FRONTERA DETERMINES BINDING OFFER FROM PAREX RESOURCES INC. IS A SUPERIOR PROPOSAL TO PREVIOUSLY ANNOUNCED GEOPARK TRANSACTION

Core Viewpoint - Frontera Energy Corporation has determined that the binding offer from Parex Resources Inc. is a superior proposal compared to the previously announced transaction with GeoPark Limited [1] Summary by Relevant Sections Transaction Details - The Parex Offer includes a purchase price of US$500,000,000 in cash upon closing, plus a contingent payment of US$25,000,000 based on specified development milestones within 12 months [1] - The offer also involves the assumption of Frontera's obligations under US$310,000,000 of outstanding 2028 unsecured notes and US$80,000,000 under a prepayment facility with Chevron [1] - A Purchaser Break Fee of US$25,000,000 will be payable to GeoPark if Frontera terminates the GeoPark Arrangement Agreement [1] Matching Period - Frontera has notified GeoPark of the superior proposal, initiating a five Business Day Matching Period during which GeoPark can amend the terms of its agreement [1] - The Matching Period will end at 11:59 p.m. Eastern time on March 12, 2026 [1] Board's Position - The Frontera Board of Directors has not changed its recommendation regarding the transaction with GeoPark and continues to act in accordance with its fiduciary duties [1] - Updates regarding GeoPark's decision to exercise its Match Right will be provided as required under applicable securities laws [1] Company Overview - Frontera Energy Corporation is a Canadian public company engaged in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America [1] - The company has a diversified portfolio with interests in 18 exploration and production blocks in Colombia and Guyana, along with pipeline and port facilities in Colombia [1]