,531 Other (1) 34,943 32,135 4,469,281 4,300,666 Accumulated depletion, depreciation and impairment (3,473,484) (3,336,184) $ 995,797 $ 964,482
Summary of Oil and Natural Gas Properties	The following is a summary of Gran Tierra’s oil and natural gas properties not subject to depletion as at December 31, 2021: Costs Incurred in (Thousands of U.S. Dollars) 2021 2020 2019 Prior to 2019 Total Acquisition costs - Colombia $ — $ — $ — $ 10,268 $ 10,268 Exploration costs - Colombia 2,416 9,909 36,881 63,306 112,512 Exploration costs - Ecuador 2,708 2,160 4,217 — 9,085 $ 5,124 $ 12,069 $ 41,098 $ 73,574 $ 131,865

Impairment (Tables)

Impairment (Tables)	12 Months Ended
	Dec. 31, 2021
Impairment Disclosure [Abstract]
Schedule of Asset Impairment	Asset impairment for the years ended December 31, 2021, 2020 and 2019 was as follows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Impairment of oil and gas properties $ — $ 560,344 $ — Impairment of inventory — 4,151 — $ — $ 564,495 $ —

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 Trade $ 91,101 $ 70,450 Royalties 14,761 1,570 Employee compensation 4,382 1,701 Other 38,450 27,063 $ 148,694 $ 100,784

Debt and Debt Issuance Costs (T

Debt and Debt Issuance Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt at December 31, 2021 and 2020, was as follows: As at December 31, (Thousands of U.S. Dollars) 2021 2020 Current Revolving credit facility $ 67,500 $ — Unamortized debt issuance costs (513) — Current portion of long-term debt $ 66,987 $ — Long Term 6.25% Senior Notes $ 300,000 $ 300,000 7.75% Senior Notes 300,000 300,000 Revolving credit facility — 190,000 Unamortized debt issuance costs (14,030) (18,124) Long-term lease obligation (1) 1,434 2,894 Long-term debt $ 587,404 $ 774,770 Total Debt $ 654,391 $ 774,770 (1) The current portion of the lease obligation has been included in accounts payable and accrued liabilities
Schedule of Total Interest Expense Recognized	The following table presents the total interest expense recognized in the accompanying consolidated statements of operations: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Contractual interest and other financing expenses $ 50,572 $ 50,515 $ 39,892 Amortization of debt issuance costs 3,809 3,625 3,376 $ 54,381 $ 54,140 $ 43,268

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Common Stock	Shares of Common Stock Balance, December 31, 2018 387,079,027 Shares repurchased and cancelled (20,097,471) Balance, December 31, 2019 and 2020 366,981,556 Options exercised 162,944 Balance, December 31, 2021 367,144,500
Schedule of Information About PSU, DSU, RSU and Stock Option Activity	The following table provides information about PSU, DSU and stock option activity for the year ended December 31, 2021: PSUs DSUs Stock Options Number of Outstanding Share Units Number of Outstanding Share Units Number of Outstanding Stock Options Weighted Average Exercise Price /Stock Option ($) Balance, December 31, 2020 23,273,404 4,067,897 15,444,949 $ 1.50 Granted 13,428,840 1,642,867 5,889,310 0.80 Exercised (1,639,926) — (162,944) 0.62 Forfeited (4,697,122) — (1,998,558) 1.14 Expired — — (1,324,035) 3.17 Balance, December 31, 2021 30,365,196 5,710,764 17,848,722 $ 1.20 Vested and exercisable, at December 31, 2021 7,534,488 $ 1.66 Vested, or expected to vest, at December 31, 2021 through the life of the options 17,394,842 $ 1.21
Schedule of Assumptions Using the Black-Scholes Option Pricing Model	The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option-pricing model based on assumptions noted in the following table: Year Ended December 31, 2021 2020 2019 Dividend yield (per share) Nil Nil Nil Volatility 71% to 80% 50% to 69% 48% to 54% Weighted average volatility 78 % 52 % 51 % Risk-free interest rate 0.4% to 0.9% 0.3% to 1.7% 1.5% to 2.5% Expected term 4 - 5 years 5 years 4 - 5 years
Schedule of Weighted Average Number of Shares	Weighted Average Shares Outstanding Year Ended December 31, 2021 2020 2019 Weighted average number of common shares outstanding 367,022,903 366,981,556 376,495,306 Shares issuable pursuant to stock options 1,592,092 — 87,204 Shares assumed to be purchased from proceeds of stock options (741,606) — (74,698) Weighted average number of diluted common shares outstanding 367,873,389 366,981,556 376,507,812

Asset Retirement Obligation (Ta

Asset Retirement Obligation (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Asset Retirement Obligation	Changes in the carrying amounts of the asset retirement obligation associated with the Company’s oil and natural gas properties were as follows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 Balance, beginning of year $ 48,214 $ 43,419 Liability incurred 4,122 909 Settlements (805) (201) Accretion 4,180 3,464 Revisions in estimated liability (1,186) 623 Balance, end of year $ 54,525 $ 48,214

