GRAN TIERRA ENERGY INC. — Director's Dealing 2011

Dec 14, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GRAN TIERRA ENERGY, INC. (GTE)
CIK: 0001273441
Period of Report: 2011-12-13

Reporting Person: O'Leary Shane P. (COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-13	Common Stock	X	60000	$2.37	Acquired	60000	Direct
2011-12-13	Common Stock	S	30000	$4.90	Disposed	30000	Direct
2011-12-14	Common Stock	S	30000	$4.7521	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-13	Stock Option (Rt to Buy)	$2.37	X	60000	Disposed	2019-03-04	Common Stock (60000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9300	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $4.75 to $4.76, inclusive. The undersigned hereby undertakes to provide the Issuer, any security holder of the Issuer or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.

F2: Stock option shall vest and become exercisable is 3 equal consecutive annual installments commencing on the first, second and third anniversary of the vesting commencement date.