Hello, welcome to the annual meeting of stockholders of Gran Tierra Energy Inc. Please note that today's meeting is being recorded. Today's discussion may include certain forward-looking information, oil and gas information, and non-GAAP financial measures. Please refer to the earnings and operational update press release we issued yesterday for important advisories and disclaimers with regards to this information, and for reconciliations of any non-GAAP measures discussed in today's AGM. Finally, this AGM webcast is the property of Gran Tierra Energy. Any copying or rebroadcasting of this webcast is expressly forbidden without the written consent of Gran Tierra Energy Inc. It is now my pleasure to turn today's meeting over to Bob Hodgins, Chairman of the Board of Directors of Gran Tierra Energy Inc. Mr. Hodgins, the floor is yours.
Thank you very much, Frank. Good morning, ladies and gentlemen, and welcome to the 2023 annual meeting of stockholders of Gran Tierra Energy Inc., which is being held by webcast. My name is Robert Hodgins, and I'm the Chairman of the Board of Directors of Gran Tierra Energy Inc., and will act as chairman of the 2023 annual meeting of stockholders of Gran Tierra Energy Inc. I'm pleased to have you join this webcast, and I wanna open by thanking Gran Tierra's Board of Directors for joining us also today. Thank you to the members of Gran Tierra management team who have also joined us as well. Phillip Abraham, our Corporate Secretary, will act as secretary for this meeting. It's 10:00 A.M., and the meeting has now officially come to order.
We will proceed with the formal business of the meeting as set forth in your notice of annual meeting and proxy statement. If you need a copy of the annual report or the proxy statement, the links are provided online. The agenda and rules of conduct have been provided on the virtual meeting website, and outline how we will proceed today with today's meeting. As stated in the rules of conduct, if you would like to submit a question, you may do so by following the instructions on the meeting website. We ask that you limit yourself to two questions or comments, and restrict your questions to matters of general interest to our shareholders. Thank you for your cooperation with these rules. Will the secretary please report at this time with respect to the record date, stockholders list, and the mailing of the notice of the annual meeting?
We have received an affidavit signed by Odyssey Trust Company that notice of this meeting, along with related proxy and annual report materials, was mailed or made available on March 24, 2023 to Gran Tierra stockholders of record as of the close of business on March 7, 2023, our record date. A list of stockholders as of the record date is available for inspection by verified stockholders upon emailing info@grantierra.com.
At this time, I'd like to confirm that Gloria Gers-Gershen of Odyssey Trust Company will act as Inspector of the election at this meeting. She has taken and subscribed the customary oath of office to execute the duties of Inspector of Election with strict impartiality. The function of the Inspector of Election is to decide upon the qualifications of the voters, accept their votes, and when balloting on all other matters is completed, to tally the final votes. The polls are open. If you haven't voted or wish to change your vote, you may now do so by clicking on the link provided online. Stockholders who have already voted and do not wanna change their vote do not need to take any further action. Will the secretary please report at this time with respect to the existence of a quorum.
We have been informed by the Inspector of Election that proxies have been received for 209,498,891 shares of the outstanding shares of Gran Tierra Energy Inc. common stock. Collectively, the votes for which these proxies were received represent approximately 56.79% of the total number of votes that may be cast by the outstanding shares. This constitutes a quorum for the meeting today.
We will now proceed with the formal business of this meeting. There are four proposals to be considered by the stockholders at this meeting, which I will summarize and are more fully described in the proxy statement for this meeting, which has been filed with the Securities and Exchange Commission and mailed or made available to stockholders. The first item of business is the election of nine directors to serve until the 2024 annual meeting of shareholders, stockholders, and until their successors are elected and qualified. This proposal is described in detail in the notice and proxy statement delivered to stockholders in connection with this meeting. The nominees for directors are Peter Dey, Gary Guidry, Evan Hazell, Robert Hodgins, Alison Redford, Ronald Royal, Sondra Scott, David Smith, and Brooke Wade.
The second item of business is the ratification of the selection by the Audit Committee of the Board of Directors of KPMG LLP as the independent registered public accounting firm of the company for the fiscal year 2023. The third item of business today is the advisory vote on the compensation of Gran Tierra's named executive officers as disclosed in the proxy statement. The fourth item of business today is the approval for an amendment to the company's certificate of incorporation to effect a reverse stock split of the company's issued stock at a reverse split of one or 10. This proposal is described in detail in the notice and proxy statement delivered to the stockholders in connection with this meeting.
We will now pause to address any stockholder questions we have received relating to these proposals. Seeing that there are no questions on the proposals, the polls for voting at our 2023 Annual Meeting will now be closed. The preliminary report of the Inspector of Election covering the proposals presented at this meeting is as follows. One, each of the nominees for election to the Board, Peter Dey, Gary Guidry, Evan Hazell, Robert Hodgins, Alison Redford, Ronald Royal, Sondra Scott, David Smith, and Brooke Wade, have been duly elected. Two, the proposal to ratify the appointment of KPMG LLP as the independent registered public accounting firm of the Company for 2023 has been approved. Three, the proposal to approve on an advisory basis the compensation of Gran Tierra's named executive officers as disclosed in the proxy statement has been approved.