COVID-19 Related Costs (Tables)

COVID-19 Related Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Unusual or Infrequent Items, or Both [Abstract]
Schedule Cost Incurred due to Catastrophic Events	The COVID-19 pandemic resulted in extra operating and transportation costs related to COVID-19 health and safety preventative measures, including incremental sanitation requirements and enhanced procedures for trucking barrels and crew changes in the Field. Below is a break-down of the costs: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Operating expenses $ 3,391 $ 2,482 $ — Transportation costs 303 197 — COVID-19 costs $ 3,694 $ 2,679 $ —

Taxes (Tables)

Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense Reported	The income tax expense and recovery reported differs from the amount computed by applying the statutory rate to income (loss) before income taxes for the following reasons: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Income (loss) before income taxes United States $ (31,329) $ (19,065) $ (27,984) Foreign 54,465 (834,296) 123,959 23,136 (853,361) 95,975 Statutory rate (1) 31 % 32 % 33 % Income tax expense (recovery) expected 7,172 (273,076) 31,672 Impact of foreign taxes 9,723 26,668 9,387 Foreign currency translation 14,450 48,734 11,527 Goodwill Impairment — 32,826 — Stock-based compensation 1,708 666 430 Change in valuation allowance (53,434) 75,241 3,429 Non-deductible third party royalty in Colombia 1,568 697 2,240 Other permanent differences (1,058) 5,349 6,082 Non-deductible investment loss (gain) 525 7,501 (7,482) Total income tax (recovery) expense $ (19,346) $ (75,394) $ 57,285 Effective tax rate (84) % 9 % 60 % Current income tax expense Foreign (2) 4,479 754 17,058 4,479 754 17,058 Deferred income tax (recovery) expense Foreign (23,825) (76,148) 40,227 Total income tax (recovery) expense $ (19,346) $ (75,394) $ 57,285 (1) The tax rate is the statutory rate in Colombia.
Schedule of Deferred Tax Assets and Liabilities	The table below presents the components of the deferred tax assets as at December 31, 2021 and 2020: As at December 31, (Thousands of U.S. Dollars) 2021 2020 Tax benefit of operating loss carryforwards $ 67,134 $ 100,616 Tax basis in excess of book basis 16,815 37,698 Foreign tax credits and other accruals 91,381 86,664 Tax benefit of capital loss carryforwards 28,050 27,661 Deferred tax assets before valuation allowance 203,380 252,639 Valuation allowance (141,886) (195,321) Deferred tax assets $ 61,494 $ 57,318

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments Under Non-Cancelable Agreements	As at December 31, 2021, future minimum payments under non-cancelable agreements with remaining terms in excess of one year were as follows: Year ending December 31 (Thousands of U.S. Dollars) Total 2022 2023 2024 2025 2026 Thereafter Facilities 31,228 5,981 5,970 5,755 5,739 5,739 2,044 Operating leases (1) 2,889 2,163 623 94 9 — — Finance leases (1) 3,686 2,532 1,154 — — — — Software and Telecommunication 1,239 413 413 413 — — — $ 39,042 $ 11,089 $ 8,160 $ 6,262 $ 5,748 $ 5,739 $ 2,044 (1) Including maintenance and operating costs.

Financial Instruments, Fair V_2

Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following table presents the Company’s fair value measurements of its financial instruments as of December 31, 2021 and 2020: As at December 31, 2021 2020 (Thousands of U.S. Dollars) Level 1 Assets Investment $ — $ 48,323 PEF (1) 7,578 — $ 7,578 $ 48,323 Liabilities DSUs liability - long-term (3) $ 4,346 $ 1,480 6.25% Senior Notes 273,672 205,500 7.75% Senior Notes 271,500 206,865 $ 549,518 $ 413,845 Level 2 Assets Derivative asset (2) $ 219 $ — Restricted cash and cash equivalents - long-term (1) 4,903 3,409 $ 5,122 $ 3,409 Liabilities Derivative liability $ 2,976 $ 12,050 Revolving credit facility 66,987 188,704 PSUs liability - current 2,710 805 PSUs liability - long-term (3) 9,372 2,475 $ 82,045 $ 204,034 Level 3 Liabilities Asset retirement obligation $ 54,525 $ 48,214 (1) The long-term portion of restricted cash and PEF are included in the other long-term assets on the Company’s balance sheet (2) Included in the other current assets on the Company’s balance sheet (3) Long-term DSUs and PSUs liabilities are included in the long-term equity compensation award liability on the Company’s balance sheet
Schedule of Losses or Gains on Financial Instruments Recognized	The following table presents gains or losses on derivatives and other instruments recognized in the accompanying consolidated statements of operations: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Commodity price derivative loss (gain) $ 48,723 $ (220) $ 3,642 Foreign currency derivative loss 115 3,155 27 Derivative instruments loss $ 48,838 $ 2,935 $ 3,669 Unrealized investment loss (gain) $ 2,032 $ 46,883 $ (49,884) Loss on sale of investment 1,355 — — Financial instruments (gain) loss (18) 1,164 — Other financial instruments loss (gain) $ 3,369 $ 48,047 $ (49,884)
Schedule of Price Risk Derivatives	As at December 31, 2021, the Company had 3,000 bopd outstanding commodity price derivative positions and entered into additional 6,000 bopd commodity derivatives subsequent to year-end for a total hedging program presented as follows: Period and Type of Instrument Volume, Reference Sold Swap ($/bbl, Weighted Average) Sold Put ($/bbl, Weighted Average) Purchased Put ($/bbl, Weighted Average) Sold Call Premium Three-way Collars: January 1, to June 30, 2022 5,000 ICE Brent — 63.56 73.56 91.28 — Swaps: January 1, to June 30, 2022 3,000 ICE Brent 80.41 — — — — Deferred Puts: January 1, to June 30, 2022 1,000 ICE Brent — — 70.00 — 4.00

