Mr. Kelly Kimbley reports

PETROFRONTIER ANNOUNCES RESULTS OF AGM, FILING OF SECOND QUARTER 2023 FINANCIAL AND OPERATING RESULTS AND OPERATIONS UPDATE

Petrofrontier Corp. has provided the voting results from its annual and special meeting of shareholders held on Aug. 16, 2023.

Shareholders voted on and approved the following proposals: (1) to set the number of directors at three, (2) the election of the directors of the corporation, (3) the appointment of MNP LLP as auditor of the corporation for the ensuing year and authorized the directors to fix their remuneration and (4) approval of the corporation's stock option plan.

The voting results for the election of directors are as shown in the attached table.

Filing of Q2 financials and MD&A (management discussion and analysis)

The corporation also announces that its second quarter 2023 financial statements and management's discussion and analysis have been filed on SEDAR+.

Operations update

Finally, Petrofrontier is also pleased to announce that it drilled two Rex multilateral horizontal wells in the second quarter. The new wells offset the original 106/14-15-61-02W4 horizontal Rex well (106/14-15) at Cold Lake. Both wells came in on budget at an average of approximately $1.5-million per well. Both wells have been completed, equipped and put on production. The 106/14-15 well, which has been the corporation's best well to date, having now produced 115,000 barrels of oil. The 106/14-15 was shut in to drill the two new Rex wells from the same pad and has now been put back on production. Management looks forward to the additional production contributed by the two new Rex multilateral wells and to providing an operational update once they have cleaned up and demonstrate indicative results.

About Petrofrontier Corp.

Petrofrontier is a junior energy company focused on responsible resource development in partnership with first nations and currently operates heavy oil projects in the Cold Lake and Wabasca areas of Alberta. Committed to generating value for its stakeholders, Petrofrontier continually strives to improve its operating, environmental, social and governance practices, and delivery of its commitment to enhance the communities in which it is honoured to work.

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

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