As Republicans try to maintain hold on Senate, President Trump will campaign in Georgia next week; Steve Harrigan reports.
As Republicans try to maintain hold on Senate, President Trump will campaign in Georgia next week; Steve Harrigan reports.
Answering growing frustration over vaccine shortages, President Joe Biden announced Tuesday that the U.S. is ramping up deliveries to hard-pressed states over the next three weeks and expects to provide enough doses to vaccinate 300 million Americans by the end of the summer or early fall. Biden, calling the push a “wartime effort,” said the administration was working to buy an additional 100 million doses of each of the two approved coronavirus vaccines. He acknowledged that states in recent weeks have been left guessing how much vaccine they will have from one week to the next. Shortages have been so severe that some vaccination sites around the U.S. had to cancel tens of thousands of appointments with people seeking their first shot. “This is unacceptable," Biden said. "Lives are at stake.” He promised a roughly 16% boost in deliveries to states over the next three weeks. The administration said it plans to buy another 100 million doses each from drugmakers Pfizer and Moderna to ensure it has enough vaccine for the long term. Even more vaccine could be available if federal scientists approve a single-dose shot from Johnson & Johnson, which is expected to seek emergency authorization in the coming weeks. The Centers for Disease Control and Prevention reported that the government plans to make about 10.1 million first and second doses available next week, up from this week’s allotment of 8.6 million. The figures represent doses of both the Pfizer and Moderna vaccines. It was not immediately clear how long the surge of doses could be sustained. Governors and top health officials have been increasingly raising the alarm about inadequate supplies and the need for earlier and more reliable estimates of how much vaccine is on the way so that they can plan. Biden's team held its first virus-related call with the nation's governors on Tuesday and pledged to provide states with firm vaccine allocations three weeks ahead of delivery. Biden's announcement came a day after he grew more bullish about exceeding his vaccine pledge to deliver 100 million injections in his first 100 days in office, suggesting that a rate of 1.5 million doses per day could soon be achieved. The administration has also promised more openness and said it will hold news briefings three times a week, beginning Wednesday, about the outbreak that has killed over 420,000 Americans. “We appreciate the administration stating that it will provide states with slightly higher allocations for the next few weeks, but we are going to need much more supply," said Maryland Gov. Larry Hogan, a Republican. The setup inherited from the Trump administration has been marked by miscommunication and unexplained bottlenecks, with shortages reported in some places even as vaccine doses remain on the shelf. Officials in West Virginia, which has had one of the best rates of administering vaccine, said they have fewer than 11,000 first doses on hand even after this week’s shipment. “I’m screaming my head off” for more, Republican Gov. Jim Justice said. California, which has faced criticism over a slow vaccine rollout, announced Tuesday that it is centralizing its hodgepodge of county systems and streamlining appointment sign-up, notification and eligibility. Residents have been baffled by the varying rules in different counties. And in Colorado, Democratic Gov. Jared Polis said that the limited supply of vaccine from the federal government is prompting the state to repurpose second doses as first doses, though he expects that people scheduled for their second shot will still be able to keep their appointments. The weekly allocation cycle for first doses begins on Monday nights, when federal officials review data on vaccine availability from manufacturers to determine how much each state can have. Allocations are based on each jurisdiction’s population of people 18 and older. States are notified on Tuesdays of their allocations through a computer network called Tiberius and other channels, after which they can specify where they want doses shipped. Deliveries start the following Monday. A similar but separate process for ordering second doses, which must be given three to four weeks after the first, begins each week on Sunday night. As of Tuesday afternoon, the CDC reported that just over half of the 44 million doses distributed to states have been put in people’s arms. That is well short of the hundreds of millions of doses that experts say will need to be administered to achieve herd immunity and conquer the outbreak. The U.S. ranks fifth in the world in the number of doses administered relative to the country’s population, behind No. 1 Israel, United Arab Emirates, Britain and Bahrain, according to the University of Oxford. The reason more of the available shots in the U.S. haven’t been dispensed isn’t entirely clear. But many vaccination sites are apparently holding large quantities of vaccine in reserve to make sure people who have already gotten their first shot receive the required second one on schedule. Also, some state officials have complained of a lag between when they report their vaccination numbers to the government and when the figures are posted on the CDC website. In the New Orleans area, Ochsner Health said Monday that inadequate supply forced the cancellation last week of 21,400 first-dose appointments but that second-dose appointments aren’t affected. In North Carolina, Greensboro-based Cone Health announced it is cancelling first-dose appointments for 10,000 people and moving them to a waiting list because of supply problems. Jesse Williams, 81, of Reidsville, North Carolina, said his appointment Thursday with Cone Health was scratched, and he is waiting to hear when it might be rescheduled. The former volunteer firefighter had hoped the vaccine would enable him to resume attending church, playing golf and seeing friends. “It’s just a frustration that we were expecting to be having our shots and being a little more resilient to COVID-19,” he said. The vaccine rollout across the 27-nation European Union has also run into roadblocks and has likewise been criticized as too slow. Pfizer is delaying deliveries while it upgrades its plant in Belgium to increase capacity. And AstraZeneca disclosed that its initial shipment will be smaller than expected. The EU, with 450 million citizens, is demanding that the pharmaceutical companies meet their commitments on schedule. ___ Associated Press writers around the U.S. contributed to this report. ___ Find AP’s full coverage of the coronavirus pandemic at https://apnews.com/hub/coronavirus-pandemic Jonathan Drew And Zeke Miller, The Associated Press
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In SolarWinds To Contact Him Directly To Discuss Their Options New York, New York--(Newsfile Corp. - January 26, 2021) - If you suffered losses exceeding $50,000 investing in SolarWinds stock or options between February 24, 2020 and December 15, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/SWI or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or ...