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Summary of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents with the Company’s consolidated balance sheet that sum to the total of such amounts shown in the consolidated statements of cash flows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Cash and cash equivalents $ 26,109 $ 13,687 $ 8,301 Restricted cash and cash equivalents - current 392 427 516 Restricted cash and cash equivalents - long-term (1) 4,903 3,409 2,258 $ 31,404 $ 17,523 $ 11,075 (1) The long-term portion of restricted cash is included in other long-term assets on the Company's balance sheet.
Schedule of Net Changes in Assets and Liabilities	Net changes in assets and liabilities from operating activities were as follows: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Accounts receivable and other long-term assets $ (5,686) $ 27,607 $ (5,680) Derivatives (5,808) 2,302 (638) Inventory (2,383) (2,628) (3,179) Other prepaids (199) (279) 583 Accounts payable and accrued and other long-term liabilities 48,206 (47,194) (1,367) Prepaid tax and taxes receivable and payable 25,024 56,254 (83,593) Net changes in assets and liabilities from operating activities $ 59,154 $ 36,062 $ (93,874)
Schedule of Additional Supplemental Cash Flow Disclosures	The following table provides additional supplemental cash flow disclosures: Year Ended December 31, (Thousands of U.S. Dollars) 2021 2020 2019 Cash paid for income taxes $ 36,352 $ 14,611 $ 49,196 Cash paid for interest $ 50,109 $ 50,209 $ 37,767 Non-cash investing activities Net liabilities related to property, plant and equipment, end of year $ 30,142 $ 28,711 $ 77,353

Significant Accounting Polici_3

Significant Accounting Policies - Investment in PetroTal Corp (Details) shares in Millions	12 Months Ended
	Dec. 31, 2021shares
Petro Tal
Schedule of Equity Method Investments [Line Items]
Number of shares disposed (in shares)	246.1

Significant Accounting Polici_4

Significant Accounting Policies - Income Taxes - Intra-Entity Transfers of Assets Other than Inventory (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense (benefit)	$ (19,346)	$ (75,394)	$ 57,285

Significant Accounting Polici_5

Significant Accounting Policies - Leases (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Retained earnings	$ (995,772)	$ (1,038,254)

Significant Accounting Polici_6

Significant Accounting Policies - Risk (Narrative) (Details) - Senior Notes	May 20, 2019	Feb. 15, 2018
6.25% Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.25%
7.75% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	7.75%

Accounts Receivable - Schedule

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 13,185	$ 8,044
Trade
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	9,193	3,799
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 3,992	$ 4,245

Taxes Receivable (Details)

Taxes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current
VAT Receivable	$ 21,918	$ 35,977
Income Tax Receivable	23,588	13,948
Tax Receivable	45,506	49,925
Long-Term
VAT Receivable	0	28,485
Income Tax Receivable	17,522	14,150
Tax Receivable	17,522	42,635
VAT Payable	6,620	0
Total Taxes Receivable net of Taxes Payable	56,408	92,560
VAT Receivable
Beginning balance	64,462	118,646
Collected through direct government refunds	(604)	(40,884)
Collected through sales contracts	(105,858)	(46,326)
Taxes paid	63,792	43,719
Current tax expense	0	0
Foreign exchange loss	(6,494)	(10,693)
Ending Balance	15,298	64,462
Income Tax Receivable
Beginning balance	28,098	43,061
Collected through direct government refunds	(14,228)	(26,471)
Collected through sales contracts	0	0
Taxes paid	36,352	14,611
Current tax expense	(4,479)	(754)
Foreign exchange loss	(4,633)	(2,349)
Ending balance	41,110	28,098
Total Taxes Receivable
Beginning balance	92,560	161,707
Collected through direct government refunds	(14,832)	(67,355)
Collected through sales contracts	(105,858)	(46,326)
Taxes paid	100,144	58,330
Current tax expense	(4,479)	(754)
Foreign exchange loss	(11,127)	(13,042)
Ending balance	56,408	92,560
Total Taxes Receivable net of Taxes Payable	$ 56,408	$ 92,560

