UPDATE 1-Gran Tierra Energy cuts FY production view, ups capex

* Sees FY prod of 17,500-19,000 boe/d

* Raises capex to $355 mln from $299 mln

* To spend about $55 mln on new assets

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April 11 (Reuters) – 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.

Gran Tierra acquired Petrolifera Petroleum in a $151 million
deal in January, bringing together a pair of Canadian-based
companies exploring for oil in South America. [ID:nN178894]

Shares of the company closed at C$7.65 on Friday on the
Toronto Stock Exchange.
(Reporting by Arnika Thakur in Bangalore;Editing by Vyas Mohan)

UPDATE 1-Gran Tierra Energy cuts FY production view, ups capex