The group is inthe process of rationalising some of its investments to concentrate on otherswhere

The group is inthe process of rationalising some of its investments to concentrate on otherswhere there is growth potential.Halogen Holdings S.A. (unlisted associate)Conafex terminated its listings in Luxembourg and South Africa in April 2009 toconserve its limited funds in order to grow its underlying investments. To date acceptances have beenreceived in respect of 3,386,056 Merchant shares and Marshall accordingly nowowns 89.2% of the issued share capital of Merchant.The new shares issued to Merchant shareholders in respect of acceptances forthe above offer, which were issued on 12th June 2009, will qualify for theinterim dividend. The effect of this will be to increase the cost shown in theStatement of Changes in Equity from US$331,000 to US$353,000.Conafex Holdings S.A.

Despite values depreciating during the period, we remain invested inquality companies in first world markets and have ample liquidity to takeadvantage of future buying opportunities.Merchant & Industrial Properties (“Merchant”)The offer of 33 Marshall shares for every 100 Merchant shares made on 13thMarch 2009 has been extended to 31st July 2009. Our bearish stance on this asset class has led us to selldown over US$4 million of equities since March 2008 which is reflected in ourhigh cash balances and in note 5 of the report, however, we as with mostinvestment houses had no idea of the severity of the situation that was goingto unfold. Future property valuations may decrease or remain static due to tenantsexperiencing the effects of the global financial crisis.Investment PortfolioThe US and European equity markets lost close to a third of their value duringthe six months as nervous investors dumped stocks for risk free securities suchas Treasury bills. However, weare cautious about the short to medium term with demand for space in declineand the unemployment rate in the state of California now as high as 11%.The group’s portfolio of commercial and light industrial properties in SouthAfrica continues to produce satisfactory returns despite the slow-down in thelocal property market The portfolio’s vacancy levels remain below acceptablenorms. Overheads are being kept under tight control and despite the negativeshort term outlook, with cash reserves we are well positioned to benefit whenthe economy starts to recover.Property PortfolioOur large multi-tenanted industrial property in San Diego produced satisfactoryreturns during the six month period; with our unit situated in a primeindustrial area we still enjoy a relatively low vacancy rate of 8%. We have also curtailedexpenses in line with shrinking sales and a freeze on employment, overtime andany shift work remains in place.

We are confident that we have taken thenecessary steps to realign the business and remain optimistic that we cancapitalise on future opportunities such as selling into new markets inSub-Saharan Africa.Our Australian tool and machinery operations have also been adversely affectedby the contracting economy and the relatively weak Australian Dollar during theperiod. Margins remain comparativelyhealthy and improved working capital management has resulted in a favourablecash-flow outlook for the remainder of the year. We are well positioned to operate in these market conditionsand continually strive to anticipate our clients’ needs and exceed theirexpectations.Tool and Machinery ProductsOur tool and machinery distribution business in South Africa has been adverselyaffected by the continued consumer slowdown and we have sold fewer powergenerators than we did in the same period in 2008. It would appear that theseconditions will remain over the next six months and probably well into the 2010financial year.

? Net assets decreased from US$3.57 per share (31st March 2008) to US$2.89 per share. Net assets at 30th September 2008 were US$3.27 cents per shareand have reduced in the six months to March 2009 due to the decline in investment markets and, as noted above, a further weakening of the South African rand. MARSHALL MONTEAGLE HOLDINGS SOCIETE ANONYME(Incorporated in Luxembourg. RC Number B19600) ISIN Code: LU0035797272 (“Marshall”) Registered Office: 58 rue Charles Martel, L-2134,Luxembourg29th June 2009Interim Report 2009We report for the six months to 31st March 2009 against a background ofworldwide economic uncertainty and a further weakening of the South Africanrand, the area of significant group operations.Results? Group revenue is up 3% to US$58,105,000 for the six months to 31st March 2009, compared to US$56,351,000.? Operating profit on reduced margins has declined by 10% to US$2,450,000from US$2,709,000 last year.? Headline earnings per share increased due to a lower amount of tax paidand a reduction of outside interests from US 4.8 cents to US 4.9 cents (full year to September 2008 – 14 cents) ? Interim dividend maintained at US 2.00 cents.

The forward-looking statementsare made as of the date of this press release and Gran Tierra Energy disclaimsany intention or obligation to update or revise the forward-lookingstatements, whether as a result of new information, future events orotherwise, except as expressly required by applicable securities legislation.SOURCEGran Tierra Energy Inc.For media and investor inquiries please contact Thomas McMillan, EquicomGroup, (866) 973-4873, (403) 536-5903, . These filings are available on a Web site maintained by the Securitiesand Exchange Commission at http:// and on SEDAR at forward-looking statements contained herein are expressly qualified intheir entirety by this cautionary statement. Further information onpotential factors that could affect Gran Tierra Energy are included in risksdetailed from time to time in Gran Tierra Energy’s Securities and ExchangeCommission filings, including, without limitation, under the caption “RiskFactors” in Gran Tierra Energy’s Quarterly Report on Form 10-Q filed May 8,2009. There are a number of important factors that couldcause the actual results or outcomes to differ materially from those indicatedby the forward-looking statements, including, among others: Gran TierraEnergy’s operations are located in South America, and unexpected problems canarise due to guerilla activity, technical difficulties and operationaldifficulties which impact its testing, drilling and production operations, andtransport or sale of its products; and geographic, political and weatherconditions can impact testing, drilling and production operations, and theproduction, transport or sale of its products.