Frontera Energy Elects Directors, Announces Dividend

Frontera Energy Corporation (TSX: FEC) on May 29 held its annual general and special meeting of shareholders where each of the seven nominees proposed as directors and listed in the Frontera’s management proxy circular dated April 18, 2019 were elected as directors. A total of 74,846,839 common shares were voted in respect of the election of directors at the meeting, representing 76.29% of the votes attaching to all outstanding common shares. The directors achieved an average approval vote of 99.90% from shareholders.

Frontera also announced that its board of directors has declared a dividend of $0.205 Canadian dollars per common share, which will be paid on or about July 17, 2019 to shareholders of record at the close of business on July 3, 2019. The company’s board of directors also amended its dividend policy to increase the quarterly dividend by 20% from US$12.5 million to approximately USD $15 million during periods in which Brent oil prices sustain an average price of USD $60/bbl or higher. The declaration and payment of any specific dividend, the actual amount, the declaration date, the record date, and the payment of each quarterly dividend will be subject to the discretion of the Company’s board of directors.

The dividend is designated as an eligible dividend under the Income Tax Act of Canada.

The dividend is eligible for Frontera’s dividend reinvestment plan to provide shareholders of Frontera who are resident in Canada with the option to have the cash dividends declared on their common shares of Frontera reinvested automatically back into additional shares, without the payment of brokerage commissions or service charges. Participation in the Plan is optional.

The results of the director election vote are set out below: