FRONTERA ANNOUNCES SECOND QUARTER 2026 RESULTS

Recorded Net Income for the Period of $29.0 Million Adjusted EBITDA Increased 18% Year over Year to $30.5 Million Completed Transformation into a Focused Infrastructure Company and Returned C$8.34 per Share, C$590 Million to Shareholders Puerto Bahia Achieved Record RoRo Activity Advanced Puerto Bahía LNG Project Through Take-or-Pay Agreement with Ecopetrol and Secured FSRU Capacity with Excelerate Energy

CALGARY, AB , Aug. 14, 2026 /PRNewswire/ -- Frontera Energy Corporation (TSX: FEC) (OTCQX: FECCF ) (" Frontera " or the " Company ") today reported financial and operational results for the second quarter ended June 30, 2026.

All financial amounts in this news release and in the Company's financial disclosures are in United States dollars, unless otherwise stated.

Gabriel de Alba, Chairman of the Board of Directors, commented: "The second quarter marked the completion of a significant transformation for Frontera. Through the plan of arrangement involving Parex Resources Inc. and the subsequent return of capital, the Company returned C$8.34 per share, C$590 Million to shareholders and emerged as a focused infrastructure business anchored by Puerto Bahia and the Company's 35% interest in ODL. This outcome reflects a multi-year effort to simplify the Company, crystallize value and establish a stronger foundation for its next phase. With the transformation completed, the Board's focus is on disciplined execution and capital allocation. Frontera has resilient, cash-generating infrastructure assets, leverage below 1.0x Adjusted EBITDA and a differentiated growth opportunity through LNG at Puerto Bahía to play a critical role in Colombia's energy security. The Company will continue to evaluate investment and financing decisions against clear risk-adjusted return criteria, while maintaining balance-sheet discipline and a strong focus on long-term shareholder value."

Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented: "Frontera delivered solid operating and financial performance during the second quarter, with Adjusted EBITDA increasing 18% year over year to $30.5 million. Puerto Bahía handled a record 48,074 RoRo units, including an all-time monthly record in April, while LPG volumes continued to ramp up. ODL transported approximately 239,000 barrels per day and continued to provide stable cash generation. We also made important progress on the next phase of Puerto Bahía's development. The take-or-pay agreement with Ecopetrol and the FSRU capacity secured with Excelerate Energy substantially advances the commercial and technical foundations of the LNG regasification project. Our priorities are now to complete the execution milestones required to achieve first gas in early 2027, while continuing to grow our existing port businesses and operate our assets safely and efficiently."

Second Quarter of 2026 Operational and Financial Summary*: Six months ended June 30 Q2 2026 Q1 2026 Q2 2025 2026 2025 Financial Results Total Revenues and Other Income ($M) 31,260 26,833 25,463 58,093 50,600 Port revenues ($M) 14,647 12,654 11,339 27,301 21,367 Operating costs ($M) 8,779 7,102 6,205 15,881 11,369 General and administrative ($M) 2,384 3,039 3,481 5,423 6,887 Operating income (loss) from continuing operations ($M) 6,106 13,488 (427,870) 19,594 (413,432) Cash provided (used) by operating activities from continuing operations ($M) 25,951 (4,961) (6,552) 20,990 17,324 ODL dividends, net of taxes ($M) 26,813 — — 26,813 26,172 Total debt and lease liabilities ($M) 170,472 169,188 212,531 170,472 212,531 Net (loss) income for the period from continuing operations (1) ($M) (4,039) 13,055 (439,228) 9,016 (427,458) Net income (loss) for the period from discontinued operations (1) ($M) 33,010 (28,459) (15,984) 4,551 (230) Net income (loss) for the period (1) ($M) 28,971 (15,404) (455,212) 13,567 (427,688) Per share – diluted from continuing operations ($) (0.06) 0.18 (5.68) 0.13 (5.49) Per share – diluted from discontinued operations ($)...