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 4,469,281	$ 4,300,666
Accumulated depletion, depreciation and impairment	(3,473,484)	(3,336,184)
Property, plant, and equipment, net	995,797	964,482
Right-of-use asset	13,900	11,400
Operating lease and finance lease, net	3,900	4,400
Oil and natural gas properties
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,434,338	4,268,531
Proved
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,302,473	4,106,768
Unproved
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	131,865	161,763
Other
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 34,943	$ 32,135

Property, Plant and Equipment_2

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depletion and depreciation expense	$ 135.7	$ 160.8	$ 220.8
Costs not expected to be subject to depletion (as a percent)	100.00%
Period until transferred to depletable base	5 years

Property, Plant and Equipment_3

Property, Plant and Equipment - Summary of Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	12 Months Ended				48 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2021
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Properties not subject to depletion	$ 5,124	$ 12,069	$ 41,098	$ 73,574	$ 131,865
Reportable Segments | Colombia
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Acquisition costs	0	0	0	10,268	10,268
Exploration costs	2,416	9,909	36,881	63,306	112,512
Non-Segment | Ecuador
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Exploration costs	$ 2,708	$ 2,160	$ 4,217	$ 0	$ 9,085

Impairment - Asset Impairment (

Impairment - Asset Impairment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impairment Disclosure [Abstract]
Impairment of oil and gas properties	$ 0	$ 560,344,000	$ 0
Impairment of inventory	0	4,151,000	0
Asset impairment	$ 0	$ 564,495,000	$ 0

Impairment - Narrative (Details

Impairment - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)$ / bbl	Dec. 31, 2020USD ($)$ / bbl	Dec. 31, 2019USD ($)$ / bbl
Property, Plant and Equipment [Line Items]
Impairment of oil and gas properties	$ 0	$ 560,344,000	$ 0
Oil and gas properties, discounted rate	10.00%
Historical prices, discounted rate	10.00%
Oil and gas properties, proved reserves	16 years
Inventory impairment	$ 0	4,151,000	0
Goodwill impairment	$ 0	$ 102,581,000	$ 0
Crude Oil and NGL
Property, Plant and Equipment [Line Items]
Average Brent price per barrel (in USD per barrel) | $ / bbl	68.92	43.43	64.20

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Trade	$ 91,101	$ 70,450
Royalties	14,761	1,570
Employee compensation	4,382	1,701
Other	38,450	27,063
Total	$ 148,694	$ 100,784

Debt and Debt Issuance Costs -

Debt and Debt Issuance Costs - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	May 20, 2019	Feb. 15, 2018
Current
Revolving credit facility	$ 67,500	$ 0
Unamortized debt issuance costs	(513)	0
Current portion of long-term debt	66,987	0
Long Term
Unamortized debt issuance costs	$ (14,030)	$ (18,124)
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities
Long-term lease obligation	$ 1,434	$ 2,894
Long-term debt	587,404	774,770
Total Debt	$ 654,391	$ 774,770
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and accrued liabilities (Note 7)	Accounts payable and accrued liabilities (Note 7)
Finance lease, liability, current	$ 3,300	$ 3,300
Senior Notes | 6.25% Senior Notes
Long Term
Stated interest rate				6.25%
Long-term debt, gross	300,000	300,000
Senior Notes | 7.75% Senior Notes due 2027
Long Term
Stated interest rate			7.75%
Long-term debt, gross	300,000	300,000
Revolving credit facility | Revolving Credit Facility
Long Term
Long-term debt, gross	$ 0	$ 190,000

Debt and Debt Issuance Costs _2

Debt and Debt Issuance Costs - Senior Notes (Details) - Senior Notes - USD ($)	May 23, 2019	Feb. 15, 2018	May 20, 2019
7.75% Senior Notes due 2027
Debt Instrument [Line Items]
Face amount			$ 300,000,000
Stated interest rate			7.75%
Redemption price (as a percent)	100.00%
7.75% Senior Notes due 2027 | 2023
Debt Instrument [Line Items]
Redemption price (as a percent)	103.875%
7.75% Senior Notes due 2027 | 2024
Debt Instrument [Line Items]
Redemption price (as a percent)	101.938%
7.75% Senior Notes due 2027 | 2025 and Thereafter
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%
6.25% Senior Notes
Debt Instrument [Line Items]
Face amount		$ 300,000,000
Stated interest rate		6.25%
Redemption price (as a percent)		100.00%
6.25% Senior Notes | 2023
Debt Instrument [Line Items]
Redemption price (as a percent)		101.563%
6.25% Senior Notes | 2022
Debt Instrument [Line Items]
Redemption price (as a percent)		103.125%
6.25% Senior Notes | 2024 and Thereafter
Debt Instrument [Line Items]
Redemption price (as a percent)		100.00%

