Mr. Kelly Kimbley reports

PETROFRONTIER CORP. ANNOUNCES FILING OF Q1 2023 FINANCIAL AND OPERATING RESULTS AND FUNDING ARRANGEMENT

Petrofrontier Corp.'s financial statements and management's discussion and analysis for the period ended March 31, 2023, have been filed on SEDAR.

Financing arrangement

Petrofrontier has entered into a financing arrangement with a group of investors, providing up to $3-million to drill two multilateral wells at Cold Lake this year. The investors will finance the drilling, completion and equipping of the wells in return for two-thirds of the corporation's net production from the wells until payout, after which the parties will share that production equally.

About Petrofrontier Corp.

Petrofrontier is a junior energy company that has been focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta.

Petrofrontier's head office is in Calgary, Alta., and its common shares are listed for trading on the exchange under the symbol PFC.

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