Gran Tierra soars on $1.3 billion South America sale Proactive uses images sourced from ShutterstockGran Tierra Energy Inc (TSX:GTE, LSE:GTE, NYSE-A:GTE) shares leapt over 45% to a three-year high after the oil producer agreed to sell all its Colombian and Ecuadorian assets for $1.3 billion and reported a return to quarterly profit. French oil and gas producer Maurel & Prom will acquire the South American business, which produces around 29,000 barrels of oil per day and holds 144 million barrels of proved and probable reserves. After adjustments, debt repayment and transaction costs, Gran Tierra expects net cash proceeds of around $315 million, including $250 million at completion and a further $65 million within a year. Gran Tierra estimated the continuing business would have a net asset value of $12.49 per share, an 83% premium to its 20-day volume-weighted average price. Separately, Gran Tierra reported second-quarter net income of $25 million, reversing a $119 million loss in the previous quarter.