Frontera Energy Corporation (FEC)

FRONTERA ANNOUNCES FIRST QUARTER 2026 RESULTSMay 15, 2026 12:36 AM
PR Newswire (US) Shareholders Approve Arrangement with Parex to divest Frontera's E&P Assets for $750 Million in Enterprise Value and up to $470 million Return of Capital to ShareholdersRecorded Net Income for the Period from Continuing Operations of $13.1 MillionRecorded Adjusted EBITDA for Q1 2026 of $28.5 MillionFrontera Positioned as a Standalone Infrastructure CompanyExpected Post Closing Cash Balance of Approximately $50 MillionODL Declared $185 Million in Dividends ($64.7 million, Net to Frontera)Q1 2026 Average Production from Discontinued Operation of 36,700 boepdCALGARY, AB, May 15, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) (OTCQX: FECCF) ("Frontera" or the "Company") today reported financial and operational results for the first quarter ended March 31, 2026. All financial amounts in this news release and in the Company's financial disclosures are in United States dollars, unless otherwise stated.Gabriel de Alba, Chairman of the Board of Directors, commented:"During the first quarter, Frontera delivered solid infrastructure results while taking decisive steps to advance the Company's strategic repositioning. Frontera remains firmly committed to disciplined execution, prudent oversight of capital, emphasizing operational excellence, and maintaining a strong balance sheet.Frontera achieved an important milestone with shareholder approval of the plan of arrangement and return of capital, related to the sale of its Colombian E&P asset to Parex Resources. Subject to closing, the Company expects to return up to $470 million to shareholders, representing a substantial return of capital. The Company is retaining approximately $50 million of cash to support the growth opportunities of its high-quality infrastructure business, including the LNG regasification project with Ecopetrol. The standalone and refocused Frontera infrastructure business, anchored by its ownership in ODL and Puerto Bahia, generates stable long-term cash flows and provides multiple near-term growth catalysts that support long-term shareholder value creation. In total, this strategy will have unlocked approximately $1.3 billion of capital for investors."Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented:"In the first quarter of 2026, Frontera delivered solid infrastructure performance, supported by contributions from Puerto Bahía and our equity interest in ODL, which generated an Adjusted EBITDA for the quarter of $28.5 million. Additionally, Frontera expects to receive, proportional to the Company's 35% equity interest in ODL, approximately $65 million in dividends in 2026. At Puerto Bahía, we continue to advance our key growth initiatives, supporting the long-term development of Frontera's infrastructure platform. During the first quarter, our container business delivered solid operational performance, handling 3,851 TEUs. We also achieved meaningful progress across our energy infrastructure projects, including reaching a key milestone in the LPG project with the successful commencement of initial operations in March 2026, which gives us the capacity to handle up to 10,000 tons per month. We continue making solid progress with the firm goal of becoming fully operational during the first quarter of 2028. In parallel, we continue to advance the LNG regasification project in partnership with Ecopetrol and support the long-term reliability of Colombia's energy supply. Looking ahead, we expect these initiatives to contribute to the continued growth and diversification, enhancing cash flow resilience over time.In our E&P business, we remain focused on maintaining safe and stable operations while advancing toward the expected closing of the Parex transaction, which is anticipated to be completed in May 2026."First Quarter 2026 Operational and Financial Summary*:






Q1 2026Q4 2025Q1 2025Financial Results








Total Revenues and Other Income($M)26,83326,86225,137Operating costs($M)7,1027,5795,164General and administrative($M)3,0394,4973,406Operating income (loss) from continuing operations($M)13,488(20,510)14,438Cash (used) provided by operating activities from continuing operations($M)(4,961)11,31923,876ODL dividends, net of taxes($M)—12,25426,172Total debt and lease liabilities($M)169,188168,738106,283




Net income (loss) for the period from continuing operations (1)($M)13,055(32,372)11,770Net (loss) income for the period from discontinued operations (1)($M)(28,459)(628,076)15,754Net (loss) income for the period (1)($M)(15,404)(660,448)27,524




Per share – diluted from continuing operations($)0.18(0.46)0.14Per share – diluted from discontinued operations($)(0.39)(9.01)0.19




Non-IFRS Results**



Adjusted EBITDA (2)($M)28,47727,70027,634Adjusted EBITDA Margin (3)%63 %58 %66 %LTM Infrastructure Distributable cash flow (2)(4)($M)51,11876,690102,970Net Debt (2)($M)149,626123,66554,041Net Debt to Adjusted EBITDA LTMx1.33x1.11x0.48x




Operational Results








Puerto Bahia Port Facility



Volume throughput at liquids terminal(bbl/d)36,93740,54851,579RORO Volumes handled at general cargo terminal(Units)38,06738,72718,223Break Bulk Volumes(Tons/m3)25,21615,40641,198Containers (TEUs)3,8516,4361,256




Investments in ODL Pipeline



Volumes transported at oil pipeline facility (bbl/d)233,875241,734236,387Average transportation tariff per barrel($/bbl)4.704.764.73




Discontinued Operations - Colombia



Total production Colombia (5)(boe/d) (3)36,70038,33239,010Brent price reference($/bbl)78.3863.0874.98Oil and gas sales, net of purchases (3)($/boe)75.0757.2564.53Net sales realized price (3)($/boe)72.6656.1462.19Operating netback per boe (3)($/boe)41.7928.3634.22




* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 8 of the Company's Management Discussion & Analysis for the three months ended March 31, 2026 MD&A for further details.** As a result of the Arrangement (as defined below), these adjusted figures have been re-presented to exclude certain assets sold, namely Agrocascada and Proagrollanos, formerly included as part of Frontera Infrastructure.(1) References to heavy crude oil, light and medium crude oil combined, conventional natural gas, and natural gas liquids in the above table and elsewhere in this news release refer to heavy crude oil, light crude oil and medium crude oil combined, conventional natural gas, and natural gas liquids, respectively, product types as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.(2) Represents W.I. production before royalties. Refer to the "Further Disclosures" section on page 29 of the MD&A for further details.(3) Boe has been expressed using the 5.7 to 1 Mcf/bbl conversion standard required by the Colombian Ministry of Mines & Energy. Refer to the "Further Disclosures - Boe Conversion" section on page 29 of the MD&A for further details.(4) Non-IFRS ratio is equivalent to a "non-GAAP ratio", as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). Refer to the "Non-IFRS and Other Financial Measures'" section on page 16 of the MD&A for further details.(5) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.(6) Supplementary financial measure (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 16 of the MD&A for further details.(7) Includes the net effect of put premiums paid for expired positions and positive cash settlements received from oil price contracts during the period. Refer to the "Gain (Loss) on Risk Management Contracts" section on page   of the MD&A for further details.(8) Non-IFRS financial measure (equivalent to a "non-GAAP financial measure", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 16 of the MD&A for further details.(9) Capital management measure (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 16 of the MD&A for further details.(10) "Unrestricted Subsidiaries" include CGX Energy Inc. ("CGX"), listed on the TSX Venture Exchange under the trading symbol "OYL"; FEC ODL Holdings Corp., including its subsidiary, Frontera Pipeline Investment AG ("FPI", formerly named Pipeline Investment Ltd); Frontera BIC Holding Ltd.; Frontera Energy Guyana Holding Ltd.; Frontera Energy Guyana Corp.; and Frontera Bahía Holding Ltd., including Sociedad Portuaria Puerto Bahia S.A ("Puerto Bahia"). Refer to the "Liquidity and Capital Resources" section on page 22 of the MD&A for further details. First Quarter 2026 Operational and Financial Results:During the first quarter of 2026, the Company reported net income from continuing operations, attributable to equity holders of the Company, of $13.1 million mainly resulting from an income from operations of $13.5 million and foreign exchange income of $6.8 million partially offset by finance expenses of $5.7 million and other loss of $2.5 million. This compares with net income from continuing operations, attributable to equity holders of the Company, in the first quarter of 2025, of $11.8 million, which included mainly an income from operations of $14.4 million and foreign exchange income of $2.5 million partially offset by finance expenses of $3.2 million and other loss of $2.4 million.Total revenues and other income for the first quarter were $26.8 million, compared with $26.9 million in the prior quarter and $25.1 million in the first quarter of 2025. Revenues during the quarter were mainly driven by a strong performance in Puerto Bahia, where the general cargo experienced a significant growth in handled volumes in roll-on/roll-off ("RORO") units and container, while operations at the Oleoducto de los Llanos ("ODL") remained strong.Port revenues were $12.7 million in the first quarter of 2026, compared with $12.8 million in the prior quarter and $10.0 million in the first quarter of 2025.General cargo handled at the Port Facility during the first quarter of 2026 comprised 38,067 units of RORO, break bulk volumes of 25,216 tons/m³ and container of 3,851 TEUs, compared with 38,727 units, 15,406 tons/m³ and 6,436 TEUs in the prior quarter, respectively, and 18,223 units, 41,198 tons/m³ and 1,256 TEUs in the first quarter of 2025, respectively.Liquid volumes handled in the Port Facility during the first quarter of 2026 were 36,937 bbl/d, compared with 40,548 bbl/d in the prior quarter and 51,579 bbl/d in the first quarter of 2025. In the first quarter the decline was mainly due to lower third-party liquid volumes, reflecting reduced throughput from key customers and the absence of certain trading flows. Share of income from ODL Pipeline Investment was $14.2 million in the first quarter of 2026, compared with $14.1 million in the prior quarter and $15.1 million in the first quarter of 2025, the result for the quarter was driven by higher depreciation and amortization expense and operating costs.ODL volumes transported were 233,875 bbl/d in the first quarter of 2026, compared with 241,734 bbl/d in the prior quarter, and 236,387 bbl/d in the first quarter of 2025.Adjusted EBITDA in the first quarter of 2026 was $28.5 million, compared with $27.7 million in the prior quarter and $27.6 million in the first quarter of 2025. Adjusted EBITDA was driven by higher revenues during the quarter partially offset by higher operating costs.ODL declared net dividends to Frontera of $64.7 million for 2026 compared to $52.9 million in 2025, of which Frontera expects to receive distributions during 2026 comprising approximately 40% in the second quarter, 35% in the third quarter, and the remaining 25% in the fourth quarter.Last twelve-months ("LTM") Infrastructure distributable cash flow ended March 31, 2026 was $51.1 million, compared with $76.7 million for the twelve month period ended December 31, 2025 and $103.0 million for the twelve month period ended March 31, 2025. These differences are driven by the timing of ODL distribution payments between periods, which impacts LTM calculations, rather than by changes in underlying operating performance. Capital distributions paid or declared over the period remained relatively stable, totaling $60.4?million in 2024, $61.5?million in 2025 and $64.7?million in 2026. For comparison purposes, an estimated LTM distributable cash flow for the period ending on April 30, 2026 was $71.3 million.Capital expenditures were $1.0 million in the first quarter of 2026, compared with $2.0 million in the prior quarter and $2.1 million in the first quarter of 2025. During the first quarter of 2026, investments made in Puerto Bahia, including: (i) $0.4 million in major tank maintenance, (ii) $0.3 million in investment towards the LPG project, and (iii) general expenditures related to the cargo terminal facilities.Long-term debt at the end of the first quarter totaled $167.8 million and is expected to decline to approximately $131 million, primarily as a result of scheduled amortizations and cash sweep mechanisms during 2026. From May 2025 through December 2026, long-term debt is expected to be reduced by over $100 million, reflecting the strength of ODL's cash generation.Puerto BahiaPuerto Bahia is a multi-purpose maritime terminal (the "Port Facility") located in Cartagena, Colombia, which consists of a hydrocarbons terminal and a general cargo terminal adjacent to the Bocachica access channel in the Cartagena Bay. It is strategically located near the Cartagena refinery operated by Reficar. The Port Facility has a total area of 150 hectares. Puerto Bahia's income from operations is mainly generated from service contracts in the liquids terminal, which has a nominal capacity of 2,672,000 barrels, and from RORO, break bulk and containers services in the general cargo terminal. Frontera owns a 99.97% equity interest in Puerto Bahía.Revenues from the Port Facility for the first quarter 2026 were $12.7 million driven by strong performance in the dry port, which experienced significant growth in handled volumes in RORO units and containers, partially offset by lower volumes from others, reflecting reduced throughput from certain key custumers.
Three months ended March 31($M)20262025


Colombia

Liquids terminal5,2476,334General cargo terminal7,4073,533Colombia port revenues12,6549,867


Guyana

Other port revenues—161Total revenue12,65410,028Puerto Bahía has established itself as a key strategic partner to the automotive sector in Colombia. RORO cargo volumes handled at the port increased by approximately 109% on a year over year basis. The following table shows the RORO units, their dwell times, the containers and break bulk volumes, for the general cargo terminal at Puerto Bahia:

Three months ended March 31

20262025ROROUnits (1)38,06718,223Dwell time in days (2)3140ContainersTEUs3,8511,256Break Bulk Volumes Tons/m3 (3)25,21641,198(1) Wheeled cargo, primarily cars imported to Colombia.(2) Dwell time refers to the time spent by the units within the general cargo port facility. The variance in dwell time associated with Break Bulk Volumes could dependon the characteristics of the cargo, especially in situations where the cargo is received and dispatched within a single day.(3) Other types of cargo other than wheeled cargo and containers.The following table shows throughput for the liquids terminal at Puerto Bahia:
Three months ended March 31(bbl/d)20262025Ecopetrol volumes26,27330,572FEC volumes7,3898,388Other volumes3,27512,619Total36,93751,579


For the first quarter 2026, port operating cost was $7.6 million, compared with $5.0 for the same period of 2025. The increase was mainly due to increased port infrastructure maintenance activities in the liquids port and higher operated volumes in the general cargo facilities due to the increased number of handled volumes in RORO units and container units.
Three months ended March 31($M)20262025


Operating costs:

Liquids terminal3,1692,587General cargo terminal3,9332,416Total Operating Cost7,1025,003ODL Pipeline Investment (35% equity interest)Frontera owns a 35% equity investment in the ODL pipeline, which connects Rubiales, Quifa, Caño Sur, Llanos-34, and other blocks to the Monterrey and Cusiana Stations in the department of Casanare.During the first quarter 2026, ODL recognized $40.5 million of net income ($14.2 million net to Frontera), the result was driven by higher depreciation and amortization expenses and operating costs.In the three months ended March 31, 2026, ODL declared net dividends to FPI of $64.7 million, compared to $52.9 million in 2025.The income statement and key balance sheet information for 100% of ODL is as follows:
Three months ended
March 31($M)20262025Revenue92,52791,566Pipeline transportation services82,98082,567Other revenues9,5478,999Operating costs(13,325)(11,959)General administrative expenses(5,019)(4,818)Depreciation and amortization(8,985)(6,462)Other non-operating expense(2,423)(1,910)Income tax(22,263)(23,249)ODL Net Income40,51243,168Ownership Interest——ODL EBITDA74,18374,789


Ownership Interest35 %35 %Share of income from ODL Pipeline Investment14,17915,109The following table shows the volumes pumped per injection point:
Three months ended
March 31(bbl/d)20262025At Rubiales Station130,480172,988At Caño Sur Station (1)48,9761,020At Jagüey and Palmeras Stations 54,41962,379Total233,875236,387(1) In the first quarter 2025 Caño Sur volumes were pumped through Rubiales station.Divestment of Colombian E&P Asset Portfolio:On April 30, Frontera announced that the Company's shareholders voted to approve its previously announced plan of arrangement (the "Arrangement") pursuant to which Parex Resources Inc. ("Parex"), through its wholly-owned subsidiary, Parex AcquisitionCo Inc. (the "Purchaser"), will acquire all of Frontera's Colombian upstream business consisting of Frontera's oil and gas exploration and production assets in Colombia, its reverse osmosis water treatment facility and its palm oil plantation (collectively, the "E&P Assets"), at the Company's special meeting of shareholders (the "Meeting"). At the Meeting, Frontera shareholders also approved the reduction of the capital account of the common shares of Frontera by an aggregate amount of up to C$647 million (equivalent to approximately $470 million), for the purposes of effecting a potential distribution to shareholders by way of a return of capital (the "Return of Capital") related to the net cash proceeds from the Arrangement.Pursuant to the Arrangement, Parex will acquire the E&P Assets for a purchase price of: (i) $500 million payable upon closing, subject to any adjustment in accordance with the arrangement agreement entered into between Frontera, Parex and the Purchaser in respect of the Arrangement (the "Arrangement Agreement"); plus (ii) an additional $25 million contingent payment payable upon the achievement of specified development milestones within a period of up to 12 months following the closing of the Arrangement.Upon completion of the Arrangement, Frontera will transition to a focused infrastructure company, with a portfolio anchored by its equity interests in the ODL crude oil pipeline and the Puerto Bahía port. The Infrastructure Business generated approximately $77?million of distributable cash flow in 2025 and will have identified growth initiatives at Puerto Bahía, including LPG import facilities, LNG regasification project and containerized cargo expansion, as disclosed in the Company's management information circular dated March 30, 2026, prepared in respect of the Arragement.On May 4, 2026, the Supreme Court of British Columbia issued the final order approving the Arrangement. Completion of the Arrangement remains subject to the satisfaction or waiver of the remaining conditions precedent set out in the Arrangement Agreement and is expected to occur in May 2026.Discontinued OperationsThe Company has classified its E&P Assets as discontinued operations following the execution of Arrangement Agreement. The results of the discontinued operations are presented separately in the consolidated statements of income and cash flows for all periods presented, in accordance with IFRS?5. Please see Note 6 of the Company's consolidated financial statements for the three months ended March 31, 2026.Total Colombia production averaged 36,700 boe/d in the first quarter of 2026 (consisting of 25,394 bbl/d of heavy crude oil, 8,653 bbl/d of light and medium crude oil combined, 5,706 mcf/d of conventional natural gas and 1,652 boe/d of natural gas liquids), compared with 38,332 boe/d in the prior quarter (consisting of 26,696 bbl/d of heavy crude oil, 8,918 bbl/d of light and medium crude oil combined, 5,261 mcf/d of conventional natural gas and 1,795 boe/d of natural gas liquids).Operating netback was $41.79/boe in the first quarter of 2026, compared with $28.36/boe in the prior quarter.About Frontera:Frontera Energy Corporation is a Canadian public company dedicated to energy-focused investments in South America, including a significant footprint in midstream assets in Colombia, such as Puerto Bahia and the ODL pipeline as well as exploration and development assets with interests in 18 blocks in Colombia and Guyana. Frontera has entered into a transaction pursuant to which its interest in the 17 blocks in Colombia together with its Proagrollanos and Agrocascada assets, are being sold, with closing expected in the second quarter of 2026. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp. Advisories:Cautionary Note Concerning Forward-Looking StatementsThis news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements regarding the Company following completion of the Arrangement, the Return of Capital, the expected operation date of the LPG Project and LNG regasification project, their impact on Colombia's domestic LPG market and energy supply and the business of the Company, the expected reduction of long-term debt and the amount thereof, the Arrangement and the expected closing date of the Arrangement, and the Company's business following completion of the Arrangement, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that the Arrangement will be completed on the terms or within the timeframes currently contemplated or at all; the failure to obtain all necessary third-party and regulatory approvals to complete the Arrangement; and the risk that the Arrangement may be varied, accelerated or terminated in certain circumstances; volatility in market prices for oil and natural gas; the U.S. trade tariffs and sanctions imposed on numerous countries; the impact of international conflicts including the Russia-Ukraine conflict and the conflict in the Middle East and other escalating geopolitical tensions; actions of the Organization of Petroleum Exporting Countries; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; the ability of the Company to maintain its credit ratings; the ability of the Company to meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; the intentions of the Company with regard to its capital allocation decisions; political developments in the countries where the Company operates; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 17, 2026 filed on SEDAR+ at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.Non-IFRS Financial MeasuresThis news release contains various "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in NI 52-112), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), "supplementary financial measures" (as such term is defined in NI 52-112) and "capital management measures" (as such term is defined in NI 52-112), which are described in further detail below. Such measures do not have standardized IFRS definitions. The Company's determination of these non-IFRS financial measures may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures do not replace or supersede any standardized measure under IFRS. Other companies in the Company's industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company's underlying operating performance. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company's ability to finance its ongoing operations and obligations.Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and capital management measures used in this news release.ODL (100%) Income Statement Summary
Three months ended March 31($M)20262025Revenue92,52791,566Pipeline transportation services82,98082,567Other revenues9,5478,999Operating costs(13,325)(11,959)General administrative expenses(5,019)(4,818)Depreciation and amortization(8,985)(6,462)Other non-operating expense(2,423)(1,910)Income tax(22,263)(23,249)ODL Net Income40,51243,168


ODL EBITDA74,18374,789
Puerto Bahia

Three months ended March 31($M)20262025Revenue12,6549,867


Costs(7,102)(5,002)General and administrative expenses(1,433)(1,346)Depreciation, amortization and impairment expense(2,096)(1,715)Restructuring, severance and other costs(1,314)(214)Puerto Bahia Operating (loss) Income7091,590


Puerto Bahia EBITDA4,1193,519 Adjusted Revenue, Adjusted Operating Cost and Adjusted General and Administrative CalculationsEach of Adjusted Revenue, Adjusted Operating Costs and Adjusted General and Administrative, represents a non-IFRS financial measure that management uses to evaluate the performance of continuing operations. Adjusted Revenue consists of port revenues and ODL's revenues attributable to the Company's direct participation interest. Adjusted Operating Cost consists of port operating cost and ODL's operating cost attributable to the Company's direct participation interest. Adjusted general and administrative consists of General and administrative expenses and ODL's general and administrative expense attributable to the Company's direct participation interest.A reconciliation of each of Adjusted Revenue, Adjusted Operating Costs and Adjusted General and Administrative is provided below:
Three months ended March 31($M) (1)20262025Port revenue12,65410,028Revenue from ODL92,52791,566Direct participation interest in the ODL 35 %35 %Equity adjustment participation of ODL (1)32,38432,048Adjusted Revenues45,03842,076


