Frontera Energy says Parex offer superior proposal to previous Geopark bid

Core Viewpoint - Frontera Energy Corporation has received a superior binding offer from Parex Resources Inc. for its Colombian upstream operations, surpassing a previous bid from Geopark [1] Group 1: Offer Details - Parex's offer is valued at $500 million in cash, which includes the assumption of debt and a contingent payment of $25 million [1] - Geopark's previous bid was for $375 million to acquire Frontera's oil and gas exploration and production assets in Colombia [1] Group 2: Company Operations - Frontera Energy is one of the largest private producers in Colombia, with a portfolio of 17 exploration and production blocks, including the Quifa and Cubiro fields [1] - The company reported an average annual production of 38,934 barrels of oil equivalent per day at the end of the third quarter of the previous year [1] Group 3: Next Steps - Geopark has been informed of the superior offer and has five business days, ending March 12, to amend its agreement if it chooses to [1] - The Frontera Board of Directors continues to act in accordance with its fiduciary duties and the terms of the existing GeoPark Arrangement Agreement [1]