Frontera Announces Transition of Chief Financial Officer (CFO) and Changes to Committee Membership

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Running Border Board Member René Burgos Díaz Appointed New Frontera CFO

Alejandro Piñeros leaves Frontera squad June 3, 2022

CALGARY, Alta., June 3, 2022 /PRNewswire/ – Frontera Energy Corporation (TSX: FEC) (“Border“or the”Company“) announced today that Mr. René Burgos Díaz, who until now was a director of the Company, has been appointed Chief Financial Officer of the Company as of June 3, 2022. He replaces Mr. Alejandro Piñeros, who is stepping down as Chief Financial Officer effective June 3, 2022, to pursue other career opportunities.

“I am happy to announce that René Burgos was named as Frontera new chief financial officer. We are fortunate to have such a qualified candidate in René to fulfill this important leadership role. René’s two plus years as a key member of Frontera Board of Directors, including his participation in the Audit Committee and the Compensation and Human Resources Committee of the Company, has given him a better understanding of the Company, its financial structure and approach and will enable him to excel smoothly in this essential role. René clearly understands the shareholder perspective and will continue to work with the board and the company to unlock value,” said Gabriel d’AlbaPresident of Frontera Board of Directors.

Behalf Frontera Board of Directors, management and shareholders, I thank Alejandro for the many contributions he has made to the company, in particular by ensuring Frontera financial health during the financial downturn caused by the Covid-19 pandemic and, most recently, helping to manage the company’s debt refinancing in 2021. Alejandro has had a lasting impact on the positive turnaround the company has achieved since His arrival Border in 2017. We wish him well in his future endeavours, and look forward to continuing to build on the positive contributions he has made,” said Orlando Cabralesgeneral manager of Border.

Mr. Burgos is a capital markets executive with over 20 years of experience in investment management, leveraged finance, restructuring and financial advisory expertise across multiple industries and geographies, particularly Latin America. Most recently, he held the position of Head of Private Credit for Latin America and portfolio manager for the Latin America Private Credit Opportunities (LAPCO) fund for Compass Group, a Latin America-based asset manager. Prior to joining Compass Group, Mr. Burgos held various positions in financial companies, with a focus on Latin America including Carval Investors LLC, Deutsche Bank and Bank of America. Mr. Burgos holds a bachelor’s degree in business administration, accounting and finance from University of Puerto Rico.

In order to assume the position of Chief Financial Officer, Mr. Burgos resigned from the Board of Directors of the Company (the “Plank“) immediately prior to his appointment as Chief Financial Officer of the Company on June 3, 2022and resigned as a member of the Audit Committee and the Remuneration and Human Resources Committee (the “CHRC“) of the Council at the same time.

The administrator Mr. Luis Fernando Alarcón replaces Mr. Burgos member of the audit committee and member of the board of directors Veronique Giry replaces Mr. Burgos on the CHRC. Reflecting these changes, effective June 3, 2022the audit committee is composed of three directors (MW Ellis Armstrong (president), Mr. Russell Ford and Mr. Alarcón), who each meet the independence and financial literacy criteria set out in National Instrument 52-110 – Audit Committeesand the FRCC is composed of three directors (Mr. Gabriel d’Alba (Chairman), Mr. Ford and Ms. Giry), who each meet the independence criteria set out in National Instrument 58-101 – Corporate governance.

About Border

Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of petroleum and natural gas in South America, including related investments in upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 34 exploration and production blocks in Colombia, Ecuador and Guyanaand pipeline and port facilities in Colombia. Border is committed to conducting its business safely and in a socially, environmentally and ethically responsible manner.

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Corporate presentation

View Frontera Energy’s corporate presentation at: https://www.fronteraenergy.ca/reports-presentations/

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Notice

Caution Regarding Forward-Looking Statements:

This press release contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking information in this press release includes statements regarding changes to the Company’s management team and the composition of its Audit Committee and CHRC. All information other than historical facts is forward-looking information. Forward-looking information reflects the Company’s current expectations, assumptions and beliefs based on information currently available to it and takes into account the Company’s experience and its perception of historical trends. Although the Company believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be placed on such information. Forward-looking information is subject to a number of risks and uncertainties. Actual results may differ materially from those expressed or implied by the forward-looking information, and even if such actual results are achieved or substantially achieved, there can be no assurance that they will have the anticipated consequences or effects on the Company. The annual information form of the Company dated March 2, 2022its management report for the financial year ended December 31, 2021, and other documents it files from time to time with securities regulatory authorities describe risks, uncertainties, material assumptions and other factors that could affect actual results and such factors are incorporated herein by dismissal. Copies of these documents are available free of charge by consulting the Company’s profile on SEDAR at www.sedar.com. All forward-looking information speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future or other events or results.

SOURCEFrontera Energy Corporation

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