Port operating cost(7,102)(5,164)Operating Cost from ODL(13,325)(11,959)Direct participation interest in the ODL 35 %35 %Equity adjustment participation of ODL (1)(4,664)(4,186)Adjusted Operating Costs(11,766)(9,350)


General and administrative (Port, Corporate and Other)(3,039)(3,406)General and administrative from ODL(5,019)(4,818)Direct participation interest in the ODL 35 %35 %Equity adjustment participation of ODL (1)(1,757)(1,686)Adjusted General and Administrative(4,796)(5,092)Adjusted Debt CalculationsAdjusted Debt is a non-IFRS financial measure or contains a non-IFRS financial measure that management uses to evaluate and monitor its debt. Adjusted Debt includes short-term and long-term FPI Recapitalization Loan, lease liabilities, and ODL's debt attributable to the Company's direct participation interest.A reconciliation of Adjusted Debt is provided below:
March 31December 31($M) (1)20262025Short-Term and Long-Term Debt167,742167,183Debt from ODL40,09337,989Direct participating interest in the ODL35 %35 %Equity adjustment participation of ODL (1)14,03313,296Adjusted Debt181,775180,967Adjusted EBITDAThe Adjusted EBITDA is a non-IFRS financial measure used to assist in measuring the continuing operation results of the business, including ODL's EBITDA attributable to the Company's direct participation interest.A reconciliation of Adjusted EBITDA is provided below:
Three months ended March 31($M) 20262025Adjusted Revenue45,03842,076Adjusted Operating Costs(11,766)(9,350)Adjusted General and Administrative(4,796)(5,092)Adjusted EBITDA28,47727,634The table below provides a reconciliation of operating income from continuing operations to Adjusted EBITDA:
Three months ended March 31($M) 20262025 Operating income from continuing operations 13,48814,438 Share-based compensation —— Depletion, depreciation and amortization 2,1211,750 Restructuring, severance and other costs 1,083379 Share of Income from ODL Pipeline Investment (equity method) (14,179)(15,109) Distributions/adjustments related to equity method investments (1)25,96426,176Adjusted EBITDA28,47727,634(1) Corresponds to the Company's 35% equity participation in ODL's revenue, operating costs, and general and administrative expenses.LTM Infrastructure Distributable Cash FlowDistributable cash flow is a non-IFRS financial measure that reflects the cash available to the Company from its infrastructure investments to service its debt, Capex investments and provide returns to shareholders, after fulfilling ongoing operational requirements. This measure incorporates the Company's port revenue, port operating cost and port general and administrative, and ODL capital distributions, net of taxes, for the last twelve-month period ended at the reporting date.
Three months ended March 31($M) 20262025LTM Puerto Bahia EBITDA15,73516,464LTM ODL dividends, net of taxes30,76678,927LTM ODL return of capital, net of taxes4,6177,579LTM Infrastructure Distributable Cash Flow51,118102,970Capital ExpendituresCapital expenditures is a non-IFRS financial measure that reflects the cash and non-cash items used by the Company to invest in capital assets. This financial measure considers oil and gas properties, plant and equipment, infrastructure, exploration and evaluation assets expenditures which are items reconciled to the Company's Statements of Cash Flows for the period.
Three months ended March 31
20262025Additions to properties, plant and equipment from Consolidated Statements of Cash Flows9863,444Non-cash adjustments (1)(5)(1,387)Total Capital Expenditures from Continuing Operations9812,057


(1) Related to materials inventory movements, capitalized non-cash items and other adjustmentsNet DebtNet debt is a non-IFRS financial measure that reflects the Company's total indebtedness after deducting available cash and cash equivalents and is used by management to assess financial leverage and debt-repayment capacity.
March 31December 31($M)20262025Short-term and Long-term debt167,742167,183Leasing (1)1,4461,555Total debt and lease liabilities (2)169,188168,738(-) Cash and cash equivalents (1)19,56245,073Net Debt149,626123,665(1) For the 2025 comparative periods, the information includes only balances related to continuing operations, as the balances in the Interim Condensed Consolidated Statements of Financial Position as of December 31, 2025 were not re-presented to separately reflect discontinued operations. Cash and cash equivalents totaled $230.5 million, including $185.4 million attributable to discontinued operations. Leasing balances totaled $19.9 million, including $18.3 million attributable to discontinued operations.(2) Supplementary financial measure.Net Sales - Discontinued OperationsNet sales from Colombia discontinued operations is a non-IFRS financial measure that adjusts revenue to include realized gains and losses from oil risk management contracts while removing the cost of any volumes purchased from third parties. This is a useful indicator for management, as the Company hedges a portion of its oil production using derivative instruments to manage exposure to oil price volatility. This metric allows the Company to report its realized net sales after factoring in these oil risk management activities. The deduction of cost of diluent and oil purchased is helpful to understand the Company's sales from Colombia discontinued operations performance based on the net realized proceeds from its own production, the cost of which is partially recovered when the blended product is sold. Refer to the reconciliation in the "Sales from Discontinued Operations - Colombia" section on page 12 of the MD&A.Operating Netback - Discontinued OperationsOperating netback from Colombia discontinued operations is a non-IFRS financial measure and operating netback from Colombia discontinued operations per boe is a non-IFRS ratio. Operating netback from discontinued operations per boe is used to assess the net margin of the Company's production Colombia after subtracting all costs associated with bringing one barrel of oil to the market. It is also commonly used by the oil and gas industry to analyze financial and operating performance expressed as profit per barrel and is an indicator of how efficient the Company is at extracting and selling its product. For netback purposes, the Company adds the effects attributable to transportation and operating costs of any realized gain or loss on foreign exchange risk management contracts. Refer to the reconciliation in the "Operating Netback from discontinued operations" section on page 11 of the MD&A.Oil and Gas Sales, Net of Purchases - Discontinued OperationsOil and gas sales from Colombia discontinued operations, net of purchases, is a non IFRS financial measure that is calculated using oil and gas sales less the purchased crude net margin. Produced crude oil and gas sales from Colombia discontinued operations per boe and Oil and gas sales from discontinued operations, net of purchases per boe, are a non IFRS ratio that are calculated using Colombia Produced crude oil and gas sales per boe, and the oil and gas sales, net of purchases, divided by the total Colombia sales volumes, net of purchases.A reconciliation of this calculation is provided below:
Three months ended March 31
20262025Produced crude oil and products sales ($M)202,558202,566Purchased crude net margin ($M) (1)(4,451)(11,652)Oil and gas sales, net of purchases ($M)198,107190,914Sales volumes, net of purchases - (boe)2,638,8902,958,570Produced crude oil and gas sales ($/boe)76.7668.47Oil and gas sales, net of purchases ($/boe)75.0764.53(1) Purchased crude net margin is a non-IFRS financial measure calculated using purchased crude oil and product sales, less the cost of those volumes purchased from third parties including transportation and refining costs. Please see the calculation below.Non-IFRS RatiosAdjusted EBITDA MarginAdjusted EBITDA Margin is a non-IFRS ratio calculated by dividing Adjusted EBITDA, a non-IFRS financial measure, by Adjusted Revenue, also a non-IFRS financial measure.
Three months ended March 31%20262025Adjusted EBITDA28,47727,634Adjusted Revenue45,03842,076Adjusted EBITDA Margin63 %66 %Net Debt to Adjusted EBITDA LTMNet Debt to Adjusted EBITDA LTM represents a non-IFRS ratio calculated by dividing Net Debt by Adjusted EBITDA for the last twelve-month period ended at the reporting date, both of which are non-IFRS financial measures.
Three months ended March 31x times20262025Net Debt149,62654,041Adjusted EBITDA LTM112,224111,815Net Debt to Adjusted EBITDA LTM1.33x0.48xRealized oil price, net of purchases, and realized gas price per boe - Discontinued operationsRealized oil price, net of purchases, and realized gas price per boe are both non-IFRS ratios. Realized oil price, net of purchases, per boe is calculated using oil sales net of purchases, divided by total sales volumes, net of purchases. Realized gas price is calculated using sales from gas production divided by the conventional natural gas sales volumes.
Three months ended March 31
20262025Oil and gas sales, net of purchases ($M) (1)198,107190,914Crude oil sales volumes, net of purchases - (bbl)2,551,4232,927,445Conventional natural gas sales volumes - (mcf)498,488177,756Realized oil price, net of purchases ($/bbl)75.5664.87Realized conventional natural gas price ($/mcf)10.695.61(1) Non-IFRS financial measure.Net sales realized price - Discontinued operationsNet sales realized price is a non-IFRS ratio that is calculated using net sales (including oil and gas sales net of purchases, realized gains and losses from oil risk management contracts and less royalties). Net sales realized price per boe is a non-IFRS ratio which is calculated dividing each component by total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
Three months ended March 31
20262025Oil and gas sales, net of purchases ($M) (1)198,107190,914(Loss) gain on oil price risk management contracts, net ($M) (2)(3,677)(4,141)(-) Royalties ($M)(2,700)(2,788)Net sales ($M)191,730183,985Sales volumes, net of purchases - (boe)2,638,8902,958,570Oil and gas sales, net of purchases ($/boe)75.0764.53 Premiums received (paid) on oil price risk management contracts (2)(3)(1.39)(1.40) Royalties ($/boe) (3)(1.02)(0.94)Net sales realized price ($/boe)72.6662.19(1) Non-IFRS financial measure.(2) Includes the net amount of put premiums paid for expired positions and the positive cash settlement received from oil price contracts during the period.(3) Supplementary financial measure.Purchased crude net margin - Discontinued operationsPurchase crude net margin is a non-IFRS financial measure that is calculated using the purchased crude oil and products sales, less the cost of those volumes purchased from third parties including its transportation and refining costs. Purchase crude net margin per boe is a non-IFRS ratio that is calculated using the Purchase crude net margin, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
Three months ended
March 31
20262025Purchased crude oil and products sales ($M)54,30457,363(-) Cost of diluent and oil purchased ($M) (1)(58,755)(69,015)Purchased crude net margin ($M) (4,451)(11,652)Sales volumes, net of purchases - (boe)2,638,8902,958,570Purchased crude net margin ($/boe)(1.69)(3.94)(1) Cost of third-party volumes purchased for use and resale in the Company's oil operations, including associated transportation and refining costs.Production costs (excluding energy cost), net of realized FX hedge impact, and production cost (excluding energy cost), net of realized FX hedge impact per boe - Discontinued operationsProduction costs (excluding energy cost), net of realized FX hedge impact is a non-IFRS financial measure that mainly includes lifting costs, activities developed in the blocks, processes to put the crude oil and gas in sales condition and the realized gain or loss on foreign exchange risk management contracts attributable to production costs. Production cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using production cost (excluding energy cost), net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:
Three months ended
March 31
20262025Production costs (excluding energy costs) ($M)36,19134,061SAARA inter-segment costs1,977913Production costs (excluding energy costs), net of realized FX hedge impact ($M) (1) 38,16834,974Production Colombia (boe)3,303,0003,510,900Production costs (excluding energy costs), net of realized FX hedge impact ($/boe)11.569.96(1) Non-IFRS financial measure.Energy costs, net of realized FX hedge impact, and production cost, net of realized FX hedge impact per boe - Discontinued operationsEnergy costs, net of realized FX hedge impact is a non-IFRS financial measure that describes the electricity consumption and the costs of localized energy generation and the realized gain or loss on foreign exchange risk management contracts attributable to energy costs. Energy cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using energy cost, net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:
Three months ended
March 31
20262025Energy costs ($M)24,41519,158Energy costs, net of realized FX hedge impact ($M) (1) 24,41519,158Production Colombia (boe)3,303,0003,510,900Energy costs, net of realized FX hedge impact ($/boe)7.395.46(1) Non-IFRS financial measure.Transportation costs, net of realized FX hedge impact, and transportation costs, net of realized FX hedge impact per boe - Discontinued operationsTransportation costs, net of realized FX hedge impact is a non-IFRS financial measure, that includes all commercial and logistics costs associated with the sale of produced crude oil and gas such as trucking and pipeline, and the realized gain or loss on foreign exchange risk management contracts attributable to transportation costs. Transportation cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using transportation cost, net of realized FX hedge impact divided by net production after royalties. A reconciliation of this calculation is provided below:
Three months ended March 31
20262025Transportation costs ($M)35,81139,145(-) Realized gain on FX hedge attributable to transportation costs ($M)——Transportation costs, net of realized FX hedge impact ($M) (1)35,81139,781Net production Colombia (boe)3,004,5603,168,720Transportation costs, net of realized FX hedge impact ($/boe)11.9212.55(1) Non-IFRS financial measure.Supplementary Financial MeasuresRoyalties per boeRoyalties includes royalties and amounts paid to previous owners of certain blocks in Colombia and cash payments for PAP. Royalties per boe is a supplementary financial measure that is calculated using the royalties divided by total sales volumes, net of purchases.Capital Management MeasuresRestricted cash short- and long-termRestricted cash (short- and long-term) is a capital management measure, that sums the short-term portion and long-term portion of the cash that the Company has in term deposits that have been escrowed to cover future commitments and future abandonment obligations, or insurance collateral for certain contingencies and other matters that are not available for immediate disbursement. Total cashTotal cash is a capital management measure to describe the total cash and cash equivalents restricted and unrestricted available, is comprised by the cash and cash equivalents and the restricted cash short and long-term.Total debt and lease liabilitiesTotal debt and lease liabilities are capital management measures to describe the total financial liabilities of the Company and is comprised of the debt associated to the Company's senior unsecured notes due 2028, loans, and liabilities from leases of various properties, power generation supply, vehicles and other assets. View original content:https://www.prnewswire.com/news-releases/frontera-announces-first-quarter-2026-results-302773263.htmlSOURCE Frontera Energy Corporation Original: FRONTERA ANNOUNCES FIRST QUARTER 2026 RESULTS

FRONTERA OBTAINS FINAL ORDER APPROVING PLAN OF ARRANGEMENTMay 4, 2026 7:56 PM
PR Newswire (US) CALGARY, AB, May 4, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announced it has obtained a final order (the "Final Order") from the Supreme Court of British Columbia approving the previously announced plan of arrangement (the "Arrangement") pursuant to which Parex Resources Inc. (TSX: PXT) ("Parex"), through its wholly-owned subsidiary, Parex AcquisitionCo Inc. (the "Purchaser"), will acquire all of Frontera's Colombian upstream business consisting of Frontera's oil and gas exploration and production assets in Colombia, its reverse osmosis water treatment facility and its palm oil plantation. The granting of the Final Order was a condition to the completion of the Arrangement.Completion of the Arrangement remains subject to the satisfaction or waiver of the remaining conditions precedent set out in the arrangement agreement entered into between Frontera, Parex and the Purchaser in respect of the Arrangement. If all remaining conditions are satisfied or waived, the Company expects the Arrangement to be completed in May 2026.Additional information regarding the Arrangement is contained in the management information circular of Frontera dated March 30, 2026 prepared in respect of the Arrangement, a copy of which is available under Frontera's profile on SEDAR+ at www.sedarplus.ca.About Frontera:Frontera Energy Corporation is a Canadian public company dedicated to energy-focused investments in South America, including a significant footprint in midstream assets in Colombia, such as Puerto Bahia and the ODL pipeline as well as exploration and development assets with interests in 18 blocks in Colombia and Guyana. Frontera has entered into a transaction pursuant to which its interest in the 17 blocks in Colombia together with its Proagrollanos and Agrocascada assets, are being sold, with closing expected in the second quarter of 2026. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive news releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.Cautionary Note Concerning Forward-Looking StatementsThis news release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to the transaction involving Frontera and Parex, the anticipated timing and completion of the Arrangement; and the satisfaction or waiver of the remaining conditions precedent to the closing of the Arrangement. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that the Arrangement will be completed on the terms or within the timeframes currently contemplated or at all; the failure to obtain all necessary third-party and regulatory approvals to complete the Arrangement; and the risk that the Arrangement may be varied, accelerated or terminated in certain circumstances.Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. View original content:https://www.prnewswire.com/news-releases/frontera-obtains-final-order-approving-plan-of-arrangement-302761975.htmlSOURCE Frontera Energy Corporation Original: FRONTERA OBTAINS FINAL ORDER APPROVING PLAN OF ARRANGEMENT

FRONTERA ANNOUNCES RESULTS OF SPECIAL SHAREHOLDER MEETINGApril 30, 2026 10:05 PM
PR Newswire (US)

Frontera's Shareholders Voted to Approve Arrangement with Parex and Return of CapitalArrangement Anticipated to be Completed in the Second Quarter of 2026Transaction Positions Frontera as a Standalone Infrastructure CompanyCALGARY, AB, April 30, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announced today that shareholders voted to approve its previously announced plan of arrangement (the "Arrangement") pursuant to which Parex Resources Inc. (TSX: PXT) ("Parex"), through its wholly-owned subsidiary, Parex AcquisitionCo Inc. (the "Purchaser"), will acquire all of Frontera's Colombian upstream business consisting of Frontera's oil and gas exploration and production assets in Colombia, its reverse osmosis water treatment facility and its palm oil plantation (collectively, the "E&P Assets"), at the Company's special meeting of shareholders held earlier today (the "Meeting"). At the Meeting, Frontera shareholders also approved the reduction of the capital account of the common shares of Frontera by an aggregate amount of up to C$647 million (equivalent to approximately US$470 million), for the purposes of effecting a potential distribution to shareholders by way of a return of capital (the "Return of Capital") related to the net cash proceeds from the Arrangement.Pursuant to the Arrangement, Parex will acquire the E&P Assets for a purchase price of: (i) US$500 million payable upon closing, subject to any adjustment in accordance with the arrangement agreement entered into between Frontera, Parex and the Purchaser in respect of the Arrangement (the "Arrangement Agreement"); plus (ii) an additional US$25 million contingent payment payable upon the achievement of specified development milestones within a period of up to 12 months following the closing of the Arrangement.Upon completion of the Arrangement, Frontera will transition to a focused infrastructure company, with a portfolio anchored by its equity interests in the Oleoducto de los Llanos Orientales (ODL) crude oil pipeline and the Puerto Bahía port. The Infrastructure Business generated approximately $77?million of distributable cash flow in 2025 and includes identified growth initiatives at Puerto Bahía, including LPG import facilities, a potential LNG regasification project and containerized cargo expansion, as disclosed in the Company's information circular.Gabriel de Alba, Chairman of the Board of Directors, commented:"We appreciate the strong support of our shareholders in approving the Arrangement and Return of Capital. Today's vote marks an important milestone and underscores our shareholders' confidence in our strategic direction. The approval enables us to crystallize value at an attractive premium for our Colombian E&P assets and sharpen our focus on Frontera Infrastructure, as the Company advances its next phase of growth and long-term value creation."Each of the Arrangement and the Return of Capital required the approval of at least two thirds of the votes cast by shareholders present virtually or represented by proxy at the Meeting.At the Meeting, the special resolution approving the Arrangement was approved by 99.95% of the votes cast on the resolution by Frontera's shareholders present virtually or represented by proxy and entitled to vote at the Meeting. In addition, the special resolution approving the Return of Capital was also approved by 100% of the votes cast by Frontera's shareholders present virtually or represented by proxy and entitled to vote at the Meeting.Following today's result, Frontera intends to seek a final order from the Supreme Court of British Columbia in respect of the Arrangement (the "Final Order") and to undertake the Return of Capital, subject to completion of the Arrangement.The anticipated hearing date for the application for the Final Order is May 4, 2026. Subject to obtaining the Final Order and the satisfaction or waiver of the conditions to implement the Arrangement as set out in the Arrangement Agreement, the Arrangement is anticipated to be completed in the second quarter of 2026, provided the remaining regulatory approvals are received within the expected timeframes.Once these steps have been completed, the Company intends to announce the amount, record date and payment date in respect of the Return of Capital.Results of Special MeetingArrangement ResolutionVotes For99.95 %Votes Against0.05 %Return of Capital ResolutionVotes For100 %Votes Against0 %The full report of voting results will be filed under Frontera's profile on SEDAR+ at www.sedarplus.ca.About Frontera:
Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to the Arrangement and the Return of Capital and the process and timing thereof, the receipt of the Final Order and other regulatory approvals, the satisfaction or waiver of all conditions to the Arrangement, the crystallization of value for shareholders, Frontera's infrastructure business after completion of the Arrangement, and the advancement of key opportunities and long-term value of the Company. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that the Arrangement will be completed on the terms or within the timeframes currently contemplated; the failure to obtain all necessary court, third-party and regulatory approvals to complete the Arrangement and the risk that the Arrangement may be varied, accelerated or terminated in certain circumstances; and that the currently anticipated amount and timing of the Return of Capital to Frontera shareholders and Frontera's plan and expectations with respect to its infrastructure business may be different than currently anticipated.Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.