4, the proposal to approve the amendment to the company's certificate of incorporation to effect a reverse stock split of the company's issued common stock at a reverse stock split of one for 10 has been approved. The final voting results of today's meeting will be reported on a Form 8-K and filed within four business days of this meeting.
The 2023 annual meeting of stockholders is now adjourned. I wanna thank all of you for attending today's meeting and for the interest you've shown in the affairs of our company. Gary Guidry, President and CEO, will now make a presentation regarding the company's recent business.
Thank you, Bob. John, please flip to slide three. Why invest in Gran Tierra? four consecutive years of replacing our proven reserves, even during COVID when capital programs were vastly reduced. We've achieved more than 100% reserve replacement for proven and proven plus probable, demonstrating the company's ability to grow net present value with its free cash flow. In 2022, we had four oil discoveries, resulting in additional significant proven, probable, and possible reserves. Continued focus on strengthening our balance sheet. Since second quarter of 2020, we've reduced our debt by $235 million. We exited the first quarter of this year with a net debt of $453 million and a net debt to EBITDA ratio of 1x.
Since August 2022, we bought back 36 million shares, approximately 10% of the outstanding. A snapshot of Gran Tierra. In 2023, our guidance is based on a Brent oil price of $85 average for the year. We're projecting cash flow of $295 million at the midpoint of our forecasted production of 32,000-34,000 bbl per day, and a free cash flow of $65 million at the midpoint. Based on our current outstanding shares, our NAV, our net asset value per share after tax is $2.53 a share on a proven basis, and $3.99 on a proven plus probable basis. At approximately $0.70, we're currently trading significantly below that net asset value.
In the first quarter of 2023, production averaged 31,600 bbl of oil per day, with the second quarter being 32,000 bbl per day. 2023 key objectives. Free cash flow generation across all three guidance cases of $75, $85, and $95 Brent. We operate 99% of our production, allowing us to pace our capital programs, giving us a natural operational hedge in the event of prolonged lower oil prices. Reserves. Last year, we had 17 million bbl of proven plus probable reserves, of which 16 million came from our exploration success. Our net present value on a 2P basis is $3 billion. Over the next five years, future net revenue after tax and capital expenditures is estimated at $1.4 billion on a proven reserve basis. Reserves growth.
From 2015 to 2022, we produced 76 million bbl. We've replaced 150% on a proven basis of that production, and on a proven plus probable basis, we've replaced 113% over that same time period. Health, safety, and environment, key priorities for Gran Tierra. We have a very strong track record about performing Latin American and international benchmarks on a lost time incident frequency and total recordable incidents, as you can see from the chart. Environmental and emissions reduction. Gas to power has been a main focus to reduce emissions and associated natural gas flaring. We decreased our Scope one and two emissions by 39% since 2019, while decreasing overall flaring emissions by 73%.
In 2017, we entered an agreement project for NaturAmazonas with a non-government organization, Conservation International, our long-term partner. This is a large-scale reforestation and conservation project in the Putumayo region of Colombia, with approximately 1.5 million trees planted so far. We committed to investing $13 million over the next eight years on the NaturAmazonas project. Social investment. The social license to operate is very important to our entire company. Excellent relations with the communities where we operate. We've spent over the last year, $4.6 million in local projects and awarded $109 million to local contractors during the year 2022. Human rights. Our work on the social side means nothing if people in the communities can't walk safely to school or to work.
We helped clear 285 anti-personnel mines with the Colombian authorities left over from the country's civil war. Acordeonero. In 2016, only four existing wells were in this field that we acquired. Since that acquisition, we've drilled over 100 wells, installed power generation, installed production and injection facilities. We produced 33 million bbl of oil, and as of December 31st, 2022, we have 57 million bbl of proven plus probable reserves remaining. This is our largest single asset in terms of production and reserves. Sur Oriente. We're very excited about continuing the Sur Oriente agreement with Ecopetrol for the next 20 years. The original agreement was set to expire in 2024. Now we can make long-term investments to enhance oil recovery, adding material value for all stakeholders. Transportation.
Access to excellent infrastructure across Colombia and Ecuador significantly reduces the risk to accessing sales markets. In Ecuador, development of our recent oil discoveries utilizing infrastructure we've been using for many years to sell our southern Colombia production. Exploration. Our largest exploration land base is in the underexplored Putumayo Basin. To the south is the Oriente Basin, which is geologically contiguous with the Putumayo. We have three blocks in Ecuador. During COVID, in 2020 and '21, we prioritized our prospects and permitting across both of these basins. We drilled six wells and had four discoveries during the year. Two of those in Ecuador, two of those in Colombia. We have further plans this year to drill four wells in Ecuador starting later this summer. This concludes the presentation. I thank you for participating today.
I would encourage you to refer to our press release issued yesterday, May 2nd, 2023, our updated corporate presentation, and our sustainability report, which can all be found on our website at www.grantierra.com. These documents provide an overview of the excellent results Gran Tierra has achieved in 2022 and 2023 so far. Thank you.