An anonymous director reports

FRONTERA DETERMINES BINDING OFFER FROM PAREX RESOURCES INC. IS A SUPERIOR PROPOSAL TO PREVIOUSLY ANNOUNCED GEOPARK TRANSACTION

Frontera Energy Corp.'s board of directors, in consultation with its external legal counsel and independent financial advisers, has determined that the binding offer received from Parex Resources Inc. to acquire all of Frontera's upstream Colombian exploration and production business constitutes a superior proposal (as defined in the GeoPark arrangement agreement described below).

Under the Parex offer, Parex would acquire the same assets that Frontera has agreed to sell to a subsidiary of GeoPark Ltd. under the previously announced arrangement agreement between Frontera and GeoPark dated Jan. 29, 2026. The purchase price under the Parex offer consists of: (a) $500-million (U.S.) in cash payable upon closing; plus, as is the case with the GeoPark transaction; (b) an additional $25-million (U.S.) contingent payment payable upon the achievement of specified development milestones within a period of up to 12 months following the transaction closing date; and (c) the assumption of all of Frontera's obligations under the $310-million (U.S.) aggregate principal amount of outstanding 2028 Frontera unsecured notes and the $80-million (U.S.) outstanding under Frontera's previously announced prepayment facility with Chevron Products Company. The consideration offered in the Parex offer also assumes the payment of $25-million (U.S.) purchaser break fee payable to GeoPark by Frontera should Frontera terminate the GeoPark arrangement agreement. Except for the consideration being offered, the arrangement agreement that would be entered into with Parex is substantially the same as the GeoPark arrangement agreement, and the transaction structure is the same as for the GeoPark transaction.

Frontera has advised GeoPark of this determination, and the five-business-day period in which GeoPark has the right, but not the obligation, to amend the terms of the GeoPark arrangement agreement for the Parex offer to cease to be a superior proposal has commenced. The matching period will expire at 11:59 p.m. Eastern Time on March 12, 2026.

At this time, there can be no assurance that the Parex offer will result in a transaction or that any transaction contemplated thereby will be completed. The GeoPark arrangement agreement remains in effect, and the Frontera board of directors continues to act in accordance with its fiduciary duties and the terms of the GeoPark arrangement agreement. The Frontera board of directors has not changed its recommendation regarding the transaction with GeoPark pursuant to the GeoPark arrangement agreement. Frontera will provide updates, including with respect to the determination by GeoPark as to whether or not to exercise its match right, as required under applicable securities laws.

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 18 exploration and production blocks in Colombia 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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