Mr. Gabriel de Alba reports

FRONTERA ANNOUNCES COMPLETION OF SUBSTANTIAL ISSUER BID

Frontera Energy Corp. has taken up and paid for 3,375,000 of its outstanding common shares at a price of $12 per share under its substantial issuer bid, pursuant to which the company offered to purchase from shareholders for cancellation up to $40.5-million (equivalent to $30-million (U.S.)) of shares.

Gabriel de Alba, Frontera's chairman of the board, commented: "We are pleased with the high level of participation from our shareholders and the overall results of the offer. Frontera remains focused on its commitment to generate value to shareholders, having returned approximately $52-million (U.S.) in capital over the last 12 months.

"The company shall continue to take actions to unlock value for its shareholders for the remainder of 2024 and beyond, including recommencing share repurchases under its normal course issuer bid following the announcement of third quarter 2024 results and potential additional SIBs."

The shares taken up and paid for by the company represent approximately 4.01 per cent of the total number of Frontera's issued and outstanding shares as of Oct. 17, 2024. The aggregate purchase price is equal to $40.5-million. After the cancellation of the shares taken up and paid for by the company, Frontera anticipates that 80.78 million shares will be issued and outstanding.

A total of 77,565,602 shares were validly tendered and not withdrawn. Since the offer was oversubscribed, the tendered shares will be purchased on a pro rata basis. Shareholders who tendered will have approximately 4.35 per cent of their tendered shares purchased by the company.

Payment for shares taken up by the company under the offer will be effected by Computershare Investor Services Inc., the depositary for the offer, on or about Oct. 25, 2024, in accordance with the offer and applicable law. Any shares not taken up, including such shares not taken up as a result of proration or as a result of being invalidly tendered, will be returned to shareholders as soon as practicable.

To assist shareholders in determining the tax consequences of the offer, Frontera estimates that based on the estimated paid-up capital of $14.80 per share on Oct. 17, 2024, shareholders who disposed of shares pursuant to the offer may not be deemed to receive a taxable dividend.

Shareholders should consult with their own tax advisers with respect to the income tax consequences of the disposition of their shares under the offer.

The terms and conditions of the offer are described in the offer to purchase and issuer bid circular dated Sept. 11, 2024, letter of transmittal, amended letter of transmittal, notice of guaranteed delivery, amended notice of guaranteed delivery, and notice of variation dated Sept. 27, 2024, copies of which were filed and are available, without charge, on SEDAR+.

About Frontera Energy Corp.

Frontera Energy 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 22 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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