Current Frontera Board Member René Burgos Díaz
Appointed As Frontera's New CFO
Alejandro Piñeros Leaving Frontera Effective
June 3, 2022
CALGARY, AB, June 3, 2022 /CNW/ - Frontera Energy
Corporation (TSX: FEC) ("Frontera" or the "Company")
announced today that Mr. René Burgos Díaz, who was until today a
director of the Company, has been appointed the Chief Financial
Officer of the Company effective June 3,
2022. He replaces Mr. Alejandro Piñeros, who is stepping
down as Chief Financial Officer effective June 3, 2022, to
pursue other career opportunities.
"I am pleased to announce that René Burgos has been appointed as Frontera's new CFO. We are fortunate to have
such a qualified candidate in René to fill this important executive
leadership role. René's two plus years as a key member of
Frontera's Board of Directors,
including his participation in the Company's Audit Committee and
Compensation and Human Resources Committee has helped give him key
insights into the Company and its financial structure and approach
and will allow him to seamlessly excel in this critical role. René
clearly understands the shareholders' perspective and will continue
to work with the Board of Directors and the Company to unlock
value," said Gabriel de Alba,
Chairman of Frontera's Board of
Directors.
"On behalf of Frontera's
Board of Directors, Management and shareholders, I thank Alejandro
for the many contributions he made to the Company including
ensuring Frontera's financial
health during the financial downturn brought on by the Covid-19
pandemic and more recently helping steward the refinancing of the
Company's debt in 2021. Alejandro has had a lasting impact on the
positive turnaround the Company has made since he joined
Frontera in 2017. We wish him well
in his future endeavours and look forward to continuing to build on
the positive contributions he made," said Orlando Cabrales, Chief Executive Officer of
Frontera.
Mr. Burgos is a financial
markets executive with over 20 years of experience in investment
management, leveraged financing, restructuring and financial
advisory expertise across multiple industries and geographies,
specifically Latin America. Most
recently, he served as the Head of Private Credit for Latin America and Portfolio Manager for the
Latin America Private Credit Opportunities fund (LAPCO) for Compass
Group, a LatAm-based asset manager. Prior to joining Compass Group,
Mr. Burgos held various roles
within financial firms with a focus in Latin America including Carval Investors LLC,
Deutsche Bank and Bank of America. Mr. Burgos holds a Bachelor of Business
Administration, Accounting and Finance from the Universidad de Puerto Rico.
In order to assume the position of Chief Financial Officer, Mr.
Burgos resigned from the Board of
Directors of the Company (the "Board") immediately prior to
his appointment as Chief Financial Officer of the Company on
June 3, 2022, and stepped down as a
member of each of the Audit Committee and Compensation and Human
Resources Committee (the "CHRC") of the Board at the same
time.
Board member Mr. Luis Fernando Alarcón replaces Mr. Burgos on the Audit Committee and Board member
Veronique Giry replaces Mr.
Burgos on the CHRC. Reflecting
these changes, effective June 3,
2022, the Audit Committee is comprised of three directors
(Mr. W. Ellis Armstrong (Chair), Mr.
Russell Ford and Mr. Alarcón), each
of whom meets the criteria for independence and financial literacy
set forth in National Instrument 52-110 – Audit Committees,
and the CHRC is comprised of three directors (Mr. Gabriel de Alba (Chair), Mr. Ford and Ms. Giry),
each of whom meets the criteria for independence set forth in
National Instrument 58-101 – Corporate Governance.
About Frontera
Frontera Energy Corporation is a Canadian public company
involved in the exploration, development, production,
transportation, storage and sale of oil and natural gas in
South America, including related
investments in both upstream and midstream facilities. The Company
has a diversified portfolio of assets with interests in 34
exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in
Colombia. Frontera is committed to conducting business
safely and in a socially, environmentally and ethically responsible
manner.
If you would like to receive News Releases via email as soon as
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Corporate Presentation
See Frontera Energy's corporate presentation at:
https://www.fronteraenergy.ca/reports-presentations/
Social Media
Follow Frontera Energy social media channels at the following
links:
Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.
Advisories
Cautionary Note Concerning Forward-Looking
Statements:
This news release contains forward-looking information within
the meaning of Canadian securities laws. Forward-looking
information relates to activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future. Forward-looking information in this news release includes
statements regarding changes to the management team of the Company
and the composition of its Audit Committee and CHRC. All
information other than historical fact is forward-looking
information. Forward-looking information reflects the current
expectations, assumptions and beliefs of the Company based on
information currently available to it and considers the Company's
experience and its perception of historical trends. Although the
Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be placed on such
information. Forward-looking information is subject to a number of
risks and uncertainties. Actual results may differ materially from
those expressed or implied by the forward-looking information, and
even if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected
consequences to, or effects on, the Company. The Company's annual
information form dated March 2, 2022,
its management's discussion and analysis for the year ended
December 31, 2021, and other
documents it files from time to time with securities regulatory
authorities describe the risks, uncertainties, material assumptions
and other factors that could influence actual results and such
factors are incorporated herein by reference. Copies of these
documents are available without charge by referring to the
company's profile on SEDAR at www.sedar.com. All forward-looking
information speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new
information, future events or results or otherwise.
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SOURCE Frontera Energy Corporation