View original content:https://www.prnewswire.com/news-releases/frontera-announces-results-of-special-shareholder-meeting-302759766.htmlSOURCE Frontera Energy Corporation

Original: FRONTERA ANNOUNCES RESULTS OF SPECIAL SHAREHOLDER MEETING

Frontera Announces Annual General Meeting ResultsApril 30, 2026 8:00 PM
PR Newswire (US)

CALGARY, AB, April 30, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") is pleased to announce the results from its 2026 annual general meeting of shareholders held today (the "Meeting").ELECTION OF DIRECTORSShareholders elected each of the nominees proposed by management as set forth in the management information circular of the Company dated March 30, 2026. The total number of shares represented by shareholders present in person or by proxy at the Meeting was 47,888,431, representing approximately 68.73% of Frontera's issued and outstanding common shares. The directors achieved an average approval vote of 99.12% from shareholders.The detailed results of the vote are set out below:NomineeOutcome of Vote     Voted (%)                    Gabriel de AlbaApprovedVoted For: 99.66 % 
Withheld: 0.34 %Luis F. Alarcon MantillaApprovedVoted For: 96.89 %
Withheld: 3.11 %W. Ellis ArmstrongApprovedVoted For: 99.66 %
Withheld: 0.34 %Orlando Cabrales Segovia     ApprovedVoted For: 99.12 %Withheld: 0.88 % Russell FordApprovedVoted For: 99.73 %Withheld: 0.27 % Veronique GiryApprovedVoted For: 99.66 %
Withheld: 0.34 %Each of the directors elected at the Meeting will hold office until the close of the next annual meeting of shareholders of the Company or until he or she resigns or his or her successor is duly elected or appointed pursuant to the Articles of the Company.Detailed voting results for all resolutions considered by shareholders at the Meeting are contained in the report of voting results, which is available on SEDAR+ under the Company's profile at www.sedarplus.ca. BOARD AND COMMITTEE MEMBERSHIPThe Company has the following committees: Audit Committee, Compensation and Human Resources Committee ("CHRC"), and Corporate Governance, Nominating, and Sustainability Committee ("CGNSC"). The current committee membership is set forth below:CommitteeMembersAudit Committee     W. Ellis Armstrong (Chair)Luis F. Alarcon MantillaRussell FordCHRCGabriel de Alba (Chair)Veronique GiryRussell FordCGNSCLuis F. Alarcon Mantilla (Chair)     W. Ellis ArmstrongVeronique GiryAbout FronteraFrontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via email as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.www.fronteraenergy.ca 



View original content:https://www.prnewswire.com/news-releases/frontera-announces-annual-general-meeting-results-302759665.htmlSOURCE Frontera Energy Corporation

Original: Frontera Announces Annual General Meeting Results

Frontera Announces Filing and Mailing of Information Circular and Receipt of Interim Order in Connection With Plan of Arrangement With ParexApril 2, 2026 4:40 PM
PR Newswire (Canada)

Special Shareholder Meeting Scheduled for April 30th, 2026 to Vote on Parex Arrangement and Return of Capital Annual Meeting will follow Special Meeting for the Parex ArrangementCALGARY, AB, April 2, 2026 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") today announced that it has filed its management information circular (the "Arrangement Circular") in connection with Frontera's upcoming special meeting (the "Special Meeting") of the holders (the "Shareholders") of Frontera's common shares (the "Shares") to be held on April 30, 2026 at 10:00 a.m. (Eastern time), which will be followed by the 2026 annual general meeting at 11:00 a.m. (Eastern time) on the same day (the "Annual Meeting", and together with the Special Meeting, the "Meetings"). The Company also announced that on March 27, 2026, the Supreme Court of British Columbia (the "Court") granted an interim order in respect of the Arrangement (as defined below), authorizing the calling and holding of the Special Meeting and certain other matters related to the Special Meeting (the "Interim Order").The Arrangement Circular is available under Frontera's profile on SEDAR+ (www.sedarplus.ca) as well as on Frontera's website at https://www.fronteraenergy.ca/en/investors/agm/. A copy of the Interim Order is included in the Arrangement Circular. The Arrangement Circular and related materials for the Special Meeting will also be mailed to Shareholders in due course.Special Meeting on April 30, 2026The Special Meeting is being held for Shareholders to consider and vote on a special resolution (the "Arrangement Resolution") approving a plan of arrangement (the "Arrangement") pursuant to which Parex Resources Inc. (TSX: PXT) ("Parex"), through its wholly-owned subsidiary, Parex AcquisitionCo Inc. (the "Purchaser"), will acquire all of Frontera's Colombian upstream business, which consists of all of Frontera's oil and gas exploration and production assets in Colombia, its reverse osmosis water treatment facility and its palm oil plantation, for a purchase price of: (i) US$500 million payable upon closing, subject to any adjustment in accordance with the arrangement agreement entered into between Frontera, Parex and the Purchaser in respect of the Arrangement (the "Arrangement Agreement"); plus (ii) an additional US$25 million contingent payment payable upon the achievement of specified development milestones within a period of up to 12 months following the closing of the Arrangement, as more fully described in the Arrangement Circular.The Special Meeting is also being held for Shareholders to consider and vote on a special resolution (the "Return of Capital Resolution") to approve a reduction of the capital account of the Shares by an aggregate amount of up to C$647 million (equivalent to approximately US$470 million), for the purposes of effecting a potential distribution to Shareholders by way of a return of capital (the "Return of Capital") related to the net cash proceeds from the Arrangement, comprised of: (a) the Closing Amount, being an amount between US$445 and US$455 million (equivalent to approximately between C$612 and C$626 million as at March 24, 2026) payable upon completion of the Arrangement; and (b) up to an additional US$25 million contingent payment.The Special Meeting is scheduled to be held on April 30, 2026, at 10:00 a.m. (Eastern Time). The Special Meeting will be conducted in a virtual-only format via live audio webcast at http://meetnow.global/MUDTPG6. All participants MUST register with Frontera's registrar and transfer agent, Computershare Trust Company of Canada, in advance of the Meeting in order to participate at the Special Meeting. The virtual Special Meeting provides an equal opportunity for all Shareholders to participate, vote or submit questions at the Special Meeting regardless of their geographic location or particular circumstances. Shareholders will not be able to attend the Special Meeting in person. Only Shareholders of record at the close of business on March 30, 2026, are entitled to receive notice of, and to attend and vote at, the Special Meeting.All Shareholders are encouraged to vote in advance of the Special Meeting by proxy, whether or not a Shareholder is intending to attend the Special Meeting virtually. Details on how to vote can be found in the Arrangement Circular.Support AgreementsFollowing the execution of the Arrangement Agreement, The Catalyst Capital Group Inc., Gramercy Funds Management LLC and each executive officer of Frontera entered into support agreements with the Purchaser pursuant to which such Shareholders have agreed, among other things, subject to the terms and conditions contained therein, to vote their Shares in favour of the Arrangement Resolution. Additionally, each non-executive director of Frontera (who only owns Frontera deferred share units that do not entitle such director to vote at the Special Meeting) has entered into a support agreement with the Purchaser.As of March 30, 2026, the Shareholders subject to such support agreements collectively held approximately 37,500,749 Shares representing approximately 53.82% of the outstanding Shares.The Arrangement Resolution and Return of Capital Resolution require approval of at least two-thirds (66?%) of the votes cast by Shareholders at the Special Meeting, and the Return of Capital Resolution cannot be effective unless the Arrangement Resolution is approved by Shareholders.Interim OrderThe Court issued the Interim Order on March 27, 2026. In addition to obtaining approval of the Arrangement Resolution at the Special Meeting, the completion of the Arrangement will be subject to obtaining the final order of the Court for the Arrangement, obtaining applicable regulatory approvals or clearances, as well as other customary closing conditions.Annual Meeting The Company also announced that it has filed its management information circular for the Annual Meeting (the "AGM Circular") and it is available under Frontera's profile on SEDAR+ (www.sedarplus.ca  as well as on Frontera's website at https://www.fronteraenergy.ca/en/investors/agm/. The AGM Circular and related materials for the Annual Meeting will also be mailed to Shareholders in due course.About FronteraFrontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 17 exploration and production blocks in Colombia, pipeline transportation services and a multi-purpose maritime terminal in Colombia and certain other non-Colombian assets, including its interest in Guyana. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via email as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corpCautionary Note Concerning Forward-Looking InformationThis news release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to the Arrangement, the Special Meeting, the Return of Capital and the Annual Meeting. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that the Arrangement will be completed on the terms or within the timeframes currently contemplated; the failure to obtain all necessary court, third-party, regulatory and shareholder approvals to complete the Arrangement and the risk that the Arrangement may be varied, accelerated or terminated in certain circumstances; the failure to obtain shareholder approval for the Return of Capital; and that the currently anticipated amount and timing of the Return of Capital may be different than currently anticipated. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. 



View original content:https://www.prnewswire.com/news-releases/frontera-announces-filing-and-mailing-of-information-circular-and-receipt-of-interim-order-in-connection-with-plan-of-arrangement-with-parex-302733242.htmlSOURCE Frontera Energy Corporation

Original: Frontera Announces Filing and Mailing of Information Circular and Receipt of Interim Order in Connection With Plan of Arrangement With Parex

FRONTERA ANNOUNCES FOURTH QUARTER 2025, YEAR-END 2025 RESULTS AND RESERVESMarch 18, 2026 12:19 AM
PR Newswire (US)

Special Meeting of Shareholders to Approve Colombian E&P Divestiture to Parex on April 30, 2026Recorded Fourth-Quarter Net Loss from Continuing Operations of $663 Million, Including Non-Cash Impairment Related to the Divestment of the Colombian E&P Assets Portfolio ($603 million) and the Guyana Interest ($17 Million)Strong Business Performance, Achieved All 2025 Guidance Metrics, Including FY 2025 Average Production of 39,011 boed, Operating EBITDA of $308 Million, Production of $9.23/boe, Energy of $5.49/boe and Transportation Costs of $12.00/boeYear-End Gross Reserves: 94.4 Million Boe 1P and 133.8 Million Boe 2PDefinitive Agreement Signed to Divest the Company's Colombian E&P Assets Portfolio for a Firm Value of Approximately $750 Million with Parex, Including $525 Million in Equity ConsiderationTargeting $470 Million in Shareholder Distributions from the Sale, (Approximately CAD $9.18 per share), Including the $25 Million Contingent PaymentFrontera Emerges as a New Infrastructure-Focused Business Anchored by its Interest in ODL and Puerto Bahía, and with Significant Growth Opportunities Including the Potential LNG Regasification Project with EcopetrolFull Year Adjusted Infrastructure EBITDA of $116.6 million, Distributable Cash Flow of $76.7 million and Segment Income of $40.9 million, Led by Strong Performance of the ODL PipelineCALGARY, AB, March 18, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) (OTCQX: FECCF) ("Frontera" or the "Company") today reported financial and operational results for the fourth quarter and year ended December 31, 2025, and the results of its annual independent reserves assessment conducted by DeGolyer and MacNaughton Corp ("D&M"). Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section of the interim management's discussion and analysis for the three and twelve months ended December 31, 2025 dated March 17, 2026 (the "MD&A") for further details.Due to the pending shareholder vote in respect of the previously announced arrangement with Parex Resources Inc., the Company will not host a conference call in connection with its fourth quarter and full year 2025 results.Gabriel de Alba, Chairman of the Board of Directors, commented:"2025 was a year of decisive execution and disciplined capital allocation, as Frontera delivered on its commitments and strengthened its financial position. The Company generated $308 million of Operating EBITDA and closed the year with $242 million of cash, providing a strong foundation to execute on its strategic priorities.Following year-end, Frontera entered into a definitive arrangement with Parex for the divestment of its Colombian E&P assets, marking the successful culmination of a multi-year, comprehensive strategic process. This transaction crystallizes a $125 million increase in cash consideration to shareholders—a 31% improvement over the GeoPark outcome—while preserving significant long-term upside through our Infrastructure platform and retained assets.Throughout this process, the Board remained focused on a clear objective: maximizing long-term shareholder value through disciplined evaluation, thoughtful engagement with counterparties, and careful stewardship of the Company's strategic options. The outcome reflects both the intrinsic quality of our team, assets and the strength of our positioning.With this transaction, Frontera completes its transition into a focused infrastructure platform anchored by its interests in ODL and Puerto Bahía—high-quality assets that generate stable cash flows and offer attractive growth opportunities.Subject to closing, the Company expects to return approximately $470 million to shareholders, representing a substantial return of capital, while retaining the financial flexibility to invest in high-conviction growth initiatives, including its LNG regasification project with Ecopetrol.In total, this strategy will have unlocked approximately $1.3 billion of capital for shareholders. Frontera now enters its next phase as a more focused, cash-generative infrastructure company, well positioned to deliver durable returns and continued value creation."Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented:"In 2025, Frontera successfully generated positive results, continued to maintain operational flexibility, drive cost efficiencies, prioritize operational improvements and maintain a strong balance sheet, and as a result, achieving all the 2025 guidance metrics targets.In our infrastructure business, we delivered another year of strong results. ODL transported almost 239,000 bbl/d while generating approximately $300.0 million in full-year consolidated EBITDA (approximately $105 million attributable to Frontera based on its 35% equity interest). Through our equity interest in the pipeline, we received more than $62 million in cash distributions. Puerto Bahia generated approximately $15 million in operating EBITDA, broadly flat year-over-year, and setting the basis for growth in key dry terminal areas, including increased container activity, offsetting lower volumes from our liquids terminal. Looking ahead, Frontera will emerge as a newly focused infrastructure business, which will be the backbone of our post-transaction Frontera. Our Infrastructure Business generated 2025 Adjusted Infrastructure EBITDA and Distributable Cash Flows totaling $116.6 million and $76.7 million, respectively, supported by a stable dividend stream from ODL and an attractive growth profile at Puerto Bahía. Key growth initiatives include LPG import facilities, a potential LNG regasification project and containerized cargo expansion. The LPG project is expected to achieve an early start-up later in March, and emerging opportunities like the LNG regasification project, supported by a binding take-or-pay agreement with Ecopetrol, with an initial capacity of approximately 126 MMcfd, anticipated to increase to at least 300 MMcfd by 2029, shall continue to drive growth into 2026 and beyond."Fourth Quarter / Full Year 2025 Operational and Financial Summary:





Year ended December 31

Q4 2025Q3 2025Q4 2024
20252024Operational Results from Continuing Operations






Heavy crude oil production (1)(bbl/d)26,69627,07827,740
27,11825,328Light and medium crude oil combined production (1)(bbl/d)8,9189,23510,484
9,38110,882Total crude oil production(bbl/d)35,61436,31338,224
36,49936,210







Conventional natural gas production (1)(mcf/d) 5,2614,4062,633
3,7733,278Natural gas liquids production (1)(boe/d) (3)1,7951,8481,970
1,8501,838







Total production Colombia (2)(boe/d) (3)38,33238,93440,656
39,01138,623







Total inventory balance of Colombia and Peru(bbl)860,362919,9141,029,466
860,362981,978







Brent price reference($/bbl)63.0868.1774.01
68.1981.82







Produced crude oil and gas sales (4)($/boe)59.5264.4067.31
63.8672.95Purchased crude net margin (4)(5)($/boe)(2.27)(2.70)(3.55)
(3.12)(3.25)







Oil and gas sales, net of purchases (4)(5)($/boe)57.2561.7063.76
60.7469.70 (Loss) gain on oil price risk management contracts (6)(7)($/boe)(0.38)(1.20)0.08
(0.72)(0.72)Royalties (6)($/boe)(0.73)(0.78)(0.80)
(0.79)(1.26)







Net sales realized price (4)(5)($/boe)56.1459.7263.04
59.2367.72







Production costs (excluding energy costs), net of realized FX hedge impact (4)($/boe)(9.64)(8.46)(7.60)
(9.23)(9.39)Energy costs, net of realized FX hedge impact (4)($/boe)(6.22)(5.56)(5.46)
(5.49)(5.26)Transportation costs, net of realized FX hedge impact (4)(5)($/boe)(11.92)(11.72)(11.59)
(12.00)(11.80)







Operating netback from Continuing Operations per boe (4)(5)($/boe)28.3633.9838.39
32.5141.27







Financial Results






Oil & gas sales, net of purchases (8) ($M)177,038194,153207,518
727,544815,993(Loss) gain on oil price risk management contracts (7)($M)(1,186)(3,784)253
(8,680)(8,457)Royalties($M)(2,241)(2,454)(2,599)
(9,448)(14,704)







Net sales (8)($M)173,611187,915205,172
709,416792,832







Net (loss) income for the period from continuing operations (9)($M)(663,354)28,235(20,485)
(1,020,361)(18,628)Net income (loss) for the period from discontinued operations($M)2,905(2,818)(8,916)
(42,359)(5,534)Net (loss) income for the period (9)($M)(660,449)25,417(29,401)
(1,062,720)(24,162)Per share – diluted from continuing operations($)(9.51)0.38(0.25)
(13.77)(0.22)Per share – diluted from discontinued operations($)0.04(0.04)(0.11)
(0.57)(0.07)







General and administrative($M)15,89814,87711,820
58,17450,292







Outstanding Common SharesNumber of Shares69,530,04969,833,51480,793,387
69,530,04980,793,387







Operating EBITDA from continuing operations (8) ($M)68,90786,585109,620
308,029405,118







Cash provided by operating activities ($M)195,486115,034168,691
422,443508,152







Capital expenditures (8)($M)53,24750,85984,544
209,193290,684







Cash and cash equivalents – unrestricted($M)230,489158,614192,577
230,489192,577Restricted cash short and long-term (10)($M)11,32013,43730,249
11,32030,249Total cash (10)($M)241,809172,051222,826
241,809222,826







Total debt and lease liabilities (10)($M)493,909532,789506,037
493,909506,037Consolidated total indebtedness (excluding Unrestricted Subsidiaries) (11)($M)429,256357,228414,481
429,256414,481Net debt (excluding Unrestricted Subsidiaries) (11)($M)219,531252,640277,298
219,531277,298* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 21 of the MD&A for further details.(1) References to heavy crude oil, light and medium crude oil combined, conventional natural gas, and natural gas liquids in the above table and elsewhere in this MD&A refer to heavy crude oil, light crude oil and medium crude oil combined, conventional natural gas, and natural gas liquids, respectively, product types as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.(2) Represents W.I. production before royalties. Refer to the "Further Disclosures" section on page 48 of the MD&A for further details.(3) Boe has been expressed using the 5.7 to 1 Mcf/bbl conversion standard required by the Colombian Ministry of Mines & Energy. Refer to the "Further Disclosures - Boe Conversion" section on page 48 of the MD&A for further details.(4) Non-IFRS ratio is equivalent to a "non-GAAP ratio", as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). Refer to the "Non-IFRS and Other Financial Measures'' section on page 31 of the MD&A for further details.(5) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.(6) Supplementary financial measures (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 31 of the MD&A for further details.(7) Includes the net effect of put premiums paid for expired positions and positive cash settlements received from oil price contracts during the period. Refer to the "Gain (Loss) on Risk Management Contracts" section on page 20 of the MD&A for further details.(8) Non-IFRS financial measure (equivalent to a "non-GAAP financial measure", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 31 of the MD&A for further details.(9) Capital management measure (as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 31 of the MD&A for further details.(10) "Unrestricted Subsidiaries" include CGX Energy Inc. ("CGX"), listed on the TSX Venture Exchange under the trading symbol "OYL"; FEC ODL Holdings Corp., including its subsidiary, Frontera Pipeline Investment AG ("FPI", formerly named Pipeline Investment Ltd); Frontera BIC Holding Ltd.; Frontera Energy Guyana Holding Ltd.; Frontera Energy Guyana Corp.; and Frontera Bahía Holding Ltd., including Sociedad Portuaria Puerto Bahia S.A ("Puerto Bahia"). Refer to the "Liquidity and Capital Resources" section on page 37 of the MD&A for further details. Fourth Quarter and Full Year 2025 Operational and Financial Results:During the fourth quarter of 2025, the Company reported net loss from continuing operations, attributable to equity holders of the Company, of $663.4 million mainly resulting from a loss from operations of $636.6 million (net of a non-cash impairment expense of $620.4 million), an income tax expense of $21.5 million (including $28.2 million of deferred income tax expenses), finance expenses of $18.9 million and foreign exchange loss of $4.4 million, partially offset by $14.1 million from share of income from associates, $3.3 million related to income on risk management contracts and $1.4 million of finance income. This compares with net loss from continuing operations, attributable to equity holders of the Company, in the fourth quarter of 2024, of $20.5 million, which included an income tax expense of $35.6 million (including $36.4 million of deferred income tax expenses), finance expenses of $21.5 million, $8.9 million related to loss on risk management contracts, and foreign exchange loss of $1.8 million, partially offset by income from operations of $25.5 million (net of a non cash impairment expense of $18.2 million) and $13.2 million from the share of income from associates.Total Colombian production averaged 38,332 boe/d in the fourth quarter of 2025, compared with 38,934 boe/d in the prior quarter and compared with 40,656 boe/d in the fourth quarter of 2024. Production decreased mainly due to (i) a 4% and 1% decline in heavy crude oil production, respectively, resulting from equipment and well failures in heavy oil fields, and community blockades in the Sabanero block, and (ii) light and medium crude oil combined, and natural gas liquids production decreased mainly due to natural decline. These were partially offset by increases in conventional natural gas production driven by the commercialization of natural gas volumes from the VIM-1 block. Frontera's production averaged 39,011 boe/d, within the Company's guidance of 39,000 - 39,500 boe/d.

