By: The Canadian Press

CALGARY - Gran Tierra Energy Inc. (TSX:GTE), a Calgary company focused on oil exploration and production in South America, reported a sharply higher profit in the latest quarter on a nearly ninefold jump in revenues.

Gran Tierra said Monday it earned US$8.5 million or eight cents a share for the three months ended June 30, compared with a net loss of US$5.1 million or five cents a share for the same 2007 period.

Total revenue jumped to US$33.1 million from $3.8 million, said the company, which reports in U.S. dollars.

Average oil production for the second quarter from its operations in Argentina and Colombia hit 3,399 barrels per day after royalties, up from 1,021 barrels in the year-ago period.

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