Petrofrontier Announces Results of AGM, Filing of Second Quarter 2023 Financial and Operating Results and Operations Update

FINANCIAL AND OPERATING RESULTS AND OPERATIONS UPDATE

CALGARY, AB / ACCESSWIRE / August 17, 2023 / PetroFrontier Corp. ("PetroFrontier" or "the Corporation") (TSXV:PFC) is pleased to provide the voting results from its annual and special meeting of shareholders held on August 16, 2023.

Shareholders voted on and approved the following proposals: (1) to set the number of directors at three, (2) the election of the directors of the Corporation, (3) the appointment of MNP LLP, as Auditors of the Corporation for the ensuing year and authorized the Directors to fix their remuneration, and (4) approval of the Corporation's stock option plan.

The voting results for the election of directors are as follows:

Filing of Q2 Financials and MD&A

The Corporation also announces that its Second Quarter 2023 Financial Statements and Management's Discussion and Analysis have been filed on SEDAR (www.sedar.com).

Operations Update

Finally, PetroFrontier is also pleased to announce that it drilled two Rex multi-lateral horizontal wells in the second quarter. The new wells offset the original 106/14-15-61-02W4 horizontal Rex well (106/14-15) at Cold Lake. Both wells came in on budget at an average of approx. $1.5MM per well. Both wells have been completed, equipped and put on production. The 106/14-15 well, which has been the Corporation's best well to date, having now produced 115,000 barrels of oil. The 106/14-15 was shut in to drill the two new Rex wells from the same pad and has now been put back on production. Management looks forward to the additional production contributed by the 2 new Rex multi-lateral wells and to providing an operational update once they have cleaned up and demonstrate indicative results.

About PetroFrontier Corp.

PetroFrontier is a junior energy company focused on responsible resource development in partnership with First Nations and currently operates heavy oil projects in the Cold Lake and Wabasca areas of Alberta. Committed to generating value for its stakeholders, PetroFrontier continually strives to improve its operating, environmental, social and governance practices and delivery of its commitment to enhance the communities in which it is honoured to work.

PetroFrontier's head office is in Calgary, Alberta and its common shares are listed for trading on the TSV Venture Exchange under the symbol "PFC".

More information pertaining to PFC can be obtained under the Corporation's profile on Sedar which can be accessed online at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which may be beyond the control of PetroFrontier. 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

For More Information, Please Contact:

Kelly Kimbley, President & CEO
PetroFrontier Corp.
Suite 700, 903 - 8 Avenue S.W.
Calgary, Alberta, Canada T2P 0P7

Telephone: (403) 650-6355
Email: kkimbley@petrofrontier.com
Website: www.petrofrontier.com

SOURCE: PetroFrontier Corp.