Exhibit 10.2


 


VETRA EXPLORACIÓN y PRODUCCIÓN
COLOMBIA S.A.S.


 


as Seller


 


and


 


GRAN TIERRA ENERGY COLOMBIA, LLC, through
its Colombian branch, GRAN TIERRA ENERGY COLOMBIA LTD. 


 


as Purchaser


 


and


 


INVERSIONES FRIEIRA, S.L.


 


VETRA ENERGY GROUP LLC


 


as


 


Parent Companies


 





 



 


SALE AND PURCHASE AGREEMENT*

for

PUT-8


 





 



 




     


     


    

 


TABLE OF CONTENTS


 


	Article 1 DEFINITIONS AND INTERPRETATION	2
	 	 	 
	1.1	Definitions	2
	1.2	Interpretation	10
	1.3	Schedules	11
	 	 	 
	Article 2 ASSIGNMENT OF INTEREST	11
	 	 	 
	2.1	Grant	11
	2.2	Binding Effect	11
	2.3	Execution of other Documents	11
	2.4	Ownership	12
	 	 	 
	Article 3 closing	12
	 	 	 
	3.1	Closing Timing	12
	3.2	Closing Deliverables	12
	3.3	Effects of Closing	12
	3.4	Actions After Closing Date	14
	3.5	Approvals and Waivers	14
	 	 	 
	Article 4 CONDITIONS PRECEDENT TO CLOSING	15
	 	 	 
	4.1	Conditions to the Obligations of Purchaser	15
	4.2	Conditions to the Obligations of Seller	16
	4.3	Endeavors	17
	 	 	 
	Article 5 PURCHASE PRICE AND PAYMENT	17
	 	 	 
	5.1	Purchase Price	17
	5.2	Payment of Purchase Price	17
	5.3	Costs	18
	 	 	 
	Article 6 OBLIGATIONS OF THE PARTIES	18
	 	 	 
	6.1	Purchaser’s Obligations after Closing Date	18
	6.2	Seller’s Obligations during and after the Interim Period	18
	6.3	Purchaser’s Obligations during and after the Interim Period	20
	6.4	Mutual Obligations during and after the Interim Period	20
	 	 	 
	Article 7 REPRESENTATIONS AND WARRANTIES OF THE PARTIES	21
	 	 	 
	7.1	Seller’s Representations and Warranties	21
	7.2	Limitations of Seller’s Representations and Warranties	27
	7.3	Purchaser’s Representations and Warranties	27
	7.4	Mutual Representations and Warranties	29
	7.5	Disclaimer of Other Representations and Warranties	29


 









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	7.6	Timing of Representations	30
	 	 	 
	Article 8 LIABILITIES AND CLAIMS	30
	 	 	 
	8.1	Liability Acknowledgement Agreement	30
	 	 	 
	Article 9 Settlement of Claims	30
	 	 	 
	Article 10 TAX	30
	 	 	 
	10.1	Tax Obligations	30
	10.2	Joint Levy	31
	 	 	 
	Article 11 CONFIDENTIALITY	31
	 	 	 
	11.1	Confidentiality	31
	11.2	Exceptions	31
	11.3	Limit in time	32
	 	 	 
	Article 12 Costs	32
	 	 	 
	Article 13 Entire agreement	33
	 	 	 
	13.1	Entire agreement	33
	 	 	 
	Article 14 Continuing effect	33
	 	 	 
	14.1	Continuing Effect	33
	14.2	Invalidity	33
	 	 	 
	Article 15 Amendments and waivers	33
	 	 	 
	15.1	Amendments	33
	15.2	Waivers	33
	 	 	 
	Article 16 Further assurance and assistance	33
	 	 	 
	16.1	Further assurance	33
	 	 	 
	Article 17 Counterparts	34
	 	 	 
	17.1	Any number of counterparts	34
	 	 	 
	Article 18 NOTICES	34
	 	 	 
	18.1	Notices	34
	18.2	When notices take effect	35
	 	 	 
	Article 19 ARBITRATION	36
	 	 	 
	19.1	Settling Disputes	36
	19.2	Exceptions	36
	19.3	Arbitration	36


 




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Article 20 Governing
        law
	37
	 	 	 
	Article 21 INDEPENDENT LEGAL ADVICE	37
	 	 	 
	Article 22 Seller’s assignees	37
	 	 	 
	Article 23 GENERAL PROVISIONS	38
	 	 	 
	23.1	Further Assurances	38
	23.2	Non-Waiver	38
	23.3	Joint Preparation	38
	23.4	Severance of Invalid Provisions	38
	23.5	Modifications	39
	23.6	Priority of Agreement	39
	23.7	Public Announcements	39
	23.8	Entirety	39
	23.9	No Merger	39
	23.10	Partnership	39


 




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ADDENDA


 


	Schedule A  CONTRACT AREA	A-1
	Schedule B  E&P CONTRACT AND E&p’S INTEREST	B-1
	Schedule C  MATERIAL CONTRACTS	C-1
	Schedule D  HYDROCARBON SALES CONTRACTS	D-1
	Schedule E MANDATE AGREEMENT	E-1
	Schedule F  INSURANCE CLAIMS	F-1
	SCHEDULE G  RELEVANT TERMS OF THE LIABILITY KNOWLEDGMENT AGREEMENT	F-2
	SCHEDULE H  Relevant TErms of the share sale agreement	F-3


 


 




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SALE AND PURCHASE AGREEMENT


 


THIS AGREEMENT
is dated February 20, 2019 (the “Execution Date”) and made between:


 


Vetra Exploración y
Producción Colombia S.A.S., a company incorporated and existing under the laws of the
Colombia whose registered office is at Avenida Calle 82, No. 10-33, 7th Floor, Bogotá, Colombia;


 


(“Seller”)


 


and


 


Gran Tierra Energy Colombia,
LLC, a limited liability company existing under the laws of Cayman Islands, acting through its
Colombian branch, Gran Tierra Energy Colombia Ltd., whose registered office is at Walkers
Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands.


 


(“Purchaser”)


 


and


 


Inversiones Frieira, S.L.,
a company incorporated and existing under the laws of the Kingdom of Spain whose registered office
is at Avenida de Linares Rivas 1, bajo entreplanta, 15005 La Coruña, Spain; and


 


Vetra Energy Group LLC, a
company incorporated under the laws of Delaware, whose registered office is at 1209 Orange Street Wilmington, Delaware, United
States.


 


(jointly,
the “Parent Companies”);


 


Parent
Companies enter into this Agreement for the purposes of assuming the obligations set forth under Article 22 of this Agreement.


 


WHEREAS, simultaneously
with the execution of this Agreement, (i) Vetra Energía, S.L. and Gran Tierra Resources Limited have entered into the Share
Sale Agreement (as defined below) for the issued share capital of Vetra Southeast S.L.U and indirectly, Vetra Energía, S.L.’s
interest in its interest in Southeast Investment Corporation, (ii) Southeast Investment Corporation and Seller have entered the
Asset Sale Agreement (Suroriente Block) (as this term is defined in the Share Sale Agreement), (iii) Seller and Purchaser have
entered the LLA-5 Asset Sale Agreement (as defined below) and (iv) Vetra Energía, S.L., Seller, Purchaser and Southeast
Investment Corporation have entered into the Liability Acknowledgement Agreement (as defined below, and together with the Asset
Sale Agreement (Suroriente Block), LLA-5 Asset Sale Agreement and the Share Sale Agreement, the “Relevant Agreements”)
to regulate, among other things, the liability of the corresponding parties under this Agreement, the Share Sale Agreement and
the Asset Sale Agreement (Suroriente Block) and LLA-5 Asset Sale Agreement, which constitute all of them a single pack of transaction.


 




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WHEREAS, Although
it is the intention of the Parties is that Closing will occur on the same date as the Closing Date set out in the Share Sale Agreement
(for ease of reference relevant terms of the Share Sale Agreement have been included on Schedule H), the Closing will occur once
the Conditions Precedent have been met.


 


WHEREAS, Seller
is willing to assign and transfer the Assigned Interest (as defined below) to Purchaser and Purchaser is willing to acquire the
Assigned Interest, in accordance with the terms and conditions set forth herein.


 


NOW, THEREFORE,
in consideration of premises and the mutual covenants and obligations set out below and to be performed, the Parties agree as follows:


 


Article 1

DEFINITIONS AND INTERPRETATION


 


		1.1	Definitions



 


As used in this Agreement,
the following capitalized words and terms shall have the meaning ascribed to them below:


 


“Affiliate”
means with respect to any person, any other person controlling, controlled by or under common control with such first person. For
purposes of this definition and this Agreement, the term “control” (and correlative terms) means (a) the ownership
of fifty percent (50%) or more of the equity interest in a person, and/or (b) the power, whether by contract, equity ownership
or otherwise, to direct or cause the direction of the policies or management of a person;


 


“Agreement”
means this Asset Sale and Purchase Agreement together with its Schedules and any extension, renewal or amendment hereof agreed
to in writing by the Parties;


 


“Amerisur”
means Amerisur Exploración Colombia Limitada (a Colombian branch of Amerisur Exploración Colombia Limited);


 


“ANH” means
the Agencia Nacional de Hidrocarburos, a Governmental Authority of the Republic of Colombia;


 


“ANH Approval”
means the entry into force of the resolution or any other administrative act issued by the ANH granting authorization and approval
of the assignment by Seller to Purchaser of the Assigned Interest as it relates to the E&P Contract;


 




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“Applicable Laws”
means laws, regulations, statutes, codes, rules, orders, permits, policies, licenses, certifications, decrees, standards or interpretations
imposed by any Governmental Authority that apply to this Agreement, the Seller, the Purchaser or to their assets, activities or
contracts. For the avoidance of doubt, “Applicable Laws” also include any applicable anti-corruption laws including
the FCPA and the CFPOA;


 


“Assigned Interest”
means the Put-8 Assigned Interest, under the E&P Contract;


 


“Assignment of Obligations”
has the meaning ascribed to it in Section 22.1;


 


“Assignment of Rights”
has the meaning ascribed to it in Section 22.1;


 


“Assignment Request”
means the request by Seller and Purchaser to the ANH to grant the ANH Approval, in the form to be agreed upon by Purchaser within
ten (10) Business Days of the Execution Date, and in any event no later than the Closing Date;


 


“Associated Parties”
means the relevant Party’s employees, directors, Affiliates, agents, intermediaries, consultants, other third party representatives,
or any other person, while performing services for or on behalf of the relevant Party.


