Frontera Announces Changes to Indenture Relating to 2028 Senior Notes

CALGARY, AB, April 11, 2023 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces today that it has designated Frontera Energy Guyana Holding Ltd. and Frontera Energy Guyana Corp. ("Frontera Guyana") as unrestricted subsidiaries and released Frontera Guyana as a note guarantor under the indenture governing the Company's outstanding US$400 million unsecured notes due in June 2028 (the "2028 Notes"). This designation is consistent with the Company's focus on maximizing value and better aligns Frontera's 3 core businesses: Upstream, Midstream and Guyana, to achieve the Company's strategic priorities.

Following this designation, Frontera Energy Colombia AG shall remain as the sole guarantor of the 2028 Notes. For the fiscal year ended December 31, 2022, Frontera Energy Colombia AG represented over 101% of the Company's total consolidated EBITDA.

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 31 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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Corporate Presentation

See Frontera's corporate presentations at: https://www.fronteraenergy.ca/reports-presentations/

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Advisories

Forward-Looking Statements

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, without limitation, statements relating to the Company's continuing focus on maximizing value and better aligning Frontera's 3 core businesses: Upstream, Midstream and Guyana, to achieve the Company's strategic priorities.  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.

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 1, 2023, its annual management's discussion and analysis for the year ended December 31, 2022, 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.

SOURCE Frontera Energy Corporation

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