President Joe Biden on Tuesday ordered the Department of Justice to end its reliance on private prisons and acknowledge the central role government has played in implementing discriminatory housing policies. In remarks before signing the orders, Biden said the U.S. government needs to change “its whole approach” on the issue of racial equity. He added that the nation is less prosperous and secure because of the scourge of systemic racism. “We must change now,” the president said. “I know it’s going to take time, but I know we can do it. And I firmly believe the nation is ready to change. But government has to change as well." Biden rose to the presidency during a year of intense reckoning on institutional racism in the U.S. The moves announced Tuesday reflect his efforts to follow through with campaign pledges to combat racial injustice. Beyond calling on the Justice Department to curb the use of private prisons and address housing discrimination, the new orders will recommit the federal government to respect tribal sovereignty and disavow discrimination against the Asian American and Pacific Islander community over the coronavirus pandemic. Biden directed the Department of Housing and Urban Development in a memorandum to take steps to promote equitable housing policy. The memorandum calls for HUD to examine the effects of Trump regulatory actions that may have undermined fair housing policies and laws. Months before the November election, the Trump administration rolled back an Obama-era rule that required communities that wanted to receive HUD funding to document and report patterns of racial bias. The order to end the reliance on privately-run prisons directs the attorney general not to renew Justice Department contracts with privately operated criminal detention facilities. The move will effectively revert the Justice Department to the same posture it held at the end of the Obama administration. “This is a first step to stop corporations from profiting off of incarceration,” Biden said. The more than 14,000 federal inmates housed at privately-managed facilities represent a fraction of the nearly 152,000 federal inmates currently incarcerated. The federal Bureau of Prisons had already opted not to renew some private prison contracts in recent months as the number of inmates dwindled and thousands were released to home confinement because of the coronavirus pandemic. GEO Group, a private company that operates federal prisons, called the Biden order “a solution in search of a problem. ” “Given the steps the BOP had already announced, today’s Executive Order merely represents a political statement, which could carry serious negative unintended consequences, including the loss of hundreds of jobs and negative economic impact for the communities where our facilities are located, which are already struggling economically due to the COVID pandemic," a GEO Group spokesperson said in a statement. David Fathi, director of the American Civil Liberties Union's National Prison Project, noted that the order does not end the federal government’s reliance on privately-run immigration detention centres. “The order signed today is an important first step toward acknowledging the harm that has been caused and taking actions to repair it, but President Biden has an obligation to do more, especially given his history and promises,” Fathi said. Rashad Robinson, president of the national racial justice organization Color of Change, expressed disappointment that policing was not addressed in the executive action. “President Biden’s executive orders to not renew contracts with for-profit prisons and to investigate housing discrimination wrought by Trump administration policies provide important steps forward, but do not go far enough,” said Robinson, who noted that he had hoped Biden would have moved to reinstate an Obama-era policy barring the transfer of military equipment to local police departments. The memorandum highlighting xenophobia against Asian Americans is in large part a reaction to what White House officials say was offensive and dangerous rhetoric from the Trump administration. Trump, throughout the pandemic, repeatedly used xenophobic language in public comments when referring to the coronavirus. This memorandum will direct Health and Human Services officials to consider issuing guidance describing best practices to advance cultural competency and sensitivity toward Asian Americans and Pacific Islanders in the federal government’s COVID-19 response. It also directs the Department of Justice to partner with AAPI communities to prevent hate crimes and harassment. The latest executive actions come after Biden signed an order Monday reversing a Trump-era Pentagon policy that largely barred transgender people from serving in the military. Last week, he signed an order reversing Trump's ban on travellers from several predominantly Muslim and African countries. Biden last week also directed law enforcement and intelligence officials in his administration to study the threat of domestic violent extremism in the United States, an undertaking launched weeks after a mob of insurgents loyal to Trump, including some connected to white supremacist groups, stormed the U.S. Capitol. White House domestic policy adviser Susan Rice said Biden sees addressing equity issues as also good for the nation's bottom line. She cited a Citigroup study from last year that U.S. gross domestic product lost $16 trillion over the last 20 years as a result of discriminatory practices in a range of areas, including in education and access to business loans. The same study finds the U.S. economy would be boosted by $5 trillion over the next five years if it addressed issues of discrimination in areas such as education and access to business loans. “Building a more equitable economy is essential if Americans are going to compete and thrive in the 21st century," Rice added. Biden’s victory over Trump in several battleground states, including Georgia, Michigan, Pennsylvania and Wisconsin, was fueled by strong Black voter turnout. Throughout his campaign and transition, Biden promised that his administration would keep issues of equity — as well as climate change, another issue he views as an existential crisis — in the shaping of all policy considerations. Biden, who followed through on early promise to pick a woman to serve as vice-president, has also sought to spotlight the diversity of his Cabinet selections. On Monday, the Senate confirmed Biden’s pick for treasury secretary, Janet Yellen, who is the first woman to lead the department. Last week, the Senate confirmed Lloyd Austin as the nation’s first Black defence secretary. ___ Associated Press writer Michael Balsamo and Aaron Morrison contributed to this report. Aamer Madhani, The Associated Press
The removal of restrictions to avail the input tax credit of GST paid on automobiles for businesses would make vehicles more affordable when used for business purposes, besides fulfilling the basic intention of GST to eliminate cascading of taxes.
The Russian leader says his first call with the new US president was "business-like and frank".
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $300,000 In Decision Diagnostics Corp. To Contact Him Directly To Discuss Their Options New York, New York--(Newsfile Corp. - January 26, 2021) - If you suffered losses exceeding $300,000 investing in Decision Diagnostics stock or options between March 3, 2020 and December 17, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/DECN or call Faruqi & Faruqi partner James Wilson ...
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2021) - Blackrock Gold Corp. (TSXV: BRC) ("Blackrock" or the "Company") announces that it has filed an amended technical report entitled "Technical Report on the Silver Cloud Property, Elko County, Nevada USA" with an effective date of July 29, 2020 and dated August 10, 2020, as amended January 25, 2021 in respect of the Company's Silver Cloud project (the "Amended Silver Cloud Technical Report") and an amended technical ...
Schilling says he doesn't want baseball writers to judge him anymore.
It makes skin feel ‘baby-soft.’
Service Canada has made some changes to the Canada Pension Plan. See how it will impact your CPP contribution, tax break, and payout in 2021. The post Canada Pension Plan: 3 Big Changes Coming in 2021 appeared first on The Motley Fool Canada.