 


“Benefits”
means, collectively, all income, receipts, rebates and other benefits which arise from, based upon, related to or associated with
the Assigned Interest, including in respect of taxation relating to operations under the E&P Contract in respect of the Assigned
Interest;


 


“Book and Records”
all records, books, documents, licenses, reports and data which relate to the E&P Contract, CVA, the Contract Area and the
Tangible Assets, or any of them;


 


“Business Day”
means any day other than a Saturday, Sunday, or a day on which commercial banks are required or authorized by law to be closed
for business in Madrid, Spain, Bogotá, Colombia, or Calgary, Canada;


 


“Claim” has
the meaning ascribed to it in the Liability Acknowledgement Agreement (for ease of reference, relevant terms of the Liability Acknowledgment
Agreement have been included on Schedule G);


 


“Closing”
means the completion of the assignment and transfer of the Assigned Interest by Seller to Purchaser as provided herein which shall
occur at Closing Date;


 


“Closing Date”
means the completion of the sale of the Put-8 Assigned Interest in accordance with Section 3.1;


 


“Conditions Precedent”
means all of the conditions enumerated in Sections 4.1 and 4.2;


 


“Contract Amendment”
means an amendment to the E&P Contract giving effect to the transfer of the Assigned Interest from Seller to Purchaser, in
the form determined in accordance with Section 3.5(b)(iii);


 


“Contract Area”
means the area or block subject to the E&P Contract, as is more particularly described in the attached Schedule A;


 




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“CVA” means
the Consorcio Vetra-Amerisur, which is the “contractor” under the E&P Contract;


 


“Credit Agreement”
means the amended and restated credit agreement signed between Seller, Vetra Southeast S.L.U., and Citibank, N.A. (as administrative
Agent) and Citigroup Global Markets Inc. and Banca de Inversión Bancolombia S.A. Corporación Financiera (as Co-lead
arrangers) dated as of August 1, 2016;


 


“Deed of Assignment
and Assumption Agreement” means the instrument, to be filed with the ANH after Closing, whereby Seller transfers and
conveys the Assigned Interest to Purchaser, and Purchaser formally accepts and receives the Assigned Interest, in a form to be
agreed upon by the Parties;


 


“Deed of Novation of
the Joint Operating Agreement” means the instrument whereby Purchaser undertakes to the parties of the Put-8 JOA other
than Seller, to perform the obligations of Seller under the Put-8 JOA, in a form to be agreed upon by Purchaser and Amerisur;


 


“Disclosed Materials”
has the meaning set out in Share Sale Agreement (for ease of reference relevant terms of the Share Sale Agreement have been included
on Schedule H);


 


“Dollars”
or “US$” means the lawful currency from time to time of the United States of America;


 


“Encumbrance(s)”
means any and all liens, charges (fixed or floating), prior claim, options, carried interest, security interests, Royalties, pledges,
options, net profit interests, carried working interest, farm-out (or similar) agreement under which earning has not occurred or
a payment is still pending, rights of pre-emption or any other agreement that would affect Seller ́s ability to freely dispose
the Assigned Interest or any portion thereof, restrictions, mortgages, adverse claims, title retention arrangements, leases, and
any other agreements or arrangements having a similar effect or any agreement to create any of the foregoing;


 


“Environment”
means the components of the earth and includes ambient air, land, surface and sub-surface strata, groundwater, lake, river or other
surface water, all layers of the atmosphere, all organic and inorganic matter and living organisms, and the interacting natural
systems that include such components;


 


“Environmental Laws”
means all Laws relating to pollution or the protection of natural resources or the Environment or health and human safety, including
those Laws relating to the release or threatened release of, or exposure to, hazardous substances, and those Laws regulating the
generation, manufacture, distribution, use, processing, treatment, storage, transportation, disposal, arrangement for transport
or disposal, or other management of hazardous substances;


 




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“E&P Contract”
means the Put-8 E&P Contract;


 


“E&P Documents”
means the E&P Contract and any other documents pertaining to the E&P Interests, including the Put-8 JOA and any farm-outs,
any joint venture or similar operational agreements;


 


“E&P Interests”
means the interest of Seller in the E&P Contract as described in Schedule B;


 


“Escrow Account”
has the meaning ascribed to it in Section 5.2(a);


 


“Escrowed Amounts”
means, collectively, the Purchase Price and the Interest (if any), deposited in the Escrow Account;


 


“Excluded Asset Claims”
means any Claims arising from the breach of Seller’s Warranties in Sections 7.1(1), 7.1(2), 7.1(12), 7.4(1);


 


“Execution Date”
means the date upon which this Agreement is executed by the Parties, as set out at the beginning of this Agreement;


 


“Facilities”
means all pipelines, plant, machinery, wells (including production, injection, disposal, suspended, abandoned), facilities and
all other installations and structures which are used in connection with the E&P Contract, which are Joint Property;


 


“Force Majeure”
has the meaning as is set out in the E&P Contract;


 


“Governmental Authority”
has the meaning ascribed to it in the Share Sale Agreement (for ease of reference relevant terms of the Share Sale Agreement have
been included on Schedule H).


 


“Hazardous Substance”
means any substance that, by its nature or its use, is regulated or as to which liability might arise under any Environmental Law
including any natural or artificial substance or thing (whether in solid, liquid, gas, vapour or other form and whether alone or
in combination with any other substance or thing) capable of causing harm to any living organism supported by the Environment,
or damage to the Environment, including Hydrocarbons and petroleum products, pollutants, asbestos containing materials, polychlorinated
biphenyls, radioactive materials, urea formaldehyde foam insulation, naturally occurring radioactive materials or radon gas, contaminants,
naturally occurring radioactive material, radiation, electricity, heat and any waste;


 


“Hydrocarbons”
means any substances including liquid and gaseous hydrocarbons, with respect to which the right to explore for and produce is granted
pursuant to the E&P Contract;


 


“Hydrocarbon Sales Contracts”
means all contracts for the processing, transportation, storage, marketing and sale of Hydrocarbons produced from or in respect
of the Contract Area, a complete listing of which is set forth in Schedule D;


 




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“Interest Rate”
means the rate per annum for U.S. dollar borrowings appearing on page BBAM of the Bloomberg Service (or on any successor or substitute
page of such Service, or any successor to or substitute for such Service providing rate quotations comparable to those currently
provided on such page of such Service, as determined by Purchaser from time to time for purposes of providing quotations of interest
rates applicable to U.S. dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, as the rate
for U.S. dollar deposits with one month maturity, calculated daily;


 


“Interim Period”
means the period commencing from the Execution Date and ending on the Closing Date in respect of the Put-8 Assigned Interests;


 


“Invoice”
has the meaning ascribed to it in Section 5.1;


 


“Joint Property”
means joint property under the Put-8 JOA, where applicable;


 


“Knowledge’
means, with respect to Seller, the actual knowledge (after reasonable inquiry, but otherwise excluding constructive or imputed
knowledge) of the directors, officers, and senior managers of the Seller;


 


“Liability Acknowledgement
Agreement” means the Liability Acknowledgement Agreement dated as of the Execution Date among Purchaser, Seller, Vetra
Energía, S.L., Gran Tierra Resources Limited and Southeast Investment Corporation;


 


“LLA-5 Asset Sale Agreement”
means the LLA-5 Asset Sale Agreement dated as of the Execution Date among Purchaser and Seller;


 


“Losses” has
the meaning ascribed to it in the Liability Acknowledgement Agreement (for ease of reference, main terms of the Liability Acknowledgment
Agreement have been included on Schedule G);


 


“Material Contracts”
means the Hydrocarbon Sales Contracts and all other material contracts, agreements, instruments, transactions and undertakings
pertaining to the E&P Contract, the Contract Area, the Tangible Assets or any of them, a complete listing of which is set forth
in Schedule C;


 


“Miscellaneous Interests”
means all property, assets, interests and rights of Seller pertaining to the E&P Contract, the Contract Area and the Tangible
Assets, or any of them, but only to the extent that such property, assets, interests and rights pertain to the E&P Contract,
the Contract Area and the Tangible Assets, or any of them, including any and all of the following:


 


		(a)	the Material Contracts;



 


		(b)	rights to own, enter upon, use or occupy the surface of
any lands which are or may be used to gain access to, or conduct operations on, the Contract Area, or to gain access to, or otherwise
use, the Tangible Assets or any of them;



 




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		(c)	licenses, permits, approvals and all other authorizations
pertaining to the conduct of operations on or in respect of the Contract Area and the Tangible Assets, or any of them;



 


		(d)	the Books and Records;



 


		(e)	the Technical Data



 


		(f)	all wells, including well bores and casing, upon, or with
bottom-hole locations situated within, the Contract Area; and



 


		(g)	all deposits and contributions to funds maintained in respect
of the E&P Contract, the Contract Area and the Tangible Assets, or any of them, other than the Performance Guarantee.



 


“Money Laundering Laws”
means financial recordkeeping and reporting requirements and requirements as to identification of persons of the money laundering
statutes, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued by Governmental
Authorities;


 


“OFAC” has
the meaning ascribed to it in Section 7.1(12)(e);


 


“Obligations”
means, collectively, all Claims and Losses which arise from, based upon, related to or associated with the Assigned Interest as
applicable, including in respect of any breach of Law and in respect of taxation relating to operations under the E&P Contract
in respect of the Assigned Interest as applicable;


 


“Operations”
means the operations on or pertaining to the E&P Contract conducted under the E&P Contract and/or the Put-8 JOA;


 


“Operator”
means the entity designated as “Operator” under the Put-8 JOA;


 


“Operator Position Assignment”
means that the Operator will do its best efforts in order to assign the Operator position under the Put-8 JOA to the Purchaser,
provided the Purchaser pays the purchase price for the Assigned Interest and the Conditions Precedent have been satisfied, provided
it is understood that, while it is the intention of the parties that the Assigned Interest includes operatorship, the transfer
of operatorship is not a condition of Closing, and it is not a condition that the transfer of operatorship be referenced in the
ROFR Notice.


 


“Parent Corporate Guarantee”
shall has the meaning ascribed to it in the Share Sale Agreement (for ease of reference relevant terms of the Share Sale Agreement
have been included on Schedule H);


 


“Parent Companies”
has the meaning ascribed to it in Section 22.1;


 


“Participating Interest”
means, as to any party to the E&P Documents, the undivided interest of such party expressed as a percentage of the total interests
of all parties to the E&P Contract, in the rights and obligations derived from the E&P Contract and the Put-8 JOA;


 




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“Performance Guarantee”
means the letter of credit and other guarantee posted by Seller with the ANH in the amount US$5,007,000 pursuant to the E&P
Contract to secure the performance of its minimum work obligations thereunder;


 


“Preferential Rights”
means a right of first refusal, pre-emptive right of purchase or similar right whereby any Third Party has the right to acquire
or purchase any of the Assigned Interest, or affect the terms of the Assigned Interest in any way, whether arising under contract,
Law, or otherwise;


 


“Purchase Price”
shall mean the cumulative amount payable by Purchaser to Seller as set forth in Section 5.1;


 


“Put-8 Assigned Interest”
means Seller’s entire interest in the CVA, Seller’s participating interest and transmissible rights according to the
Put-8 JOA, and the E&P Contract, comprising an undivided fifty percent (50%) Participating Interest in and under the E&P
Contract, CVA and the Put-8 JOA, together with an undivided fifty percent (50%) legal and beneficial interest in and to all Tangible
Assets and Miscellaneous Interests relating to the E&P Contract or operations under the E&P Contract to the extent that
it is possible and in accordance with Put-8 JOA;


 


“Put-8 E&P Contract”
means the exploration and production contract signed between Consorcio Vetra Platino (now the CVA) and the ANH on March 17, 2011
(and its extensions, amendments, variations and renewals of, or substitutions in respect of, the whole or any part thereof) that
govern the E&P Interest including any listed in Schedule B;


 


“Put-8 JOA”
means the Joint Operating Agreement signed between Seller and Amerisur on April 13, 2012, as amended by Amendment 1 to the Put-8
JOA, dated June 8, 2017, which pertains to the Put-8 E&P Contract (and its extensions, amendments, variations and renewals
of, or substitutions in respect of, the whole or any part thereof);


 