Debt and Debt Issuance Costs _3

Debt and Debt Issuance Costs - Credit Facility (Details) - Credit Agreement - Revolving Credit Facility - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 21, 2021	Dec. 20, 2021
Line of Credit Facility [Line Items]
Current borrowing capacity	$ 150,000,000		$ 150,000,000	$ 215,000,000
Minimum
Line of Credit Facility [Line Items]
EBITDAX to interest expense, ratio	2.5
Interest rate on undrawn amounts	0.73%	0.73%
Minimum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.90%	2.90%
Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.90%	1.90%
Maximum
Line of Credit Facility [Line Items]
Debt to EBITDAX, ratio	400.00%
Senior secured debt to EBITDAX ratio	300.00%
Interest rate on undrawn amounts	1.23%	1.23%
Maximum | London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.90%	4.90%
Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	3.90%	3.90%
Credit Facility, Readily Available
Line of Credit Facility [Line Items]
Current borrowing capacity			125,000,000
Credit Facility, Subject to Approval by Majority Lenders
Line of Credit Facility [Line Items]
Current borrowing capacity			$ 25,000,000

Debt and Debt Issuance Costs _4

Debt and Debt Issuance Costs - Schedule of Total Interest Expense Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Contractual interest and other financing expenses	$ 50,572	$ 50,515	$ 39,892
Amortization of debt issuance costs	3,809	3,625	3,376
Interest expense	$ 54,381	$ 54,140	$ 43,268

Share Capital - Schedule of Com

Share Capital - Schedule of Common Stock (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Stockholders' Equity
Beginning Balance (in shares)	366,981,556
Options exercised (in shares)	162,944
Ending Balance (in shares)	367,144,500	366,981,556
Common Stock
Increase (Decrease) in Stockholders' Equity
Beginning Balance (in shares)	366,981,556	366,981,556	387,079,027
Shares repurchased and canceled (in shares)			20,097,471
Options exercised (in shares)	162,944	0	0
Ending Balance (in shares)	367,144,500	366,981,556	366,981,556

Share Capital - Additional Info

Share Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 02, 2021	Jun. 27, 2012	Jun. 26, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized share capital (in shares)	595,000,000
Common shares, par value (in USD per share)	$ 0.001	$ 0.001
Preferred Stock, shares authorized (in shares)	25,000,000
Preferred Stock, par value (in USD per share)	$ 0.001
Common stock available for issuance (in shares)				54,806,100	39,806,100	23,306,100
Share-based compensation	$ 8,396	$ 1,216	$ 1,430
Unrecognized compensation cost	$ 11,800	$ 5,900	$ 6,700
Weighted average period of recognition	1 year 7 months 6 days
Weighted average remaining contractual term	3 years
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized share capital (in shares)	570,000,000
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards granted (as a percent)	80.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards granted (as a percent)	20.00%

Share Capital - Schedule of Inf

Share Capital - Schedule of Information About PSU, DSU, RSU and Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Number of Outstanding Stock Options
Balance, Beginning of period (in shares)	15,444,949
Granted (in shares)	5,889,310
Exercised (in shares)	(162,944)
Forfeited (in shares)	(1,998,558)
Expired (in shares)	(1,324,035)
Balance, End of period (in shares)	17,848,722
Exercisable, at end of period (in shares)	7,534,488
Vested, or expected to vest, at end of period through the life of the options (in shares)	17,394,842
Weighted Average Exercise Price /Stock Option ($)
Balance, Beginning of period (in USD per share) | $ / shares	$ 1.50
Granted (in USD per share) | $ / shares	0.80
Exercised (in USD per share) | $ / shares	0.62
Forfeited (in USD per share) | $ / shares	1.14
Expired (in USD per share) | $ / shares	3.17
Balance, End of period (in USD per share) | $ / shares	1.20
Exercisable, at end of period (in USD per share) | $ / shares	1.66
Vested, or expected to vest, at end of period through the life of the options (in USD per share) | $ / shares	$ 1.21
PSUs
Number of Outstanding Share Units
Balance, Beginning of period (in shares)	23,273,404
Granted (in shares)	13,428,840
Exercised (in shares)	(1,639,926)
Forfeited (in shares)	(4,697,122)
Expired (in shares)	0
Balance, End of period (in shares)	30,365,196
DSUs
Number of Outstanding Share Units
Balance, Beginning of period (in shares)	4,067,897
Granted (in shares)	1,642,867
Exercised (in shares)	0
Forfeited (in shares)	0
Expired (in shares)	0
Balance, End of period (in shares)	5,710,764

