Mr. Kelly Kimbley reports

PETROFRONTIER CORP. ANNOUNCES DELAY IN FILING ITS 2024 ANNUAL FINANCIAL STATEMENTS

Petrofrontier Corp.'s annual financial statements, accompanying management's discussion and analysis, and related chief executive officer and chief financial officer certifications for the financial year ended Dec. 31, 2024, and the reserves data and other oil and gas information required by Part 2 of National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities, may not be filed within the period prescribed for the filing of such documents under parts 4, 5 and 6 of NI 51-102, Continuous Disclosure Obligations, under Part 2 of NI 51-101, Standards of Disclosure for Oil and Gas Activities, and pursuant to NI 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, namely within 120 days of year-end, being May 1, 2025.

The delay in filing the annual filings is related to an unanticipated delay in receipt of the financial information and other required information from the general partner (GP) of the company's limited partnership investment, which has impacted the ability of the company's external auditor and independent qualified reserves evaluator to complete the audit and the reserves report, respectively. Complexities in the GP's business has resulted in the delay in providing the information.

Petrofrontier is working closely with its auditor MNP LLP and its independent qualified reserves evaluator, Boury Global Energy Consultants Ltd., and is making every effort to submit the annual filings in a timely fashion and expects to file no later than May 30, 2025.

The company is providing this default announcement in accordance with National Policy 12-203, Management Cease Trade Orders. The company has made an application to the Alberta Securities Commission, as principal regulator of the company, a management cease trade order (MCTO) under NP 12-203 in respect of the default regarding the annual filings. The MCTO will prohibit the CEO and the CFO from trading in securities of Petrofrontier for so long as the annual filings are not filed. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the company to trade in the company's securities. The application for the MCTO remains subject to the risk factors, including the risk that the MCTO application may not be successful or may not be completed prior to a securities commission issuing a failure-to-file cease trade order against the company following the filing deadline.

The company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 9 and 10 of NP 12-203, Cease Trade Orders for Continuous Disclosure Defaults, for so long as it remains in default as a result of the late filing of the annual filings. During the period of default, the company will issue biweekly default status reports in the form of further news releases, which will also be filed on SEDAR+. The company confirms that there are no insolvency proceedings against it as of the date of this news release. The company also confirms that there is no other material information concerning the affairs of the company that has not been generally disclosed as of the date of this news release.

About Petrofrontier Corp.

Petrofrontier is a junior energy company currently focused on the development of 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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