“Put-8 ROFR”
means the Preferential Right held by Amerisur and/or any permitted assignee under the Put-8 JOA over the Put-8 Assigned Interest;


 


“Regulatory Approvals”
means: (i) the earlier of: (A) confirmation of receipt by the Superintendence of Industry and Commerce of the Republic of Colombia
in respect of the SIC Notice; (B) the date that is ten (10) Business Days following the submission of the SIC Notice if the Superintendence
of Industry and Commerce of the Republic of Colombia has not sought further information with respect to the SIC Notice; and (C)
if the Superintendence of Industry and Commerce of the Republic of Colombia has sought further information with respect to the
SIC Notice, the date on which receipt of the complete submission of additional information is received by the Superintendence of
Industry and Commerce;


 




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“Release”
means any depositing, spilling, leaking, pumping, pouring, placing, emitting, discarding, abandoning, emptying, discharging, migrating,
injecting, escaping, leaching, seeping, dumping, or disposing;


 


“ROFR Notice”
means the notice relating to the Put-8 ROFR including a request of a waiver from Amerisur;


 


“Seller’s Warranties”
means the representations and warranties set out in Section 7.1 given and made by Seller in favour of the Purchaser;


 


“Share Sale Agreement”
means the Sale and Purchase Agreement dated as of the Execution date between Vetra Energía, S.L. as seller and Gran Tierra
Resources Limited, as purchaser for the issued share capital of Vetra Southeast S.L.U.;


 


“SIC Notice”
means the submission of such notice or notices to the Superintendent of Industry and Commerce of the Republic of Colombia under
Law 1340 of 2009 required in connection with the Transaction;


 


“Tangible Assets”
means the Facilities and any other tangible property and assets which are used or are intended to be used to produce, process,
gather, treat, measure, make marketable or inject Hydrocarbons or any of them or in connection with water injection or removal
operations on or in respect of the Contract Area and/or operations conducted under the E&P Contract, that are Joint Property,
or otherwise owned by Seller;


 


“Tax” means
all forms of taxation whether direct or indirect, and whether levied by reference to income, profits, gains, net wealth, asset
value, turnover, added value or other sales tax, and statutory, governmental, state, provincial, local government or municipal
imposition duties, contributions, rates and levies (including without limitation any payroll taxes), whenever and wherever imposed
(whether imposed by way of a withholding or deduction for or on account of tax or otherwise) and in respect of any person, and
all penalties, charges, costs and interest relating thereto;


 


“Technical Data”
includes all seismic, seismic data (and all processed versions thereof, including for but not limited to all 2D and 3D seismic,
SEGY files, field notes, field tapes, survey notes, seismic projects, interpretation projects and any seismic in fulfillment of
contractual commitments), geological (including all geological studies such as those that may have been made in fulfillment of
commitments to the ANH), geophysical, engineering, well data, Facility and other records, files, reports, data, correspondence
and documents that pertain to the Contract Area and the Tangible Assets, or any of them (including Seller’s evaluations and
interpretations of any of the foregoing and all documents of title relating to the Contract Area);


 


“Third Party”
means any person other than the Parties;


 


“Third Party Claim”
has the meaning ascribed to it in the Liability Acknowledgement Agreement (for ease reference, relevant terms of the Liability
Acknowledgment Agreement have been included on Schedule G); and


 




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“Transactions”
means the purchase and sale of the Assigned Interest as contemplated by this Agreement.


 


		1.2	Interpretation



 


		(a)	Headings. The topical headings used in this Agreement
are for convenience only and shall not be construed as having any substantive significance or as indicating that all of the provisions
of this Agreement relating to any topic are to be found in any particular Article.



 


		(b)	Singular and Plural. Reference to the singular includes
a reference to the plural and vice versa.



 


		(c)	Gender. Reference to any gender includes a reference
to all other genders.



 


		(d)	Article. Unless otherwise provided, reference to
any Article or Section or Schedule means an Article or Section or Schedule of the Agreement.



 


		(e)	Include. “include” and “including”
shall mean to be inclusive without limiting the generality of the description preceding such term and are used in an illustrative
sense and not a limiting sense.



 


		(f)	Statutory references. A reference to an enactment
or statutory provision shall include a reference to any subordinate legislation made under the relevant enactment or statutory
provision and is a reference to that enactment, statutory provision or subordinate legislation as from time to time amended, consolidated,
modified, re-enacted or replaced.



 


		(g)	Time. Any reference to days herein is a reference
to calendar days unless specifically stated otherwise, and where the phrase “within” or “at least” is
used with reference to a specific number of days herein, the day of receipt of the relevant notice or the day of the relevant
event, as the case may be, shall be excluded in determining the relevant time period. Notwithstanding the foregoing sentence,
in the event the time for submitting any notice expires on a day that is not a Business Day, the time for submitting such notice
shall be extended to the next following Business Day.



 


		(h)	Person. Reference to a “person” includes
individuals, firms, partnerships, limited liability partnerships, companies, bodies corporate, corporations, unincorporated associations,
governments, authorities, agencies and trusts (in each case, whether or not having separate legal personality), and shall include
such person’s heirs and lawful successors and assigns.



 


		(i)	Legal Term. References to any English legal term
for any action, remedy, method of judicial proceeding, legal document, legal status, Court, official or any legal concept or thing
shall in respect of any jurisdiction other than England be deemed to refer to the term which most nearly corresponds to the English
legal term in that jurisdiction.



 




    	 	10	 



     


    

 


		1.3	Schedules



 


Attached to and forming
part of this Agreement is the following Schedules:


 


SCHEDULE A CONTRACT AREA


SCHEDULE B E&P CONTRACT AND
SELLER’S INTEREST


SCHEDULE C MATERIAL CONTRACTS


SCHEDULE D HYDROCARBON SALES
CONTRACTS


SCHEDULE E MANDATE AGREEMENT


SCHEDULE F INSURANCE CLAIMS


SCHEDULE G RELEVANT TERMS OF
THE LIABILITY KNOWLEDGMENT AGREEMENT


SCHEDULE H RELEVANT TERMS OF
THE SHARE SALE AGREEMENT


 


Such Schedule is incorporated
herein by reference as though contained in the body hereof. Wherever any term or condition of the Schedule conflicts or is at variance
with any term or condition in the body of this Agreement, such term or condition in the body of this Agreement shall prevail.


 


Article 2

ASSIGNMENT OF INTEREST


 


		2.1	Grant



 


In exchange for the
mutual covenants contained in this Agreement, including Purchaser’s covenant to pay the Purchase Price and subject to satisfaction
of the Conditions Precedent, Seller agrees to assign, transfer and convey to Purchaser the Assigned Interest, free and clear from
any Encumbrances, and Purchaser agrees to accept such assignment, transfer and conveyance of the Assigned Interest, upon the terms
and conditions contained in this Agreement. The Parties shall execute and deliver such agreements, assignments, certificates, or
documents as may be requested by Purchaser to evidence such assignment, transfer and conveyance, though the Parties agree that
no such agreements, assignments, certificates, or documents are required in order to effect such assignment, transfer and conveyance.


 


		2.2	Binding Effect



 


Seller and Purchaser
shall be bound by this Agreement as of the date hereof and shall fully perform all of their respective obligations under this Agreement.


 


		2.3	Execution of other Documents



 


As soon as practicable
following the Closing Date the Parties shall execute the ANH Assignment Request and the Deed of Assignment and Assumption Agreement
.. In the event that it is necessary to amend the form of the Deed of Assignment and Assumption Agreement to comply with Laws or
ANH requests, the Parties shall act reasonably and in good faith to make such amendments. Seller shall execute the Deed of Novation
of Joint Operating Agreement after being executed by, and in the form as agreed to by, Purchaser and Amerisur.


 




    	 	11	 



     


    

 


		2.4	Ownership



 


The Parties acknowledge
and accept that, subject to satisfaction of the Conditions Precedent, as of the Closing Date the Participating Interests in the
E&P Contract and the Put-8 JOA shall be:


 


	PUT-8 Participating Interests:
	Amerisur	50%
	Gran Tierra 	50% 
	Total:	100%


 


Said ownership shall
be registered, at Purchaser’s risk, with the ANH by submitting the Assignment Request and obtaining the ANH Approval.


 


Article 3

closing


 


		3.1	Closing Timing



 


Closing shall
occur on the third (3rd) Business Day following the later of: (i) the date the Regulatory Approvals are obtained, and
(ii) the date in which Seller notifies in writing to Purchaser that (i) it has received a written communication from the addressee
of the ROFR Notice confirming that the Put-8 ROFR will not be exercised (copy of such communication shall be provided to Purchaser),
or (ii) absent such written communication upon expiry of the time period provided for in the ROFR Notice and conditional on neither
Party receiving from the addressee or any party alleging to be acting on its behalf any objection to the form or content of such
ROFR Notice that has not been resolved (written confirmation of such by the Seller shall be provided to Purchaser); or such other
date as may be mutually agreed upon by the Parties (“Closing Date”).


 


		3.2	Closing Deliverables



 


At Closing
the escrow agent shall release the Escrowed Amounts to Seller.


 


		3.3	Effects of Closing



 


		(a)	as of the Closing Date the Parties agree as follows:



 


		(i)	Purchaser shall be considered as the beneficial owner of
the Assigned Interest, and shall have all economic rights (including the right to receive all income) arising from the Assigned
Interest on and from this date as if the ANH Approval has already been obtained. From and after the Closing Date, Seller shall
hold the Assigned Interest and all rights and benefits arising therefrom on behalf and for the sole benefit of the Purchaser.
Seller shall act in good faith and with due care and diligence in taking all reasonable actions required to secure that Purchaser
receives all rights, benefits and economic and legal attributes vested into the Purchaser as per the terms of this Agreement;



 




    	 	12	 



     


    

 


		(ii)	Purchaser shall be responsible for and pay all costs, expenses
and liabilities applicable to the Assigned Interest in accordance with the E&P Contract and the Put-8 JOA arising or caused
after the Closing Date;



 


		(iii)	Seller will do its best efforts to procure that the Purchaser
be entitled to be the Operator and conduct Operations in accordance with and under the terms of the Put-8
JOA. In any case, on Closing Date Seller shall grant a mandate agreement to Purchaser in the terms and conditions set forth
in Schedule E hereto, authorizing Purchaser to conduct the Operations and as per the terms of and subject to the Put-8 JOA.
In addition, Seller hereby agrees to use its best efforts to cause the transfer of the operatorship of the Seller and the operatorship
of the E&P Contract vis-à-vis the ANH to Purchaser as soon as reasonably practicable, provided Purchaser evidences
its capabilities required under the Applicable Laws. For the sake of clarity, the designation of the Purchaser as Operator shall
not affect in any way the execution and effectiveness of this Transaction;



 


		(iv)	During the time that Seller shall remain as Operator under
the terms of the Put-8 JOA and the E&P Contract, if applicable, Purchaser shall maintain Seller harmless from and against
any and all damages, costs, losses and liabilities (including reasonable attorney’s fees and court agents) deriving from
its condition as Operator, except where such damages, costs, losses and liabilities are a result of willful misconduct or gross
negligence.



 


		(v)	Seller shall not exercise any right or privilege under
the E&P Contract or the Put-8 JOA including any decision, future or pending, related to any Operation or activity pertaining
to the Assigned Interest;



 


		(vi)	Seller shall have the right to all income and economic
benefits arising from the Assigned Interest incurred or caused prior to the Closing Date and Seller shall be responsible for and
pay all costs, expenses and liabilities applicable to the Assigned Interest in accordance with the E&P Contract and the Put-8
JOA arising or caused prior to the Closing Date.