Production




Year ended
December 31Production from Continuing Operations:
Q4 2025Q3 2025Q4 2024

20252024Producing blocks in Colombia







Heavy crude oil (bbl/d)26,69627,07827,740

27,11825,328Light and medium crude oil combined(bbl/d)8,9189,23510,484

9,38110,882Conventional natural gas(mcf/d) 5,2614,4062,633

3,7733,278Natural gas liquids(boe/d)1,7951,8481,970

1,8501,838Total production Colombia (boe/d)38,33238,93440,656

39,01138,623








Production from Discontinued Operations (1):







Producing blocks in Ecuador







Light and medium crude oil combined(bbl/d)8489401,750

1,1311,665Total production Ecuador(bbl/d)8489401,750

1,1311,665(1) Refer to the "Discontinued Operations" section on page 19 of the MD&A for further details.Operating EBITDA from continuing operations was $68.9 million in the fourth quarter of 2025, compared with $86.6 million in the prior quarter and $109.6 million in the fourth quarter of 2024. The quarter-over-quarter decrease was primarily due to lower Brent oil prices, an increase in production cost (excluding energy costs) and transportation costs. Frontera's weighted average oil price was $68.13/bbl in 2025, generating $308.0 million of EBITDA within the Company's guidance.Cash provided by operating activities reported was $195.5 million in the fourth quarter of 2025 ($116.5 million, excluding the $80 million Chevron prepayment), compared with $115.0 million in the prior quarter, and $168.7 million in the fourth quarter of 2024. During the quarter, the Company invested $53.2 million in capital expenditures, and received cash dividends of $12.2 million and a cash return of capital of $4.6 million from Oleoducto de los Llanos Orientales S.A. ("ODL").The Company reported a total cash position of $241.8 million at December 31, 2025, compared with $172.1 million at September 30, 2025, and $222.8 million at December 31, 2024. The Company generated $422.4 million of cash from operations in 2025, compared to $508.1 million in 2024. During the year, the Company invested $209.2 million of capital expenditures, and $4 million to repurchase senior notes.As at December 31, 2025, the Company had a total crude oil inventory balance of 860,362 barrels compared to 919,914 barrels at September 30, 2025. The Company had a total inventory balance in Colombia of 380,162 barrels, including 242,912 crude oil barrels and 137,162 barrels of diluent and others. This compared to 439,714 barrels as at September 30, 2025, and 501,778 barrels as at December 31, 2024. The decrease in inventory levels was associated with higher volumes of oil inventory sold during the quarter.Capital expenditures were $53.2 million in the fourth quarter of 2025, compared with $50.9 million in the prior quarter and $84.5 million in the fourth quarter of 2024. During the fourth quarter the Company spudded 3 development wells and drilled the Guapo-1 exploration well in the VIM-1 block. Total capital expenditures executed for the year were $209.1 million, within the Company's guidance of $200 - $223 million.The Company's net sales realized price was $56.14/boe in the fourth quarter of 2025, compared to $59.72/boe in the prior quarter and $63.04/boe in the fourth quarter of 2024. The decrease was primarily driven by a lower Brent oil price, partially offset by better oil price differentials and lower cash royalties paid. The Company's net sales realized price in 2025 was $59.23/boe compared to $67.72/boe in 2024.The Company's operating netback from continuing operations was $28.36/boe in the fourth quarter of 2025, compared with $33.98/boe in the prior quarter and $38.39/boe in the fourth quarter of 2024. The Company's operating netback decrease quarter-over-quarter was a result of lower net sales realized prices, and an increase in production costs (excluding energy cost) and transportation costs. The Operating netback for the year ended December 31, 2025, was $32.51/boe, compared to $41.27/boe in 2024.Production costs (excluding energy costs), net of realized FX hedge impact, averaged $9.64/boe in the fourth quarter of 2025, compared with $8.46/boe in the prior quarter and $7.60/boe in the fourth quarter of 2024. Production costs increase was primarily driven by higher well service activity and the impact of the strong Colombian peso. Production costs (excluding energy costs), net of realized FX hedge impact for the year was $9.23/boe within the Company's guidance of $8.75 - $9.25/boe.Energy costs, net of realized FX hedging impacts, averaged $6.22/boe in the fourth quarter of 2025, compared to $5.56/boe in the prior quarter and up from $5.46/boe in the fourth quarter of 2024. The increase quarter over quarter was mainly due to higher fuel consumption resulting from higher processed production liquid volumes and the impact of the strong Colombian peso. Energy costs, net of realized FX hedge impact for the year was $5.49/boe within the Company's guidance of $5.25 - $5.75/boe.Transportation costs, net of realized FX hedging impacts averaged $11.92/boe in the fourth quarter of 2025, compared with $11.72/boe in the prior quarter and $11.59/boe in the fourth quarter of 2024. The increase in transportation costs during the quarter was mainly driven by increased transported volumes resulting from inventory drawdown. Transportation costs, net of realized FX hedge impact for the year was $12.00/boe below the Company's guidance of $12.50 - $13.00/boe.Frontera Infrastructure Fourth Quarter and Full Year 2025 Operational and Financial Results:ODL volumes transported were 241,734 bbl/d during the fourth quarter of 2025, in line with the previous quarter, which saw 241,958 bbl/d in volumes transported. During the year 2025, ODL transported an average of 238,994 bbl/d.Total Puerto Bahia liquids volumes were 40,548 bbl/d during the quarter compared to 39,560 bbl/d the previous quarter. In the fourth quarter of 2025, lower third-party liquids volumes reflected reduced throughput from key customers and the absence of certain trading flows, partially offset by strong performance in the dry port. During 2025, Puerto Bahia had higher revenues from roll-on/ roll-off (RoRo), containerized cargo, and general cargo, supported by volume growth and tariff adjustments.Adjusted Infrastructure EBITDA, including $0.4 million of negative Adjusted Infrastructure EBITDA related to ProAgrollanos and SAARA activities, which will be divested as part of the Parex transaction, in the quarter was $30.5 million, compared to $30.4 million in the prior quarter. EBITDA in the fourth quarter was driven by higher EBITDA from Puerto Bahia, mainly due to higher throughput for the liquids and container volumes handled at the port, partially offset by higher costs in ODL. Adjusted Infrastructure EBITDA for the year was $116.6 million, including $3.4 million of negative Adjusted Infrastructure EBITDA related to ProAgrollanos and SAARA activities.Capital expenditures for the three months ended December 31, 2025, totaled $2.8 million primarily driven by investments totaling $1.7 million made in Puerto Bahia, including: (i) $0.9 million towards the connection project between Puerto Bahia's port facility and the Cartagena refinery, (ii) tank maintenance, and (iii) general expenditures related to the cargo terminal facilities. Fourth quarter capital expenditures also included investment in the SAARA project and palm oil plantation.Puerto Bahía secured a take-or-pay agreement with Ecopetrol, subject to certain conditions precedent, to develop an LNG regasification project in early 2026. The project is expected to benefit from Puerto Bahía's existing and robust port facilities and operating platform, including the repurposing of the Reficar connection to transport natural gas, enabling an accelerated development timeline and faster time-to-market. The project contemplates two phases, with an initial regasification capacity of approximately 126 MMcfd, anticipated to increase to at least 300 MMcfd by 2029, providing integrated logistics and regasification services to Reficar and the Colombian Natural Gas Transportation System (SNT).2025 Year End Reserves EvaluationFrontera announced the results of its annual independent reserves assessment for the year ended December 31, 2025, conducted by D&M in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter) (the "COGE Handbook"), National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and CSA Staff Notice 51-324, and are based on the Reserves Report (as defined below). All of the Company's booked reserves for the year ended December 31, 2025 are located in Colombia.The following tables provide a summary of the Company's oil and natural gas reserves based on forecast prices and costs effective December 31, 2025, as applied in the Reserves Report. The Company's net reserves after royalties at December 31, 2025, incorporate all applicable royalties under Colombia fiscal legislation based on forecast pricing and production rates evaluated in the Reserves Report, including any additional participation interest related to the price of oil applicable to certain Colombian blocks, as at year-end 2025.2025 Year-End D&M Certified Gross Reserves Volumes (1)Reserve CategoryDecember 31, 2025Mboe (2)December 31, 2024Mboe (2)Percentage Change
2025 versus 2024Proved Developed Producing (PDP)29.336.7(20) %Proved Developed Non-Producing (PDNP)9.57.625 %Proved Undeveloped (PUD)55.656.3(1) %Total Proved (1P)94.4100.6(6) %Probable39.550.7(22) %Total Proved plus Probable (2P)133.8151.3(12) %Possible (3)25.933.2(22) %Total Proved Plus Probable Plus Possible (3P)159.7184.6(13) %(7) Gross reserves represent Frontera's W.I. before royalties(8) See "Boe Conversion" section in the "Advisories" section, at the end of this press release.(8) Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.Reserves Reconciliation
Oil Equivalent Gross 2P
Reserves (MMboe) (1)(2)December 31, 2024151.3Discoveries0Extensions & Improved Recovery0Technical Revisions (3)3.5Acquisitions0Dispositions (4)(5.4)Economic Factors(1.5)Production (5)(14.2)December 31, 2025133.8(1) See "Boe Conversion" section in the "Advisories" section, at the end of this press release.(2) Gross refers to Frontera's W.I. before royalties. Net refers to Frontera's W.I. after royalties.(3) Includes technical revisions mainly in the CPE-6 block, Quifa block, Cubiro block, VIM-1 block and the Guatiquia block.(4) Mainly associated with the planned disposition of the Caruto, Corcel E, Cernícalo, Petirrojo, Petirrojo Sur, Tijereto Sur and Entrerríos fields in Colombia and Perico and Espejo blocks in Ecuador.(5) Production represents the Company's production for the twelve-month period ended December 31, 2025, for asset with associated reserves.Net Present Value of Future Revenue Before Tax Summary - D&M Reserves Report (2025 Brent Forecast) (1)Reserves CategoryDecember 31, 2024December 31, 2025December 31, 2025$(000's), except per share dataNPV10 ($ 000's) (2)NPV10 ($ 000's) (3)NPV10 (C$/share) (4)Proved Developed Producing (PDP)942,785607,90212.00Proved Developed Non-Producing (PDNP)187,260224,8924.44Proved Undeveloped1,130,849719,06314.19Total Proved (1P)2,260,8951,551,85730.63Probable1,129,008732,60814.46Total Proved Plus Probable (2P)3,389,9032,284,46445.09Possible (5)718,012527,25410.41Total Proved Plus Probable Plus Possible (3P)4,107,9152,811,71855.50(1) See "Advisories" at the end of this press release. The Reserves Report(2) Includes Future development costs ("FDC") as at December 31, 2024, of $658 million of 1P and $1,023 million for 2P(3) Includes FDC as at December 31, 2025, of $812,844 million for 1P and $1,196,953 million for 2P(4) Calculated by dividing the December 31, 2025 NPV10 value by 69,530,049shares outstanding as at December 31, 2025 and a USD:CAD foreign exchange rate of 1.37245. Per share valuations do not attribute any value to the Company's material ownership in infrastructure assets as well as any equity value for its ownership in CGX Energy Inc. (TSXV:OYL) ("CGX")(5) Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.Frontera's Sustainability StrategyFrontera met all its 2025 sustainability targets and is progressing with its 2028 Sustainability Strategy.On environmental achievements:The Company neutralized 50% of all 2025 emissionsA total of 70,162 tons of CO2 equivalent were absorbed from our environmental compensation areas35% of Frontera's operational water was reusedRegarding the Company's social contributions:Frontera achieved its best Total Recordable Incident Rate (TRIR), 0.43% remaining below international benchmark indicators.12.24% of total purchases from local goods and services suppliers and $95.1 (USD million) in local purchases.Invested $3,4 million in social projects benefiting 53,248 people near its operationsFrontera was ranked 4th in the overall list of the Best Workplaces by Great Place to Work, in the segment of companies in Colombia with 401 to 1,500 employees improving its position compared to 2024.On the governance front:Ethisphere recognized Frontera for the 5th consecutive year, as one of the most ethical companies in the worldDivestment of Colombian E&P Asset PortfolioAs part of Frontera's on-going commitment to unlock shareholder value, the Company previously announced it had entered into a definitive agreement with Parex Resources Inc. and Parex AcquisitionCo Inc (together "Parex") (the "Parex Arrangement Agreement"), pursuant to which Parex will acquire Frontera's upstream Colombian exploration and production business (the "Frontera E&P Assets") by way of a plan of arrangement under the Business Corporations Act (British Columbia) for an equity value of up to $525 million.Pursuant to the Arrangement, Parex will acquire 100% of Frontera's Colombian upstream business, which consists of all of Frontera's oil and gas exploration and production assets in Colombia, the reverse osmosis water treatment facility ("SAARA") and the palm oil plantation ("ProAgrollanos").Total cash consideration is up to $525 million, ("Cash Consideration") comprising:$500 million payable at closing, subject to customary closing adjustments; andAn additional $25 million contingent payment payable upon execution of the contractual amendment, or other binding agreement, extending the term of the Quifa Association Contract within 12 months of closing of the Parex Arrangement Agreement.Under the terms of the Parex Arrangement Agreement, Parex or and affiliate thereof, will also assume all of Frontera's obligations under the $310 million aggregate principal amount of outstanding 2028 unsecured notes of the Company and the $80 million outstanding under Frontera's prepayment facility with Chevron Products Company. The Arrangement implies a firm value of approximately $750 million for the acquired assets, comprising cash consideration and the assumption of existing debt.Below is a breakdown of the Operating EBITDA by the relevant businesses for 2025:
Unit2025 Consolidated
Operating EBITDA2025 Frontera E&P
Operating EBITDA2025 Frontera
Infrastructure
Operating EBITDAIntersegment
Adjustment(2)Frontera E&P$MM301.5301.5———Puerto Bahia$MM15.1—15.1
ODL Pipeline$MM————SAARA & Palm Oil Assets$MM(3.4)(3.4)——Intersegment Adjustment(1)$MM(5.2)——(5.2)Total$MM308.0298.115.1(5.2)





Total Debt and Lease Liabilities$MM493.9325.3168.6—Less: Cash and Cash Equivalents (2)$MM230.5214.416.1—Adjusted Net Debt$MM263.4110.9152.5—(1) Intersegment adjustment refers to intercompany revenues between Frontera E&P and Puerto Bahia(2) Cash and Cash Equivalent refers to the portion of Frontera's portion of Cash and cash Equivalents from ODL and Puerto Bahia's Cash & Cash Equivalents on December 31, 2025.The Arrangement has an effective date of January 1, 2026, is anticipated to close in the second quarter of 2026 subject to customary closing conditions including, without limitation, receipt of Frontera's shareholder approval in accordance with applicable corporate and securities laws, approval of the plan of arrangement by the British Columbia Supreme Court and receipt of required regulatory approvals. The Arrangement is not subject to any financing conditions and payment of the Cash Consideration by Parex will be funded entirely through a combination of Parex's existing cash and credit facilities, and an underwritten financing commitment from Scotiabank.In connection with the Parex Arrangement Agreement, the Catalyst Capital Group Inc. and Gramercy Funds Management LLC, which beneficially own approximately 41% and 12% of the Company's outstanding shares, respectively, have entered into support agreements under which, subject to the terms of the agreements, they have agreed to vote in favor of the Transaction.Frontera intends to make a cash distribution to Frontera shareholders of approximately $470 million, as previously announced following the Arrangement, comprised of: (a) an amount between $445 to $455 million payable upon completion of the Arrangement (the "Closing Amount"); and (b) up to an additional $25 million associated to the contingent payment. Subject to the completion of the Arrangement and the approval of a shareholder resolution to approve the Return of Capital (the "Return of Capital Resolution").As highlighted above, the final distribution amount will be determined by the Board following completion of the Arrangement based on the net cash proceeds of the Arrangement after deducting capital reserved for growth investments, transaction costs, fees and other expenses. Frontera currently expects to allocate approximately $25 million of the proceeds from the Arrangement to its infrastructure business to fund its strategic growth projects, particularly its potential LNG regasification project with Ecopetrol. On a pro forma basis for the 2025 fiscal year, following completion of the Arrangement and after giving effect to the $25 million of capital allocation, management of Frontera expects Frontera Infrastructure to have approximately $50 million of cash and cash equivalents.The Return of Capital is conditional on the completion of the Arrangement. Accordingly, if the Arrangement is not approved by Frontera shareholders or the Arrangement is not otherwise completed, the Return of Capital will not be completed, regardless of whether Frontera shareholders approve the Return of Capital.Frontera intends to hold a special meeting of shareholders (the "Meeting") on April 30, 2026, to approve the Arrangement (the "Arrangement Resolution") and, the Return of Capital Resolution and to transact such further and other business as may properly brought before the Meeting or any adjournments or postponements thereof. To become effective, each of the Arrangement Resolution and the Return of Capital Resolution requires approval by at least 66 2/3% of the votes cast by Frontera's shareholders present in person or represented by proxy at the Meeting. The record date (the "Record Date") for the determination of shareholders entitled to receive notice of, and to vote at, the Meeting is expected to be the close of business on March 30, 2026.Further details regarding the Arrangement and the Return of Capital will be contained in the management information circular (the "Circular"), to be mailed to the Shareholders in connection with the Meeting.Unlocking Frontera InfrastructureUpon completion of the Arrangement, Frontera will emerge as a new Infrastructure-focused business, anchored by its interest in ODL and Puerto Bahía. Frontera Infrastructure will own and operate its Infrastructure Colombia business, and will retain certain other non-Colombian assets, including its interest in Guyana.Frontera's key assets and interests will comprise (a) a multi-purpose maritime terminal (the "Port Facility") in the Cartagena Bay through its 99.97% equity interest in Puerto Bahía, and (b) pipeline transportation services through its 35% equity interest in ODL. The business is expected to generate cash flows primarily from pipeline transportation services at ODL and liquids and general cargo terminal operations at the Port Facility, complemented by near-term growth initiatives that enhance connectivity within Colombia's downstream value chain.ODL's robust and predictable cash-flow generation and Puerto Bahía's pipeline of strategic growth projects will form the backbone of Frontera's post-Arrangement infrastructure portfolio.Puerto Bahia HighlightsCentrally located operations hub in Cartagena Bay with unrestricted draft and direct access to key road and logistics corridors serving Colombia's industrial mainland.Integrated liquids and general cargo operations with vast expansion area.Completed pipeline connection to Reficar, Colombia's most important refinery.Several near-term expansion opportunities that will enhance asset value and cash flow potential including the liquified petroleum gas ("LPG") import facilities, an LNG regasification project, and containerized cargo expansion.ODL HighlightsKey midstream asset in Colombia, transporting ~30% of Colombian oil production and serving the Llanos area holding ~70% of Colombian proven crude oil reserves.Stable cash generation and strong market and operating position.Estimated 12+ years of economic life for the blocks transported via ODL.Unique position to capture additional revenue streams from its area of influence.Below is a breakdown of Frontera's Infrastructure Adjusted EBITDA:
Unit2025 Infrastructure
EBITDAEquity InterestFrontera
Infrastructure
Adjusted EBITDA (2)Puerto Bahia$MM15.199.97 %15.1ODL Pipeline$MM299.835.00 %104.9Total$MM314.9
120.0




