Frontera Resumes Operations at Quifa And CPE-6 Blocks

All Road Blockades Have Been Lifted

The Company Anticipates Returning To Pre-Blockade Production Levels in 14-21 Days

CALGARY, AB, Feb. 8, 2023 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces that all blockades on the road from Puerto Gaitán to the Rubiales village in the municipality of Puerto Gaitan, Meta Department, Colombia, have been lifted. The Company has resumed transporting on-site inventory, rotating crews and delivering supplies to its Quifa and CPE-6 operations. The Company anticipates returning to pre-blockade production levels within 14-21 days.

The Company appreciates the support provided by local, regional, and national authorities, other affected oil and gas companies in the area, trade associations and communities to quickly and safely resolve the blockades.

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 32 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

Cautionary Note Concerning 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 resumption of normal operations at Quifa and CPE-6 blocks and its expectations that it will return to pre-blockade production levels within 14-21 days. 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: commodity prices and interest and foreign exchange rates; the current and potential impacts of the COVID-19 pandemic, actions of the Organization of Petroleum Exporting Countries, the impact of the Russia-Ukraine conflict, and the expected impact of measures that the Company has taken and continues to take in response to these events; the performance of assets and equipment; reforms that may be undertaken by the Government of Colombia; the availability and cost of labour, services and infrastructure; the development and execution of exploration and development projects; the receipt of any required regulatory approvals and outcome of discussions with governmental authorities; and the success of the Company's hedging strategy.

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 annual 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.

SOURCE Frontera Energy Corporation

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