TORONTO, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Blue Sky Energy Inc. (“Blue Sky” or the “Company”) (TSXV: BSI.H) is pleased to announce that Mr. Kenny Choi has been appointed as the Chief Executive Officer and a director of the Company effective immediately. Mr. Choi is a corporate lawyer who is corporate secretary and legal consultant to various TSX and TSX Venture listed companies in the mining and technology industries. He was previously an associate at a large Toronto corporate law firm, where he worked on a variety of corporate and commercial transactions. Mr. Choi studied at Western University, where he obtained a Juris Doctor from the Faculty of Law and an Honours Business Administration degree from the Ivey Business School. Mr. Choi is also the Corporate Secretary of Blue Sky Energy. The appointment of Mr. Choi follows Mr. Ahmed Said's resignation as Chief Executive Officer and a director of the Company, also effective immediately. The board and management of the Company express their gratitude to Mr. Said for his efforts and extensive contributions and wish him well in his future endeavours. Stock Option Grant The Company has granted a total of 2,640,000 stock options to certain officers, directors and consultants of the Company pursuant to the Company’s stock option plan. The stock options vest immediately and may be exercised at a price of $0.155 (the closing price of the common shares of the Company as of the date of this press release) per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange. About Blue Sky: Blue Sky Energy Inc. is a Canadian oil and gas exploration company. For more information, contact: Kenny Choi Chief Executive Officer Blue Sky Energy Inc. email@example.com Forward-looking information This news release contains forward-looking information relating to the Company's growth and corporate strategy. Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding the appointment and resignation of officers, grant of incentive stock options and the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include risks and uncertainties associated with oil and gas exploration, development, exploitation, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, reliance on key personnel, regulatory risks and delays and other risks and uncertainties discussed in the management discussion and analysis section of the Company’s interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Dozens of cars and trucks braved the icy highway between Calgary and Edmonton on Tuesday to show support with farmers protesting controversial new agriculture laws in India. The car convoy left CrossIron Mills headed for the legislature to raise awareness of the situation that's been unfolding in India since last September. Cars were flying flags and displaying stickers and homemade posters. New legislation came into effect in India last year changing the rules around the sale, pricing and storage of produce from India's agricultural regions. Indian Prime Minister Narendra Modi said the changes will allow farmers to set prices and allow them to sell crops to private businesses and corporations, giving them more freedom. Farmers are worried it will leave them open to being exploited and devastate them financially, and they say they weren't consulted. Until now, farmers had relied on selling crops direct to the government at guaranteed prices. Some families in Calgary still own land in rural India and the change in laws has direct implications for some. Half of India's vast population is employed in the agriculture sector in some form. "We want to give our memorandum in support of farmers protesting, that's the purpose," said Vik Sahiwal. "Opening up the market is the intention, but with such small land holdings, just two acres on average, those farmers are not educated and equipped to deal with the free market," said Sahiwal. "We want the government to repeal these laws," he said. Tens of thousands of farmers travelled to the Indian capital, Delhi, late last year from rural regions like Punjab, Haryana and Uttar Pradesh, with many making the journey in tractors and other farm equipment. They've been there for months, In the past 24 hours, those peaceful protests turned violent, with farmers breaching police barricades and storming Delhi's historic Red Fort complex. The protesters were part of a rally being held to mark India's Republic Day and were given routes to stick to by police, but some ignored the guidance leading to chaotic scenes and clashes. "It's heartbreaking for everyone," said Sahiwal. "Last night, watching those scenes, you're worried about the safety or older people and women and children. We hope things calm down and sense prevails, peace prevails," he said. He says Calgarians have been glued to TV screens and devices following the news back home minute by minute. "We're scared for our families back home," said Paramjit Singh. "This cold, it's nothing compared to what they're facing. We have heaters in our cars, they have nothing," said Singh, who has also been following events. "We were watching and we were all scared," he said. Leaders of farmers unions issued appeals to protestors and have condemned the recent violence. The government offered to put the laws on hold last week, but farmers say they want a full repeal.
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Local municipal leaders have yet to hear back from the provincial or federal government over concerns about a lack of oversight as thousands of migrant workers continue to enter the region. Leamington mayor Hilda MacDonald told CBC Radio's Windsor Morning host Tony Doucette Tuesday the problem is everyone is pointing fingers, but no one is taking responsibility. She said the uncertainty is frustrating and is putting the workers and community at risk. "We have asked ministry of labour, we have asked other agencies and they say well it's the local police, or it's the healthcare, it's public health, but when we talk to those folks they say no that's not in our jurisdiction. "So no one knows who's in charge, there's no number to call when there's transgressions," she said. MacDonald, along with the mayors of Kingsville and Tecumseh sent a letter to Prime Minister Justin Trudeau and Ontario Premier Doug Ford on Jan. 20 requesting more surveillance of migrant workers, who are arriving on local farms and are expected to follow the mandatory two-week quarantine. They say inadequate coordination and communication have left local authorities uncertain as to who is responsible for overseeing the workers during their quarantine. About 600 to 700 workers have already arrived, according to the County of Essex, with 2,000 more expected in the coming weeks. In particular, MacDonald said she received a complaint from a community member about migrant workers leaving the motel during their quarantine period and having guests over. She said she didn't know who to take the complaint to, but brought it to the police. Yet, she's still unsure whether the situation was handled. Last year, COVID-19 spread quickly throughout the migrant worker population in southwestern Ontario, with hundreds contracting the illness. Two workers in Windsor-Essex died after falling sick. As of Tuesday, 13 farms in the region are in outbreak. MacDonald said it's the federal temporary foreign worker program that is allowing workers in, so the federal government should be looking after the workers, ensuring they are educated on the lockdown measures and that their accommodations are appropriate. "That's a federal program, then you need to take charge," she said. "There's a lack of quick response, there should be quicker ... it is disappointing." Communication, coordination gaps But Liberal Windsor-Tecumseh MP Irek Kusmierczyk says oversight is being provided by several agencies. He said that before workers arrive, farm owners need to provide an accommodation plan to Service Canada, one that details how they plan to quarantine employees and describes what accommodations look like, including photos. If up to standard, the employer will be approved to accept the workers, he said. But Kingsville mayor Nelson Santos told CBC News that the inspections of quarantine spaces are only being done virtually, which raises concerns about how effective they truly are. When CBC News asked Kusmierczyk, it was unclear from his response whether in-person inspections of quarantine spaces have been conducted. He said if a complaint is issued to the Ontario Provincial Police, a virtual or in-person inspection can be requested. But he said in-person inspections of accommodations have been completed, yet he couldn't say how many have been done. He added that workers also need to show proof of a COVID-19 test before coming to Canada and that the Public Health Agency of Canada will check in on them via phone or email to ensure they are quarantining once they arrive. If there's violations to the quarantine, Kusmierczyk said that falls on the Ontario Provincial Police. But both MacDonald and Santos have said that the OPP has not received any information about what migrant workers are coming into the area or where they are staying. CBC News reached out to Essex County OPP and asked whether it responds to matters relating to the quarantine act and migrant workers. In response, the OPP sent a news release about enforcing the provincial stay-at-home order. Kusmierczyk said there is a number of hands in the pot, from four different federal ministries, to the province's agriculture and labour ministries and the Ontario Provincial Police and then finally the local public health unit, fire department and building enforcement. "This is an incredibly complex space, it does require collaboration and cooperation and we absolutely are committed to addressing any of the communication gaps between the different ministries," he said. "I definitely think this is a really challenging space because of the multiple jurisdictions and agencies that are involved at the federal, provincial and local level." But he said he has flagged the concerns up to the federal's ministry of public safety, the ministry of health and ministry of employment. Yet, MacDonald said taking action is crucial and can help avoid the situation that unfolded last year. "If we don't get a handle on it and if no one takes responsibility, we will be in this situation for months to come," MacDonald said.