Total Frontera Infrastructure Debt$MM

168.6Less: Cash and Cash Equivalents(1)$MM

45.0Net Debt$MM

123.6(1) Cash and Cash Equivalents refer to the portion of Frontera's portion of Cash and Cash Equivalents from Frontera Energy Corporation, Frontera Pipeline Investment AG and Puerto Bahia's Cash & Cash Equivalents as of December 31, 2025. (2) Refers only to the EBITDA from Puerto Bahia and the proportional EBITDA from Frontera's 35% interest in ODL, does not include the negative effect from Agrocascada and Proagrollanos EBITDA ($3.4) million.Frontera Infrastructure 2025($ millions)Frontera Infrastructure Operating EBITDA (Puerto Bahia)15.1ODL Dividends, net of Taxes61.6Infrastructure Distributable Cash Flow76.7PIL Debt Service, net(1)(60.9)Infrastructure Capex(2)(2.5)Infrastructure Free Cash Flow13.3(1) 2025 financing flows including cash sweep(2) Excludes Capex related to the Reficar Connection constructionEnhancing Shareholder ReturnsNCIB: On July 18, 2025, the Company initiated a Normal Course Issuer Bid ("NCIB"), through which the Company may purchase up to 3,502,962 Frontera's shares for cancellation, representing approximately 5% of the issued and outstanding shares as at July 15, 2025.In 2025, the Company repurchased approximately 532,300 common shares for cancellation for approximately $2.6 million. As at March 17, 2026, year to date, the Company repurchased approximately 183,800 Frontera shares for cancellation for approximately $1.2 million under the current NCIB.As a result of the announcement of the Arrangement, the Company intends to suspend purchases under the NCIB that are made pursuant to the Company's automatic securities purchase plan, and the Company is not aware of any material undisclosed information about itself.Bond Buybacks: In the fourth quarter of 2025, the Company repurchased $4 million in aggregate amount of its 2028 senior unsecured notes in the open market for a total cash consideration of $2.8 million and recognizing a gain of $1.4 million. In total for 2025, the Company repurchased $85 million in aggregate principal amount of its 2028 senior unsecured notes pursuant to a cash tender offer and concurrent consent solicitation and in the open market for a total cash consideration of $61.2 million recognizing a gain of $13.3 million. As a result, the carrying value for the 2028 senior unsecured notes as of December 31, 2025, is $306.8 million.Dividends: In connection with the recently announced transaction with Parex, and considering the transaction's effective date (January 1, 2026), the Company has determined to suspend the declaration and payment of its quarterly dividend until the transaction is finalized.Frontera's Core BusinessesColombia Upstream OnshoreColombiaDuring the fourth quarter of 2025, Frontera produced 38,332 boe/d from its Colombian operations (consisting of 26,696 bbl/d of heavy crude oil, 8,918 bbl/d of light and medium crude oil, 5,261 mcf/d of conventional natural gas and 1,795 boe/d of natural gas liquids).Currently, the Company has 1 drilling rig and 2 well intervention rigs active at its Quifa and CPE-6 and Guatiquia blocks in Colombia.Quifa Block: Quifa SW and Cajua For the Quifa block, fourth quarter 2025 production averaged 17,639 bbl/d of heavy crude oil (including both Quifa and Cajua) as compared to 17,586 bbl/d during the previous quarter. The Company invested in facility expansion and the installation of new flow lines in the Cajua field, in the Quifa block to support new well production and the SAARA connection.During the fourth quarter of 2025, the Company processed approximately 1.76 million barrels of water per day in Quifa including SAARA.CPE-6For the CPE-6 block, production averaged approximately 7,346 bbl/d of heavy crude oil during the fourth quarter, compared to 7,710 bbl/d during the third quarter of 2025.The Company invested in the expansion of crude oil storage capacity and the implementation of new field production technologies.The Company processed approximately 385 thousand barrels of water per day in CPE-6 in the fourth quarter of 2025. The Company's current water handling capacity in CPE-6 is approximately 400 thousand barrels of water per day.Other Colombia Developments For Guatiquia, production during the fourth quarter 2025 averaged 5,007 bbl/d of light and medium crude compared with 5,145bbl/d in the third quarter of 2025.For the Cubiro block production averaged 896 bbl/d of light and medium crude oil in the fourth quarter of 2025 compared with 981 bbl/d in the third quarter of 2025.For VIM-1 (Frontera 50% W.I., non-operator), production averaged 2,286 boe/d of light and medium crude oil in the fourth quarter of 2025 compared to 2,187 boe/d of light and medium crude oil in the third quarter of 2025.For the Sabanero block, production averaged 1,711 boe/d of heavy crude oil production in the fourth quarter of 2025 compared to 1,781 boe/d in the third quarter of 2025.Colombia Exploration AssetsDuring the three months and the year ended December 31, 2025, expenditures related to exploration activities were $16.4 million and $31.0 million, respectively, compared with $5.9 million and $17.0 million, respectively, in the same periods of 2024. During the fourth quarter of 2025, the Company's exploration focus remained on the Lower Magdalena Valley and Llanos Basins in Colombia. At the VIM-1 block, the Guapo-1 exploration well was spudded on October 16, 2025, and reached total depth, approximately 15,000 feet, on December 31, 2025.Following logging operations, it was determined that hydrocarbon production was not commercial. Parex and Frontera have agreed to proceed with plugging and abandoning the well. In addition, the Company is engaged in pre-seismic and pre-drilling activities related to social and environmental studies in the Llanos-99 and VIM-46 blocks to ensure the drilling of exploratory wells from 2026 onward. At the Llanos-99 block, the operational phase of the 3D seismic survey has commenced with the mobilization of materials and equipment.Infrastructure ColombiaFor Fiscal Year 2025, Frontera's Infrastructure Colombia Segment includes the Company's 35% equity interest in the ODL pipeline through Frontera's wholly owned subsidiary, FPI and the Company's 99.97% interest in Puerto Bahia. Beginning in 2024, the Infrastructure Colombia Segment also includes the Company's reverse osmosis water treatment facility (SAARA) and its palm oil plantation (ProAgrollanos). As part of the Parex Arrangement Agreement, Frontera is selling the SAARA and ProAgrollanos assets, given their close operational linkage to supporting activities in the Quifa block. Following the closing of the Parex Arrangement Agreement, Frontera's Infrastructure Colombia business will no longer include SAARA or ProAgrollanos.As previously announced, in connection with the standalone and growing Colombia infrastructure business, the planned LPG project has been approved for development. The initial phase of the project is being fast-tracked and expected to be operational in later in March, supporting the supply constraints in Colombia's domestic LPG market.At the beginning of 2026, Puerto Bahía secured a take-or-pay agreement with Ecopetrol, subject to certain conditions precedent, to develop an LNG regasification project, providing integrated logistics and regasification services to Reficar and the Colombian Natural Gas Transportation System (SNT). The project is expected to benefit from Puerto Bahía's existing and robust port facilities and operating platform, including the repurposing of the Reficar connection, enabling an accelerated development timeline and faster time-to-market. The project contemplates two phases, with an initial regasification capacity of approximately 126 MMcfd, anticipated to increase to at least 300 MMcfd by 2029. The services are planned to be available in the fourth quarter of 2026, and the agreement contemplates an up to seven-year service term commencing from the start of operations, with options to extend for an additional five years by mutual agreement.The Company continues to pursue strategic investment opportunities to maximize the port's infrastructure and drive long-term value creation.Infrastructure Colombia Segment ResultsAdjusted Infrastructure EBITDA in the fourth quarter of 2025 was $30.5 million, compared with $30.4 million during the third quarter of 2025, EBITDA was in line with previous quarter, driven by higher EBITDA from Puerto Bahia, mainly due to higher throughput of liquids and container volumes handled at the Port, partially offset by higher costs in ODL.On the SAARA side, water management volumes continue to increase and stabilize, reaching an average of 181,637 barrels for the quarter, gaining momentum towards the goal of 250,000 barrels per day.
Three months endedDecember 31Year ended December 31($M) 2025202420252024Adjusted Infrastructure Revenue51,98445,278191,037171,392Adjusted Infrastructure Operating Costs(17,871)(13,794)(61,814)(50,346)Adjusted Infrastructure General and Administrative(3,572)(3,952)(12,578)(13,823)Adjusted Infrastructure EBITDA30,54127,532116,645107,223(1) Non-IFRS financial measureSegment capital expenditures for the three months ended December 31, 2025, totaled $2.8 million primarily driven by investments totaling $1.7 million made in Puerto Bahia, including: (i) $0.9 million towards the connection project between Puerto Bahia's port facility and the Cartagena refinery, (ii) tank maintenance, and (iii) general expenditures related to the cargo terminal facilities. Fourth quarter capital expenditures also included investment in the SAARA project and palm oil plantation.
Three months endedDecember 31Year ended December 31($M)Q4 2025Q3 2025Q4 202420252024Revenue17,06515,64713,87360,05548,542Costs(12,007)(11,244)(8,099)(42,674)(31,438)General and administrative expenses(1,537)(1,429)(1,507)(5,653)(5,903)Depreciation, amortization and impairment expenses(20,326)(2,815)(1,877)(27,212)(7,976)Other operating costs(1,446)(472)(407)(12,739)(1,710)Infrastructure Colombia (loss) income from operations(18,251)(313)1,983(18,223)1,565Share of income from associates - ODL14,10715,85713,20059,19753,912Infrastructure Colombia segment income(4,144)15,54415,18340,97455,477





Infrastructure Colombia segment cash flow from operating activities12,57022,06214,78861,80658,034Capital Expenditures Infrastructure Colombia Segment (1)2,8285,34425,99915,70647,882(1)Non-IFRS financial measures (equivalent to a "non-GAAP financial measures", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures'' section on page 28 of the MD&A.The following table shows the volumes pumped per injection point in ODL:

Year ended December 31(bbl/d)Q4 2025Q3 2025Q4 202420252024At Rubiales Station133,831131,536167,272142,747169,890At Caño Sur Station50,26650,484—36,412—At Jagüey and Palmeras Stations 57,63759,93868,25659,83573,779Total241,734241,958235,528238,994243,669The following table shows throughput for the liquids port facility at Puerto Bahia:

Year ended December 31(bbl/d)Q4 2025Q3 2025Q4 202420252024FEC volumes12,58710,28611,62610,55513,513Third party 27,96129,27450,36435,63942,506Total40,54839,56061,99046,19456,019The following table shows the RORO units, their dwell times, the containers and break-bulk volumes, for the general cargo port facility at Puerto Bahia:

Three months endedDecember 31Year ended December 31

2025202420252024ROROUnits (1)38,72721,676121,53674,425Dwell time in days (2)34483154ContainersTEUs (3)6,43653917,8901,003Break Bulk Volumes Tons/m3 (4)15,40634,69073,56869,494(1) Wheeled cargo, primarily cars imported to Colombia.(2) Dwell time refers to the time spent by the units within the general cargo port facility. The variance in dwell time associated with Break Bulk Volumes could depend on the characteristics of the cargo, especially in situations where the cargo is received and dispatched within a single day.(3) Twenty-foot Equivalent Unit.(4) Other types of cargo other than wheeled cargo and containers.The following table shows the barrels of water per day treated and irrigated in SAARA and field performance indicators for ProAgrollanos:


Year ended December 31($M)
Q4 2025Q3 2025Q4 202420252024Fresh fruit bunches for palm oil (produced - sold)(Tons)7,1916,2146,18328,12825,357






Production per hectare per year (1)(Tons/ha/year)9.739.358.409.738.40Palm oil fruit price($/Ton)228208203215174






Volumes of reverse osmosis water treated(bwpd)181,637156,76778,716135,15844,121Volumes of water irrigated for palm oil cultivation (2)(bwpd)171,685150,12580,276130,86340,837(1)Tons per hectare per year for the three months ended December 31, are calculated using the total production for the last twelve months ended December 31.Guyana UpdateOn March 26, 2025, the Company and its subsidiaries, Frontera Petroleum International Holding B.V. and Frontera Energy Guyana Holding Ltd. (the "Investors"), delivered a Notice of Intent to the Government of Guyana (the "GoG"). In this Notice, the Investors alleged breaches of the United Kingdom–Guyana Bilateral Investment Treaty and the Guyana Investment Act by the GoG. This communication triggered a 90-day consultation and negotiation period intended to resolve the dispute amicably.On July 23, 2025, the GoG, through its legal counsel, responded to the Notice of Intent, rejecting the claims regarding the Corentyne block license, and reaffirmed its view that the interest of Frontera Energy Guyana Corp. ("Frontera Guyana") and CGX Resources Inc. ("CGX Resources", and together with Frontera Guyana, the "Joint Venture") expired on June 28, 2024. The Joint Venture has continued to exchange without prejudice communications with the GoG, and remains open to engaging in good faith discussions with the GoG.The Joint Venture continues to firmly maintain that its interests in, and the license for, the Corentyne block remain valid and in good standing and that the Petroleum Agreement for such block has not been terminated. While the GoG has publicly stated its position that the Joint Venture's interest expired on June 28, 2024, the Joint Venture strongly disagrees and remains committed to asserting its legal rights under applicable treaties and agreements.The Joint Venture jointly holds 100% working interest in the Corentyne block, located offshore Guyana. Frontera Guyana and CGX Resources have agreed that their respective participating interests are 72.52% and 27.48%, which includes a 4.52% interest that CGX Resources agreed to assign to Frontera Guyana in 2023. This assignment remains subject to the approval of the GoG but is enforceable between Frontera Guyana and CGX Resources.Hedging UpdateAs part of its risk management strategy, Frontera uses derivative commodity instruments to manage exposure to price volatility by hedging a portion of its oil production. The Company's strategy aims to protect 40-60% of its estimated net after royalties' production using a combination of instruments, capped and non-capped, to protect the revenue generation and cash position of the Company, while maximizing the upside, thereby allowing the Company to take a more dynamic approach to the management of its hedging portfolio.The following table summarizes Frontera's hedging position as of March 17, 2026.TermType of InstrumentPositions (bbl/d)Strike Prices Put/CallJan 26Put Spread8,09765/55Feb 26Put Spread14,50065/55Mar 26Put Spread20,61365/551Q-2026Total Average14,40065/55Apr 26Put Spread8,07362.7/55May 26Put Spread21,25862.7/55Jun 26Put Spread14,63362.7/552Q-2026Total Average14,72762.7/55About Frontera:Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 17 exploration and production blocks in Colombia, pipeline transportation services and a multi-purpose maritime terminal in Colombia and certain other non-Colombian assets, including its interest in Guyana. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp. Advisories:Cautionary Note Concerning Forward-Looking StatementsThis news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements regarding the expected closing date of the Arrangement, the ability of Frontera to obtain all necessary court, third-party and shareholder approvals to complete the Arrangement, the cash consideration to be received pursuant to the Arrangement, the expected use of proceeds resulting from the Arrangement, the anticipated Return of Capital and the expected timing thereof, the focus and business of the Company following completion of the Arrangement, the expected completion date of the LPG project and its impact on Colombia's domestic LPG market, the expected capacity of the LNG regasification project, future growth initiatives, the mailing and the contents of the Circular in respect of the Meeting, the holding of the Meeting and the timing thereof and the related Record Date, the conditions to completing the Arrangement, the source of expected future cash flows following completion of the Arrangement, future growth initiatives, the estimated years of remaining economic life for the blocks transported via ODL, the potential outcome of the dispute with the GoG over the Corentyne block, the Company's development plans and objectives, production levels, profitability, cash flows, and future income generation capacity are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility in market prices for oil and natural gas; the U.S. trade tariffs affecting numerous countries; the impact of the Russia-Ukraine conflict and the conflict in the Middle East and economic sanctions related thereto; actions of the Organization of Petroleum Exporting Countries; the risk that the sale of the Colombian upstream business pursuant to the Arrangement is not completed; actions by other third parties including customers, suppliers, industry partners or relevant governmental or regulatory authorities, uncertainties associated with estimating and establishing oil and natural gas reserves and resources; liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; expectations regarding the Company's ability to raise capital and to continually add reserves through acquisition and development; the Company's ability to complete strategic initiatives or transactions to enhance the value of the Frontera Shares and the timing thereof; the Company's intent to continue to consider investor-focused initiatives; the Company's ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to: meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; the intentions of the Company with regard to its capital allocation decisions; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; geological, technical, drilling and processing problems; timing of receipt of government approvals; measures the Company may take in response to pandemics of similar events; and fluctuations in foreign exchange or interest rates and stock market volatility, the ability of the Joint Venture to reach an agreement with the GoG in respect of the Joint Venture's interest in the agreements relating to the Corentyne block or the results of any ongoing discussions or legal processes relating to such matters, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 17, 2026 filed on SEDAR+ at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.Non-IFRS Financial MeasuresThis press release contains various "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in NI 52-112), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), "supplementary financial measures" (as such term is defined in NI 52-112) and "capital management measures" (as such term is defined in NI 52-112), which are described in further detail below. Such measures do not have standardized IFRS definitions. The Company's determination of these non-IFRS financial measures may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures do not replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company's underlying operating performance. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company's ability to finance its ongoing operations and obligations.Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and capital management measures used in the MD&A.Operating EBITDA from Continuing Operations *EBITDA is a commonly used non-IFRS financial measure that adjusts net income (loss) as reported under IFRS to exclude the effects of income taxes, finance income and expenses, and DD&A. Operating EBITDA from continuing operations is a non-IFRS financial measure that represents the operating results of the Company's primary business, excluding the following items: restructuring, severance and other costs, post-termination obligation, trunkline costs, temporal taxes, payments of minimum work commitments and, certain non-cash items (such as impairments, foreign exchange, unrealized risk management contracts, share-based compensation and debt extinguishment cost) and gains or losses arising from the disposal of capital assets. In addition, other unusual or non-recurring items are excluded from operating EBITDA from continuing operations, as they are not indicative of the underlying core operating performance of the Company.The following table provides a reconciliation of net income (loss) to Operating EBITDA from continuing operations:
Three months endedDecember 31Year ended December 31($M)2025202420252024Net loss for the period from continuing operations (1)(663,354)(20,485)(1,020,361)(18,628)




Finance income(1,392)(1,851)(6,677)(8,363)Finance expenses18,88821,47371,33373,252Income tax (recovery) expense(15,058)35,594(22,557)99,324Depletion, depreciation and amortization75,11562,737275,419254,791Colombian temporary taxes (2) 1,983—7,233—Expense (recovery) of asset retirement obligation1,691(2,214)5,5002,335Impairment expense620,43618,2051,063,16919,985Trunkline costs1621,4852,1625,314Post-termination obligation7407053,339577Share-based compensation1,0638272,7461,685Restructuring, severance and other costs2,2792,09621,0845,312Share of income from associates(14,107)(13,200)(59,197)(53,912)Foreign exchange loss4,3571,7952,56511,041Other loss (income)6,359(6,696)(7,008)672Unrealized (gain) loss on risk management contracts(2,306)10,035(7,518)13,976Realized loss (gain) on risk management contract for ODL dividends received 1,076(921)2,297(633)Non-controlling interests (4,242)35(18,206)(609)Gain on repurchase of senior unsecured notes net of consent solicitation(1,363)—(13,288)(1,001)Debt extinguishment cost——5,964—Operating EBITDA from continuing operations68,907109,620308,029405,118Capital ExpendituresCapital expenditures is a non-IFRS financial measure that reflects the cash and non-cash items used by the Company to invest in capital assets. This financial measure considers oil and gas properties, plant and equipment, infrastructure, exploration and evaluation assets expenditures which are items reconciled to the Company's Statements of Cash Flows for the period.
Three months endedDecember 31Year ended December 31
2025202420252024Consolidated Statements of Cash Flows



Additions to oil and gas properties, infrastructure port, and plant and equipment54,71093,074205,800311,759Additions to exploration and evaluation assets1,5671,4715,24411,749Total additions in Consolidated Statements of Cash Flows56,27794,545211,044323,508Non-cash adjustments (1)(3,030)(7,520)(1,808)(30,343)Cash adjustments (2)—(2,481)(43)(2,481)Total Capital Expenditures from Continuing Operations53,24784,544209,193290,684




Capital Expenditures attributable to Infrastructure Colombia Segment2,82825,99915,70647,882Capital Expenditures attributable to other segments different to Infrastructure Colombia Segment50,41958,545193,487242,802Total Capital Expenditure from Continuing Operations53,24784,544209,193290,684(1) Related to materials inventory movements, capitalized non-cash items and other adjustmentsInfrastructure Colombia CalculationsEach of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative, is a non-IFRS financial measure, and each is used to evaluate the performance of the Infrastructure Colombia Segment operations. Adjusted Infrastructure Revenue includes revenues of the Infrastructure Colombia Segment including ODL's revenue direct participation interest. Adjusted Infrastructure Operating Costs includes costs of the Infrastructure Colombia Segment including ODL's cost direct participation interest. Adjusted Infrastructure General and Administrative includes general and administrative costs of the Infrastructure Colombia Segment including ODL's general and administrative direct participation interest.A reconciliation of each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative is provided below.
Three months endedDecember 31Year ended December 31($M) (1)2025202420252024Revenue Infrastructure Colombia Segment17,06513,87360,05548,542Revenue from ODL99,76989,728374,235351,000Direct participation interest in the ODL 35 %35 %35 %35 %Equity adjustment participation of ODL (1)34,91931,405130,982122,850Adjusted Infrastructure Revenues51,98445,278191,037171,392




Operating cost Infrastructure Colombia Segment(12,007)(8,099)(42,674)(31,438)Operating Cost from ODL(16,753)(16,270)(54,684)(54,020)Direct participation interest in the ODL 35 %35 %35 %35 %Equity adjustment participation of ODL (1)(5,864)(5,695)(19,140)(18,908)Adjusted Infrastructure Operating Costs(17,871)(13,794)(61,814)(50,346)