 


		(vii)	Purchaser shall indemnify and keep the Seller harmless
from and against any and all damages, costs, losses and liabilities (including reasonable attorney’s fees and court agents)
deriving from holding the Assigned Interest, as per (i) above, or from any of the circumstances or Seller’s undertakings
and/or obligations under this Section 3.3, except where such damages, costs, losses and liabilities are a result of willful misconduct
or gross negligence) by Seller while holding the Assigned Interest for the benefit of Purchaser in accordance to this section.



 




    	 	13	 



     


    

 


		3.4	Actions After Closing Date



 


		(a)	On or in any case no later than ten (10) Business Days
following the applicable Closing Date, Seller shall deliver the assignment and novation agreements in respect of any Material
Contracts which Purchaser elects that it wishes to be assigned. All costs incurred in connection with the termination of the Material
Contracts that Purchaser does not wish to maintain shall be assumed by the Purchaser;



 


		(b)	Within ninety (90) days following the Closing Date the
Parties agree to take all actions required to settle any modifications to the Purchase Price that may be required as a result
of any adjustments to be made in respect of the allocation of revenues, costs and liabilities pertaining to the Assigned Interest
as of the Closing Date in accordance with the allocation of liabilities and allocation of economic rights described in Section
3.3; and



 


		(c)	No later than ten (10) Business Days following the Closing
Date, the Parties shall perform a handover at which time Seller shall deliver to the Purchaser all documents and records in its
possession including all Books and Records and Technical Data, whether in physical or electronic format, except as required to
fulfil its obligations hereunder in which case such documents shall be delivered as soon as possible thereafter.



 


		(d)	On or as soon as practicable following the Closing Date,
the Parties shall perform a handover in the field in order for Purchaser to assume under the Mandate Agreement all of Seller’s
operations, to the extent permitted.



 


		(e)	Operator Position Assignment according to JOA to the extent
possible.



 


		3.5	Approvals and Waivers



 


		(a)	Each Party agrees to act in good will and good faith and
to seek, and to do all things reasonably necessary to obtain all approvals, consents and other permissions necessary to achieve
the transfer and conveyance of the Assigned Interest as specified in Section 2.1 and the vesting thereof in Purchaser on
the Closing Date.



 


		(b)	Following the Closing Date:



 


		(i)	Purchaser shall forthwith after the applicable Closing
Date deliver to ANH, the ANH Assignment Request and the Deed of Assignment and Assumption Agreement for each of the E&P Contract;



 


		(ii)	Seller shall, forthwith after it receives notice that ANH
has issued the ANH Approval for the E&P Contract, notify Purchaser of issuance of the ANH Approval and provide Purchaser a
copy of same;



 




    	 	14	 



     


    

 


		(iii)	each Party shall, forthwith upon receiving from ANH the
form of Contract Amendment, sign the said instrument and deliver to Seller for further handling, as specified in Section 3.5(b)(iv);



 


		(iv)	Seller shall, forthwith after it receives the Contract
Amendment (signed by both Parties) deliver said document to the ANH;



 


		(v)	Seller shall, forthwith upon receiving the ANH’s
counter-executed copy of the Contract Amendment, provide to Purchaser a copy of the said document;



 


		(vi)	Seller shall within two (2) Business Days of the Execution
Date send out the ROFR Notices in compliance with the requirements set out in the Put-8 JOA; and



 


		(vii)	Seller shall, forthwith after it receives the elections
in respect of either ROFR Notice or the expiry of the time period provided for in the applicable ROFR Notice, whichever occurs
first, notify Purchaser of the election



 


		(c)	Subject to any restrictions on disclosure contained in
agreements with Third Parties or under applicable Laws, each of the Parties shall provide such documentation and information,
which may be requested by ANH in respect of the evaluation of the granting of the ANH Approval.



 


		(d)	In the event that the ANH rejects the Assignment Request,
refuses to grant the ANH Approval or requests additional information in order to process the Assignment Request, Seller agrees
to and shall be obliged to submit any and all information and take all legal actions including execution of agreements documents
as may be required by Purchaser as many times as it is necessary to obtain the ANH Approval. In any case, Seller agrees to hold
the Assigned Interest in trust for the exclusive benefit of Purchaser until the ANH Approval as contemplated herein is obtained.



 


Article 4

CONDITIONS PRECEDENT TO CLOSING


 


		4.1	Conditions to the Obligations of Purchaser



 


The obligation of Purchaser to complete
the Transaction is subject to the satisfaction (or waiver by Purchaser), at or prior to the Closing, of each of the following conditions:


 


		(a)	no Applicable Laws make illegal the consummation of the
Transaction;



 


		(b)	the Regulatory Approval shall have been obtained or shall
have been waived in writing by the applicable Governmental Authority, and all conditions in respect thereof imposed by the applicable
Governmental Authority that are required to be satisfied prior to Closing shall have been satisfied;



 




    	 	15	 



     


    

 


 


		(c)	notwithstanding anything contained in this Agreement, the
Parties acknowledge and  accept that this Agreement shall terminate and be of no further
force and effect and, therefore, there will be no obligation for Purchaser to purchase the Put-8 Assigned Interest if Amerisur
and/or any of its permitted assignees under the Put-8 JOA in respect of the Put-8 ROFR exercises its rights to acquire the Put-8
Assigned Interests at any time before the expiry of the time period provided for in the ROFR Notice (or at such other later date
as it may be decided by the Parties) (the “ROFR Expiry Date”);



 


		(d)	for clarity:



 


		(i)	if by the ROFR Expiry Date Amerisur and/or any of its permitted
assignees under the Put-8 JOA in respect of the Put-8 ROFR either waives its rights under the PUT-8 JOA, or does not send a written
communication to Seller confirming that such Put-8 ROFR is exercised or waived, the Parties agree that Closing shall occur in
accordance and subject to this Agreement;



 


		(ii)	if Amerisur and/or any of its permitted assignees under
the Put-8 JOA in respect of the Put-8 ROFR objects the form or content of the ROFR Notice, the Parties will do all things necessary
to rectify the form and contact of such ROFR Notice and the ROFR Expiry Date will be extended to the extent necessary to resolve
such objection.



 


		4.2	Conditions to the Obligations of Seller



 


The obligation of Seller to complete the
Transaction is subject to the satisfaction (or waiver by Purchaser), at or prior to the Closing, of each of the following conditions:


 


		(a)	no Applicable Laws make illegal the consummation of the
Transaction;



 


		(b)	the Regulatory Approval shall have been obtained or shall
have been waived in writing by the applicable Governmental Authority, and all conditions in respect thereof imposed by the applicable
Governmental Authority that are required to be satisfied prior to Closing shall have been satisfied;



 


		(c)	notwithstanding anything contained in this Agreement, the
Parties acknowledge and  accept that this Agreement shall terminate and be of no further
force and effect and, therefore, there will be no obligation for Purchaser to purchase the Put-8 Assigned Interest if Amerisur
and/or any of its permitted assignees under the Put-8 JOA in respect of the Put-8 ROFR exercises its rights to acquire the Put-8
Assigned Interests at any time before the expiry of the time period provided for in the ROFR Notice (or at such other later date
as it may be decided by the Parties) (the “ROFR Expiry Date”);



 




    	 	16	 



     


    

 


		(d)	for clarity:



 


		(i)	if by the ROFR Expiry Date Amerisur and/or any of its permitted
assignees under the Put-8 JOA in respect of the Put-8 ROFR either waives its rights under the PUT-8 JOA, or does not send a written
communication to Seller confirming that such Put-8 ROFR is exercised or waived, the Parties agree that Closing shall occur in
accordance and subject to this Agreement;



 


		(ii)	if Amerisur and/or any of its permitted assignees under
the Put-8 JOA in respect of the Put-8 ROFR objects the form or content of the ROFR Notice, the Parties will do all things necessary
to rectify the form and contact of such ROFR Notice and the ROFR Expiry Date will be extended to the extent necessary to resolve
such objection.



 


		4.3	Endeavors



 


Each of the Parties shall
use commercially reasonable efforts to procure that the Conditions Precedent are satisfied as soon as it is reasonably practicable
following the date hereof and in any event no later than the Closing Date.


 


Article 5

PURCHASE PRICE AND PAYMENT


 


		5.1	Purchase Price



 


As consideration for
the assignment, conveyance and transfer of the Assigned Interest hereunder, Purchaser agrees to pay a cash payment of US$ 19,100,000
(NINETEEN MILLION ONE HUNDRED THOUSAND UNITED STATES DOLLARS) (the “Purchase Price”) less any withholding taxes
required under Colombian Law (USD $ 477,500 (FOUR HUNDRED SEVENTY SEVEN THOUSAND AND FIVE HUNDRED UNITED STATES DOLLARS)) for a
total of US$ 18,622,500 (EIGHTEEN MILLION SIX HUNDRED TWENTY TWO THOUSAND AND FIVE HUNDRED UNITED STATES DOLLARS) to be paid to
Seller on the Closing Date for the Put-8 Assigned Interest.


 


In order to make the
payment of the Purchase Price, Seller shall present to Purchaser the corresponding invoice (the “Invoice”) in
compliance with the Colombian tax legislation in force, which Purchaser agrees to pay by wire transfer of immediately available
funds on the Closing Date after the correct presentation of the Invoice. Seller shall provide a draft Invoice for Purchaser to
review no less than three (3) Business Days prior to the applicable Closing Date.


 


		5.2	Payment of Purchase Price



 


		(a)	Setting up of Escrow Account and Deposit of Escrow Funds



 


Within 7 business days
of the Execution Date the Parties shall set up an escrow account with a mutually acceptable escrow agent (the “Escrow
Account”), at Seller’s entire cost and expense, and Purchaser shall make the payment of the Purchase Price. On
(i) the Closing Date, if the Conditions Precedent have been fulfilled; or (ii) on the date on which Amerisur and/or any permitted
assignee under the Put-8 JOA has exercised its Put-8 ROFR, both Parties will give instructions for the release the Escrowed Amounts
in favor of (a) the Seller in the event of (i) above; or (b) the Purchaser in the event of (ii) above.


 




    	 	17	 



     


    

 


No amount (including
interest) shall be paid out of the Escrow Account save as expressly permitted under the agreement related to the Escrow Account.


 


The Escrow Account
shall be denominated in US$.


 


		(b)	Interest



 


Any interest (the “Interest”)
which accrues on the monies held in the Escrow Account shall (after any required deductions on account of taxation on interest
by the escrow agent in accordance with the letter of instructions) be credited to the Escrow Account and shall be paid to recipient
of the released Escrowed Amounts.


 


		5.3	Costs



 


Each Party shall bear
its own costs in connection with the negotiation of this Agreement.


 


Article 6

OBLIGATIONS OF THE PARTIES


 


		6.1	Purchaser’s Obligations after Closing Date



 


On the Closing Date,
Purchaser shall provide a letter of credit to guarantee the Performance Guarantee providers to backstop the obligations thereunder
after the Closing Date and until the ANH Approval is obtained.