(Bloomberg) -- Texas Instruments Inc. gave a bullish forecast for the current quarter, signaling that demand is rebounding for semiconductors for vehicles, personal electronics and industrial use.The stock slipped on concern customers are ordering more chips now to head off a potential supply shortage.Sales will be $3.79 billion to $4.11 billion and profit is expected to be $1.44 to $1.66 a share in the period ending in March, the company said Tuesday in a statement. On average, analysts estimated profit of $1.33 a share and sales of $3.58 billion, according to data compiled by Bloomberg.Texas Instruments gets the biggest chunk of its sales from manufacturers of industrial equipment, making its earnings and forecasts a bellwether for the broader economy. It also produces semiconductors that go into everything from vehicles to home electronics and space hardware.“We had a strong quarter driven by strong demand in automotive, industrial and personal electronics,” Chief Financial Officer Rafael Lizardi said in an interview.Company management faced repeated questions on a conference call about the speed of the rebound in demand and whether Texas Instruments and its peers have sufficient supply. Some carmakers have slowed production, saying they don’t have enough chips because of high demand during the pandemic for semiconductors used in consumer products such as game consoles, smartphones and laptop computers. Analysts on the Texas Instruments call worried that the company’s orders are artificially high due to customers buying more components now to avoid supply shortages later.The company has its own manufacturing, providing about 80% of its needs, which puts it in a much stronger position than competitors who outsource more, Lizardi said. While there are “hot spots” of demand related to supply issues, he said Texas Instruments is confident it has enough inventory and production in place to meet its financial targets. Long-term growth in the amount of electronics being added to cars and machinery will power those markets past any short-term fluctuations, Lizardi said.In the near term, growth in the company’s automotive business in particular is even outrunning strong demand for vehicles, meaning there likely will be a slowdown of orders around the middle of the year, according to Stifel Nicolaus & Co. analyst Tore Svanberg.Shares declined about 2% in extended trading on the supply concerns after closing at $171.47 in New York. The stock gained 28% in 2020, and is up 4.5% this year. The shares have trailed the performance of the broader Philadelphia Stock Exchange Semiconductor Index in both periods.In the fourth quarter, net income rose to $1.69 billion, or $1.80 per share, from $1.07 billion, or $1.12, a year earlier, the Dallas-based company said. Revenue was $4.08 billion, compared with an average analyst estimate of $3.58 billion.(Updates with comments from CFO in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The snow carvings will be back, but the "sourdough" has been cut. Organizers of Whitehorse's annual winter festival say the event is set to go ahead next month, with some pandemic precautions, and a new name — the Yukon Sourdough Rendezvous is now simply the Yukon Rendezvous. Festival president Tyson Hickman said that after 57 years, it was time for a re-branding. The festival got some money last year to do it. "A lot of Yukoners have a lot of very fond memories about Rendezvous past, a lot of Yukoners don't. There is some negative connotation surrounding the term 'sourdough,' and Yukon's history in general," Hickman said. "So what better time to refresh the brand and move forward?" Souring on sourdough Sourdough was a staple for many who came north during the Klondike Gold Rush of 1898, allowing them to make bread without the use of baker's yeast or baking soda. It became so closely associated with stampeders that any of them who stayed in Yukon or Alaska through at least one winter came to be called "sourdoughs." Robert Service's classic 1907 book of Gold Rush-era poems was titled, Songs of a Sourdough. Hickman says the festival has been getting feedback in recent years that suggests some people have soured on the idea of a "sourdough festival," seeing it as a throwback to a colonial era. The name change is a way to make it more inclusive, said executive director Saskrita Shresthra. "We did decide that, moving forward, 'Yukon Rendezvous' represents us a little bit better," Shresthra said. "[The festival]'s definitely evolved and changed a lot over the last 57 years. And I think that it will continue to change and evolve as, you know, as Whitehorse does." The festival's old logo featured a comic drawing of a burly, bearded "Sourdough Sam" in boots and a parka. The new logo, pictured on the festival website, has replaced Sam with some stylized mountains and trees. More fencing, and other pandemic precautions The festival has had to make some other significant changes this year in response to the pandemic. Many events are going online, and others will have limits on the number of spectators or participants. "You can expect to see a lot more fencing than normal," said Hickman. "And wherever possible, for inside events like our performance stage, we're asking people to register ahead of time so that we know you're coming and we can have a seat for you." Hickman says another big change this year will be the return of two of the more popular events from past festivals — the snow-carving competition and the fireworks show. "We wanted to do something for the community, and we knew that fireworks and snow carving could be done in a COVID[-19]-safe manner. And those were two items that were high on the list from the outset, for us," Hickman said. The festival has had financial struggles in recent years, but Hickman says it's hanging on thanks to volunteers and some strong local support. He says it was important to make sure there was some sort of festival this year — even if it was going to be a lot different because of the pandemic. "When the board of directors sat down after the last festival, we knew that by the time February 2021 came around, the community would be in desperate need of something," he said. "This year is probably more important than most." The Yukon Rendezvous runs from Feb. 12 to 28 in Whitehorse.
The mittens worn by American Senator Bernie Sanders to the presidential inauguration of Joe Biden have garnered considerable attention online, and generated humorous images that place a hunched-against-the-cold Sanders everywhere from a scene in Forrest Gump to downtown Saint John. They also caught the attention of a New Brunswick foundation which has been making mittens for charity for the past 15 years. Katie Tower, executive director of the Pedvac Foundation in Port Elgin, said when they saw Sanders’ mittens all over the internet, they thought, “Hey those look like Pedvac mittens!” The organization decided to point out the similarity on their Facebook for anyone trying to create their own Bernie look, Tower said. The post was shared many times and retailers who carry their mittens have started calling asking for more, she said. "The great thing about our mitts is it is a social enterprise," said Tower, “We pay people in our community of Port Elgin to make them.” They aren’t, however, copying the Bernie mittens pattern. “We came up with our own pattern many years ago," Tower said. "We have revised it a bit, but the pattern in the Bernie mittens just happens to be similar enough to ours.” The teacher who originally made the mittens as a gift for Sanders spoke about using recycled or donated wool, and Pedvac mittens are also made from wool that is "second hand or donated too,” said Darcie Kingswell, coordinator of Pedvac's "Wools to Wishes". “We use a variety of different wool, different fleece,” said Kingswell, adding that it could come from a sweater or another knitted item. Buying Pedvac mittens “goes to support our programs including mental health workshops, food programs in school or free income tax preparation programs,” said Tower. Pedvac’s mittens are currently available at Starving Artist Gallery in Moncton, Wheaton's locations in the Maritimes, Happenstance in Antigonish, Threadwork in Almonte, Ont. and at the Pedvac boutique in Port Elgin, although that location is closed while Zone 1 is in red, said Kingswell. The most common similarity between these New Brunswick-made mitts and Bernie Sanders’ mitts is a lot simpler. “It looked like Bernie Sanders was just trying to stay warm," Tower said. "Ours help you do that too.” Clara Pasieka, Local Journalism Initiative Reporter, Telegraph-Journal
