July 30, 2019 - 6:00 AM EDT
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Frontera Announces Resumption of Production from Block 192 in Peru and Reminder of Second Quarter 2019 Financial Results and Conference Call

Canada NewsWire

Production Ramping Back Up to Over 9,000 Barrels of Oil Per Day

Second Quarter 2019 Results Will Be Released After Market on Thursday, August 1, 2019, Followed by a Conference Call on Friday, August 2, 2019 at 10:00 A.M. EDT

TORONTO, July 30, 2019 /CNW/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company"), today announced that repairs have been completed on the NorPeruano pipeline in Peru and it has now resumed normal operations, allowing the Company to restart production from Block 192. Current production is 2,910 bbl/d and is expected to continue to ramp back up to over 9,000 bbl/d. It is now anticipated that the contract relating to Block 192 will be extended to at least February 2020.

On June 18, 2019, the Company was notified by Petroperú S.A. ("Petroperú"), the operator of the NorPeruano pipeline, of a force majeure event affecting a portion of the pipeline as a result of an attack at Kilometer 237 near pump station 5 of the North Branch Pipeline located in the Manseriche district. The pipeline was repaired, but as part of an ongoing community dispute local residents were not permitting Petroperú to conduct activities necessary to resume pumping oil through the pipeline. Effective July 1, 2019, Frontera started to shut down production from Block 192, located over 200 kilometers from the site of the incident, while the authorities worked to resolve the dispute and gain access to the pipeline.

Second Quarter 2019 Results

Second quarter 2019 results will be released after market on Thursday, August 1, 2019 followed by a conference call for investors and analysts on Friday, August 2, 2019 at 8:00 a.m. (MDT), 9:00 a.m. (GMT-5) and 10:00 a.m. (EDT). Participants will include Gabriel de Alba, Chairman of the Board of Directors, Richard Herbert, Chief Executive Officer, David Dyck, Chief Financial Officer and select members of the senior management team.

Analysts and investors are invited to participate using the following dial-in numbers:

Participant Number (International/Local):

(647) 427-7450

Participant Number (Toll free Colombia):

01-800-518-0661

Participant Number (Toll free North America):

(888) 231-8191

Conference ID:

8974578

Webcast Audio:

www.fronteraenergy.ca

 

A replay of the conference call will be available until 10:59 p.m. (GMT-5) and 11:59 p.m. (EDT) Friday, August 16, 2019.

Encore Toll Free Dial-in Number:

1-855-859-2056

Local Dial-in Number:

(416)-849-0833

Encore ID:

8974578

 

About Frontera:

Frontera Energy Corporation is a Canadian public company and a leading explorer and producer of crude oil and natural gas, with operations focused in South America. The Company has a diversified portfolio of assets with interests in more than 40 exploration and production blocks in Colombia, Peru, Ecuador and Guyana. The Company's strategy is focused on sustainable growth in production and reserves. Frontera is committed to conducting business safely, in a socially and environmentally responsible manner. Frontera's common shares trade on the Toronto Stock Exchange under the ticker symbol "FEC".

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Advisories:

Cautionary Note Concerning Forward-Looking Statements This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production and production levels, and the extension of the term of the contract related to Block 192) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: production estimates and estimated economic return; uncertainties associated with estimating oil and natural gas reserves; failure to establish estimated resources or reserves; failure to establish estimated resources or reserves; operating hazards and risks; volatility in market prices for oil and natural gas; the uncertainties involved in interpreting drilling results and other geological data; fluctuation in currency exchange rates; inflation; changes in equity markets; timing on receipt of government approvals; perceptions of the Company's prospects and the prospects of the oil and gas industry in Colombia and the other countries where the Company operates or has investments; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 13, 2019 filed on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Cision View original content:http://www.prnewswire.com/news-releases/frontera-announces-resumption-of-production-from-block-192-in-peru-and-reminder-of-second-quarter-2019-financial-results-and-conference-call-300892987.html

SOURCE Frontera Energy Corporation

View original content: http://www.newswire.ca/en/releases/archive/July2019/30/c1979.html

Grayson Andersen, Corporate Vice President, Capital Markets, +57-314-250-1467, [email protected], www.fronteraenergy.caCopyright CNW Group 2019


Source: Canada Newswire (July 30, 2019 - 6:00 AM EDT)

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