 


		6.2	Seller’s Obligations during and after the Interim
Period



 


		(1)	During the Interim Period, Seller shall:



 


		(a)	notwithstanding Articles 5 and Article 8, meet all
funding obligations under the E&P Contract and the Put-8 JOA and all Material Contracts, including the payment of cash calls.
If Seller were to pay any amount any amount under E&P Contract and/or Put-8 JOA the Purchase Price shall be adjusted on Closing
Date on a Dollar per Dollar basis to include any such payments;



 


		(b)	be entitled to receive all income relating to the Assigned
Interest;



 


		(c)	promptly notify Purchaser and provide details upon the
occurrence of:



 


		(i)	any written notice of default or termination received by
Seller with respect to the E&P Contract or the Put-8 JOA, or any of the Material Contracts;



 


		(ii)	any written notice received by Seller of any pending or
threatened Claim related to the E&P Contract or the Put-8 JOA, or any of the Material Contracts, or under applicable Laws
and in respect of any operations on or pertaining to the Contract Area;



 




    	 	18	 



     


    

 


		(iii)	any material damage, destruction or loss to any Tangible
Assets; or



 


		(iv)	any event or condition that would: (A) render impossible
Purchaser’s right to the assignment of the Assigned Interest under this Agreement; and/or (B) have a material adverse effect
on the business, operations, financial condition or results of operations under any of the E&P Contract or the Put-8 JOA or
any of the Material Contracts, or in respect of any operations on or pertaining to the Contract Area;



 


		(d)	regularly consult with Purchaser concerning the conduct
of operations on or pertaining to the Contract Area, including the disclosure of specifics pertaining to the planning, conduct
and results of operations and data resulting therefrom;



 


		(e)	promptly provide Purchaser with any material correspondence
received from the Government or a Third Party that: (a) relates to any of the E&P Contract or the Put-8 JOA, or any of the
Material Contracts, or in respect of any operations on or pertaining to the Contract Area; or (b) affects, or could reasonable
be anticipated to affect, the Assigned Interest.



 


		(f)	upon receipt of reasonable advance notice, permit representatives
of Purchaser to have at all reasonable times during normal business hours and at such Party’s own risk and cost reasonable
access to the operations on or pertaining to the Contract Area, to observe the operations and inspect the Tangible Assets;



 


		(g)	not (by act or omission) breach in any material respect
any of the provisions of any of the E&P Contract or the Put-8 JOA, or any of the Material Contracts, or any applicable Laws
to the extent those relate to the Assigned Interest;



 


		(h)	not without Purchaser’s prior written approval, agree
to amend or terminate any of the E&P Contract or the Put-8 JOA, or any of the Material Contracts, or do or omit to do anything
which would amount to a waiver of any material rights or obligations under the E&P Contract or the Put-8 JOA, or any of the
Material Contracts;



 


		(i)	not sell, pledge, charge or Encumber any part of the Assigned
Interest, nor assign, sell or enter into any agreement to assign or sell any part of the Assigned Interest;



 


		(j)	not without Purchaser’s prior written approval, exercise
an election, option or any other material right under the E&P Contract or the Put-8 JOA, or any of the Material Contracts
(including approval of any operations or expenditures by the Executive Committee under the Put-8 JOA);



 


		(k)	not without Purchaser’s prior written approval, approve
or incur any additional commitment or obligation to the Government in relation to the E&P Contract (including filing any revision
or amendment to the work programs and budgets filed with ANH); provided however, as expressly requested by Purchaser;



 




    	 	19	 



     


    

 


		(l)	ensure that Operations carried out by Seller are performed
in the ordinary and usual course of business and in accordance with the terms of the E&P Contract, the Put-8 JOA, or any of
the Material Contracts, applicable Laws;



 


		(m)	be entitled to sell the Hydrocarbons produced from the
E&P Contract pursuant to the Hydrocarbon Sales Contracts, and any such other marketing or sales contracts approved by Purchaser,
such approval not to be unreasonably withheld; and



 


		(n)	not without Purchaser’s prior written approval, initiate,
commence, settle, compromise or waive any Claim relating to any of the E&P Contract, the Put-8 JOA, or any of the Material
Contracts, or any Operation; and



 


		(2)	Following Closing and until such Contract Amendment is
executed by the ANH Seller:



 


		(a)	shall comply with subparagraph (1)(c), 1(e), 1(g), 1(h),
1(i), 1(j), 1(k), 1(n); and



 


		(b)	Immediately transfer to Purchaser any and all income derived
from any sale of hydrocarbons extracted from the Contract Area that for any reason is paid to Seller after the applicable Closing
Date at no cost for Purchaser.



 


		6.3	Purchaser’s Obligations during and after the Interim
Period



 


Purchaser shall promptly
provide to Seller all such information and documentation concerning Purchaser as may be reasonably requested to enable Seller to
prepare and submit all necessary filings in connection with seeking the ANH Approval.


 


		6.4	Mutual Obligations during and after the Interim Period



 


During the Interim
Period Purchaser and Seller shall comply with each of the following undertakings:


 


		(a)	use commercially reasonable efforts to satisfy, in an expeditious
manner, the Conditions Precedent.



 


		(b)	not take any action nor fail to take any action prior to
the Closing Date that would result in a breach of any of its representations and warranties under this Agreement.



 




    	 	20	 



     


    

 


Article 7

REPRESENTATIONS AND WARRANTIES OF THE PARTIES


 


		7.1	Seller’s Representations and Warranties



 


At the time of this
Agreement Seller makes the following representations and warranties to Purchaser, which representations and warranties are made
as of the date hereof and shall be repeated as of the Closing Date:


 


		(1)	Rights



 


		(a)	Seller holds the rights to, and is the legal and beneficial
owner of, the applicable Assigned Interest, free and clear of any liens, Claims, burdens or Encumbrances, other than: (i) the
liens, Claims, burdens or Encumbrances in favor of the Government according to the terms of the E&P Contract and applicable
Laws, and (ii) the Credit Agreement;



 


		(b)	Following the satisfaction or waiver of the Put-8 ROFR
with respect to the Put-8 Assigned Interest, Seller will have the right to transfer and assign full legal and beneficial ownership
of the Assigned Interest to Purchaser, free and clear of any Preferential Right.



 


		(c)	The E&P Contract as described herein include all amendments,
extensions, renewals, relinquishments applicable thereto.



 


		(d)	The Put-8 JOA as described herein includes all amendments
applicable thereto.



 


		(e)	The E&P Contract and the Put-8 JOA are valid and binding
agreements and are in full force and effect and no default, termination event or breach under any of the E&P Contract or the
Put-8 JOA has occurred, nor has any notice of the foregoing or any notice of withdrawal or revocation been received by Seller
nor, to the knowledge of Seller, has any other party to the E&P Contract and/or the Put-8 JOA received or given such notice.



 


		(f)	The E&P Contract together with applicable Laws, contain
the entirety of the obligation of Seller to the Government with respect to the subject matter of the E&P Contract, and no
other understanding or agreement exists between Seller and the Government in relation to the subject matter of the E&P Contract
except as otherwise disclosed under this Agreement.



 


		(g)	To Seller’s Knowledge the E&P Contract is not
currently suspended or in Force Majeure (as that term is defined in the E&P Contract), and to Seller’s Knowledge there
are no circumstances currently existing which may result in the E&P Contract and/or the Put-8 JOA becoming suspended.



 


		(h)	Seller is in compliance with all obligations under the
E&P Contract and the Put-8 JOA. No default, termination event or breach under the E&P Contract or the Put-8 JOA has occurred,
nor has any notice of the foregoing or any notice of withdrawal or revocation been received by Seller nor, to the knowledge of
Seller, has any other party to the E&P Contract and/or the Put-8 JOA received or given such notice.



 




    	 	21	 



     


    

 


		(2)	Insolvency



 


		(a)	Seller is able to pay its debts as they fall due, is not
bankrupt and has not stopped paying its debts as and when they fall due.



 


		(b)	No order has been made and no resolution has been passed
for the winding up, dissolution, administration or similar of Seller or for a receiver, administrator, trustee in bankruptcy,
liquidator or similar office howsoever called to be appointed in respect of it or any of its assets and no petition has been presented
and no meeting has been convened for the purposes of any of the foregoing in relation to Seller.



 


		(3)	Documents



 


		(a)	Seller has provided Purchaser with complete and correct
and accurate copies of the E&P Contract and the Put-8 JOA. Where Seller has provided any translation of a Document, Seller
has done so as a courtesy to Purchaser and Seller makes no representation or warranty as to the accuracy of the translation.



 


		(4)	Material Contracts and Third-Party Obligations



 


		(a)	Other than the Put-8 JOA, and the Material Contracts, there
are no material contracts, agreements, instruments, transactions and undertakings pertaining to the E&P Contract, the Contract
Area, the Tangible Assets or any of them nor agreements binding on Seller in respect of the Assigned Interest and currently in
effect, with the exception of the Credit Agreement.



 


		(b)	To the Seller’s Knowledge, Seller is not in a material
default under any of the Material Contracts.



 


		(c)	The Put-8 JOA constitutes a legal and binding obligation
of Seller and the Third Parties thereto, enforceable in accordance with its respective terms, subject to limitations with respect
to enforcement imposed by Applicable Laws in connection with bankruptcy, or similar proceedings and to the extent that equitable
remedies such as specific performance and injunction are in the discretion of the courts from which they are sought.



 


		(d)	All amounts due and payable to Third Parties prior to the
date hereof and pertaining to any of the Assigned Interest have been fully paid, including (1) all rentals and royalties, (2)
any and all ad valorem and property taxes, (3) any and all production, severance and similar taxes, charges and assessments based
upon or measured by the ownership or production of Hydrocarbons or any of them or the receipt of proceeds therefor, (4) any mandatory
contributions or deposits, whether in respect of abandonment and reclamation obligations or otherwise, and (5) all economic fees
under the E&P Contract including subsoil use fees, ANH production participation, high prices fees and contributions for training,
institutional strengthening and technology transfer.



 




    	 	22	 



     


    

 


		(e)	There are no financial commitments of Seller in respect
of the Assigned Interest which are due as of the date of this Agreement or which may become due by virtue of matters occurring
or arising prior to the date of this Agreement.



 


		(f)	Seller is not obligated by virtue of a prepayment, gas
balancing, take-or-pay, or other arrangement under any contract to make any production payment, refund of production payment or
delivery of Hydrocarbons produced from its interests in the Contract Area to any Third Party at some future time without receiving
in due course (and being entitled to retain) full payment therefor at current market prices or contract prices.



 


		(g)	Seller is not aware of any ongoing, planned or threatened
activities that would reasonably be anticipated to result in the transportation infrastructure (whether being Joint Property or
owned by Third Parties) currently being used to deliver Hydrocarbons produced from the Contract Area to market not having sufficient
capacity or ability to accept transmission of the production of Hydrocarbons from the Contract Area.



 


		(5)	Claims and Litigation



 


		(a)	As of the Execution Date, there is no civil, criminal or
administrative action, suit or proceeding pending or, to the best of Seller’s Knowledge, threatened in writing against the
Assigned Interest before any Governmental Authority.



 


		(b)	As of the date hereof, there is no material action, suit
or proceeding commenced by Seller pending before any Governmental Authority or threatened in writing by Seller against any other
Person.



 


		(c)	To the best of Seller’s Knowledge, there is no valid
basis for any civil, criminal or administrative action, suit or proceeding involving the Assigned Interest and the Assigned Interests
are not subject to any judgment, order or decree entered in any lawsuit or proceeding.



