PetroFrontier Corp. ('PetroFrontier' or the 'Corporation') (TSX-V: PFC) is pleased to announce that it has received approval from the TSX Venture Exchange Inc. (the 'Exchange') and has closed the amended debenture extending agreement which included the immediate repayment of certain of the amounts outstanding under its secured debenture.

Amended Debenture Extending Agreement

Further to the Corporation's July 13 and August 18, 2020 press releases providing details of the extension agreement (the 'Original Extending Agreement') that extended payment of amounts owing to the Corporation's senior secured creditor under the debenture granted on July 21, 2016 (the 'Debenture'), the Corporation is pleased to announce that it has closed the amended Debenture and credit facility extending agreement (the 'Amended Extending Agreement') which extends the repayment terms of both the Debenture as well as the credit facility entered into on June 3, 2019 (the 'Credit Facility'). Closing also resulted in a partial repayment of the Corporation's indebtedness under the Debenture in the amount of $1,000,000. The partial repayment was completed by the issuance of 25,000,000 common shares of the Corporation (the 'Common Shares') at a deemed price of $0.04 per common shares.

About PetroFrontier Corp.

PetroFrontier is a junior energy company currently focused on developing two Mannville heavy oil plays in the Cold Lake and Wabasca areas of Alberta. PetroFrontier's head office is in Calgary, Alberta and its Common Shares are listed for trading on the Exchange under the symbol 'PFC'.

Forward-Looking Statements

This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of PetroFrontier, including closing of the Private Placement. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, PetroFrontier does not assume any obligation to update or revise them to reflect new events or circumstances.

Contact:

Tel: (403) 718-0366

Email: info@petrofrontier.com

Web: www.petrofrontier.com

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