Share Capital - PSUs (Narrative

Share Capital - PSUs (Narrative) (Details) - PSUs - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vested and will be settled in cash (in shares)	4,400,000	2,700,000
Award subject to targets relating to total shareholder return (as a percent)	50.00%
Award subject to targets relating to net asset value (as a percent)		25.00%	25.00%
Net present value discount rate		10.00%	10.00%
Free cash flows required	$ 20
Award subject to targets relating to execution of corporate strategy (as a percent)	25.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs that vest (as a percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of PSUs that vest (as a percent)	200.00%

Share Capital - DSUs (Narrative

Share Capital - DSUs (Narrative) (Details)	12 Months Ended
	Dec. 31, 2021
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
DSUs that will vest at such time the grantee ceases to be a member (as a percent)	100.00%

Share Capital - Stock Options (

Share Capital - Stock Options (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation award, common stock for purchase, exercise price		1
Options exercised (in shares)		162,944
Proceeds from exercise of stock options		$ 100,000	$ 0	$ 0
Share-based compensation arrangement by share-based payment award, options, vested and expected to vest, outstanding, weighted average remaining contractual term		3 years	3 years 2 months 12 days
Weighted average remaining contractual term of exercisable stock options		2 years 2 months 12 days	1 year 10 months 24 days
Weighted average grant date fair value for options granted (in USD per share)		$ 0.47	$ 0.29	$ 0.89
Weighted average grant date fair value for options vested (in USD per share)		$ 0.52	$ 0.79	$ 1.10
Total fair value of stock options vested		$ 2,100,000	$ 1,900,000	$ 1,900,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)		162,944	0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Expected term during grantee's service	5 years		5 years
Expected term after end of grantee's service	3 months

Share Capital - Schedule of Ass

Share Capital - Schedule of Assumptions Using the Black-Scholes Option Pricing Model (Details)	1 Months Ended	12 Months Ended
	May 31, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average volatility (as a percent)		78.00%	52.00%	51.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum		71.00%	50.00%	48.00%
Volatility, maximum		80.00%	69.00%	54.00%
Risk free interest rate, minimum		0.40%	0.30%	1.50%
Risk free interest rate, maximum		0.90%	1.70%	2.50%
Expected term	5 years		5 years
Stock Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		4 years		4 years
Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years		5 years

Share Capital - Schedule Of Wei

Share Capital - Schedule Of Weighted Average Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Weighted average number of common shares outstanding (in shares)	367,022,903	366,981,556	376,495,306
Shares issuable pursuant to stock options (in shares)	1,592,092	0	87,204
Shares assumed to be purchased from proceeds of stock options (in shares)	(741,606)	0	(74,698)
Weighted average number of diluted common shares outstanding (in shares)	367,873,389	366,981,556	376,507,812

Share Capital - Weighted Averag

Share Capital - Weighted Average Shares Outstanding (Narrative) (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average options excluded from diluted loss per share calculation (in shares)	15,559,816	9,465,737

Asset Retirement Obligation - S

Asset Retirement Obligation - Schedule of Changes in Carrying Amount of Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis
Balance, beginning of year	$ 48,214	$ 43,419
Liability incurred	4,122	909
Settlements	(805)	(201)
Accretion	4,180	3,464
Revisions in estimated liability	(1,186)	623
Balance, end of year	$ 54,525	$ 48,214

Asset Retirement Obligation - N

Asset Retirement Obligation - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation Disclosure [Abstract]
Fair value of assets legally restricted for purposes of settling asset retirement obligations	$ 5.3	$ 3.8

Revenue (Details)

Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Revenue, information used to assess variable consideration constraint, adjustment for quality and transportation	15.00%	25.00%	16.00%
Contract with customer, asset, net, current	$ 0	$ 0.1	$ 0.1
Revenue from Contract with Customer | Product Concentration Risk
Concentration Risk [Line Items]
Sales to each significant customer as % of oil and gas sales	100.00%	100.00%
Revenue from Contract with Customer | Product Concentration Risk | Colombia | Customer 1
Concentration Risk [Line Items]
Sales to each significant customer as % of oil and gas sales	66.00%
Revenue from Contract with Customer | Product Concentration Risk | Colombia | Customer 2
Concentration Risk [Line Items]
Sales to each significant customer as % of oil and gas sales	19.00%
Revenue from Contract with Customer | Product Concentration Risk | Colombia | Customer 3
Concentration Risk [Line Items]
Sales to each significant customer as % of oil and gas sales	12.00%

COVID-19 Related Costs (Details

COVID-19 Related Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unusual or Infrequent Items, or Both [Abstract]
Operating expenses	$ 3,391	$ 2,482	$ 0
Transportation costs	303	197	0
COVID-19 costs	$ 3,694	$ 2,679	$ 0