Achieved 100% 1P Reserves ReplacementAdded 8.3 MMBOE of 1P ReservesRealized 1P Finding and Development Costs of $2.65/boe1P and 2P Net Asset Value per Share Before Tax of $1.15 and $3.25 1P Reserves Equal 59% of 2P Reserves, Demonstrating Strength of Company's Proved Reserves BaseAchieved Company's Best Safety Year in 2020: Zero Lost Time Incident Frequency CALGARY, Alberta, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE) (TSX:GTE) (LSE: GTE), a company focused on oil exploration and production in Colombia and Ecuador, today announced the Company's 2020 year-end reserves as evaluated by the Company's independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. ("McDaniel") in a report with an effective date of December 31, 2020 (the "GTE McDaniel Reserves Report") and an operational update. All dollar amounts are in United States ("U.S.") dollars and all reserves and production volumes are on a working interest before royalties ("WI") basis. Production is expressed in barrels ("bbl") of oil per day ("bopd") or bbl of oil equivalent ("boe") per day ("boepd"), while reserves are expressed in bbl, boe or million boe ("MMBOE"), unless otherwise indicated. All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook ("COGEH") and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved Developed Producing ("PDP"), Proved ("1P"), 1P plus Probable ("2P") and 2P plus Possible ("3P"). Commenting on Gran Tierra's 2020 year-end reserves, operational update and future plans, Gary Guidry, President and Chief Executive Officer of Gran Tierra, said: “Our teams in Colombia, Ecuador and Canada rose to meet the many challenges of 2020 through their diligent management of COVID-19 safety protocols and sharp focus on maintaining and increasing the value of our assets. As a result, we are pleased to announce significant reserve additions in both the PDP and 1P categories, despite our large reductions in capital investment during 2020. This achievement demonstrates that the Company's core conventional oil assets continue to show positive waterflood responses and low base decline rates. The advancement of our waterflooding efforts in the Acordionero, Costayaco and Moqueta oil fields has clearly allowed Gran Tierra to continue to convert Probable and Possible reserves into the Proved reserves categories. Even though we decided during 2020 to reduce capital spending, we believe the Company's excellent performance in terms of PDP and 1P reserves additions is a testament to the quality of our assets. With our strategy, we believe Gran Tierra is well-positioned for the resumption of prudent growth in 2021 and strong potential free cash flow1 generation. We have already increased production approximately 24% from our third quarter 2020 average, which we believe reflects the strength of our Proved reserves. Our 2021 capital budget of $130 to $150 million is a balanced, returns-focused program which prioritizes free cash flow generation over the rate of development, exploration and production growth, with investment primarily directed to the Acordionero and Costayaco oil fields. With a keen focus on further strengthening our balance sheet, we plan to direct free cash flow to ongoing debt reduction in 2021 and beyond. During fourth quarter 2020, Gran Tierra resumed development activities throughout our portfolio, including the ongoing well workover operations and the restart of development drilling at Acordionero. We also restarted workover operations at Costayaco and look forward to a planned initiation of development drilling in that field during second quarter 2021. We forecast 2021 average production of 28,000 to 30,000 bopd for the Company. Our 2021 plans are fully aligned with Gran Tierra's "Beyond Compliance Policy" which focuses on our commitments to environmental, social and governance ("ESG") excellence. Gran Tierra looks for significant opportunities and benefits to the environment and communities by voluntarily and proactively taking steps to protect the environment and provide social benefits because it is the right thing to do. In 2020, we also had our best safety year in the history of the Company. We believe that Gran Tierra successfully navigated the exceptional challenges of 2020 and are excited to return to an economically sound growth trajectory in 2021 and beyond, with a focus on free cash flow generation and debt reduction." Highlights 2020 Year-End Reserves and Values Net Present Value at 10% Discount ("NPV10")Net Asset Value ("NAV") Per Share at 10% DiscountReservesReservesBefore TaxAfter TaxBefore TaxAfter TaxCategoryMMBOE$ million$ million$/share2,4$/share3,41P791,1911,0291.150.712P1331,9621,5903.252.233P1742,6122,0455.023.47 During 2020, Gran Tierra achieved: Material PDP and 1P reserves additions, in particular at Acordionero, Costayaco and Moqueta, as a result of ongoing successful waterflooding operationsPDP reserves replacement of 133% with PDP reserves additions of 11.0 MMBOE1P reserves replacement of 100% with 1P reserves additions of 8.3 MMBOEFinding and development costs ("F&D") including future development costs ("FDC") of $5.06/boe on a PDP basis and $2.65/boe on a 1P basisF&D recycle ratios including FDC of 3.5 times (PDP) and 6.7 times (1P)Significant reserves additions at Acordionero: 7.1 MMBOE (PDP) and 2.6 MMBOE (1P)Despite a material reduction in the McDaniel's forecast oil price assumptions relative to one year ago (the average Brent oil price over the next 5 years in the GTE McDaniel Reserves Report is $54.04/bbl): Gran Tierra's 2020 year-end 1P NPV10 after tax decreased only 21% compared to 2019 year-endThis performance was achieved in part due to large reductions in forecast operating costs based on the actual savings achieved by the Company in 2020As of December 31, 2020, McDaniel estimates that Gran Tierra's total 1P undiscounted operating costs over the remaining life of the Company's fields are approximately 26% less than the McDaniel estimate as of December 31, 2019* Acordionero, Costayaco, Moqueta and Suroriente now represent 83% of Gran Tierra's 1P reserves and 78% of 2P reservesPDP reserves account for 55% of 1P reserves and 1P reserves account for 59% of 2P reserves, demonstrating the strength of the Company's reserves base and the potential future conversion of Probable reserves into 1P reserves and Proved Undeveloped reserves into PDP reservesGran Tierra's mature waterflood assets, Costayaco and Moqueta, continued to grow and deliver value, with total reserves additions of 3.8 MMBOE (PDP) and 5.5 MMBOE (1P)FDC are forecast to be $312 million for 1P reserves and $565 million for 2P reservesRealized a 39% increase in 2P reserve life index to 17 years and a 51% increase in 1P reserve life index to 10 years * Calculations of operating cost reductions made in respect of 2019 figures, as provided in the McDaniel report with an effective date of December 31, 2019, prepared for Gran Tierra in their capacity as independent qualified reserves evaluator in accordance with NI 51-101 and COGEH Operational Update 2020 Safety Gran Tierra's teams are proud of their excellent safety performance during the many challenges of 2020, including the proactive implementation of COVID-19 protocols that enabled continuity of the Company's operationsThe Company achieved its first year with a Lost Time Incident Frequency of zero, during which the Company logged close to 4 million man-hoursThe Company's Total Recordable Case Frequency decreased 33% compared with 2019, falling to a rate of 0.08 cases per 1 million man-hours versus 0.12 cases per 1 million man-hours in 2019 Average Production 2020: 22,624 bopdThird quarter 2020: 18,944 bopdFourth quarter 2020: 21,907 bopdDuring January 1-25, 2021: 23,428 bopd Closing of Sale of PetroTal Shares As previously announced, Gran Tierra Resources Limited ("GTRL"), a wholly owned subsidiary of Gran Tierra, sold an aggregate of 109,006,250 common shares of PetroTal Corp. ("PetroTal") for an aggregate purchase price of approximately $15 millionAs of market close on January 26, 2021, the remaining 137,093,750 shares of PetroTal owned by GTRL had a market value of approximately $26 million Acordionero Oil Field Gran Tierra continues to workover offline oil wells to restore them to production with two workover rigsAs of January 25, 2021, approximately 3,500 bopd of production has been restored as a result of this workover programThe Company restarted development drilling at Acordionero on November 30, 2020 and has since drilled the AC-64 and AC-65 oil wells and the AC-66i water injection well in fourth quarter 2020, and the AC-67i water injection well in early