Gran Tierra Energy Inc cut its full-year production outlook, but raised its capital expenditure budget by almost a fifth as it plans to spend on the newly acquired assets of Petrolifera Petroleum Ltd -- a company it bought in January. Including the Petrolifera assets, Gran Tierra sees average production of 17,500-19,000 barrels of oil equivalent (boe/d) per day, net after royalty, down from its earlier outlook of 21,500-23,500 boe/d. The Calgary-based company, which has assets in Colombia, Argentina and Peru, raised its capital expenditure for the year by about 19 percent to $355 million. The company, which expects to spend about $55 million on the newly acquired assets, will fund its new capital program from existing cash reserves and cash flow, it said in a statement.
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