Taxes - Schedule of Income Tax

Taxes - Schedule of Income Tax Expense Reported (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (31,329)	$ (19,065)	$ (27,984)
Foreign	54,465	(834,296)	123,959
INCOME (LOSS) BEFORE INCOME TAXES	$ 23,136	$ (853,361)	$ 95,975
Statutory rate	31.00%	32.00%	33.00%
Income tax expense (recovery) expected	$ 7,172	$ (273,076)	$ 31,672
Impact of foreign taxes	9,723	26,668	9,387
Foreign currency translation	14,450	48,734	11,527
Goodwill Impairment	0	32,826	0
Stock-based compensation	1,708	666	430
Change in valuation allowance	(53,434)	75,241	3,429
Non-deductible third party royalty in Colombia	1,568	697	2,240
Other permanent differences	(1,058)	5,349	6,082
Non-deductible investment loss (gain)	525	7,501	(7,482)
INCOME TAX EXPENSE (RECOVERY)	$ (19,346)	$ (75,394)	$ 57,285
Effective tax rate	(84.00%)	9.00%	60.00%
Current income tax expense
Foreign	$ 4,479	$ 754	$ 17,058
Current income tax expense	4,479	754	17,058
Deferred income tax (recovery) expense
Foreign	$ (23,825)	$ (76,148)	$ 40,227

Taxes - Schedule of Deferred Ta

Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax benefit of operating loss carryforwards	$ 67,134	$ 100,616
Tax basis in excess of book basis	16,815	37,698
Foreign tax credits and other accruals	91,381	86,664
Tax benefit of capital loss carryforwards	28,050	27,661
Deferred tax assets before valuation allowance	203,380	252,639
Valuation allowance	(141,886)	(195,321)
Deferred tax assets	$ 61,494	$ 57,318

Taxes - Summary of Operating Lo

Taxes - Summary of Operating Loss and Capital Loss Carryforwards (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Operating loss carryforwards		$ 122,000,000
Credit carryforward		1,800,000
Unrecognized tax benefits	$ 0	0
Operating loss carryforwards, subject to limitations	122,000,000
Internal Revenue Service (IRS)
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	62,100,000	46,000,000
Canada Revenue Agency
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	21,100,000	33,100,000
Canada Revenue Agency | Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Credit carryforward	243,900,000	240,500,000
Colombian Tax and Customs National Authority
Tax Credit Carryforward [Line Items]
Operating loss carryforwards	$ 102,400,000	115,600,000
Colombian Tax and Customs National Authority | Capital Loss Carryforward
Tax Credit Carryforward [Line Items]
Credit carryforward		$ 1,000,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Payments Under Non-Cancelable Agreements (Details) $ in Thousands	Dec. 31, 2021USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Total	$ 39,042
2022	11,089
2023	8,160
2024	6,262
2025	5,748
2026	5,739
Thereafter	2,044
Operating leases
Total	2,889
2022	2,163
2023	623
2024	94
2025	9
2026	0
Thereafter	0
Finance leases
Total	3,686
2022	2,532
2023	1,154
2024	0
2025	0
2026	0
Thereafter	0
Facilities
Unrecorded Unconditional Purchase Obligation [Line Items]
Total	31,228
2022	5,981
2023	5,970
2024	5,755
2025	5,739
2026	5,739
Thereafter	2,044
Software and Telecommunication
Unrecorded Unconditional Purchase Obligation [Line Items]
Total	1,239
2022	413
2023	413
2024	413
2025	0
2026	0
Thereafter	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Promissory notes as security for letters of credit	$ 103	$ 100.6

Financial Instruments, Fair V_3

Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments	$ 0	$ 48,323
PEF	7,600
Total Assets	1,189,111	1,201,725
Liability - long-term	659,044	831,052
Liability - current	227,987	113,639
Asset retirement obligation	54,525	48,214
Restricted Cash and Cash Equivalents, Noncurrent	4,903	3,409	$ 2,258
6.25% Senior Notes due 2025 | Senior Notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	273,700	271,500
Recurring | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total Assets	5,122	3,409
Recurring | Not Designated as Hedging Instrument | 6.25% Senior Notes due 2025 | Senior Notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	273,672	205,500
Recurring | Not Designated as Hedging Instrument | 7.75% Senior Notes due 2027 | Senior Notes
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	271,500	206,865
Recurring | Not Designated as Hedging Instrument | Level 1
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments	0	48,323
PEF	7,578	0
Total Assets	7,578	48,323
Liability - long-term	4,346	1,480
Debt instrument, fair value disclosure	292,000
Liabilities	549,518	413,845
Recurring | Not Designated as Hedging Instrument | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Debt instrument, fair value disclosure	66,987	188,704
Derivative liability	2,976	12,050
Liabilities	82,045	204,034
Restricted Cash and Cash Equivalents, Noncurrent	4,903	3,409
Recurring | Not Designated as Hedging Instrument | Level 2 | PSUs
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liability - long-term	9,372	2,475
Liability - current	2,710	805
Recurring | Not Designated as Hedging Instrument | Level 3
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset retirement obligation	54,525	48,214
Recurring | Designated as Hedging Instrument | Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	$ 219	$ 0