January 2021; the team is currently performing open hole logging operations on the AC-68 oil wellThe AC-64 and AC-65 oil wells were brought on production ahead of schedule in late December 2020The drilling rig is forecast to continue drilling new development wells at Acordionero throughout 2021; there are 5 oil wells remaining to be drilled from the new southwest pad, which are expected to be finished by the end of first quarter 2021, prior to moving the rig to the next pad to drill 5 additional oil wells, for a total of 10 new oil wells Costayaco Oil Field Gran Tierra initiated workover operations in late November 2020 and completed 3 workovers during fourth quarter 2020; the workover rig remains active with 5 jobs planned to be completed prior to the end of first quarter 2021Efforts are underway to restart development drilling during early second quarter 2021, with a 3 well program; the rig is currently stacked on location over the planned CYC-42 infill oil well location Personnel Announcement Effective immediately, Tony Berthelet, Chief Operating Officer, is no longer with Gran Tierra Future Net Revenue Future net revenue reflects McDaniel’s forecast of revenue estimated using forecast prices and costs, arising from the anticipated development and production of reserves, after the deduction of royalties, operating costs, development costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimate of future net revenue below does not necessarily represent fair market value. Consolidated Properties at December 31, 2020 Proved (1P) Total Future Net Revenue ($ million) Forecast Prices and Costs SalesRevenueTotalRoyaltiesOperatingCostsFutureDevelopmentCapitalAbandonmentandReclamationCostsFuture NetRevenueBeforeFutureTaxesFutureTaxesFutureNetRevenueAfterFutureTaxes*2021-2025 (5 Years)2,362 (328)(587)(311)(1)1,135 (102)1,033 Remainder1,452 (196)(591)(1)(60)604 (174)430 Total (Undiscounted)3,814 (524)(1,178)(312)(61)1,739 (276)1,463 Total (Discounted @ 10%)2,569 (354)(730)(276)(18)1,191 (162)1,029 Consolidated Properties at December 31, 2020 Proved Plus Probable (2P) Total Future Net Revenue ($ million) Forecast Prices and CostsYearsSalesRevenueTotalRoyaltiesOperatingCostsFutureDevelopmentCapitalAbandonmentandReclamationCostsFuture NetRevenueBeforeFutureTaxesFutureTaxesFutureNetRevenueAfterFutureTaxes*2021-2025 (5 Years)3,245 (459)(693)(564)— 1,529 (217)1,312 Remainder3,407 (480)(1,012)(1)(75)1,839 (506)1,333 Total (Undiscounted)6,652 (939)(1,705)(565)(75)3,368 (723)2,645 Total (Discounted @ 10%)3,978 (564)(954)(481)(17)1,962 (372)1,590 Consolidated Properties at December 31, 2020 Proved Plus Probable Plus Possible (3P) Total Future Net Revenue ($ million) Forecast Prices and CostsYearsSalesRevenueTotalRoyaltiesOperatingCostsFutureDevelopmentCapitalAbandonmentandReclamationCostsFuture NetRevenueBeforeFutureTaxesFutureTaxesFutureNetRevenueAfterFutureTaxes*2021-2025 (5 Years)3,856 (551)(755)(696)(1)1,853 (332)1,521 Remainder5,012 (759)(1,332)(1)(85)2,835 (784)2,051 Total (Undiscounted)8,868 (1,310)(2,087)(697)(86)4,688 (1,116)3,572 Total (Discounted @ 10%)5,040 (736)(1,098)(577)(17)2,612 (567)2,045 *The after-tax net present value of the Company's oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the value at the Company level which may be significantly different. The Company's financial statements, when available for the year ended December 31, 2020, should be consulted for information at the Company level. Total Company WI Reserves The following table summarizes Gran Tierra’s NI 51-101 and COGEH compliant reserves in Colombia and Ecuador derived from the GTE McDaniel Reserves Report calculated using forecast oil and gas prices and costs. Gran Tierra has determined that Ecuador reserves, included in Total Probable and Total Possible reserve categories for Light and Medium Crude Oil, are not material to present separately on a country basis. Therefore all amounts are presented on a consolidated basis. Light andMediumCrude OilHeavy CrudeOilConventionalNatural Gas2020 Year-EndReserves CategoryMbbl*Mbbl*MMcf**Mboe***Proved Developed Producing20,75922,10979043,000Proved Developed Non-Producing3,797178—3,975Proved Undeveloped12,99218,4851,07031,655Total Proved37,54840,7721,86078,630Total Probable21,74032,0001,12653,928Total Proved plus Probable59,28872,7722,986132,558Total Possible23,85117,7901,50741,892Total Proved plus Probable plus Possible83,13990,5624,493174,450 *Mbbl (thousand barrels of oil). **MMcf (million cubic feet).***MBOE (thousand boe). NPV Summary Gran Tierra's reserves were evaluated using McDaniel's commodity price forecasts at January 1, 2021. It should not be assumed that the NPV of cash flow estimated by McDaniel represents the fair market value of the reserves. Total CompanyDiscount Rate($ millions)0%5%10%15%20%Before tax Proved Developed Producing925804711637578Proved Developed Non-Producing8465514234Proved Undeveloped730551429342278Total Proved1,7391,4201,1911,021890Total Probable1,6291,091771570436Total Proved plus Probable3,3682,5111,9621,5911,326Total Possible1,320901650490384Total Proved plus Probable plus Possible4,6883,4122,6122,0811,710After tax Proved Developed Producing867762678611557Proved Developed Non-Producing6450393227Proved Undeveloped532402312247199Total Proved1,4631,2141,029890783Total Probable1,182794561412314Total Proved plus Probable2,6452,0081,5901,3021,097Total Possible927634455342266Total Proved plus Probable plus Possible3,5722,6422,0451,6441,363 Total Company WI Reserves Reconciliation ProvedProved plus ProbableProved plus Probable plusPossible MBOEMBOEMBOEDecember 31, 201978,611142,408186,025Extensions1,0601,3561,703Improved Recoveries1,056——Technical Revisions11,424220(6,076)Discoveries—2,1355,578Economic Factors(5,242)(5,282)(4,501)Production(8,279)(8,279)(8,279)December 31, 202078,630132,558174,450 Reserve Life Index December 31, 2020*Total Proved10 Total Proved plus Probable17 Total Proved plus Probable plus Possible22 * Calculated using average fourth quarter 2020 WI production of 21,907 bopd. Future Development Costs FDC reflects McDaniel's best estimate of what it will cost to bring the proved undeveloped and probable reserves on production. Changes in forecast FDC occur annually as a result of development activities, acquisition and disposition activities, and changes in capital cost estimates based on improvements in well design and performance, as well as changes in service costs. FDC for total 1P Colombia reserves decreased to $312 million at year-end 2020 from $386 million at year-end 2019. The decrease in FDC in 2020 was predominantly attributed to costs incurred in 2020 to develop the Acordionero field as well as reduced 1P FDC costs for the PUT-7 and VMM-2 blocks. ($ millions)Total ProvedTotal Proved Plus Probable202199109202214625120234812820241674202522Remainder11Total (undiscounted)312565 ($) millionsProvedProved plusProbableProved plusProbable plusPossibleAcordionero92140140Suroriente477681Chaza Block (Costayaco & Moqueta)78103110Other95246366Total FDC Costs (undiscounted)312565697 Finding and Development Costs Reserves (MBOE)Year Ended December 31, 2020Proved Developed Producing43,000 Total Proved78,630 Capital Expenditures ($000s) - including and excluding acquired properties96,335 Operating Netbacks* ($/Bbl, per WI sales volumes) Operating Netback* - fourth quarter17.67 *Operating Netback is a Non-GAAP measure and does not have a standardized meaning under GAAP. Finding and Development Costs, Excluding FDC* Year Ended December 31, 2020Proved Developed Producing Reserve Additions (MBOE)11,036 F&D Costs ($/BOE)8.73 F&D Recycle Ratio2.0 Finding and Development Costs, Including FDC* Year Ended December 31, 2020Proved Developed Producing Change in FDC ($000s)(40,504)Reserve Additions (MBOE)11,036 F&D Costs ($/BOE)5.06 F&D Recycle Ratio3.5 Finding and Development Costs , Excluding FDC* Year Ended December 31, 2020Total Proved Reserve Additions (MBOE)8,298 F&D Costs ($/BOE)11.61 F&D Recycle Ratio1.5 Finding and Development Costs , Including FDC* Year Ended December 31, 2020Total Proved Change in FDC ($000s)(74,338)Reserve Additions (MBOE)8,298 F&D Costs ($/BOE)2.65 F&D Recycle Ratio6.7 *In all cases, the F&D number is calculated by dividing the identified capital expenditures by the applicable reserves additions both before and after changes in FDC costs. Both F&D costs take into account reserves revisions during the year on a per BOE basis. Recycle ratio is defined as fourth quarter operating netback per working interest sales volume BOE divided by the appropriate F&D costs on a per BOE basis. