08/07/2013 02:47 EDT | Updated 10/06/2013 05:12 EDT

Gran Tierra Energy net income sharply higher in Q2 to $47.8 million

CALGARY - Gran Tierra Energy Inc. (TSX:GTE), is reporting net income of $47.8 million in the second quarter, or 17 cents per basic and diluted share.

This represents an increase of 265 per cent compared with net income of $13.1 million, or a nickel per share, in the same period a year ago.

The Calgary-based oil and gas company says revenue and other income in the quarter increased 47 per cent to $168.8 million, with higher production levels partially offset by lower prices.

In Colombia, alternative transportation to reduce the impact of pipeline disruptions, new wells and a lower inventory had a positive impact on production.

As a result, Gran Tierra anticipates 2013 average production to range between 21,000 and 22,000 barrels of oil equivalent before inventory adjustments.

The company earlier anticipated 20,000 barrels.

Gran Tierra Energy is focused on oil and gas exploration and production in South America.