CALGARY, AB, March 2, 2026 /PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") is today providing an update on the previously-announced unsolicited, non-binding proposal made by Parex Resources Inc. ("Parex") to acquire all of Frontera's upstream Colombian exploration and production business (the "Frontera E&P Assets"), being the same assets that Frontera has agreed to sell to a subsidiary of GeoPark Limited ("GeoPark") under the previously announced arrangement agreement between Frontera and GeoPark dated January 29, 2026 (the "GeoPark Arrangement Agreement"). Since receipt of the non-binding proposal, consistent with its fiduciary responsibilities, the Frontera Board of Directors, in consultation with its outside legal counsel and independent financial advisors, has carefully reviewed and considered the Parex non-binding proposal and has had ongoing discussions and negotiations with Parex, including providing it with certain non-public information regarding Frontera pursuant to a confidentiality agreement.
