05/06/2013 07:46 EDT | Updated 07/06/2013 05:12 EDT

Gran Tierra Energy swings to Q1 profit of $57.9M as revenue soars 32%

CALGARY - Gran Tierra Energy Inc. (TSX:GTE) is reporting record results for the first quarter as the South American-focused oil and gas producer enjoyed a 32 per cent increase in revenue.

Calgary-based Gran Tierra says its net income was US$57.9 million or 20 cents per diluted share in the three months ended march 31. That compared with a loss of US$313,000 or less than a penny per share in the year-earlier period.

Revenue totalled US$205.4, up sharply from $155.9 million as oil and natural gas production after royalties and adjusted for inventory changes hit a record 23,424 barrels of oil equivalent per day. That was up 40 per cent from last year's quarter.

"Gran Tierra Energy is having an outstanding start to the year with a major new oil exploration well success in Peru, and record levels of production and sales," president and CEO Dana Coffield said in remarks accompanying the earnings release.