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated future development costs may not reflect the total F&D costs related to reserves additions for that year. Forecast prices The pricing assumptions used in estimating NI 51-101 and COGEH compliant reserves data disclosed above with respect to net present values of future net revenue are set forth below. The price forecasts are based on McDaniel’s standard price forecast effective January 1, 2021. McDaniel is an independent qualified reserves evaluator and auditor pursuant to NI 51-101. Brent Crude OilWTI Crude OilYear$US/bbl$US/bbl January 1, 2021January 1, 20212021$49.50$47.502022$53.55$51.002023$54.62$52.022024$55.71$53.062025$56.83$54.12 About Gran Tierra Energy Inc. Gran Tierra Energy Inc. is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE American (GTE), the Toronto Stock Exchange (GTE) and the London Stock Exchange (GTE), and operating in South America. Gran Tierra holds interests in producing and prospective properties in Colombia and prospective properties in Ecuador. Gran Tierra has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth. Gran Tierra's Securities and Exchange Commission filings are available on the SEC website at www.sec.gov and on SEDAR at www.sedar.com. Contact Information For investor and media inquiries please contact: Gary Guidry, Chief Executive Officer Ryan Ellson, Executive Vice President & Chief Financial Officer Rodger Trimble, Vice President, Investor RelationsTel: +1.403.265.3221 For more information on Gran Tierra please go to: www.grantierra.com. 1 Free cash flow is not a defined term under generally accepted accounting principles in the United States of America ("GAAP") and is called future net revenue in the GTE McDaniel Reserves Report. The non-GAAP term of free cash flow, after development expenditures and taxes reconciles to the nearest GAAP term of oil and gas sales, which is called sales revenue in the GTE McDaniel Reserves Report. Refer to "Future Net Revenue" in this press release for the reconciliations between sales revenue and future net revenue. Gran Tierra is unable to provide a quantitative reconciliation of free cash flow after development expenditures and taxes, as adjusted for forecast general and administrative ("G&A") costs, a quantitative reconciliation of free cash flow after development expenditures, taxes, interest and G&A costs or a quantitative reconciliation of free cash flow generated from each of Acordionero and Suroriente to its most directly comparable forward-looking GAAP measure because management cannot reliably predict certain of the necessary components of such forward-looking GAAP measure. Gran Tierra is also unable to provide forward-looking oil and gas sales, the GAAP measures most directly comparable to such measures of free cash flow, due to the impracticality of quantifying certain components required by GAAP as a result of the inherent volatility in the value of certain financial instruments held by the Company and the inability to quantify the effectiveness of commodity price derivatives used to manage the variability in cash flows associated with the forecast sale of its oil production and changes in commodity prices. Refer to "Oil and Gas Metrics" in this press release for a description of how this non-GAAP measure is calculated.2 Based on December 31, 2020 before tax NPV10 of $1.2 billion for 1P reserves, $2.0 billion for 2P reserves, and $2.6 billion for 3P reserves, minus estimated year-end 2020 net debt of $770 million, [comprised of Senior Notes of $600 million (gross) plus reserves-based credit facility of $190 million (gross) and less working capital surplus of $20 million], divided by the number of shares of Gran Tierra's common stock issued and outstanding at December 31, 2020 of 367.0 million, respectively. Estimated net working capital and debt at December 31, 2020, prepared in accordance with GAAP.3 Based on December 31, 2020 after tax NPV10 of $1.0 billion for 1P reserves, $1.6 billion for 2P reserves, and $2.0 billion for 3P reserves, minus estimated year-end 2020 net debt of $770 million, [Senior Notes of $600 million (gross) plus reserves-based credit facility of $190 million (gross) and less working capital surplus of $20 million], divided by the number of shares of Gran Tierra's common stock issued and outstanding at December 31, 2020 of 367.0 million, respectively. Estimated net working capital and debt at December 31, 2020, prepared in accordance with GAAP.4 Internally forecast G&A costs of $99.3 million and interest of $200.7 million in each case. FORWARD LOOKING STATEMENTS ADVISORY This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), which can be identified by such terms as “expect,” “plan,” "forecast," “project,” "objective," “will,” “believe,” "should," "could," "allow" and other terms that are forward-looking in nature. Such forward-looking statements include, but are not limited to, the Company's expectations regarding its capital program, and ability to fund the Company’s exploration program over a period of time, 2021 and beyond outlook, the benefits of reduced capital spending and G&A expenses, well performance, production, the restart of production and workover activity, future development costs, infrastructure schedules, waterflood impacts and plans, growth of referenced reserves, forecast prices, five-year expected oil and gas sales and free cash flow and net revenue, estimated recovery factors, liquidity and access to capital, the Company’s strategies and results thereof, the Company’s operations including planned operations and developments, the impact of the COVID-19 pandemic and the Company’s response thereto, disruptions to operations and the decline in industry conditions, and expectations regarding environmental commitments. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the effects of drilling down-dip, the effects of waterflood and multi-stage fracture stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions including in areas of potential expansion, and the ability of Gran Tierra to execute its current business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: the unprecedented impact of the COVID-19 pandemic and the actions of OPEC and non-OPEC countries and the procedures imposed by governments in response thereto; disruptions to local operations; the decline and volatility in oil and gas industry conditions and commodity prices; the severe imbalance in supply and demand for oil and natural gas; prices and markets for oil and natural gas are unpredictable and volatile; the accuracy of productive capacity of any particular field; the timing and impact of any resumption of operations; Gran Tierra’s operations are located in South America and unexpected problems can arise due to guerilla activity or local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; geographic, political and weather conditions can impact the production, transport or sale of our products; the ability of Gran Tierra to execute its business plan and realize expected benefits from current initiatives (including a reduction of the capital program); the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; volatility or declines in the trading price of our common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra’s ability to comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Quarterly Report for the quarter ended September 30, 2020 and Annual Report on Form 10-K for the year ended December 31, 2019, many of which are beyond the Company's control. These filings are available on the SEC website at http://www.sec.gov and on SEDAR at www.sedar.com. Statements relating to “reserves” are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves described can be profitably produced in the future. Guidance is uncertain, particularly when given over extended periods of time, and results may be materially different. Although the current capital spending program and long term strategy of Gran Tierra is based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra's results of operations and financing position. In particular, the unprecedented nature of the current economic downturn, pandemic and industry decline may make it particularly difficult to identify risks or predict the degree to which identified risks will impact Gran Tierra's business and financial condition. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Gran Tierra’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The estimates of future production, free cash flow and interest and certain expenses may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2021 and for the next five years to allow readers to assess the Company’s ability to fund its programs. