Mr. Todd Durkee reports

FRONTERA ENERGY AND CGX ENERGY PROVIDE UPDATE ON CORENTYNE BLOCK LICENSE

The joint venture, which was established through CGX Energy Inc. and Frontera Energy Corp.'s respective subsidiaries in the petroleum agreement and the petroleum prospecting licence for the Corentyne block offshore Guyana, recently received a communication from the government of Guyana informing the joint venture that: on the one hand, "the government is of the view that the petroleum agreement and prospecting licence are at an end," but on the other hand, that the government of Guyana "hereby terminates the petroleum agreement and cancels the prospecting licence with immediate effect."

The joint venture remains firmly of the view that its interests in, and the licence for, the Corentyne block remain in place and in good standing and that the petroleum agreement has not been terminated. The joint venture and its shareholders continue to invite the government of Guyana to amicably resolve the issues affecting the joint venture's investments in the Corentyne block. Should the parties not reach a mutually agreeable solution, the joint venture and its shareholders are prepared to assert their legal rights.

The joint venture looks forward to expeditiously resolving this matter and continuing its multiyear efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block.

About CGX Energy Inc.

CGX is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname basin and the development of a deepwater port in Berbice, Guyana.

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 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.

We seek Safe Harbor.