General and administrative Infrastructure Colombia Segment(1,537)(1,507)(5,653)(5,903)General and administrative from ODL(5,814)(6,985)(19,788)(22,628)Direct participation interest in the ODL 35 %35 %35 %35 %Equity adjustment participation of ODL (1)(2,035)(2,445)(6,925)(7,920)Adjusted Infrastructure General and Administrative(3,572)(3,952)(12,578)(13,823)(1) Revenues and expenses related to ODL are accounted for using the equity method, as described in Note 19 of the Interim Condensed Consolidated Financial Statements.Adjusted Infrastructure EBITDAThe Adjusted Infrastructure EBITDA is a non-IFRS financial measure used to assist in measuring the operating results of the Infrastructure Colombia Segment business.
Three months endedDecember 31Year ended December 31($M) 2025202420252024Adjusted Infrastructure Revenue (1)51,98445,278191,037171,392Adjusted Infrastructure Operating Costs (1)(17,871)(13,794)(61,814)(50,346)Adjusted Infrastructure General and Administrative (1)(3,572)(3,952)(12,578)(13,823)Adjusted Infrastructure EBITDA30,54127,532116,645107,223(1) Non-IFRS financial measureNet SalesNet sales is a non-IFRS financial measure that adjusts revenue to include realized gains and losses from oil risk management contracts while removing the cost of any volumes purchased from third parties. This is a useful indicator for management, as the Company hedges a portion of its oil production using derivative instruments to manage exposure to oil price volatility. This metric allows the Company to report its realized net sales after factoring in these oil risk management activities. The deduction of cost of purchases is helpful to understand the Company's sales performance based on the net realized proceeds from its own production, the cost of which is partially recovered when the blended product is sold. Net sales also exclude sales from port services, as it is not considered part of the oil and gas segment. Refer to the reconciliation in the "Sales" section on page 10 of the MD&A.Operating Netback and Oil and Gas Sales, Net of PurchasesOperating netback is a non-IFRS financial measure and operating netback per boe is a non-IFRS ratio. Operating netback per boe is used to assess the net margin of the Company's production after subtracting all costs associated with bringing one barrel of oil to the market. It is also commonly used by the oil and gas industry to analyze financial and operating performance expressed as profit per barrel and is an indicator of how efficient the Company is at extracting and selling its product. For netback purposes, the Company removes the effects of any trading activities and results from its Infrastructure Colombia Segment from the per barrel metrics and adds the effects attributable to transportation and operating costs of any realized gain or loss on foreign exchange risk management contracts. Refer to the reconciliation in the "Operating Netback" section on page 9 of the MD&A.The following is a description of each component of the Company's operating netback and how it is calculated. Oil and gas sales, net of purchases, is a non-IFRS financial measure that is calculated using oil and gas sales less the cost of volumes purchased from third parties including its transportation and refining costs. Oil and gas sales, net of purchases per boe, is a non-IFRS ratio that is calculated using oil and gas sales, net of purchases, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
Three months endedDecember 31Year ended December 31
2025202420252024Produced crude oil and products sales ($M) (1)184,045219,070764,855854,111Purchased crude net margin ($M) (2)(3)(7,007)(11,552)(37,311)(38,118)Oil and gas sales, net of purchases ($M) (2)177,038207,518727,544815,993Sales volumes, net of purchases - (boe)3,092,3043,254,59211,976,74511,707,608Produced crude oil and gas sales ($/boe)59.5267.3163.8672.95Oil and gas sales, net of purchases ($/boe) (2)57.2563.7660.7469.70 * Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 19 of the MD&A for further details.(1) Excludes sales from infrastructure services, as they are not part of the oil and gas segment. Refer to the "Infrastructure Colombia" section on page 24 of the MD&A for further details.(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.(3) Purchased crude net margin is a non-IFRS financial measure calculated using purchased crude oil and product sales, less the cost of those volumes purchased from third parties including transportation and refining costs. Please see the calculation below.Distributable Cash Flow is a non- IFRS financial measure used to assess the cash available to the Company from its operations and equity investments to support capital expenditures, debt service and dividends.Non-IFRS RatiosRealized oil price, net of purchases, and realized gas price per boeRealized oil price, net of purchases, and realized gas price per boe are both non-IFRS ratios. Realized oil price, net of purchases, per boe is calculated using oil sales net of purchases, divided by total sales volumes, net of purchases. Realized gas price is calculated using sales from gas production divided by the conventional natural gas sales volumes.
Three months endedDecember 31Year ended December 31
2025202420252024Oil and gas sales, net of purchases ($M) (1)(2)177,038207,518727,544815,993Crude oil sales volumes, net of purchases - (bbl)3,008,8103,213,57811,742,38911,500,286Conventional natural gas sales volumes - (mcf)475,857234,3211,335,4831,183,171Realized oil price, net of purchases ($/bbl) (2)57.1964.0861.0070.30Realized conventional natural gas price ($/mcf)10.426.788.456.37* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 19 for further details.(1) Non-IFRS financial measure.(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.Net sales realized priceNet sales realized price is a non-IFRS ratio that is calculated using net sales (including oil and gas sales net of purchases, realized gains and losses from oil risk management contracts and less royalties). Net sales realized price per boe is a non-IFRS ratio which is calculated dividing each component by total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
Three months endedDecember 31Year ended December 31
2025202420252024Oil and gas sales, net of purchases ($M) (1)(2)177,038207,518727,544815,993(Loss) gain on oil price risk management contracts, net ($M) (3)(1,186)253(8,680)(8,457)(-) Royalties ($M)(2,241)(2,599)(9,448)(14,704)Net sales ($M)173,611205,172709,416792,832Sales volumes, net of purchases - (boe)3,092,3043,254,59211,976,74511,707,608Oil and gas sales, net of purchases ($/boe) (2)57.2563.7660.7469.70 Premiums received (paid) on oil price risk management contracts (3)(4)(0.38)0.08(0.72)(0.72) Royalties ($/boe) (4)(0.73)(0.80)(0.79)(1.26)Net sales realized price ($/boe) (2)56.1463.0459.2367.72* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 19 of the MD&A for further details.(1) Non-IFRS financial measure.(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.(3) Includes the net amount of put premiums paid for expired positions and the positive cash settlement received from oil price contracts during the period. Refer to the "Gain (Loss) on Risk Management Contracts" section on page 18 of the MD&A for further details.(4) Supplementary financial measure.Purchased crude net marginPurchased crude net margin is a non-IFRS financial measure that is calculated using the purchased crude oil and products sales, less the cost of those volumes purchased from third parties including its transportation and refining costs. Purchased crude net margin per boe is a non-IFRS ratio that is calculated using the Purchased crude net margin, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:
Three months endedDecember 31Year ended December 31
2025202420252024Purchased crude oil and products sales ($M)43,14154,469194,015202,752(-) Cost of diluent and oil purchased ($M) (1)(49,375)(65,375)(229,094)(235,944)Puerto Bahía inter-segment costs (2)(773)(646)(2,232)(4,926)Purchased crude net margin ($M) (2)(7,007)(11,552)(37,311)(38,118)Sales volumes, net of purchases - (boe)3,092,3043,254,59211,976,74511,707,608Purchased crude net margin ($/boe) (2)(2.27)(3.55)(3.12)(3.25)* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 19 of the MD&A for further details.(1) Cost of third-party volumes purchased for use and resale in the Company's oil operations, including associated transportation and refining costs.(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to diluent and oil purchases as well as transportation costs.Production costs (excluding energy cost), net of realized FX hedge impact, and production cost (excluding energy cost), net of realized FX hedge impact per boeProduction costs (excluding energy cost), net of realized FX hedge impact is a non-IFRS financial measure that mainly includes lifting costs, activities developed in the blocks, processes to put the crude oil and gas in sales condition and the realized gain or loss on foreign exchange risk management contracts attributable to production costs. Production cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using production cost (excluding energy cost), net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:
Three months endedDecember 31Year ended December 31
2025202420252024Production costs (excluding energy costs) ($M)33,49327,628128,296134,694(-) Realized gain on FX hedge attributable to production costs (excluding energy costs) ($M) (1)(1,367)—(2,615)(3,358)SAARA inter-segment costs1,8727835,7831,370Production costs (excluding energy costs), net of realized FX hedge impact ($M) (2) 33,99828,411131,464132,706Production Colombia (boe)3,526,5443,740,35214,239,01514,136,018Production costs (excluding energy costs), net of realized FX hedge impact ($/boe)9.647.609.239.39* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 19 of the MD&A for further details.(1) See "Gain (Loss) on Risk Management Contracts" on page 18 of the MD&A for further details.(2) Non-IFRS financial measure.Energy costs, net of realized FX hedge impact, and production cost, net of realized FX hedge impact per boeEnergy costs, net of realized FX hedge impact is a non-IFRS financial measure that describes the electricity consumption and the costs of localized energy generation and the realized gain or loss on foreign exchange risk management contracts attributable to energy costs. Energy cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using energy cost, net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:
Three months endedDecember 31Year ended December 31
2025202420252024Energy costs ($M)22,59520,43979,54675,622(-) Realized gain on FX hedge attributable to energy costs ($M) (1)(677)—(1,366)(1,267)Energy costs, net of realized FX hedge impact ($M) (2) 21,91820,43978,18074,355Production Colombia (boe)3,526,5443,740,35214,239,01514,136,018Energy costs, net of realized FX hedge impact ($/boe)6.225.465.495.26* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador.(1) See "Gain (Loss) on Risk Management Contracts" on page 18 of the MD&A for further details.(2) Non-IFRS financial measure.Transportation costs, net of realized FX hedge impact, and transportation costs, net of realized FX hedge impact per boeTransportation costs, net of realized FX hedge impact is a non-IFRS financial measure, that includes all commercial and logistics costs associated with the sale of produced crude oil and gas such as trucking and pipeline, and the realized gain or loss on foreign exchange risk management contracts attributable to transportation costs. Transportation cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using transportation cost, net of realized FX hedge impact divided by net production after royalties. A reconciliation of this calculation is provided below:
Three months endedDecember 31Year ended December 31
2025202420252024Transportation costs ($M)38,54438,645154,426146,741(-) Realized gain on FX hedge attributable to transportation costs ($M) (1)(761)—(1,628)(982)Puerto Bahía inter-segment costs (2)8875072,9912,021Transportation costs, net of realized FX hedge impact ($M) (2)(3) 38,67039,152155,789147,780Net production Colombia (boe)3,245,0243,377,13612,984,51012,524,154Transportation costs, net of realized FX hedge impact ($/boe) (2)11.9211.5912.0011.80* Figures from previous reporting periods were changed due to the re-presentation of continuing operations following the divestment of non-core assets in Ecuador. Refer to the "Discontinued Operations" section on page 19 of the MD&A for further details.(1) See "Gain (Loss) on Risk Management Contracts" on page 18 of the MD&A for further details.(2) 2024 comparative figures differ from those previously reported due to the inclusion of Puerto Bahia inter-segment costs related to transportation costs.(3) Non-IFRS financial measure.Supplementary Financial MeasuresRoyalties per boeRoyalties includes royalties and amounts paid to previous owners of certain blocks in Colombia and cash payments for PAP. Royalties per boe is a supplementary financial measure that is calculated using the royalties divided by total sales volumes, net of purchases.Capital Management MeasuresRestricted cash short- and long-termRestricted cash (short- and long-term) is a capital management measure, that sums the short-term portion and long-term portion of the cash that the Company has in term deposits that have been escrowed to cover future commitments and future abandonment obligations, or insurance collateral for certain contingencies and other matters that are not available for immediate disbursement. Total cashTotal cash is a capital management measure to describe the total cash and cash equivalents restricted and unrestricted available, is comprised by the cash and cash equivalents and the restricted cash short and long-term.Total debt and lease liabilitiesTotal debt and lease liabilities are capital management measures to describe the total financial liabilities of the Company and is comprised of the debt of the 2028 Unsecured Notes, loans, and liabilities from leases of various properties, power generation supply, vehicles and other assets.About Frontera's 2025 Year-End Estimated ReservesThe Company's 2025 year-end estimated reserves were evaluated by D&M in their report dated February 6, 2026, with an effective date of December 31, 2025 (the "Reserves Report"), in accordance with the definitions, standards and procedures contained in the COGE Handbook, NI 51-101 and CSA Staff Notice 51-324. D&M is an independent qualified reserves evaluator as defined in NI 51-101.Additional reserves information as required under NI 51-101 will be included in the Company's statement of reserves data and other oil and gas information on Form 51-101F1, which is expected to be filed on SEDAR on March 17, 2026. See "Advisory Note Regarding Oil and Gas Information" section in the "Advisories", at the end of this news release.Definitions:bbl(s)Barrel(s) of oilbbl/dBarrel of oil per dayboeRefer to "Boe Conversion" disclosure aboveboe/dBarrel of oil equivalent per dayMcfThousand cubic feetMMboeMillions of barrels of oil equivalentMMcf/dMillions of cubic feet per day$MThousands of U.S. dollars$MMMillions of U.S. dollarsNet ProductionNet production represents the Company's working interest volumes, net of royalties and internal consumptionPDPProved developed producing reservesPDNPProved developed non-producing reservesPUDProved undeveloped reserves1PProved reserves2PProved reserves + probable reserves"Proved Developed Producing Reserves" are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been in production, and the date of resumption of production must be known with reasonable certainty."Proved Developed Non-Producing Reserves" are those reserves that either have not been on production or have previously been on production but are shut-in and the date of resumption of production is unknown."Proved Undeveloped Reserves" are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g. when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned."Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves."Probable" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves."Possible" reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.



View original content:https://www.prnewswire.com/news-releases/frontera-announces-fourth-quarter-2025-year-end-2025-results-and-reserves-302716882.htmlSOURCE Frontera Energy Corporation

Original: FRONTERA ANNOUNCES FOURTH QUARTER 2025, YEAR-END 2025 RESULTS AND RESERVES

FRONTERA ANNOUNCES DEFINITIVE AGREEMENT WITH PAREX TO DIVEST ITS COLOMBIAN E&P ASSETS PORTFOLIO FOR A FIRM VALUE OF APPROXIMATELY $750 MILLION, INCLUDING $525 MILLION EQUITY CONSIDERATIONMarch 10, 2026 11:42 PM
PR Newswire (US)

CALGARY, AB, March 10, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces it has entered into a definitive arrangement agreement with Parex Resources Inc. (TSX: PXT) ("Parex") (the "Parex Arrangement Agreement"), pursuant to which Parex will acquire Frontera's upstream Colombian exploration and production business (the "Frontera E&P Assets") for an equity consideration of up to $525 million (the "Parex Arrangement" or the "Transaction"), including $500 million payable upon closing and a $25 million contingent payment payable upon execution of the contractual amendment, or other binding agreement, extending the term of the Quifa Association Contract within 12 months, subject to customary closing adjustments. Parex will also assume all of Frontera's obligations under its $310 million 2028 Senior Unsecured Notes and $80 million Chevron prepayment facility, resulting in a firm value of approximately $750 million. All financial amounts in this news release and in the Company's financial disclosures are in United States dollars, unless otherwise stated.The Parex Arrangement followed the submission by Parex of a proposal providing for an additional $125 million in equity consideration, representing a 31% premium to the consideration contemplated under the arrangement agreement dated January 29, 2026 between Frontera, GeoPark Limited and Geopark Colombia SLU ("GeoPark") which provided for the acquisition of Frontera E&P Assets by GeoPark (the "GeoPark Arrangement Agreement"). Concurrent with entering into the Parex Arrangement Agreement, Frontera terminated the GeoPark Arrangement Agreement and paid the $25 million Purchaser Break Fee.The equity consideration of $525 million, together with the Company's cash resources on hand plus a conservative $150 million equity valuation for the Infrastructure Business (at a 4x multiple to 2025 Distributable Cash Flow), implies a stock price of CAD$13.18, which represents a premium for shareholders in excess of 112% to the 90-day VWAP of Frontera's common shares as traded in the Toronto Stock Exchange prior to the announcement of the GeoPark Arrangement Agreement.Following completion of the Transaction and subject to shareholder approval, Frontera intends to distribute to shareholders approximately $470 million (expected to be approximately CAD$9.18 per share)(1), which includes the $25 million contingent payment, representing the net cash proceeds from the Transaction after the payment of the GeoPark break fee, capital reserved for growth projects, transaction costs, fees and related expenses.(1) Based on 69,530,049 common shares outstanding as of December 31, 2025 and USD/CAD exchange rate of 1.3574. Frontera's 90-day VWAP prior to the annoucement, on January 29th, 2026 was CAD$6.20.As a result of the Transaction, Frontera will emerge as a newly focused infrastructure company, anchored by its standalone and growing portfolio of infrastructure assets (the "Infrastructure Business"), which includes the Company's 35% equity interest in the Oleoducto de los Llanos Orientales S.A. crude oil pipeline and the Company's 99.97% equity interest in Sociedad Portuaria Puerto Bahia, and certain other non-Colombian assets, including the Company's interests in Guyana. Frontera Infrastructure Business comprises a unique set of strategic assets within Colombia's energy value chain and will form the engine of Frontera's post-Transaction business, having generated Distributable Cash Flow of approximately $77 million in 2025.Frontera is expected to have approximately $50 million of cash and cash equivalents following completion of the Parex Agreement to support strategic growth initiatives within its Infrastructure Business, including the potential LNG regasification project with Ecopetrol S.A.Gabriel de Alba, Chairman of the Board of Directors, commented:"From the outset, the Board's mandate has been clear: to maximize value for Frontera's shareholders. Following a disciplined and constructive sales process, conducted with rigorous adherence to our fiduciary duties, the Board worked closely with management and engaged constructively with all parties to deliver the best possible outcome – representing a $125 million increase in equity consideration for our shareholders. This outcome underscores the strength of our management team, the quality of Frontera's assets and the Board's commitment to positioning the Company for its next chapter as a focused infrastructure platform."Orlando Cabrales, Chief Executive Officer, commented:"We are pleased to partner with Parex on this important transaction, which represents a significant milestone for Colombia and a meaningful step in the consolidation of the country's E&P sector. As the largest independent operator in Colombia with a strong relationship with key Colombian stakeholders and direct knowledge of our assets though our VIM-1 partnership, Parex brings strong operational and financial capabilities and continuity for our employees, partners and communities. For Frontera, this transaction marks the beginning of our next chapter as a pure-play infrastructure company with approximately $77 million in distributable cash flows, multiple near-term growth catalysts at Puerto Bahia, including the LPG import facilities, the potential LNG regasification project, and containerized cargo expansion, and a strong path to returning capital to our shareholders."TransactionUnder the Parex Arrangement Agreement, Parex would acquire the same assets that Frontera had agreed to sell to GeoPark under the GeoPark Arrangement Agreement.As previously announced, the purchase price under the Parex Arrangement Agreement consists of a total cash consideration of $525 million ("Cash Consideration"), comprising:$500 million in cash payable at closing, subject to customary closing adjustments; andan additional $25 million contingent payment payable upon execution of the contractual amendment, or other binding agreement, extending the term of the Quifa Association Contract within 12 monthsUnder the terms of the Parex Arrangement Agreement, Parex or and affiliate thereof, will also assume all of Frontera's obligations under the $310 million aggregate principal amount of outstanding 2028 unsecured notes of the Company and the $80 million outstanding under Frontera's prepayment facility with Chevron Products Company.Except for the consideration being offered, the Parex Arrangement Agreement and structure of the Parex Arrangement are substantially the same as was provided for under the GeoPark Arrangement Agreement.After consultation with their independent financial and legal advisors, the independent members of Frontera's Board of Directors have unanimously determined (i) that the Parex Arrangement is fair to the Frontera's shareholders, (ii) that the Parex Arrangement and entry into the Parex Arrangement are in the best interests of Frontera, and (iii) to recommend that Frontera shareholders vote in favor of the Parex Arrangement.In connection with the Parex Arrangement Agreement, the Catalyst Capital Group Inc. and Gramercy Funds Management LLC, which beneficially own approximately 41% and 12% of the Company's outstanding shares, respectively, have entered into support agreements under which, subject to the terms of the agreements, they have agreed to vote in favor of the Transaction.Transaction DetailsFrontera and Parex have entered into the Parex Arrangement Agreement to effect the Parex Arrangement by way of a plan of arrangement under the Business Corporations Act (British Columbia). Following completion of closing, Frontera expects to distribute the net cash proceeds from the Parex Arrangement (after the payment the GeoPark break fee, capital reserved for growth projects and transaction costs, fees and related expenses) to shareholders through a return of capital. Additional details regarding the timing and mechanics of the distribution will be provided in due course.The Parex Arrangement has an effective date of January 1, 2026, is anticipated to close in the second quarter of 2026 subject to customary closing conditions including, without limitation, receipt of Frontera's shareholder approval in accordance with applicable corporate and securities laws, approval of the plan of arrangement by the British Columbia Supreme Court and receipt of required regulatory approvals. The Transaction is not subject to any financing conditions and payment of the Cash Consideration by Parex will be funded entirely through a combination of Parex's existing cash and credit facilities, and an underwritten financing commitment from Scotiabank.The Parex Arrangement requires approval by at least 66 2/3% of the votes cast by Frontera's shareholders present in person or represented by proxy at a special meeting of Frontera's shareholders to be called to consider the Parex Arrangement (the "Frontera Meeting"), details of which will be provided in the near future. The previously scheduled special meeting of shareholders called to approve the GeoPark transaction has been cancelled.Further details with respect to the Parex Arrangement and the anticipated return of capital to Frontera shareholders following the closing of the Parex Arrangement will be included in the information circular to be mailed to the Frontera shareholders in connection with the Frontera Meeting. A copy of the Parex Arrangement Agreement will be filed on Frontera's SEDAR+ profile in due course at www.sedarplus.ca.Fairness Opinion and AdvisorsCiti is acting as financial advisor to Frontera.  BMO Nesbitt Burns Inc. was retained to provide a fairness opinion to the Board of Directors of Frontera in respect of the Parex Arrangement for a fixed fee payable upon delivery of the opinion (and not contingent on completion of the Parex Arrangement). Blake, Cassels & Graydon LLP and McMillan LLP are acting as legal counsel to Frontera.About Frontera:Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.Cautionary Note Concerning Forward-Looking StatementsThis news release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to the Parex Arrangement, the process and timing for such transaction, the special meeting intended to be held in respect of the Parex Arrangement, a potential return of capital to the Frontera shareholders, and Frontera's Infrastructure Business after completion of the Transaction including the allocation of Transaction proceeds, funding of strategic growth projects and expected cash on hand. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that the Parex Arrangement will be completed on the terms or within the timeframes currently contemplated; the failure to obtain all necessary court, third-party, regulatory and shareholder approvals to complete the Transaction and the risk that the Transaction may be varied, accelerated or terminated in certain circumstances; and that the currently anticipated amount and timing of the return of capital to Frontera shareholders and Frontera's plan and expectations with respect to its Infrastructure Business may be different than currently anticipated.Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.Non-IFRS Financial MeasuresThis press release contains a "non-IFRS financial measure" (equivalent to a "non-GAAP financial measure", as such term is defined in NI 52-112). Non-IFRS financial measures do not have standardized IFRS definitions. The Company's determination of this non-IFRS financial measure may differ from other reporting issuers and it is therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. Such financial measures do not replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. The Company discloses such financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company's underlying operating performance. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company's ability to finance its ongoing operations and obligations.Distributable Cash Flow is a non- IFRS financial measure used to assess the cash available to the Company from its operations and equity investments to support capital expenditures, debt service and dividends.Additional information regarding this non-IFRS financial measure is contained in the "Non-IFRS and Other Financial Measures" section of the Company's management discussion & analysis dated March 10, 2025, for the year ended December 31, 2024 (the "2024 MD&A"), which information is incorporated by reference herein. A copy of the 2024 MD&A is available under the Company's profile on SEDAR+ at www.sedarplus.ca.www.fronteraenergy.ca



View original content:https://www.prnewswire.com/news-releases/frontera-announces-definitive-agreement-with-parex-to-divest-its-colombian-ep-assets-portfolio-for-a-firm-value-of-approximately-750-million-including-525-million-equity-consideration-302710367.htmlSOURCE Frontera Energy Corporation

Original: FRONTERA ANNOUNCES DEFINITIVE AGREEMENT WITH PAREX TO DIVEST ITS COLOMBIAN E&P ASSETS PORTFOLIO FOR A FIRM VALUE OF APPROXIMATELY $750 MILLION, INCLUDING $525 MILLION EQUITY CONSIDERATION

