Frontera Announces 2012 Annual Results and Financing Update
FRONTERA RESOURCES CORPORATION
Houston, Texas, U.S.A. –28 June 2013
FRONTERA ANNOUNCES 2012 ANNUAL RESULTS AND FINANCING UPDATE
Frontera Resources Corporation (London Stock Exchange, AIM Market – Symbol: FRR), an independent oil and gas exploration and production company (“Frontera” or the “Company”), today releases its audited final resultsfor the year ended 31 December 2012.
-Revenues from crude oil sales for 2012 totaled $7.5 million.
-Net loss of $8.9 million, or $0.004 per share on a fully diluted basis.
– Loss reflects expenditures focused on the existing operations as described in the Company’s 6 June 2013 Operations Update.
– The Company continues to make progress in the planned development of its portfolio and operations continue in line with the Company’s 6 June 2013 Operations Update.
On 26 June 2013, the Company drew down on its previously announced Standby Equity Distribution Agreement (“SEDA”) with YA Global Master SPV Ltd in the amount of £795,000 (the “Draw Down”). The Draw Down has been undertaken at a price of 0.7361 pence per share, representing a 1.4% premium to Frontera’s volume weighted average price on 26 June 2013, and will result in the issue of 107,997,244 new ordinary shares of US$0.00004 each in the Company (“New Ordinary Shares”). Application has been made for the New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on3July 2013 (“Admission”). The New Ordinary Shares will rank pari passu with the Company’s existing issued ordinary shares. Following Admission, the enlarged issued share capital of the Company will be 2,454,407,068.
Frontera Resources Corporation
Vice President, Investor Relations and Corporate Communications
Nominated Adviser and Joint Broker:
Matt Goode/Christopher Raggett
+44 (0) 20 7220 0500
Cornhill Capital Limited
Nick Bealer/Stefan Olivier
+44 (0)20 7710 9610
Tim Thompson / Tom Hufton
+44 (0)20 7466 5000
Notes to Editors:
1. Frontera Resources Corporation is an independent Houston, Texas, U.S.A.-based international oil and gas exploration and production company whose strategy is to identify opportunities and operate in emerging markets in Eastern Europe around the Black Sea. Frontera Resources Corporation shares are traded on the London Stock Exchange, AIM Market – Symbol: FRR. For more information, please visit www.fronteraresources.com.
2. Information on Resource Estimates: The contingent and prospective resources estimates contained in this announcement were determined by the independent consulting firm of Netherland, Sewell & Associates (NSA) in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System (PRMS) adopted by the Society of Petroleum Engineers (SPE). Gerard Bono, Frontera’s Vice President and Chief Reservoir Engineer, who is a member of the SPE, is the qualified person who reviewed and approved the statements in this announcement.
3. This release may contain certain forward-looking statements, including, without limitation, expectations, beliefs, plans and objectives regarding the transactions, work programs and other matters discussed in this release. Exploration for oil is a speculative business that involves a high degree of risk. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: risks inherent in oil and gas production operations; availability and performance of needed equipment and personnel; the Company’s ability to raise capital to fund its exploration and development programs; seismic data; evaluation of logs, cores and other data from wells drilled; inherent uncertainty in estimation of oil and gas resources; fluctuations in oil and gas prices; weather conditions; general economic conditions; the political situation in Georgia and relations with neighboring countries; and other factors listed in Frontera’s financial reports, which are available at www.fronteraresources.com. There is no assurance that Frontera’s expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.