Mr. Orlando Cabrales reports

FRONTERA ANNOUNCES FIRST QUARTER 2023 RESULTS

Frontera Energy Corp. has released financial and operational results for the first quarter ended March 31, 2023. All financial amounts in this news release are in U.S. dollars unless otherwise stated.

Gabriel de Alba, chairman of the board of directors, commented: "Frontera's first quarter results were in line with its 2023 capital and production guidance. The company delivered average daily production of 41,586 [barrels of oil equivalent per day], generated $91.9-million of operating [earnings before interest, taxes, depreciation and amortization], and invested $131.5-million in capital expenditures.

"Consistent with its strategic priorities, the company successfully refinanced Puerto Bahia's existing legacy project finance debt via a new $120-million loan facility with a group of lenders led by Macquarie Capital, which extended the tenor of the borrowings and provided for up to $30-million in additional funding to pursue strategic investment opportunities within its mid-stream business. With the refinancing complete, Frontera's stand-alone mid-stream business is fully capitalized with funding to grow. Subsequent to the quarter, the company designated Frontera Energy Guyana Holding Ltd. and Frontera Energy Guyana Corp. as unrestricted subsidiaries and released Frontera Energy Guyana Corp. as a note guarantor for its senior bonds due 2028. The designation is a positive forward step as the company nears the completion of its exploration obligations in Guyana and supports ongoing capital discipline.

"The company remains focused on aligning its upstream, mid-stream and Guyana core businesses to achieve the company's strategic priorities and unlock shareholder value."

Orlando Cabrales, chief executive officer, Frontera, commented: "I'm pleased with Frontera's first quarter operational and financial results. Despite community blockades in early February, which temporarily shut in production at our Quifa and CPE-6 operations, the company's first quarter production was largely in line with last quarter. [Year to date], we are delivering average daily production of approximately 41,800 boe/d, and in March and April, we averaged 42,500 boe/d. This is due to better-than-expected performance from our new Cajua wells, where current gross average heavy oil production is 4,860 [barrels of oil per day], higher VIM-1 liquids and NGL production, better performance at CPE-6, Coralillo 1 and 3 wells, as well as the Tapiti-1 well.

"The company continues to focus on managing costs across the business. Frontera's field break-even of approximately $34 to $38 per boe ensures operational resilience even in volatile market conditions and under varying oil price scenarios.

"We expect improved profitability throughout the rest of the year as we advance our development portfolio in Colombia and Ecuador, and increase Quifa and CPE-6 water-handling infrastructure and facilities as we lay the foundation for the company's path to grow production to 50,000 boe/d, leverage our advantaged transportation and logistics structure to maximize realized prices, and mature our self-sustaining and growing mid-stream business.

"During the quarter, Frontera and its joint venture partner spud the Wei-1 well, and we are currently at 19,142 feet. We have encountered oil-bearing intervals so far and are currently drilling ahead to our planned total depth.

"Importantly, during the quarter, Frontera was recognized for a third consecutive year by Ethisphere as one of the world's most ethical companies in 2023. The company was added to the 2023 Bloomberg Gender-Equality Index, achieved ISO certification in Ecuador and was recognized by Friendly Biz for our LGBT+ friendly workplace."

Frontera provides notice of first quarter 2023 financial results conference call

A conference call for investors and analysts will be held on Thursday, May 4, 2023, at 11 a.m. Eastern Time. Participants will include Mr. de Alba, Mr. Cabrales, Rene Burgos, chief financial officer, and other members of the senior management team.

Analysts and investors are invited to participate using the following dial-in numbers.

Participant number (toll-free North America):  1-888-664-6383

Participant number (toll-free Colombia):  01-800-518-4036

Participant number (international):  1-416-764-8650

Conference ID:  49513969

Webcast audio:  at the Frontera website

A replay of the conference call will be available until 11:59 p.m. Eastern Time on May 11, 2023.

Encore toll-free dial-in number:  1-888-390-0541

International dial-in number:  1-416-764-8677

Encore ID:  513969

About Frontera Energy Corp.

Frontera 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 mid-stream 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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