FRONTERA MOVES TO ACCEPT $525 MILLION SUPERIOR PAREX OFFERMarch 10, 2026 8:31 AM
PR Newswire (US)

FOLLOWING RECEIPT OF NO MATCH NOTICE FROM GEOPARK CALGARY, AB, March 10, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") has received notice from GeoPark Limited ("GeoPark") that it will not exercise its right to match the binding offer (the "Parex Offer") received from Parex Resources Inc. ("Parex"), which Frontera had determined to be a "Superior Proposal" to the existing GeoPark transaction, as previously announced on March 5, 2026. As such, Frontera intends to enter into definitive agreements with Parex to implement the Parex Offer by way of a plan of arrangement under the Business Corporations Act (British Columbia) and terminate the agreements in place with respect to the GeoPark transaction.Further details with respect to the Parex Offer will be provided once definitive agreements have been signed between Frontera and Parex, which Frontera expects to be completed today.About Frontera:
Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to the transaction involving Frontera and Parex, and the process and timing for such transaction. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that the Parex Arrangement will be completed on the terms or within the timeframes currently contemplated; the failure to obtain all necessary court, third-party and shareholder approvals to complete such transaction and the risk that such transaction may be varied, accelerated or terminated in certain circumstances.Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.www.fronteraenergy.ca



View original content:https://www.prnewswire.com/news-releases/frontera-moves-to-accept-525-million-superior-parex-offer-302709468.htmlSOURCE Frontera Energy Corporation

Original: FRONTERA MOVES TO ACCEPT $525 MILLION SUPERIOR PAREX OFFER

FRONTERA PROVIDES UPDATE ON PROPOSAL FROM PAREX RESOURCES INC.; CONTINUES TO RECOMMEND TRANSACTION WITH GEOPARKMarch 2, 2026 11:36 PM
PR Newswire (US)

CALGARY, AB, March 2, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") is today providing an update on the previously-announced unsolicited, non-binding proposal made by Parex Resources Inc. ("Parex") to acquire all of Frontera's upstream Colombian exploration and production business (the "Frontera E&P Assets"), being the same assets that Frontera has agreed to sell to a subsidiary of GeoPark Limited ("GeoPark") under the previously announced arrangement agreement between Frontera and GeoPark dated January 29, 2026 (the "GeoPark Arrangement Agreement").  Since receipt of the non-binding proposal, consistent with its fiduciary responsibilities, the Frontera Board of Directors, in consultation with its outside legal counsel and independent financial advisors, has carefully reviewed and considered the Parex non-binding proposal and has had ongoing discussions and negotiations with Parex, including providing it with certain non-public information regarding Frontera pursuant to a confidentiality agreement.Today, Frontera received a binding proposal from Parex (the "Parex Binding Proposal") to acquire the equity interest of the Frontera E&P Assets for $525 million, and is currently awaiting confirmation of certain terms.As a result, the Frontera Board of Directors, in consultation with outside legal counsel and its independent financial advisors, has determined that the Parex Binding Proposal at this time does not constitute a "Superior Proposal", as defined under the GeoPark Arrangement Agreement.The GeoPark Arrangement Agreement remains in full force and effect, and the Frontera Board of Directors continues to recommend the GeoPark arrangement to the Frontera shareholders and that Frontera shareholders vote in favor of the resolution to approve the GeoPark arrangement at the upcoming special meeting of Frontera shareholders to be held on April 10, 2026.About Frontera:
Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.Advisories:Cautionary Note Concerning Forward-Looking StatementsThis news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to a potential transaction involving a proposal made by Parex to Frontera, and the process and timing for the transaction between Frontera and GeoPark. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: there can be no assurance that any transaction will result from the binding proposal from Parex or that Parex and Frontera will ultimately enter into a definitive agreement for Parex to acquire the Frontera E&P Assets; and the failure to obtain all necessary court, third-party and shareholder approvals to complete the transaction with GeoPark or Parex and the risk that such transaction may be varied, accelerated or terminated in certain circumstances.Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.www.fronteraenergy.ca



View original content:https://www.prnewswire.com/news-releases/frontera-provides-update-on-proposal-from-parex-resources-inc-continues-to-recommend-transaction-with-geopark-302701951.htmlSOURCE Frontera Energy Corporation

Original: FRONTERA PROVIDES UPDATE ON PROPOSAL FROM PAREX RESOURCES INC.; CONTINUES TO RECOMMEND TRANSACTION WITH GEOPARK

Frontera Energy Acknowledges Receipt and is Considering The Unsolicited Proposal from Parex Resources Inc.February 23, 2026 9:31 PM
PR Newswire (Canada)

CALGARY, AB, Feb. 23, 2026 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces today that it acknowledges receipt from Parex Resources Inc. ("Parex") of an unsolicited proposal to acquire all of Frontera's upstream Colombian exploration and production business (the "Frontera E&P Assets"), being the same assets that that Frontera has agreed to sell to a subsidiary of GeoPark Limited ("GeoPark") under the previously announced arrangement agreement between Frontera and GeoPark dated January 29, 2026 (the "GeoPark Arrangement Agreement"). 
Consistent with its fiduciary responsibilities, the Frontera Board of Directors, in consultation with its legal and financial advisors, is carefully reviewing and considering the unsolicited Parex proposal.Frontera will continue to advance the transaction under the GeoPark Arrangement Agreement to sell to GeoPark the Frontera E&P Assets which was announced on January 30, 2026. At this time, the Frontera Board continues to recommend the GeoPark transaction to its shareholders.About Frontera:Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corpAdvisories:
Cautionary Note Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to a potential transaction between Frontera and a third party that has made a non-binding offer to acquire the Frontera E&P Assets from Frontera, and the process and timing for the current proposed transaction between Frontera and GeoPark. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to proceed with a potential transaction with the third party; and the failure to obtain all necessary court, third-party and shareholder approvals to complete the transaction with GeoPark and the risk that such transaction may be varied, accelerated or terminated in certain circumstances.Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe.
www.fronteraenergy.ca



View original content:https://www.prnewswire.com/news-releases/frontera-energy-acknowledges-receipt-and-is-considering-the-unsolicited-proposal-from-parex-resources-inc-302695217.htmlSOURCE Frontera Energy Corporation

Original: Frontera Energy Acknowledges Receipt and is Considering The Unsolicited Proposal from Parex Resources Inc.

FRONTERA ANNOUNCES DEFINITIVE AGREEMENT WITH GEOPARK TO DIVEST ITS COLOMBIAN E&P ASSETS PORTFOLIO FOR A FIRM VALUE OF $622 MILLIONJanuary 30, 2026 12:33 AM
PR Newswire (US)

FRONTERA RETAINS ITS INFRASTRUCTURE BUSINESS ANCHORED BY A STABLE DIVIDEND STREAM FROM ITS PARTICIPATION IN ODL AND ATTRACTIVE GROWTH PROFILE IN PUERTO BAHIAPROCEEDS FROM TRANSACTION TO DELIVER CASH TO SHAREHOLDERS AT CLOSING, WITH A FURTHER $25 MILLION CONTINGENT PAYMENT UPON ACHIEVEMENT OF SPECIFIED DEVELOPMENT MILESTONESUpon Completion of the Transaction and Proposed Return of Capital to Shareholders, Frontera's Multi-Year Value Creation Initiatives Will Have Delivered Approximately $1.1 Billion to Investors2028 Senior Unsecured Notes to Transfer to Geopark Upon Closing of the TransactionCALGARY, AB, Jan. 30, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces today that it has entered into a definitive agreement (the "Agreement") with Geopark Limited ("Geopark") for the divestment of Frontera Petroleum International Holdings B.V. for an equity value of up to $400 million (the "Transaction"), including $375 million payable upon closing and a $25 million contingent payment payable upon the achievement of certain development milestones, subject to customary closing adjustments. All financial amounts in this news release and in the Company's financial disclosures are in United States dollars, unless otherwise stated.As a result of the Transaction, Frontera will emerge as a focused infrastructure company, anchored by its standalone and growing portfolio of infrastructure assets (the "Infrastructure Business"), including ODL and Puerto Bahia, while also retaining its interests in Guyana and certain other non-Colombian assets. This portfolio represents a strategic asset within Colombia's energy value chain and will form the backbone of Frontera's post-transaction business, generating an estimated 2025 Distributable Cash Flow of approximately $77 million.Pursuant to the agreement, GeoPark will acquire 100% of Frontera's Colombian upstream business, which consists of all of Frontera's oil and gas exploration and production assets in Colombia, the reverse osmosis water treatment facility ("SAARA") and the palm oil plantation ("Proagrollanos"). Following completion of the Transaction and subject to shareholder approval, Frontera intends to distribute to shareholders approximately $370 million (CAD$7.18 per share)(1), the details of which will be communicated prior to the shareholder meeting.The equity purchase price of $400 million represents a 25% premium to the 90-day VWAP, and a 18% premium to the current stock price of Frontera. However, the Transaction involves the E&P assets alone. Including cash resources on hand plus a conservative $150 million valuation for the Infrastructure Business (at a 4x multiple to 2025E Distributable Cash Flow), the implied stock price of CAD$10.67, is a premium for our shareholders in excess of 60% over Frontera's closing stock price as of today.(1) Based on 69,535,349 common shares outstanding as of December 31, 2025.Gabriel de Alba, Chairman of the Board of Directors, commented:"The Board and management have focused on maximizing shareholder value unlocking approximately $1.1 billion, including over $480 million through dividends and buybacks. We have also positioned the Company to unlock further value through operational, strategic and debt reduction initiatives. The Transaction represents a significant step and the culmination of this multi-year, shareholder-focused strategy to surface and monetize value in the E&P business."Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented:"Following an exhaustive review of the Company's alternatives, we believe this Transaction crystallizes value for shareholders at an attractive premium for our Colombian E&P assets, converting exposure to oil prices into cash, and retaining upside through a standalone Infrastructure Business.The additional Infrastructure Business upside will come from our interest in ODL and Puerto Bahía as the backbone of our post-transaction Frontera. Our Infrastructure Business already generates Distributable Cash Flow of approximately $77 million (2025E), supported by a stable dividend stream from ODL and an attractive growth profile at Puerto Bahía, including LPG import facilities, an LNG regasification project, and containerized cargo expansion."TRANSACTION DETAILSFrontera and Geopark have entered into the agreement to affect the Transaction by way of a plan of arrangement under the Business Corporations Act (British Columbia). Following completion of closing, Frontera expects to distribute the net cash proceeds from the Transaction (after transaction costs, fees and expenses) to shareholders through a return of capital. Additional details on timing and amount of the return of capital will be provided in due course.Total cash consideration is up to $400 million, comprising:$375 million payable at closing, subject to customary closing adjustments, of which $75 million has been deposited by Geopark into escrow; and$25 million contingent payment payable upon the achievement of specified development milestones within a period of up to 12 months following the Transaction's closing date.Under the terms of the agreement, GeoPark will assume all the obligations under Frontera's $310 million of outstanding 2028 unsecured notes as well as the $80 million outstanding under Frontera's previously announced Chevron prepayment facility. The Transaction implies a firm value of $622 million for the acquired assets, comprising the cash consideration and the assumption of existing debt.The transaction has an effective date of January 1, 2026, is anticipated to close in the second half of 2026 subject to customary closing conditions including, without limitation, receipt of Frontera's Shareholder approval in accordance with applicable corporate and securities laws, approval of the plan of arrangement by the British Columbia Supreme Court and receipt of required regulatory approvals. The Transaction is not subject to any financing condition and will be funded entirely through Geopark's existing liquidity, committed lines of financing and prepayment facilities.The Transaction requires approval by at least 66 2/3% of the votes cast by Frontera's Shareholders present in person or represented by proxy at a special meeting of Frontera's Shareholders to be called to consider the Transaction (the "Frontera's Meeting"). The Frontera's Shareholder Meeting is expected to be held in April 2026, and further details will be provided in the near future.Further details with respect to the Arrangement and the anticipated return of capital to Frontera shareholders following the closing of the Transaction will be included in the information circular (the "Circular") to be mailed to the Frontera's Shareholders in connection with the Frontera Meeting. A copy of the Agreement and the Circular will be filed on Frontera's SEDAR+ profile and will be available for viewing in due course at www.sedarplus.ca.FRONTERA INFRASTRUCTURE BUSINESS AND FRONTERA REMAINING ASSETSFrontera retains full ownership of the Infrastructure Business, its interests in Guyana, and certain minor non-Colombian assets. The Infrastructure Business will serve as the backbone of Frontera's post-transaction portfolio and a core asset within Colombia's energy value chain, combining ODL's robust and predictable cash-flow generation with Puerto Bahía's pipeline of strategic growth projects, offering a differentiated value proposition in the infrastructure space.Frontera's Infrastructure Business includes the Company's 35% equity interest in the Oleoducto de los Llanos Orientales S.A. ("ODL") crude oil pipeline, through Frontera's wholly owned subsidiary, Frontera Pipeline Investment AG ("FPI"), and the Company's 99.97% equity interest in Sociedad Portuaria Puerto Bahia ("Puerto Bahia"). The business combines an attractive growth profile and is backed by a steady dividend stream from its investment in ODL, which combined with the Puerto Bahia Operating EBITDA has generated over $194 million in Distributable Cash Flows since 2023, including $77 million alone in 2025.Puerto Bahia HighlightsCentrally located Operations Hub in Cartagena Bay with unrestricted draft and direct hinterland access.Integrated liquids and general cargo operations with vast expansion area.Several near-term growth projects will enhance asset value and cash flow potential including LPG import facilities, an LNG regasification project, and containerized cargo expansion.ODL HighlightsKey midstream asset in Colombia, transporting ~30% of Colombian oil production and serving the Llanos area holding ~70% of Colombian proven crude oil reserves.Stable cash generation and strong market and operating position.Unique position to capture additional revenue streams from its area of influence.Below is a breakdown of Frontera's Infrastructure Adjusted Infrastructure EBITDA:

InfrastructureEquityFrontera
UnitEBITDAInterestInfrastructure
Adjusted
EBITDAPuerto Bahia$MM15.099.97 %15.0ODL Pipeline$MM299.835.00 %104.9Total$MM314.8
119.9




Total Frontera Infrastructure Debt$MM

173.2Less: Cash and Cash Equivalents(1)$MM

14.5Net Debt$MM

158.6(1) Cash and Cash Equivalents refer to the portion of Frontera's portion of Cash and Cash Equivalents from Frontera Pipeline Investment AG and Puerto Bahia's Cash & Cash Equivalents as of December 31, 2025.

Frontera Infrastructure($ million)Frontera Infrastructure Operating EBITDA(1)15.0Plus: ODL Dividends, net of Taxes(1)61.6Infrastructure Distributable Cash Flow76.6FPI Debt Service, net(1)(2)(60.9)Infrastructure Capex(3)(1)(2.5)Infrastructure Free Cash Flow13.2Net Debt to Infrastructure Distributable Cash Flow(4)2.1x(1)Refers to Preliminary Unaudited 2025 Financial Data(2)2025 financing flows including cash sweep(3)Excludes Capex related to the Reficar Connection construction(4)Net Debt to Cash Flow from Operating Activities refers to Net Debt divided by Cash Flow from Operating ActivitiesFINANCIAL ADVISORS AND FAIRNESS OPINIONCiti is acting as financial advisor to Frontera. BMO Nesbitt Burns Inc. was retained to provide a fairness opinion to the Frontera Board of Directors for a fixed fee payable upon delivery of the opinion (and not contingent on completion of the Transaction). Blake Cassels & Graydon LLP are acting as legal counsel to Frontera.After consultation with their independent financial and legal advisors, the independent members of the Frontera's Board of Directors unanimously determined that the Transaction is fair to and in the best interests of Frontera Energy Corporation, and unanimously recommend that shareholders approve the Transaction. All officers of Frontera have also entered into support agreements under which, subject to the terms of the agreements, they have agreed to vote in favor of the Transaction. In addition, the Catalyst Capital Group Inc. and Gramercy Funds Management LLC, which beneficially own approximately 41% and 12% of the Company's outstanding shares, respectively, have also entered into support agreements under which, subject to the terms of the agreements, they have agreed to vote in favor of the Transaction.About Frontera:Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 18 exploration and production blocks in Colombia, and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.If you would like to receive News Releases via e-mail as soon as they are published, please subscribe here: http://fronteraenergy.mediaroom.com/subscribe. Social MediaFollow Frontera Energy social media channels at the following links:Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.Advisories:Cautionary Note Concerning Forward-Looking StatementsThis news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to: the expected closing date of the Transaction; the ability of Frontera to obtain all necessary court, third-party and shareholder approvals to complete the Transaction; the anticipated benefits of the Transaction to Frontera Shareholders; the cash consideration to be received pursuant to the Transaction; the expected use of proceeds resulting from the Transaction; the anticipated return of capital to Frontera shareholders and the expected timing thereof; the expectations that the Transaction will bring forward value for Frontera's shareholders; the expected timing of the mailing and the contents of the Circular and the timing of the Frontera Meeting; the conditions to closing the Transaction; and other similar statements.These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to obtain all necessary court, third-party and shareholder approvals to complete the Transaction or the shareholder approval required to complete the return of capital; the risk that the Transaction may be varied, accelerated or terminated in certain circumstances; risks relating to the outcome of the Transaction, including the risks associated with approval at the Frontera Meeting and receipt of regulatory approvals; the risk that the conditions to the Transaction may not be satisfied, or to the extent permitted, waived, including the risk that required regulatory approvals may not be received in a timely manner or at all; the risk that circumstances may impact the amount and timing of the planned return of capital to shareholders; volatility in market prices for oil and natural gas; uncertainties associated with estimating and establishing oil and natural gas reserves and resources; liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; expectations regarding the Company's ability to raise capital and to continually add reserves through acquisition and development; the Company's ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to: meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; geological, technical, drilling and processing problems; timing on receipt of government approvals; fluctuations in foreign exchange or interest rates and stock market volatility, the ability of the Company and CGX to reach an agreement with the Government of Guyana in respect of the Corentyne block, and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 10, 2025 filed on SEDAR+ at www.sedarplus.ca. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.Non-IFRS Financial MeasuresThis press release contains various "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in NI 52-112), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), and "capital management measures" (as such term is defined in NI 52-112)], including: operating EBITDA, net leverage, adjusted Infrastructure EBITDA, net debt and adjusted net debt. Non-IFRS financial measures and non-IFRS ratios do not have standardized IFRS definitions. The Company's determination of these non-IFRS financial measures and non-IFRS ratios may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures and ratios should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures and ratios do not replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company's underlying operating performance. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company's ability to finance its ongoing operations and obligations.Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios and capital management measures used in this press release. Additional information regarding such non-IFRS financial measures and non-IFRS ratios is contained in the "Non-IFRS and Other Financial Measures" section of the Company's management discussion & analysis dated March 10, 2025, for the year ended December 31, 2024 (the "2024 MD&A"), which information is incorporated by reference herein. A copy of the 2024 MD&A is available under the Company's profile on SEDAR+ at www.sedarplus.ca.Operating EBITDAEBITDA is a commonly used non-IFRS financial measure that adjusts net income (loss) as reported under IFRS to exclude the effects of income taxes, finance income and expenses, and DD&A. Operating EBITDA is a non-IFRS financial measure that represents the operating results of the Company's business, excluding the following items: restructuring, severance and other costs, post-termination obligation, trunkline costs, temporal taxes, payments of minimum work commitments and, certain non-cash items (such as impairments, foreign exchange, unrealized risk management contracts, share-based compensation and debt extinguishment cost) and gains or losses arising from the disposal of capital assets. In addition, other unusual or non-recurring items are excluded from operating EBITDA, as they are not indicative of the underlying core operating performance of the Company. The most directly comparable financial measure to operating EBITDA that is specified, defined and determined in accordance with IFRS and disclosed in Frontera's financial statements is net income (loss). Adjusted Infrastructure EBITDAThe Adjusted Infrastructure EBITDA is a non-IFRS financial measure used to assist in measuring the operating results of the Infrastructure Colombia Segment business.Infrastructure Distributable Cash FlowDistributable Cash Flow is a non-IFRS financial measure used to assess the cash available to the Company from its operations and equity investments to support capital expenditures, debt service and dividends.Infrastructure Free Cash FlowInfrastructure Free Cash Flow is a non-IFRS financial measure that is used by the Company to assess the Company's ability to generate cash after capital expenditures and debt service that is available for reinvestment or distribution. Free Cash Flow is a non-IFRS ratio that is calculated as Infrastructure Distributable Cash Flow minus FPI Debt Service and Infrastructure Capex.Net Debt and Adjusted Net DebtNet debt is a non-IFRS financial measure that is used by the Company to monitor its capital structure, financial leverage, and as measures of overall financial strength. Net debt is defined as consolidated total indebtedness, less unrestricted cash and cash equivalents. Adjusted net debt is a non-IFRS ratio that is calculated as total Debt and Lease Liabilities divided by Cash and Cash Equivalents.



View original content:https://www.prnewswire.com/news-releases/frontera-announces-definitive-agreement-with-geopark-to-divest-its-colombian-ep-assets-portfolio-for-a-firm-value-of-622-million-302674828.htmlSOURCE Frontera Energy Corporation

Original: FRONTERA ANNOUNCES DEFINITIVE AGREEMENT WITH GEOPARK TO DIVEST ITS COLOMBIAN E&P ASSETS PORTFOLIO FOR A FIRM VALUE OF $622 MILLION

Frontera Energy Corporation (OTCQX: FECCF| TSX: FEC): Virtual Investor Conferences



Weekly Chart
https://schrts.co/BeWEJeTU

Huge upside on the way with Guyana oil boom. Spudding soon.

