Mr. Grayson Andersen reports

FRONTERA ANNOUNCES OPERATIONAL UPDATE

Frontera Energy Corp. has achieved exit rate production, after royalties and internal consumption, of 71,015 barrels of oil equivalent per day as of Dec. 31, 2017, which was within the company's exit guidance range of 70,000 to 75,000 boe/d. Exit rate production included 8,240 barrels per day from block 192 in Peru, above previous range expectations of 6,000 to 8,000 bbl/d. Company-wide average production in the fourth quarter, after royalties and internal consumption, was an estimated 64,445 boe/d, down from 71,068 boe/d in the third quarter of 2017 as a result of the downtime experienced in Peru during the quarter.

The Alligator 1x exploration well, on the Guatiquia block, was spudded on Sept. 26, 2017, and reached total depth of 12,810 feet on Nov. 11, 2017. The well encountered 18 feet of net pay in the Gacheta and Lower Sand 1 formations, with production testing commencing on Dec. 27, 2017. The well has been producing between 200 and 300 bbl/d of 15-degree American Petroleum Institute oil from the Lower Sand 1 formation as the company seeks approval to commingle production from both producible zones. Results from the well have improved the company's understanding of the geological model of the block and an additional one to three wells will be drilled from the same well pad in 2018.

The company expects to deliver average first quarter 2018 production of 70,000 to 72,000 boe/d, after royalties and internal consumption, assuming normal operating conditions. The company expects to have at least nine active rigs operating throughout the first quarter of 2018 with six active in the Quifa, Cajua and Jaspe heavy oil areas, and three active on the light oil-focused Guatiquia block. Frontera anticipates drilling, or to commence drilling, between 40 and 50 wells during the first quarter, of which 40 to 45 will be development focused and five will be exploration focused. The exploration effort will be focused on the Alligator 2x well on the Guatiquia block, the Acorazado well on the Llanos 25 block, both in Colombia, and the Delphin well on the Z1 block offshore Peru. Well site preparation for the Llanos 25 well is under way with drilling expected to begin in April. The company has recently signed an agreement with Helmerich & Payne for the 3,000-horsepower, H&P-900 rig to drill this well.

The company expects to release full year and fourth quarter 2017 results after the market close on Wednesday, March 28, 2018, and will also include full year 2018 guidance information. The earnings release and guidance information will be accompanied by an investor conference call and webcast presentation the following day.

Barry Larson, chief executive officer of Frontera, said: "Two thousand seventeen was a year of review and stabilization, 2018 is expected to be a year where the company is repositioning for growth. Our teams are working hard on delivering continued operational improvements from our existing producing assets, while a balanced exploration program provides risked upside for both production and resources in the short and medium term."

An updated version of the Frontera corporate presentation is available on the company's website.

About Frontera Energy Corp.

Frontera is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in Latin America. The company has a diversified portfolio of assets with interests in more than 25 exploration and production blocks in Colombia and Peru. The company's strategy is focused on sustainable growth in production and reserves and cash generation. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner.

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 5,700 cubic feet to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Definitions

Net production:  company working interest production after deduction of royalties and internal consumption

Total field production:  100 per cent of total field production before accounting for working interest and royalty deductions

Gross production:  company working interest production before deduction of royalties

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