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Non-GAAP Measures This press release includes non-GAAP measures which do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net loss or other measures of financial performance as determined in accordance with GAAP. Gran Tierra's method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Operating netback as presented is defined as oil sales less operating and transportation expenses. Management believes that operating netback is a useful supplemental measure for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra's principal business activities prior to the consideration of other income and expenses. A reconciliation operating netback per boe to the most directly comparable measure calculated and presented in accordance with GAAP is as follows: Three months ended December 31, 2020 (Thousands of U.S Dollars)($/bbl, per WI salesvolumes)Oil sales$64,793 $32.17 Operating expenses(27,215)(13.51)Transportation expenses(1,994)(0.99)Operating netback$35,584 $17.67 Unaudited Financial Information Certain financial and operating results included in this press release, including debt, net debt, working capital, capital expenditures, and production information, are based on unaudited estimated results. These estimated results are subject to change upon completion of the Company's audited financial statements for the year ended December 31, 2020, and changes could be material. Gran Tierra anticipates filing its audited financial statements and related management's discussion and analysis for the year ended December 31, 2020 on or before February 24, 2021. DISCLOSURE OF OIL AND GAS INFORMATION Gran Tierra's Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 dated effective as at December 31, 2020, which will include further disclosure of its oil and gas reserves and other oil and gas information in accordance with NI 51-101 forming the basis of this press release, will be available on SEDAR at www.sedar.com on or before February 24, 2021. Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Gran Tierra’s reserves will be attained and variances could be material. All reserves assigned in the GTE McDaniel Reserves Report are located in Colombia and Ecuador and presented on a consolidated basis. All evaluations of future net revenue contained in the GTE McDaniel Reserves Report are after the deduction of royalties, operating costs, development costs, production costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. It should not be assumed that the estimates of future net revenues presented in the in this press release represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in the GTE McDaniel Reserves Report are estimates only. BOEs have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 barrel of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a BOE conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value. References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra's reported production is a mix of light crude oil and medium and heavy crude oil for which there is no precise breakdown since the Company's oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of "oil pay" or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Definitions Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. Proved developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 - Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be. Oil and Gas Metrics This press release contains a number of oil and gas metrics, including free cash flow, NAV per share, F&D costs, F&D recycle ratio, operating netback, reserve life index and reserves replacement, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. Before tax and after tax free cash flow are non-GAAP terms and are called before tax and after tax future net revenue, respectively, in the GTE McDaniel Reserves Report. The non-GAAP term of before tax free cash flow reconciles to the nearest GAAP term of oil and gas sales, which is called sales revenue in the GTE McDaniel Reserves Report. Before tax future net revenue is calculated by McDaniel by subtracting total royalties, operating costs, future development capital, abandonment and reclamation costs from sales revenue. After tax free cash flow is calculated by McDaniel by subtracting future taxes from before tax future net revenue. Refer to "Future Net Revenue" in this press release for the applicable reconciliation. Management uses free cash flow as a measure of the Company's ability to fund its exploration program.NAV per share is calculated as NPV10 (before or after tax, as applicable) minus estimated net debt, divided by the number of shares of Gran Tierra's common stock issued and outstanding. Management uses NAV per share as a measure of the relative change of Gran Tierra's net asset value over its outstanding common stock over a period of time.Reserve life index is calculated as reserves in the referenced category divided by the referenced estimated Colombia production. Management uses this measure to determine how long the booked reserves will last at current production rates if no further reserves were added.F&D costs are calculated as estimated exploration and development capital expenditures, excluding acquisitions and dispositions, divided by the applicable reserves additions both before and after changes in FDC costs. The calculation of F&D costs incorporates the change in FDC required to bring proved undeveloped and developed reserves into production. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated FDC may not reflect the total F&D costs related to reserves additions for that year. Management uses F&D costs per boe as a measure of its ability to execute its capital program and of its asset quality.F&D recycle ratio is calculated as fourth quarter operating netback per WI sales volume divided by the appropriate F&D costs per boe. Management uses F&D recycle ratio as an indicator of profitability of its oil and gas activities.Operating netback is calculated as described in this press release. Management believes that operating netback is a useful supplemental measure for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra's principal business activities prior to the consideration of other income and expenses.Reserve per share is calculated as reserves in the referenced category divided by number of shares of Gran Tierra's common stock issued and outstanding as at December 31, 2020. Management uses this measure to determine the relative change of its reserve base over its outstanding common stock over a period of time.Reserves replacement is calculated as reserves in the referenced category divided by estimated referenced production. Management uses this measure to determine the relative change of its reserve base over a period of time. Disclosure of Reserve Information and Cautionary Note to U.S. Investors Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable U.S. Securities and Exchange Commission (“SEC”) rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements. In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, "SEC requirements"). Disclosure of such information in accordance with SEC requirements is included in the Company's Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC's definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company's oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting. Investors are urged to consider closely the disclosures and risk factors in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC, available from the Company's offices or website. These reports can also be obtained from the SEC website at www.sec.gov.
Icy waves struck the shoreline of Lake Michigan in Chicago on January 26, as snow fell in Illinois and other midwestern states.Footage taken by Instagram user J.M. Pasquesi shows the waters hitting snowy ledges on the shore.The National Weather Service reported up to 5.8 inches of snowfall as of noon on January 26, which they said was the most since April 14, 2019. Credit: J.M. Pasquesi via Storyful
A movie directed by John Lee Hancock ("The Blind Side") with Denzel Washington, Rami Malek and Jared Leto is by no means a modest production. For anyone who pines for the days of “Manhunter,” “Silence of the Lambs” and “Se7en," “The Little Things” is like a warm blanket of, you know, morgue forensics, grisly crime scenes and serial killer mania. “The Little Things," which Warner Bros. will release Friday in theaters and on HBO Max, may be being sold on the basis of its Oscar-winning trio of stars. But who needs three stars when one of them is Denzel Washington?