Looks like Frontera will be part of Guyana Oil Boom. Correct me if i am wrong. Could be a real spike in the share price.

PEGFF changed to FECCF:

http://otce.finra.org/DLSymbolNameChanges

Pacific Exploration and Production Corp. changed to Frontera Energy Corp.

http://otce.finra.org/DLSymbolNameChanges

Thank you!! I'll submit the addition change.

Reinstatement showing now on Finra Daily list, 20 minutes ago...

http://otce.finra.org/DailyList

PEGFD: Refer to daily list announcement from 11/1/16. Shareholders holding less than 100,000 shares (post consolidation) will be deemed to have their shares cancelled on the effective date and such shares will be of no further force and effect against the Debtor.

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

PEGFQ changed to PEGFD: Per plan, all common shares will undergo a 1 for 100,000 share consolidation. No fractional shares will be issued as a result of the consolidation and any fractional shares otherwise issuable will be rounded down to the nearest whole number with no consideration paid for fractional shares. Shareholders holding less than 100,000 shares (post consolidation) will be deemed to have their shares cancelled on the effective date and such shares will be of no further force and effect against the Debtor.

http://otce.finra.org/DLSymbolNameChanges

PEGFQ changed back to PEGFF effective Nov 2, 2016: Pursuant to the Plan of Arrangement, Each shareholder shall retain its Existing Shares and, following the issuance of the New Common Shares, all of the outstanding Common Shares will be consolidated on the basis of one for each 100,000 Existing Shares. No fractional Consolidated Shares will be issued and any fractional Consolidated Shares otherwise issuable will be rounded down to the nearest whole number with no consideration paid for fractional shares.

http://otce.finra.org/DLSymbolNameChanges

PEGFF changed to PEGFQ, bankruptcy:

http://otce.finra.org/DLSymbolNameChanges

PEGFQ

Restructure debt Canada style same as Chap 11.

$PEGFF on the Top 10 Advancers list today!

https://twitter.com/Colwellinvestor/status/716050110602354688

Pacific Exploration & Production (OTCPK:PEGFF -7.5%) says it reached a forbearance agreement with certain noteholders, giving it more time to achieve a restructuring of its balance sheet.

The deal follows the company's decision last month not to make scheduled interest payments due on the notes and to seek restructuring alternatives.

The agreement is with holders of ~40% of its $4.1B in 5.375% senior notes due 2019 and of its 5.625% senior notes due 2025.

Pacific Rubiales Corp. changed to Pacific Exploration and Production Corp.:

http://otce.finra.org/DLSymbolNameChanges

Grupo Alfa and Harbour Energy say they will not sweeten their bid for Pacific Rubiales Energy (OTCPK:PEGFF), and defended their C$6.50/share cash bid after proxy advisory firm ISS recommended shareholders reject the proposed deal when they vote July 7.

$PEGFF recent news/filings

bullish

## source: finance.yahoo.com

Wed, 18 Mar 2015 13:34:17 GMT ~ Canada Stocks to Watch: Athabasca Oil, Whitecap, Pacific Rubiales


read full: http://blogs.wsj.com/canadarealtime/2015/03/18/canada-stocks-to-watch-athabasca-oil-whitecap-pacific-rubiales/?mod=yahoo_hs
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Fri, 13 Mar 2015 22:30:00 GMT ~ Pacific Rubiales and Ecopetrol announce mutual decision not to extend Rubiales Field Contract

[PR Newswire] - TORONTO, March 13, 2015 /PRNewswire/ - Pacific Rubiales Energy Corp. (PRE.TO) (BVC:PREC) (BOVESPA:PREB) and Ecopetrol, S.A. (EC) (BVC:ECOPETROL) (ECP.TO) ("Ecopetrol") announced today that they have agreed not to extend the Rubiales and Pirirí Field Association Contracts, expiring in June 2016. Ecopetrol will evaluate different alternatives for the operation of the Rubiales Field. Meanwhile, Pacific Rubiales will consider submitting a new proposal to operate the field after the contract expiry. Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia.

read full: http://finance.yahoo.com/news/pacific-rubiales-ecopetrol-announce-mutual-223000225.html
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Fri, 13 Mar 2015 22:30:00 GMT ~ Pacific Rubiales and Ecopetrol announce mutual decision not to extend Rubiales Field Contract

[CNW Group] - Pacific Rubiales and Ecopetrol announce mutual decision not to extend Rubiales Field Contract

read full: http://finance.yahoo.com/news/pacific-rubiales-ecopetrol-announce-mutual-223000033.html
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Tue, 03 Mar 2015 11:00:00 GMT ~ Pacific Rubiales provides fourth quarter 2014 operational update and highlights additional operating cost reductions

[CNW Group] - Pacific Rubiales provides fourth quarter 2014 operational update and highlights additional operating cost reductions

read full: http://finance.yahoo.com/news/pacific-rubiales-provides-fourth-quarter-110000705.html
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Tue, 03 Mar 2015 11:00:00 GMT ~ Pacific Rubiales provides fourth quarter 2014 operational update and highlights additional operating cost reductions

[PR Newswire] - TORONTO, March 3, 2015 /PRNewswire/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) today provided an operational update for its fourth quarter 2014 operating results, which includes ...

read full: http://finance.yahoo.com/news/pacific-rubiales-provides-fourth-quarter-110000743.html
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$PEGFF charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$PEGFF company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/PEGFF/company-info
Ticker: $PEGFF
OTC Market Place: OTC Pink Current
CIK code: not found
Company name: Pacific Rubiales Energy Corp.
Company website: http://www.pacificrubiales.com
Incorporated In: British Columbia, Canada

Business Description: Pacific Rubiales is a public company listed on the Toronto and Colombian stock exchanges. The Company is the largest independent oil and gas exploration and production company in Colombia. Pacific Rubiales owns 100% of Pacific Stratus and Meta Petroleum Limited, two Colombian oil & gas operators which operate and own interests in, amongst others, the Rubiales and Piriri oil fields in Colombia?s Llanos Basin and the La Creciente natural gas field in northern Colombia.The Company is focused on identifying growth opportunities in almost all the hydrocarbon basins in Colombia, as well as in eastern Peru, and Guatemala. The Company has a strong and growing reserve base, and is maximizing future production prospects through its exploration activities.Less >>

$PEGFF share structure

## source: otcmarkets.com

Market Value: $826,058,101 a/o Apr 16, 2015
Shares Outstanding: 269,074,300 a/o Jun 30, 2011
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value

$PEGFF extra dd links

Company name: Pacific Rubiales Energy Corp.
Company website: http://www.pacificrubiales.com

## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=PEGFF+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=PEGFF+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=PEGFF+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/PEGFF/news - http://finance.yahoo.com/q/h?s=PEGFF+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/PEGFF/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/PEGFF/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=PEGFF+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/PEGFF
DTCC (dtcc.com): http://search2.dtcc.com/?q=Pacific+Rubiales+Energy+Corp.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Pacific+Rubiales+Energy+Corp.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Pacific+Rubiales+Energy+Corp.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.pacificrubiales.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.pacificrubiales.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.pacificrubiales.com

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/PEGFF
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/sec-filings
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/PEGFF/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/PEGFF/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=PEGFF&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=PEGFF
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/PEGFF/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=PEGFF+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=PEGFF+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=PEGFF
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=PEGFF
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=PEGFF+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/PEGFF/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=PEGFF+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/PEGFF.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=PEGFF
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/PEGFF/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/PEGFF/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/PEGFF
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/PEGFF
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/PEGFF:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=PEGFF
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=PEGFF



$PEGFF DD Notes ~ http://www.ddnotesmaker.com/PEGFF

cool

will the 20 percent be strictly from the conversion...yes...

will the 20 percent be strictly from the conversion or will it depend on the financial trade company. I use Etrade

I have a global account already in line

is this a good plan?

Transfer some US $ to Can $ and get 20%...then buy PEG.to at a discount based on currency arbitrage...go PEGFF and PEG.to...

Columbia is going to ensure we are ok

Nice up day today...have a solid starter position here...gl

niiiice find

found this over on Stockhouse BB......

Rubiales Takeover Target in The News ShareHolder Value
Pacific Rubiales SahreHolder Value in Offer Buyout of Shares (PRE)

?. Alfa SAB Buys 20% Pacific Rubiales Buyout Coming. TakeOver

..Pacific Rubiales Energy Corp.Mexico’s Alfa SAB said it’s considering an offer to buy more shares in the Colombian oil producer after months of speculation about a possible takeover.

Shares in Pacific Rubiales jumped 16 percent to 33,740 pesos at 11:54 a.m. in Bogota, the steepest gain since it began trading in December 2009. Alfa, a San Pedro Garza Garcia-based auto parts and petrochemical group, lost 5.1 percent to 39.35 pesos, the biggest drop in Mexico’s benchmark.

After building a 19 percent stake in Pacific Rubiales, Alfa may undertake a tender offer with other partners for the remaining stock, the company said in an e-mailed response to questions. No decision has been made and it may also opt to hold or reduce the stake, the company said. Earlier today, Alfa said it will seek shareholder approval at a Nov. 4 meeting to issue new stock as Mexico opens up its energy industry to private capital for the first time in 76 years.

“They’re getting close to an acquisition,” Fernando Bolanos, an analyst at Monex Casa de Bolsa, said in a telephone interview from Mexico City. “It would be a bit strange if they didn’t do it now that they’re talking about a public offering.”

Alfa boosted its stake in Pacific Rubiales, which also trades in Toronto, to 19 percent, data as of Oct. 16 by Canada based-System for Electronic Disclosure by Insiders show. That’s just below the 20 percent threshold requiring a bid for outstanding shares in most cases under Canadian securities law.

Possible partners

Alfa could “continue buying until it surpasses 20 percent and launch a tender offer, maintain the holding that it has at the moment, or reduce the holding, that until now has been maintained as a financial investment,” the company said in its e-mail. If the company opts for a tender offer, due to the size of Pacific Rubiales “Alfa would seek to form some type of investment consortium to reduce our expenditure,” it said.

The e-mailed response, said the capital increase could be for about $1 billion USD. The group’s push into energy follows a 24 percent slump in the price of crude this year.

Alfa seeks to “capitalize our experience in shale gas, exploration and production of conventional petroleum, as well as electricity generation and sales,” the company said in the earlier statement. “The approval of this capital increase will give us significant financial flexibility.”


Pacific Rubiales said that it signed an agreement with Petroleos Mexicanos to study oil and gas ventures. The producer has more than $1 billion USD ready to invest in Mexico with the aim of doubling oil output by 2020, Chief Executive Officer Ronald Pantin said in an interview last month.......

#1Thedave2006 on Stockhouse Pacific RUBIALES Buyout Takeover target.



Read more at http://www.stockhouse.com/companies/bullboard/t.pre/pacific-rubiales-energy-corp#m5tUXERF6ws0YcVc.99

Kangaroo-2 well flows oil at 3,700 bbl/d from Paleocene intervals, adding to earlier success, in offshore Santos Basin, Brazil

http://www.stockhouse.com/news/press-releases/2015/01/06/kangaroo-2-well-flows-oil-at-3-700-bbl-d-from-paleocene-intervals-adding-to

more great news for Canadian Oil and PEGFF.

The new Seaway Twin pipeline will almost double the amount of heavy Canadian crude coming to Gulf terminals and plants to about 400,000 barrels a day starting in January, according to Calgary-based based ARC Financial Corp. The shipments are growing even without the Keystone XL pipeline, which has been delayed for six years because of environmental opposition.

I absolutely love this company and its future.

Fantastic!

Exploration Update: Kangaroo-2 well tests 3,700 bbl/d light oil from first test intervals, in offshore Santos Basin, Brazil, and successful exploration wells drilled in Colombia and Peru

TORONTO, Dec. 23, 2014 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) provided today an exploration update highlighted by initial test results in the Kangaroo-2 appraisal well, located in the shallow offshore, Santos Basin, Brazil.

The Kangaroo-2 appraisal well was drilled in Block S-M-1165, approximately 300 meters (943 feet) up-dip from the Kangaroo-1 discovery well, and confirms a 820 foot gross (442 foot net) oil column in Cretaceous and Paleocene aged reservoirs in the structure. The Company has a 35% participating interest in the wells and five surrounding blocks. Karoon Gas Australia Ltd. (ASX:KAR) ("Karoon") holds the remaining 65% interest and is operator.

As announced in a news release yesterday by Karoon (see Karoon website: www.karoongas.com.au "Kangaroo-2 Appraisal Well Progress Report No. 6"), production testing was conducted over a 36 hour flow period across an initial 27 metre (89 foot) lower interval in the target reservoir. A maximum oil flow rate of 3,360 bbl/d (stabilised rate of 2,300 bbl/d) was achieved through a 44/64" choke with a flowing tubing pressure of 690 psi and a gas-oil-ratio ("GOR") of 620 cf/bbl. Following a 57 hour shut-in pressure build-up period, a second test was conducted with an additional 40 metres (131 feet) opened to flow. In this second test, a maximum flow of 3,700 bbl/d (stabilised rate of 3,300 bbl/d) 38° API oil was attained through a 1" choke with a flowing tubing pressure of 430 psi, a GOR of 650 cf/bbl, with no CO2, H2S, sand or water produced, over a 12 hour test period.


A third test of intervals higher in the reservoir is expected to commence within the next seven days. A decision on a potential side-track program will be made following the completion of testing in the well bore. Karoon is evaluating commercial options and early production strategies for the Kangaroo structure, as a result of these tests.

Following completion of all operations in the Kangaroo-2 well, the rig will move to drill the separate Kangaroo West prospect, located approximately 4.5 kilometres from Kangaroo-2, on the western side of the Kangaroo salt structure.

Ronald Pantin, Chief Executive Officer of the Company, commented:

"We are very pleased with the flow results of the first test interval in the Kangaroo-2 appraisal well, which confirms the significant discovery status of the Kangaroo prospect on our blocks in the offshore Santos Basin, in Brazil. Testing is ongoing, but initial analysis by the operator suggests that reservoir characteristics in the structure are excellent and would support flow rates of 6,000 to 8,000 bbl/d in a vertical producing well, and higher rates in a horizontal well bore. We are looking forward to the results of the additional production testing in Kangaroo-2, and the drilling of the separate Kangaroo West prospect in early 2015.

"The results from Kangaroo-2 complete a very successful year of exploration for the Company. Over 10,000 bbl/d of new net light oil production in Colombia and Peru have been delivered through the drill bit this year from successful exploration wells and we have additional barrels behind the pipe from recently drilled wells. These results demonstrate the quality and value of our exploration portfolio and contribute to our net production which is expected to exit the year at between 151 to 152 Mboe/d."

Exploration Update

Peru – Block 131 (30% working interest)

The Los Angeles-1X well commenced extended testing of the Cushabatay formation on September 18, 2014. The well and operations on Block 131 are operated by Cepsa S.A., who holds the remaining 70% working interest. As of December 18, 2014 the well was producing 2,157 bbl/d of 45° API oil with a 0.01% water cut, GOR of 29 cf/bbl, flowing naturally on a 32/64" choke, with a well head pressure of 235 psi. Over the last three months of the long-term production test, the well has produced over 185.5 Mbbl of oil at an average rate of 2,090 bbl/d. Since discovery, the well has produced a total of 233 Mbbl of oil.

The Los Angeles Noi-3X exploration well spud on December 6, 2014. The well is currently drilling ahead at 5,858 feet with a planned TD of 8,855 feet in the Copacabana Formation. The primary target of this well is the Ene Formation with a secondary target in the Cushabatay Formation.

Colombia – Guatiquia Block (100% working interest)

The Ardilla-1 exploration well spud during the third quarter of 2014. The well reached a TD of 12,825 feet on October 19, 2014. Petrophysical interpretation indicated the presence of 71 feet of net pay including seven feet in the Mirador, 17 feet in the Guadalupe and 44 feet in the Lower Sandstone-1 Unit (with no water contact present). The well was cased and perforated in the upper 14 feet of the Lower Sandstone-1 Unit. Production with an electrical submersible pump commenced on November 7, 2014. Since then, the well has produced a total of 86 Mbbl of 21° API oil at an average rate of 2,038 bbl/d and an average water cut of 5.7%.

The Avispa-2 appraisal well spud on December 14, 2014 and is expected to reach total depth in early 2015.

The Gulupa-1 exploration well spud during the fourth quarter of 2014. The well reached a TD of 10,650 feet on November 29, 2014. The well was cased and perforated in the upper six feet of the Guadalupe Formation. Testing with coiled tubing and nitrogen commenced on December 15, 2014. The well produced a total of 246 bbl of 14° API oil prior to shut-in for a pressure build up on December 17, 2014. Over the flow test period, the well produced at an average rate of 114 bbl/d with an average water cut of 37%, average choke size of 55/64" and average tubing head pressure of 114 psi. Pending the results of pressure transient analysis of the pressure build up data, the well may be perforated in the Mirador formation to test other potential pay zones.

Colombia – Corcel Block (100% working interest)

The Espadarte-1 exploration well spud during the fourth quarter of 2014. The well reached TD of 13,045 feet on November 27, 2014. Petrophysical interpretation indicates the presence of 22 feet of net pay including 20 feet in the Lower Sandstone-1 Unit and one foot in the Guadalupe Formation. The well was cased and perforated in the upper four feet of the Lower Sandstone-1 Unit. Production by natural flow commenced on December 9, 2014. The well has produced a total of 16 Mbbl of 34° API oil at an average rate of 1,629 bbl/d, an average water cut of 3.5%, an average GOR of 46 cf/bbl, with a choke size of 24/64" and tubing head pressure of 135 psi.

Colombia - Chiguiro Oeste Block (100% working interest)

The Matapalos-1D exploration well was spud in the fourth quarter of 2014 and encountered a total of 16 feet of net pay in the Mirador Formation, on petrophysical logs. The Mirador test interval has produced at a maximum rate of 100 bbl/d of 16° API oil (average 50 bbl/d over the 29 day test period) at 96% water cut, through a 28/64" and 64/64" (full open) choke. The well produced a total of 1.5 Mbbl of oil during the test period.

Colombia – LLA19 Block (50% working interest)

The Langur-1X exploration well was drilled during the fourth quarter of 2014 and reached TD at 13,717 feet. The well encountered 14 feet of net pay in the Gacheta Formation on petrophysical logs. Testing of the potential zone is currently underway.

Colombia – Rio Ariari Block (100% working interest)

The Lapon-1D exploration well, located in the far eastern portion of the Rio Ariari Block, spud on December 6, 2014 and reached a TD of 4,240 feet on December 20, 2014. The well encountered a total of 36 feet of net pay calculated on petrophysical logs in the Upper and Lower Mirador Formation. Encouraging oil shows were encountered in the target Mirador Formation.

Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also previously acquired 100% of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.

The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.


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http://www.stockhouse.com/news/press-releases/2014/12/23/exploration-update-kangaroo-2-well-tests-3-700-bbl-d-light-oil-from-first-test

I appreciate the news buddy. gltu also

well the Market is giving its approval, its gives the company a cash buffer,

improves the balance sheet and a positive going forward, let's see what happens over the next few days,,,,,,,could prove fruitful,,,, i'll do more later,,,,jmo good luck

is this good or bad??

Pacific Rubiales announces U.S.$320 million sale of interest in Pacific Midstream to IFC

TORONTO, Dec. 17, 2014 /CNW/ - Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announced today that it has executed definitive agreements with the International Financial Corporation ("IFC"), a member of the World Bank Group, the IFC Global Infrastructure Fund ("GIF" managed by the IFC Asset Management Company LLC) and a consortium of investors, whereby it has agreed to sell approximately 43% of its interest in Pacific Midstream Ltd. ("Pacific Midstream"), which holds certain of the Company's pipeline and power transmission assets, for a total consideration of U.S.$320 million.

The agreements will provide the Company with U.S.$240 million in cash, which will be received by year-end. In addition, Pacific Midstream will receive U.S.$80 million in the first quarter of 2015, plus a commitment for an additional U.S.$60 million in cash to develop future infrastructure projects.

Ronald Pantin, Chief Executive Officer of the Company, commented:

"We are pleased to announce this sale, which will significantly improve our cash position and provide additional flexibility as we enter into an uncertain oil price environment in 2015. The participation by IFC underlines the strategic importance and value of our infrastructure assets in Colombia. We will continue to hold a majority interest in Pacific Midstream and capacity rights in its assets, allowing us to maintain the cost advantages that we currently enjoy with respect to crude oil transportation and low cost electricity in our main oil fields in Colombia.

"Our financial and capital strategy is focused on maintaining a healthy balance sheet and ensuring funding for our future growth, while generating strong returns to our shareholders. In light of the current weaker commodity price environment, we continue to evaluate all of our capital expenditure programs and we have additional flexibility to scale back capital spending, as well as opportunities for further cost savings. We will continue to monetize our midstream assets and plan to sell certain non-core E&P assets, the proceeds from which will be used to reduce debt."

About Pacific Rubiales:

Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales has also previously acquired 100% of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.

The Company's common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's Bolsa de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.

http://www.stockhouse.com/news/press-releases/2014/12/17/pacific-rubiales-announces-u-s-320-million-sale-of-interest-in-pacific

Front Page Yahoo link about mexico oil ventures!!

http://www.thestreet.mobi/story/12984974/1/how-mexico-not-saudi-arabia-could-drive-oil-prices-higher.html?puc=yahoo&cm_ven=YAHOO

Should be huge potential for PEGFF

What do we got goin on here? I am officially in