 


		(6)	Insurance



 


		(a)	The Disclosed Materials contains particulars of all insurances
maintained by or on behalf of the Seller, and all policies in respect of those insurances are currently in force. Seller has maintained
valid and adequate insurance cover of a type and affording the same degree of cover as that normally held by companies engaged
in businesses of the same or similar type to the Business for the past three years.



 


		(b)	Except as set forth in Schedule F, there are no outstanding
claims under any policies of insurance maintained by or on behalf of the Seller.



 




    	 	23	 



     


    

 


		(7)	Tangible Assets



 


To Seller’s Knowledge,
the Tangible Assets have been constructed, installed, maintained and operated in accordance with the terms of the E&P Contract,
the Put-8 JOA, any other applicable Material Contracts; and to Seller’s knowledge, all Tangible Assets are in good and operable
condition, reasonable wear and tear excepted, in accordance with the Seller’s past practices.


 


		(8)	Conduct of Operations



 


To Seller’s knowledge:


 


		(a)	any and all Operations have been conducted in accordance
with the terms of the E&P Contract, the Put-8 JOA, the Material Contracts and the practice of similar companies conducting
a similar business;



 


		(b)	there have not been communicated to Seller any planned
or threatened strikes, other work stoppages or occupations by organized labour or communities living in the Contract Area’s
area of direct influence which would reasonably be expected to affect Operations, other than those that could arise as a consequence
of the execution of this Agreement;



 


		(c)	there are no existing or, threatened through a communication
to Seller, disputes or Claims or other grievances with ethnic communities and/or communities living in the Contract Area’s
area of direct influence which would reasonably be expected to affect access to the Contract Area for the conduct of Operations
as they are currently being conducted or are currently planned to be conducted;



 


		(d)	any and all existing social investment obligations and
Environmental handling plans (the “Obligation and Plans”) in place with the communities living in the Contract
Area’s area of direct influence for the performance of exploration and/or production activities are not in breach of Applicable
Laws, the terms of the E&P Contract, the applicable Material Contracts and the terms of such Obligations and Plans; and



 


		(e)	any and all legal requirements regarding the verification
and certification in relation to ethnic groups or communities, or if applicable as the case may be, all prior consultations have
been made, and the formalities related to them have been conducted in accordance with applicable Laws, the terms of the E&P
Contract.



 


		(9)	Environmental Matters



 


Except as otherwise
disclosed by Seller to Purchaser in the Disclosed Materials to the best of Seller’s Knowledge:


 




    	 	24	 



     


    

 


		(a)	there has not been and there is not now existing any material
non-compliance with Environmental Laws in respect of the construction, ownership or operation of the assets of the Seller or the
conduct of any operations thereby. For the purposes of this representation and warranty a “material non compliance”
shall be such a non compliance which may result in a material adverse change in or affecting the condition (financial, operational
or legal) of the Company with an economical impact equal to or greater than 200,000US$;



 


		(b)	no investigation or complaint by any Governmental Authority
with respect to any environmental issues or matters or work place health and safety matters pertaining to or affecting the Assigned
Interest is currently outstanding;



 


		(c)	no information request or any other requirement by any
Governmental Authority with respect to any environmental issues or matters or work place health and safety matters pertaining
to or directly affecting the Assigned Interest is currently outstanding;



 


		(d)	all known spills or similar incidents pertaining to or
affecting the Assigned Interest have been reported to the appropriate Governmental Authorities to the extent required by Environmental
Laws;



 


		(e)	all waste disposal pertaining to or affecting the Assigned
Interest has been and is being conducted in accordance with Environmental Laws;



 


		(f)	there has been no Release of Hazardous Substances at or
from the Contract Area in connection with Operations that could reasonably be expected to give rise to a material remedial or
corrective action obligation under any Environmental Laws.



 


Seller has made available
to Purchaser all material environmental studies, reports, audits, sampling data, site assessments, compliance reviews, correspondence
and other similar documents in its possession or control with respect to the Tangible Assets and the Contract Area.


 


		(10)	Compliance with
                                         the E&P Contract



 


To Seller’s Knowledge,
Seller is in compliance in all material respects with the E&P Contract, and there are no material Claims (including with respect
to Environmental Laws) of which Seller has received notice or, threatened or pending against Seller alleging any failure to so
comply.


 


		(11)	Permits



 


To the Seller’s
Knowledge the Operations are performed under the current licenses, permissions, consents, approvals and agreements (including Environmental
permits) (the Permits) have been obtained and complied with and are in full force and effect and Seller has not received
any written notice that any such Permits may be revoked, suspended or varied, in whole or in part, and to Seller’s Knowledge
there are no circumstances existing which might result in any such Permits being revoked, suspended or varied, in whole or in part.


 




    	 	25	 



     


    

 


		(12)	No Broker’s Fees



 


Seller has not incurred
any obligation or liability, contingent or otherwise, for brokerage fees, finder’s fees, agent’s commission or other
similar forms of compensation with respect to the Transaction contemplated hereunder for which Purchaser shall have any obligation
or liability whatsoever.


 


		(13)	Business Ethics and Foreign Investments



 


		(a)	Seller is in compliance with Colombian Banco de la República
(Central Bank) requirements of any and all required foreign exchange declarations and any updates to the same. Seller has no knowledge
of any pending investigations or fines with respect to such foreign investments and foreign exchange.



 


		(b)	The operations on the Assigned Interests are and have been
conducted at all times in compliance with applicable Colombian Money Laundering Laws and no action, suit or proceeding by or before
any court, Governmental Authority or arbitrator with respect to Colombian Money Laundering Laws to which Seller or its business
are subject is pending, or, to the best of Seller’s Knowledge, threatened.



 


		(c)	Neither Seller nor any of its representatives nor, to the
best of Seller’s Knowledge, any person acting in relation to the Assigned Interests: (i) has made, given or promised, either
directly or indirectly, any illegal contributions, gifts, entertainment or other unlawful expenses relating to political activity;
(ii) has made, given or promised, either directly or indirectly, any unlawful payments, gifts or benefits of any kind to any foreign
or domestic governmental officials or employees; (iii) has violated or is violating any provision of any Colombian anti-bribery
or anti-corruption laws applicable to Seller or its representatives; (iv) has established or maintained, or is maintaining, any
unlawful fund of corporate monies or other properties; or (v) has made, given or promised, either directly or indirectly any bribe,
unlawful rebate, payoff, influence payment, kickback or other unlawful payment of any gift or benefit of any nature to any foreign
or domestic governmental officials or employees for any of the following purposes: influencing any act or decision of such public
official in his or her official capacity; inducing such public official to do or omit to do any act in violation of the lawful
duty of the public official; inducing such public official to use his or her influence with any governmental agency or authority
or political party to affect or influence any act or decision of such entity; or securing any improper advantage to either assist
a person to obtain business or to further the interests of its business.



 


		(d)	Seller maintains appropriate internal controls over financial
reporting given Colombian Applicable Laws to which it is subject.



 


		(e)	Neither Seller nor any of its representatives nor, to the
best of Seller’s Knowledge, any person acting in relation to the assets or business of Seller, is aware of or has taken
any action, directly or indirectly, including, but not limited to sales, transactions, contracts, loans or investments in, or
with, in any currency, any individuals or entities sanctioned as Specially Designated Nationals (“SDNs”) under
sanctions administered by the US Office of Foreign Asset Control (“OFAC”).



 




    	 	26	 



     


    

 


		(f)	Neither Seller nor any of its Affiliates is owned or affiliated
with a country sanctioned by OFAC or SDNs.



 


		7.2	Limitations of Seller’s Representations and Warranties



 


Notwithstanding any
other additional provision contained in this Agreement, Seller shall have no liability in respect of a Claim to the extent that
it occurs or is increased as a result of any of the issues, circumstances or events listed in Clause 2.3 of the Liability Acknowledgement
Agreement (for ease reference, relevant terms of the Liability Acknowledgment Agreement have been included on Schedule G).


 


		7.3	Purchaser’s Representations and Warranties



 


At the time of this
Agreement Purchaser makes the following representations and warranties to Seller, which representations and warranties are made
as of the date hereof and shall be repeated as of the Closing Date::


 


The Purchaser
warrants to Seller that: 


 


		(1)	General



 


		(a)	it has full power to enter into and perform this Agreement
and this Agreement constitutes valid and binding obligations on the Purchaser in accordance with its respective terms;



 


		(b)	it is entering into this Agreement on its own behalf and
not on behalf of any other person;



 


		(c)	the execution and delivery of, and the performance by the
Purchaser of its obligations under, this Agreement will not:



 


		(i)	result in a breach of any provision of its memorandum or
articles of association; or



 


		(ii)	result in a breach of any order, judgment or decree of
any court or governmental agency to which the Purchaser is a party or by which that party is bound;



 


		(d)	all consents, permissions, approvals and agreements of
shareholders of the Purchaser or any other third parties which are necessary or desirable for the Purchaser to obtain in order
to enter into and perform this Agreement in accordance with its respective terms have been unconditionally obtained in writing
and have been disclosed in writing to Seller;



 




    	 	27	 



     


    

 


		(e)	it has the financial and economic capacity to pay in full
the Purchase Price with no need to obtain any external financing of any nature.;



 


The execution and delivery
of this Agreement by Purchaser and the performance and consummation of the Transaction: do not and will not result in the violation
of any Applicable Laws or result in a breach of any order, judgment or decree of Governmental Authority to which the Purchaser
is a party or by which the Purchaser is bound;


 


		(f)	All consents, permissions, approvals and agreements of
shareholders of the Purchaser or any other third parties which are necessary or desirable for the Purchaser to obtain in order
to enter into and perform this Agreement in accordance with its respective terms have been unconditionally obtained in writing
and have been disclosed in writing to the Seller;



 


		(g)	Neither the Purchaser nor any member of the Purchaser’s
Group nor its or their respective employees, agents or advisers has actual knowledge of any facts or matter which would or may
constitute a breach of any of the Warranties or otherwise give rise to any liability on the part of the Sellers under any other
provision of this Agreement; and



 


		(h)	The Purchaser will not rescind this Agreement in the event
of any breach by the Sellers of any of the Seller’s Warranties (except with respect to a fundamental and material breach
of any of Seller’s Warranties regarding title ownership and capacity of the Seller) and any such breaches, if any, of the
Seller’s Warranties will be considered as grounds of a Claim.



 


		(2)	Claims and Litigation



 


To the best of Purchaser ́s
knowledge there are no material Claims, demands, actions, suits, insolvency proceedings, governmental inquiries, or proceedings
pending, or threatened, against Purchaser which would have an adverse effect upon the consummation of the transactions contemplated
by this Agreement.


 


		(3)	Financing and Insolvency



 


		(a)	Purchaser has sufficient cash, available lines of credit
or other sources of immediately available funds to enable it to fulfill all of its obligations under the E&P Contract, the
Put-8 JOA and this Agreement.



 


		(b)	Purchaser is able to pay its debts as they fall due, is
not bankrupt and has not stopped paying its debts as and when they fall due.



 


		(c)	No order has been made and no resolution has been passed
for the winding up, dissolution, administration or similar of Purchaser or for a receiver, administrator, trustee in bankruptcy,
liquidator or similar office howsoever called to be appointed in respect of it or any of its assets and no petition has been presented
and no meeting has been convened for the purposes of any of the foregoing in relation to Purchaser.



