Frontera Announces 27.2 Degree API Light Crude Oil Discovery At The Tui-1 Well In Ecuador

125 Feet Of Net Pay Encountered Across Seven Hydrocarbon Bearing Reservoirs

Long Term Test Expected To Begin In April 2022

Second Consecutive Discovery On The Perico Block

Current Gross Light Crude Oil Production From the Perico Block Is Approximately 2,000 Bbls/d

CALGARY, AB, March 24, 2022 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") today announced that it has discovered 27.2 degree API light crude oil at the Tui-1 exploration well on the Perico block (Frontera 50% W.I. and operator) in Ecuador.

Orlando Cabrales, Chief Executive Officer of Frontera, commented:

"We are excited to announce a second consecutive light crude oil discovery at the Perico block in Ecuador, this time at the Tui-1 exploration well. Tui-1 well results add to our recent exploration success at Jandaya-1 and increases current gross production to approximately 2,000 boe/d¹ from the Perico block. Tui-1 and Jandaya -1 production is among the first from acreage awarded during Ecuador's 2019 Intracampos Bid Round and we are thankful for the support we've received from the Government of Ecuador and the communities near the well-sites. Looking ahead, additional prospects on the Perico block have been identified and are being matured for future drilling."

On January 28, 2022, Frontera spud its second exploration well, called Tui-1, approximately 7 kilometres from the Jandaya-1 exploration well, in the southern portion of the Perico block. The Tui-1 exploration well was drilled to a total depth of 10,975 feet (3,345 metres) and encountered a total of 125 feet of net pay across seven hydrocarbon bearing reservoirs including the Hollin, Basal Tena, T and U Sandstones, and Limestones B, A and M2. After two days of initial production tests, the Basal Tena formation is producing an average of 1,200 bbls/d of 27.2 degree API light crude oil with a current water cut of 5.2%.

Frontera is now preparing the required permits to move forward with a long-term test at the Tui-1 exploration well for at least six months or a longer period of time if approved by authorities. Additional appraisal activities will be conducted in the near future to confirm size and mid- to long-term production levels for the multiple potential formations. 

At the Jandaya-1 exploration well, production tests in the lower Hollin formation have produced 37,674 barrels to date, with current daily production of 798 bbls/d of 27.9 degree API light crude oil combined with a 1.7% water cut, after 54 days of testing. Production from the Jandaya-1 and Tui-1 exploration wells is currently being transferred by truck to the nearby Lago Agrio Facilities at the PetroEcuador fiscalization centre and transported through the SOTE pipeline system to Balao Terminal where the crude is exported. 

Frontera holds approximately 16,700 net acres in the Perico and Espejo exploration blocks in Ecuador. The blocks are located near existing production and infrastructure in Sucumbíos Province in the northeastern part of Ecuador, in the Oriente basin.

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1 Current gross light crude oil production of approximately 2,000 bbls/d consists of approximately 1,200 bbls/d of light crude oil from the Tui-1 exploration well, based on an initial two-day production test and 798 bbls/d of light crude oil from the Jandaya-1 exploration well after 54 days of testing.

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 34 exploration and production blocks in Colombia, Ecuador 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.

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Advisories:

Cautionary Note Concerning Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking information in this news release includes statements regarding the Company's expectations with respect to the long-term tests to be conducted at Tui-1, including timing and required approvals; the Company's expectations with respect to a related environmental impact assessment and additional appraisal activities; and the anticipated timing and progress of additional exploration projects on the Espejo block.  All information other than historical fact is forward-looking information.

Forward-looking information reflects the current expectations, assumptions and beliefs of the Company based on information currently available to it and considers the Company's experience and its perception of historical trends, including expectations and assumptions relating to the receipt of required permits; the anticipated results of a related environmental impact assessment and additional appraisal activities; commodity prices and interest and foreign exchange rates; the current status of the Covid-19 pandemic and future waves and any associated policies around current business restrictions; the performance of assets and equipment; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; and the development and execution of projects.

Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on such information. Forward-looking information is subject to a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to the Company. The actual results may differ materially from those expressed or implied by the forward-looking information, 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. The Company's annual information form dated March 2, 2022, its management's discussion and analysis for the year ended December 31, 2021, and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge by referring to the company's profile on SEDAR at www.sedar.com. All forward-looking information 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 information, whether as a result of new information, future events or results or otherwise.

Oil and Gas Advisories

Reported initial test average flow rates may not be reflective of future production rates. Future production rates may differ materially from the reported initial test average flow rates reflected in this news release due to a number of factors.

Boe Conversion

The term "boe" is used in this news release. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of cubic feet to barrels is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In this news release, boe has been expressed using the Colombian conversion standard of 5.7 Mcf: 1 bbl required by the Colombian Ministry of Mines and Energy.

Definitions:

bbl(s)	Barrel(s) of oil
bbls/d	Barrel of oil per day
boe	Refer to "Boe Conversion" disclosure above
boe/d	Barrel of oil equivalent per day
Mcf	Thousand cubic feet

SOURCE Frontera Energy Corporation

Brent Anderson, Director, Investor Relations, at 1 403 705 8827, [email protected], www.fronteraenergy.ca