Frontera Energy Corporation (TSX:FEC) entered into an agreement to acquire Petróleos Sudamericanos S.A. for $9 million on December 20, 2021. The consideration will be satisfied for a total aggregate cash
consideration of approximately $9 million plus the assumption of approximately $18 million in debt. Transaction is subject to meeting certain closing conditions, and is expected to close by December 30, 2021.

Frontera Energy Corporation (TSX:FEC) completed the acquisition of Petróleos Sudamericanos S.A. on December 30, 2021.