Gran Tierra Energy (NYSE:GTE) (TSX:GTE:CA) looks to be one of the cheapest oil stocks out there on the market, trading at close to 2x FWD earnings and at about half of book value. Despite some risk coming from Colombia, I believe the market has priced in all the downside making it very attractive for new investors. Given a promising oil market with stable prices, increasing production, and intense buybacks, I believe Gran Tierra is a buy. The company is "a company focused on oil and gas exploration and production with assets currently in Colombia and Ecuador" (Annual Report).