Financial Instruments, Fair V_4

Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk - Schedule of Losses or Gains on Financial Instruments Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative loss (gain)	$ 48,838	$ 2,935	$ 3,669
Unrealized investment loss (gain)	2,032	46,883	(49,884)
Loss on sale of investment	1,355	0	0
Financial instruments (gain) loss	(18)	1,164	0
Other financial instruments loss (gain)	3,369	48,047	(49,884)
Commodity price derivative loss (gain)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative loss (gain)	48,723	(220)	3,642
Foreign currency derivative loss
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative loss (gain)	$ 115	$ 3,155	$ 27

Financial Instruments, Fair V_5

Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)sharesbbl	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	May 20, 2019	Feb. 15, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Prepaid equity forwards (in shares) | shares	10,000,000
Prepaid equity forwards	$ 7,600,000
Gain on prepaid equity forwards	(900,000)	$ 0	$ 0
Foreign currency transaction gain, deferred tax assets	17,000
Foreign currency transaction gain, tax receivable	13,000
Letters of credits from customers	$ 18,300,000
Colombia
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Revenues received in U.S. dollars (as a percent)	100.00%	100.00%	100.00%
Colombia | Geographic Concentration Risk | Oil and natural gas sales
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Sales to each significant customer as % of oil and gas sales	100.00%	100.00%	100.00%
Commodity Price
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative, volume, outstanding | bbl	3,000
Derivative, volume, entered | bbl	6,000
6.25% Senior Notes | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate					6.25%
7.75% Senior Notes due 2027 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stated interest rate				7.75%
7.75% Senior Notes due 2027 | Senior Notes | Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 292,000,000
6.25% Senior Notes due 2025 | Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	273,700,000	$ 271,500,000
6.25% Senior Notes due 2025 | Senior Notes | Reported Value Measurement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 294,000,000
Petro Tal
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of shares sold as percent	100.00%
Number of shares disposed (in shares) | shares	246,100,000
Proceeds from sale	$ 43,100,000
Loss on disposition of stock	$ 1,400,000

Financial Instruments, Fair V_6

Financial Instruments, Fair Value Measurement, Credit Risk and Foreign Exchange Risk - Commodity Price Risk (Details) - Forecast - Commodity Hedge	6 Months Ended
	Jun. 30, 2022$ / bblbbl
Three-way Collars: January 1, to June 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (in barrels of oil per day) | bbl	5,000
Premium (in dollars per barrel)	0
Three-way Collars: January 1, to June 30, 2022 | Sold | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	63.56
Three-way Collars: January 1, to June 30, 2022 | Sold | Call
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	91.28
Three-way Collars: January 1, to June 30, 2022 | Purchased | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Floor price (in dollars per barrel)	73.56
Three-way Collars: January 1, to June 30, 2022 | Swap | Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	0
Swaps: January 1, to June 30, 2022 | Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (in barrels of oil per day) | bbl	3,000
Premium (in dollars per barrel)	0
Swaps: January 1, to June 30, 2022 | Swap | Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	80.41
Swaps: January 1, to June 30, 2022 | Swap | Sold | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	0
Swaps: January 1, to June 30, 2022 | Swap | Sold | Call
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	0
Swaps: January 1, to June 30, 2022 | Swap | Purchased | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Floor price (in dollars per barrel)	0
Deferred Puts: January 1, to June 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (in barrels of oil per day) | bbl	1,000
Premium (in dollars per barrel)	4
Deferred Puts: January 1, to June 30, 2022 | Sold | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	0
Deferred Puts: January 1, to June 30, 2022 | Sold | Call
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	0
Deferred Puts: January 1, to June 30, 2022 | Purchased | Put
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Floor price (in dollars per barrel)	70
Deferred Puts: January 1, to June 30, 2022 | Swap | Sold
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Sold put/call ($/bbl, Weighted Average)	0

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 26,109	$ 13,687	$ 8,301
Restricted cash and cash equivalents - current	392	427	516
Restricted cash and cash equivalents - long-term	4,903	3,409	2,258
Cash, cash equivalents, restricted cash, and restricted cash equivalents	$ 31,404	$ 17,523	$ 11,075	$ 54,308

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Net Changes in Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Accounts receivable and other long-term assets	$ (5,686)	$ 27,607	$ (5,680)
Derivatives	(5,808)	2,302	(638)
Inventory	(2,383)	(2,628)	(3,179)
Other prepaids	(199)	(279)	583
Accounts payable and accrued and other long-term liabilities	48,206	(47,194)	(1,367)
Prepaid tax and taxes receivable and payable	25,024	56,254	(83,593)
Net changes in assets and liabilities from operating activities	$ 59,154	$ 36,062	$ (93,874)

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Additional Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes	$ 36,352	$ 14,611	$ 49,196
Cash paid for interest	50,109	50,209	37,767
Non-cash investing activities
Net liabilities related to property, plant and equipment, end of year	$ 30,142	$ 28,711	$ 77,353

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Feb. 22, 2022USD ($)
Subsequent Event [Line Items]
Lease term	6 years
Average annual lease payments	$ 1.8