Frontera Energy to accept Parex Resources offer

Executive Summary

• Frontera Energy Corp. has accepted a superior binding offer from Parex Resources Inc. for $525 million, following GeoPark Ltd.'s decision not to match the proposal.
• Frontera intends to terminate the existing agreements with GeoPark and enter into definitive agreements with Parex to implement the transaction via a plan of arrangement under the Business Corporations Act (British Columbia).
• Definitive agreements are expected to be completed on the date of the release, with further details to follow.

Key Details

• Transaction Value: $525 million superior offer from Parex Resources Inc.
• Counterparty Status: GeoPark Ltd. received notice that it will not exercise its right to match the Parex offer.
• Action Taken: Frontera intends to terminate agreements with GeoPark and enter into definitive agreements with Parex.
• Transaction Structure: Plan of arrangement under the Business Corporations Act (British Columbia).
• Timeline: Definitive agreements expected to be completed "today" (date of release).
• Target Company: Frontera Energy Corp., a Canadian public company with interests in 18 exploration and production blocks in Colombia and Guyana, plus pipeline and port facilities in Colombia.

Notable Quotes

• None explicitly quoted in the text provided.