 




    	 	28	 



     


    

 


		(4)	Technical Capability



 


Purchaser has the technical
capability, personnel and resources to fulfill its obligations under this Agreement.


 


		(5)	Consents, Approvals or Waivers



 


Except as specifically
set forth in this Agreement, Purchaser’s execution, delivery and performance of this Agreement (and any document required
to be executed and delivered by Seller on the Closing Date) is not and will not be subject to any consent, approval, or waiver
from any government or other third person, except for the ANH Approval and the Regulatory Approval.


 


		7.4	Mutual Representations and Warranties



 


Each Party makes the
following representations and warranties to the other Party as to the Party giving the representation or warranty only, which representations
and warranties are made as of the date hereof and shall be repeated as of the Closing Date:


 


		(1)	Corporate Authority



 


It is duly organized
and validly existing under the laws of the country where it is organized and is qualified to conduct business in the jurisdiction
as necessary to perform the E&P Contract. It has all requisite corporate power and authority to enter into this Agreement,
to perform its obligations hereunder, and to consummate the Transaction contemplated hereby. This Agreement has been duly executed
and delivered by such Party and constitutes a legal, valid and binding obligation of such Party, enforceable against such Party
in accordance with its terms.


 


		(2)	Other Representations and Warranties



 


The execution, delivery,
and performance of this Agreement by each Party, the consummation of the transactions contemplated hereby, and the compliance with
the provisions hereof will not, to the best of each Party’s knowledge and belief:


 


		(a)	violate any Applicable Laws, judgment, decree or award;



 


		(b)	contravene the organization documents of a Party; or



 


		(c)	result in a violation of a term or provision, or constitute
a default or accelerate the performance of an obligation under any contract or agreement executed by a Party hereto.



 


		7.5	Disclaimer of Other Representations and Warranties



 


		(a)	Except as and to the extent expressly set forth in this
Article 7, Seller expressly disclaims any representation or warranty, express or implied, as to (i) the quantity, quality
or recoverability of Hydrocarbons in or from the Contract Area, (ii) the production of Hydrocarbons from the Assets, or whether
production has been continuous or in paying quantities, and (iii) the maintenance, repair, condition, quality, suitability,
design or marketability of the Assets within the Contract Area.



 




    	 	29	 



     


    

 


		(b)	Except for the representations and warranties provided
in this Article 7, Seller and Purchaser make no, and disclaim any, warranty or representation of any kind, either express,
implied, statutory, or otherwise, including in relation to the accuracy or completeness of any data, reports, statements, records,
projections, information, or materials now, heretofore, or hereafter furnished or made available to Purchaser in connection with
this Agreement.



 


		7.6	Timing of Representations



 


All representations
and warranties given under this Article 7 shall, for the contractual term set forth herein, be deemed repeated and valid,
true and correct as of the Closing Date, and each Party agrees to inform the other Party of any material changes to the facts in
the representations and warranties prior to the Closing Date.


 


Article 8

LIABILITIES AND CLAIMS


 


		8.1	Liability Acknowledgement Agreement



 


Provisions related
to liability and Claims shall be governed by Article 2 and 3 of the Liability Acknowledgement Agreement (for ease of reference,
relevant terms of the Liability Acknowledgment Agreement have been included on Schedule G).


 


Article 9

Settlement of Claims


 


The mechanism for the
settlement of Claims as between the Parties shall be governed by the provisions of Article 2 of the Liability Acknowledgement Agreement
(for ease of reference, relevant terms of the Liability Acknowledgment Agreement have been included on Schedule G).


 


Article 10

TAX


 


		10.1	Tax Obligations



 


Each Party shall be
responsible for complying with its own tax obligations in accordance to the current tax legislation applicable to this Transaction.
Accordingly, Purchaser shall be entitled to withhold from the Purchase Price the Tax which is required to be withheld pursuant
to any Applicable Laws, in the amount of US$ 477,500 (FOUR HUNDRED SEVENTY SEVEN THOUSAND AND FIVE HUNDRED UNITED STATES DOLLARS),
which shall be enumerated in the Invoice.


 




    	 	30	 



     


    

 


Each Party shall protect,
defend and indemnify each other Party from any and all loss, cost or liability arising from the indemnifying Party’s failure
to satisfy such tax obligations. The Parties intend that all income and all tax benefits (including deductions, depreciation, credits
and capitalization) with respect to the expenditures made by the Parties hereunder will be allocated by the Government tax authorities
to the Parties based on the share of each tax item actually received or borne by each Party. If such allocation is not accomplished
due to the application of the Laws or other Government action, the Parties shall attempt to adopt mutually agreeable arrangements
that will allow the Parties to achieve the financial results intended.


 


The Parties shall cooperate
fully and in good faith with respect to all Tax matters connected with this Agreement and/or any transactions wherever performed.


 


		10.2	Joint Levy



 


If interpretation or
enforcement of the E&P Contract by the Government imposes joint and several liability on the Parties for any levy, charge or
tax, the Parties agree to cross indemnify each other to the extent that such levy, charge or tax is owed by one Party individually
in accordance to the tax legislation in force applicable to this transaction.


 


Article 11

CONFIDENTIALITY


 


		11.1	Confidentiality



 


Except as otherwise provided in the E&P
Contract and the Put-8 JOA and subject to Section 11.2, each Party shall treat as strictly confidential:


 


		(a)	the existence and provisions of this Agreement (including
the Purchase Price or the allocation thereof between Seller) and of any document or agreement entered into pursuant to this Agreement;



 


		(b)	the negotiations relating to this Agreement; and



 


		(c)	all information received or obtained as a result of entering
into or performing this Agreement which relates to any of the other parties or the business, financial or other affairs of any
of the other parties.



 


		11.2	Exceptions



 


A Party may disclose
information referred to in Section 11.1 (including by way of press or public announcement or the issue of a circular) which
would otherwise be confidential if and to the extent that the disclosure is:


 


		(a)	approved by the other Parties in writing in advance;



 


		(b)	required by the law of any relevant jurisdiction or by
a court of competent jurisdiction;



 


		(c)	lawfully required by any securities or investment exchange
or regulatory or governmental body to which a Party is subject;



 




    	 	31	 



     


    

 


		(d)	required to vest in that Party the full benefit of this
Agreement;



 


		(e)	made to the professional advisers, auditors or bankers
of that Party subject to the condition that the Party making the disclosure shall procure that those persons comply with Section 11.1
as if they were Parties to this Agreement;



 


		(f)	made to the officers or employees of that Party who need
to know the information for the purposes of the transactions effected or contemplated by this Agreement;



 


		(g)	of information that has already come into the public domain
through no fault of that Party; or



 


		(h)	of information which is already lawfully in the possession
of that Party as evidenced by its or its professional advisers’ written records and which was not acquired directly or indirectly
from the other Party to whom it relates,



 


provided that any information disclosed
pursuant to (b) or (c) above shall be disclosed only, after notice to the other Parties (save where such notice is prohibited by
law) and the disclosing Party shall consult and co-operate with the other Parties regarding the content, timing and manner of that
disclosure and co-operate with any action which any of them may reasonably elect to take to challenge legally the validity of that
requirement.


 


		11.3	Limit in time



 


The restrictions contained
in this Article 11 shall continue to apply after the rescission or termination of this Agreement for a period of one year.


 


Article 12

Costs


 


Except to the extent
this Agreement provides otherwise, each Party shall be responsible for all the costs, charges and expenses incurred by it in connection
with and incidental to the negotiation, preparation and completion of this Agreement, the other documents referred to in this Agreement
and the assignment of the Assigned Interest under this Agreement. For the avoidance of doubt, the Purchaser shall be solely responsible
for any and all stamp duty, stamp duty reserve tax and/or other transfer taxes (and any associated interest and penalties) payable
by it in respect of the assignment of the Assigned Interest in accordance with all Applicable Laws. All taxes, withholdings and
any other charges due as a result of the assignment of the Assigned Interest will be borne by each Party according to Applicable
Laws. Seller shall be solely responsible for any charges due to its legal counsel and other advisers in connection with the assignment.


 




    	 	32	 



     


    

 


Article 13

Entire agreement


 


		13.1	Entire agreement



 


This Agreement (including
its exhibits and Schedules) represent the whole and only agreement between the Parties in relation to the assignment of the Assigned
Interest and supersede any previous agreement whether written or oral between the Parties in relation to that subject matter. Accordingly,
all other terms, conditions, representations, warranties and other statements which would otherwise be implied (by law or otherwise)
shall not form part of this Agreement.


 


Article 14

Continuing effect


 


		14.1	Continuing Effect



 


Each provision of this
Agreement shall continue in full force and effect after Closing, except to the extent that any provision has been fully performed
on or before Closing.


 


		14.2	Invalidity



 


If any provision of
this Agreement is determined to be illegal, invalid or unenforceable by an arbitrator or any court of competent jurisdiction, that
provision will be severed from this Agreement and the remaining provisions will remain in full force and effect.


 


Article 15

Amendments and waivers


 


		15.1	Amendments



 


No amendment or variation
of the terms of this Agreement or any document entered into pursuant to this Agreement (including the Schedules) shall be effective
unless it is made or confirmed in a written document signed by each Party to the relevant document.


 


		15.2	Waivers



 


No delay in exercising
or non-exercise by a Party of any right, power or remedy under this Agreement or any other document referred to in it shall impair,
or otherwise operate as a waiver or release of, that right, power or remedy.


 


Article 16

Further assurance and assistance


 


		16.1	Further assurance



 


Each Party shall from
time to time at the cost of the requesting Party, do, perform, sign, execute and deliver such reasonable and necessary acts, deeds,
documents (or procure the doing, performance, signing, execution or delivery of them) as any other Party shall from time to time
reasonably require, in a form and in terms reasonably satisfactory to that other Party to give full effect to this Agreement and
to secure to that other the full benefit of the rights, powers and remedies conferred upon it in this Agreement.


 




    	 	33	 



     


    

 


Article 17

Counterparts


 


		17.1	Any number of counterparts



 


This Agreement may
be executed in any number of counterparts and each such counterpart shall be deemed an original Agreement for all purposes but
all the counterparts shall together constitute one and the same instrument; provided that no Party shall be bound to this Agreement
unless and until all Parties have executed a counterpart.


 


The Parties agree that
the exchange by e-mail of scanned copies (in PDF format) of the executed Agreement or its addendum will be enough to comply with
this Section.


 


For purposes of assembling
all counterparts into one document, the Parties are authorized to detach the signature page from one or more counterparts and,
after signature thereof by the respective Party, attach each signed signature page to a counterpart.


 


Article 18

NOTICES


 


		18.1	Notices



 


Except as expressly
set forth herein, any notice or other communication from one Party to the other, which is required or permitted to be made by the
provisions of this Agreement, shall be:


 


		(a)	hand or sent by overnight courier to the Party concerned
at the relevant address shown at the start of this Agreement to the following addresses;



 


Vetra 


 


	Address:	Avenida Calle 82 No. 10-33, Piso 7, Bogota D.C., Colombia
	Telephone:	57 1 593 4141
	Fax:	+57 1 616 0081
	Attention:	General Manager


 


Gran Tierra Energy Colombia,
LLC. 


 


	Address:	Calle 113 No. 7 – 80, Torre AR, Piso 17 , Bogotá D.C., Colombia
	Fax:	+57 1 213 9327
	Attention:	Presidencia / Departamento Legal


 




    	 	34	 



     


    

 


With a copy to:


 


Gran
Tierra Energy Inc.


 


	Address:	900, 520 – 3rd Avenue S.W., Calgary, Alberta, Canada T2P 0R3
	Attention:	Director, Corporate Legal 
	Fax:	+1 403 265 3242


 


		(b)	e-mail to the Party concerned at the relevant email address
shown below .



 


Purchaser:


 


	Phillip Abraham
	 
	Manuel Buitrago
	 
	Mauricio Calderón


 


Seller:


 


	Luis Garcia
	 
	Javier Casais
	 
	Antonio de la Morena
	 
	Domingo Torres
	 
	Nelson Navarrete


 


with a copy to


 


	Ana Soriano
	 
	Dee Replogle
	 
	Javier Carvajal


 


		18.2	When notices take effect



 


Each of the communications
referred to in this Article shall take effect upon confirmed receipt.


 




    	 	35	 



     


    

 


Article 19

ARBITRATION


 


		19.1	Settling Disputes



 


If any dispute, claim,
question or difference arises out of or in connection with this Agreement, or in respect of any legal relationship associated with
or derived from this Agreement, other than a matter referred to in Section 19.2 (a “Dispute”), the Parties shall
attempt to settle the Dispute by negotiation. If the Dispute has not been resolved, for any reason, within fifteen (15) Business
Days following delivery of a notice of Dispute, the Dispute will be resolved by arbitration as provided in Section 19.3.


 


		19.2	Exceptions



 


Although the arbitrator(s)
also have the power to grant injunctive or other equitable relief, nothing in this Article prevents a Party from seeking or obtaining
an injunction, specific performance or any other equitable remedy from a court of competent jurisdiction.


 


		19.3	Arbitration



 


		(1)	A Party may commence arbitration in respect of a Dispute
by delivering to the other Parties (or Party, as applicable) a written notice of arbitration.



 


		(2)	Any and all disputes or controversies arising out of or
in connection with this Agreement, including the execution, performance or termination of thereof, shall be finally settled under
the Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”), supplemented by the International
Bar Association Rules on the Taking of Evidence in International Arbitration (the “IBA Rules of Evidence”),
as amended from time to time, by a three-member arbitral tribunal. Each side shall nominate a co-arbitrator. The co-arbitrators
will nominate jointly the President of the Tribunal within thirty (30) days of the confirmation or designation of the second co-arbitrator
by the International Chamber of Commerce. The place of arbitration shall be the city of London, England, or such other locations
as the Parties may agree. The arbitration shall be conducted in English, or such other language as the Parties may agree.. Judgment
will be executable in any court having jurisdiction thereof.



 


		(3)	The arbitration will be kept confidential and the existence
of the proceeding and any element of it (including any pleadings, briefs or other documents submitted or exchanged, any testimony
or other oral submissions and any awards) will not be disclosed beyond the arbitrator, the Parties, their counsel and any person
necessary to the conduct of the proceeding, except as may lawfully be required in judicial proceedings relating to the arbitration
or otherwise or as may be required by Applicable Law.



 




    	 	36	 



     


    

 


Article 20

Governing law


 


This Agreement shall be shall be governed
by and interpreted in accordance with the laws of the Kingdom of Spain, without regard for any conflict of laws or choice of laws
principles that would require the application of the laws of any other jurisdiction, provided that the transfer of Assigned Interests
shall at all times be performed in compliance with the laws of Colombia.


 


Article 21

INDEPENDENT LEGAL ADVICE


 


Each Party hereby represents
and warrants to the others that it had the opportunity to seek and was not prevented or discouraged by any of the other Parties
from seeking independent legal advice prior to the execution and delivery of this Agreement and that, in the event that he or it
did not available himself of that opportunity prior to signing this Agreement he or it did so voluntarily without any undue pressure
and agrees that its failure to obtain independent legal advice shall not be used by it as a defence to the enforcement of its obligations
under this Agreement or as a basis for the exertion of any rights under this Agreement.


 


Article 22

Seller’s assignees


 


		22.1	With effect from the
Closing Date, Inversiones Frieira, S.L. and Vetra Energy Group LLC (jointly referred as the “Parent Companies”)
shall fully undertake any whatsoever payment obligation of either the Seller hereunder and under the Liability Acknowledgement
Agreement. Therefore from Closing Date, the Parent Companies will be liable individually and severally (“mancomunadamente”)
between both –(74.5% in the case of Inversiones Frieira, S.L. and 25.5% in the case of Vetra Energy Group LLC) of the potential
payment obligations, including all the Seller’s obligations to indemnify any Losses suffered by the Purchaser as a result
of any breach of the Sellers’ Warranties set forth in Article 6 (the “Assignment of Obligations”).



 


		22.2	Likewise, the Seller,
by mean of this Agreement assigns to Parent Companies, individually and severally (“mancomunadamente”) in the proportion
of their stake in the share capital of Seller all the rights hereunder (the “Assignment of Rights”).



 


		22.3	As a result of the Assignment
of Obligations, the Purchaser expressly agree to release the Seller from any such payment obligations under this Agreement and
under the Liability Acknowledgement Agreement. As previously set forth, each of the Parent Companies shall be liable vis-à-vis
the Purchaser individually and severally (“mancomunadamente”), in the proportion 74.5%/25.5% of any and all
payment obligations arising from the Seller’s obligations under this Agreement and under the Liability Acknowledgement Agreement.



 




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		22.4	The Purchaser expressly
accepts the terms and conditions of the Assignment of Obligations and the Assignment of Rights and, therefore, acknowledges that
on the Closing Date, once the Assignment of Obligations and the Assignment of Rights are effective, Seller will be automatically
released against the Purchaser from any and all Losses. The Purchaser irrevocably waives any and all judicial or extra-judicial
claims to be brought after the Closing Date against the Seller related to this Agreement and under the Liability Acknowledgement
Agreement.



 


Article 23

GENERAL PROVISIONS


 


		23.1	Further Assurances



 


Each of the Parties
shall do all such acts and execute and deliver all such documents as shall be reasonably required in order to fully perform and
carry out the terms of this Agreement.


 


		23.2	Non-Waiver



 


No waiver by any Party
of any one or more defaults by another Party in the performance of any provision of this Agreement shall operate or be construed
as a waiver of any future default or defaults by the same Party whether of a like or of a different character. No failure to exercise
nor any delay in exercising any right, power or remedy under this Agreement or law shall operate as a waiver, and no single or
partial exercise of any right or remedy shall prevent any further or other exercise or exercise of any other right or remedy. Except
as expressly provided in this Agreement, no Party shall be deemed to have waived, released or modified any of its right under this
Agreement unless such Party has expressly stated, in writing, that it does waive, release or modify such right.


 


		23.3	Joint Preparation



 


Each provision of this
Agreement shall be construed as though all Parties participated equally in the drafting of the same. Consequently, the Parties
acknowledge and agree that any rule of construction that a document is to be construed against the drafting party shall not be
applicable to this Agreement.


 


		23.4	Severance of Invalid Provisions



 


If and for so long
as any provision of this Agreement shall be deemed to be judged invalid for any reason whatsoever, such invalidity shall not affect
the validity or operation of any other provision of this Agreement except only so far as shall be necessary to give effect to the
construction of such invalidity, and any such invalid provision shall be deemed severed from this Agreement without affecting the
validity of the balance of this Agreement.


 


For the avoidance of
doubt, if and for so long as any provision of this Agreement shall be deemed to be judged invalid for any reason whatsoever, Purchaser
and Seller shall negotiate in good faith, and use reasonable endeavors, to agree an alternative valid provision which, as far as
possible, reflects the commercial terms and/or effect of the provision judged invalid.


 




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		23.5	Modifications



 


There shall be no modification
or amendment of this Agreement except by written consent of all Parties.


 


		23.6	Priority of Agreement



 


In the event of any
conflict between the provisions of the main body of this Agreement and its Schedules, the provisions of the main body of the Agreement
shall prevail. In the event of any conflict between this Agreement and the CPI Contract, then as between the Parties this Agreement
shall prevail.


 


		23.7	Public Announcements



 


Notwithstanding anything
to the contrary contained in the Non-Disclosure Agreement between Gran Tierra Energy Inc. and Vetra Energía, S.L. dated
December 14, 2018 or this Agreement, the Parties acknowledge and agree that the Purchaser will be entitled to publicly announce
the execution of this Agreement and the Closing of the Transaction via press release, and, to the extent required under the rules
and regulations of the U.S. Securities Exchange Act of 1934, as amended, to file this Agreement and any financial statements required
by Rule 3-05 of Regulation S-X with the SEC. Purchaser will provide a draft copy of any such press release to Sellers, and will
make such changes which the Sellers will reasonably request.


 


		23.8	Entirety



 


With respect to the
subject matter contained herein, this Agreement (i) is the entire agreement of the Parties; and (ii) supersedes all prior understandings
and negotiations of the Parties.


 


		23.9	No Merger



 


Notwithstanding any
principle of law to the contrary, no covenant, representation, warranty, or indemnity contained herein shall be merged by reason
of the effecting of the assignment of the Assigned Interest, whether by execution of the Deed of Assignment and Assumption Agreement,
the Contract Amendment or otherwise.


 


		23.10	Partnership



 


The rights, duties,
obligations, and liabilities of the Parties under this Agreement shall be individual, not joint or collective. It is not the intention
of the Parties to create, nor shall this Agreement be deemed or construed to create, a mining or other partnership, joint venture
or association or (except as explicitly provided in this Agreement) a trust. This Agreement shall not be deemed or construed to
authorize any Party to act as an agent, servant or employee for any other Party for any purpose whatsoever except as explicitly
set forth in this Agreement. In their relations with each other under this Agreement, the Parties shall not be considered fiduciaries
except as expressly provided in this Agreement.


 




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[The
remainder of this page is intentionally left blank. The counterpart execution pages of the parties follow.]


 




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IN WITNESS of
their agreement each Party has caused its duly authorized representative to sign this instrument on the date set out in the first
sentence of this Agreement


 


	 	VETRA EXPLORACIÓN y PRODUCCIÓN COLOMBIA S.A.S.
	 	 
	 	Per:	/s/ Antonio De La Morena
	 	 	Name: Antonio De La Morena
	 	 	Title:
	 	 	 
	 	Per:	/s/ Nelson Navarrete
	 	 	Name: Nelson Navarrete
	 	 	Title:
	 	 	 
	 	GRAN TIERRA ENERGY COLOMBIA, LLC
	 	 
	 	Per:	/s/ Manuel Buitrago
	 	 	Name: Manuel Buitrago
	 	 	Title: Director and Legal Representative
	 	 	 
	 	Per:	/s/ Mauricio Calderon
	 	 	Name: Mauricio Calderon
	 	 	Title: Legal Representative
	 	 	 
	 	INVERSIONES FRIEIRA, S.L.
	 	 
	 	Per:	/s/ Manuel Jove
	 	 	Name: Manuel Jove
	 	 	Title:
	 	 	 
	 	Per:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	VETRA ENERGY GROUP LLC
	 	 
	 	Per:	/s/ Domingo Torres
	 	 	Name: Domingo Torres
	 	 	Title:
	 	 	 
	 	Per:	 
	 	 	Name:
	 	 	Title:


 




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