The Net Present Value (' NPV') for the net 2P reserves, discounted at 10% before tax, is $3.036 billion at December 31, 2021, compared to $1.888 billion at December 31, 2020.Delivered 3P reserves on a gross working interest basis before royalties of 229.8 MMboe compared to 230.4 MMboe at December 31, 2020. Increased 2P reserves on a gross working interest basis before royalties by 2% to 178.2 MMboe compared to 174.0 MMboe at December 31, 2020.1P F&D cost three-year average was $9.80/boe in 2021 compared to $7.38/boe in 2020. Achieved a three-year average finding and development (' F&D') cost of $8.50/boe on a 2P basis ( $3.38/boe in 2020) with upstream reserves-based capital expenditures of $187 million ( $101 million in 2020), not including changes in future development costs ('FDC').Added 7.8 MMboe of 3P net reserves, for a total of 217.1 MMboe at December 31, 2021, slightly lower compared to 221.8 MMboe at December 31, 2020.Extended 2P reserves life index to 13.3 years compared to 10.3 years at December 31, 2020.Extended 1P reserves life index to 8.7 years compared to 6.4 years at December 31, 2020.Achieved a 1P net Reserves Replacement Ratio of 157% and a net 2P Reserve Replacement Ratio of 105%.The Company's 167 MMboe of net 2P reserves consist of 62% heavy crude oil, 27% light and medium crude oil and 7% conventional natural gas and 4% natural gas liquids. Added 13.1 MMboe of 2P net reserves, slightly increasing the Company's 2P net reserves to 167.0 MMboe, compared to 166.4 MMboe at December 31, 2020.The net present value (10% discount) on Decemof the Company's 2P reserves increased by 61% to $3.036 billion before tax and $2.248 billion after tax due in part to higher Brent prices year over year and greater operational and development cost stability.'įor the year ended December 31, 2021, Frontera: We also increased net 2P natural gas and associated natural gas liquids reserves by 105% to 19.1 MMboe, further diversifying Frontera's future production mix. The Company replaced 157% of net 1P reserves and 105% of net 2P reserves, and extended our net 1P reserves life index to 8.7 years and our net 2P reserves life index to 13.3 years. 'Frontera delivered solid reserves results in 2021. Orlando Cabrales, Chief Executive Officer, commented: All of the Company's booked reserves for the year ended Decemare located in Colombia and Ecuador. All dollar amounts in this news release and the Company's financial disclosures are in United States dollars, unless otherwise noted. 16, 2022 /CNW/ - Frontera Energy Corporation (TSX: FEC) (' Frontera' or the ' Company') today announced the results of its annual independent reserves assessment conducted by DeGolyer and MacNaughton (' D&M'). INCREASED NET 2P NATURAL GAS AND ASSOCIATED NATURAL GAS LIQUIDS RESERVES BY 105% TO 19.1 MMBOE, FURTHER DIVERSIFYING FRONTERA'S FUTURE PRODUCTION MIXĮXTENDED NET 1P RESERVES LIFE INDEX TO 8.7 YEARS AND 2P TO 13.3 YEARSĬALGARY, AB, Feb. REPLACED 157% NET 1P AND 105% NET 2P RESERVES

2021 2P RESERVES OF 167 MILLION BOE WITH NET PRESENT VALUE BEFORE TAX OF $3.0 BILLION

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