Gran Tierra Energy will farm into three blocks operated by Burlington Resources Peru, a subsidiary of ConocoPhillips.
Under the agreement Gran Tierra will acquire a 20% working interest in blocks 123, 124 and 129 in the Maranon Basin.
To enhance regional interpretation of the area ConocoPhillips will share technical data derived from the seismic and drilling programme on Gran Tierra Energy's blocks 122 and 128.
The three blocks consist of 6.7 million gross acres and are positioned along the flank of the Iquitos Arch adjacent to the prolific Maranon Basin, where over one billion barrels of recoverable oil have been discovered.
A 2D seismic programme is underway on the blocks to fulfil the commitments of the second period work programme, and it is expected to be completed in 2011.