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Parex Resources Enters into a Definitive Agreement to Acquire Frontera Energy's Colombian E&P Assets
Parex Resources aims to boost Colombian oil production and reserves with this acquisition, targeting improved financial metrics and operational synergies, according to company statements.
- On Tuesday, March 10, 2026, Frontera Energy Corporation announced it entered a definitive agreement with Parex Resources Inc. to acquire its Colombian upstream exploration and production assets for up to $525 million.
- Parex's proposal provided $125 million more in equity consideration than the previous GeoPark Limited arrangement, representing a 31% premium to the value contemplated in the January 29, 2026, agreement.
- Catalyst Capital Group Inc. and Gramercy Funds Management LLC, holding approximately 41% and 12% of outstanding shares respectively, entered support agreements to vote in favor of the transaction.
- Frontera terminated the GeoPark agreement and paid a $25 million purchaser break fee; the company plans to distribute approximately $470 million in net cash proceeds to shareholders after closing.
- Closing is anticipated in the second quarter of 2026, positioning Frontera as a focused infrastructure company with growth plans including an LNG regasification project with Ecopetrol S.A.
11 Articles
11 Articles
FRONTERA ANNOUNCES DEFINITIVE AGREEMENT WITH PAREX TO DIVEST ITS COLOMBIAN E&P ASSETS PORTFOLIO FOR A FIRM VALUE OF APPROXIMATELY $750 MILLION, INCLUDING $525 MILLION EQUITY CONSIDERATION
/PRNewswire/ - Frontera Energy Corporation (TSX: FEC) ("Frontera" or the "Company") announces it has entered into a definitive arrangement agreement with Parex...
Parex Resources Enters into a Definitive Agreement to Acquire Frontera Energy's Colombian E&P Assets
CALGARY, Alberta, March 10, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT) is pleased to announce that it has entered into a definitive agreement (the "Arrangement Agreement") with Frontera Energy Corporation ("Frontera") (TSX:FEC), whereby Parex will acquire 100% of Frontera Petroleum International Holdings B.V. ("Frontera E&P"), which holds all of Frontera's exploration and production assets in Colombia, for…
Simcoe.com
Parex Resources Enters into a Definitive Agreement to Acquire Frontera Energy’s Colombian E&P Assets
CALGARY, Alberta, March 10, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce that it has entered into a definitive agreement (the "Arrangement Agreement") with Frontera Energy Corporation (“Frontera”) (TSX: FEC), whereby…
Frontera To Sell Colombian Upstream Portfolio To Parex For $750 Million
Frontera Energy (TSX: FEC) has again entered into a definitive agreement to divest its entire Colombian upstream portfolio. The deal, which sees the company transitioning toward a specialized infrastructure model, involves the sale of its Colombian exploration and production assets to Parex Resources (TSX: PXT) for an implied value of $750 million, and comes after […]
Imad Mohsen, president and CEO of Parex. Image: artphotostudio through Freepik/Parex Frontera Energy accepted Parex’s $525 million offer for it to acquire its oil production and exploitation businesses in Colombia. With this decision, Parex takes over the business and takes out of the race another company that went for them, GeoPark. This marks a new context for the oil industry in Colombia, since after the transaction, Parex would keep around 8…
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