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Frontera Energy Corporation Dated: March 27, 2018

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Frontera Energy Corporation Dated: March 27, 2018 FRONTERA ENERGY CORPORATION ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2017 DATED: MARCH 27, 2018 TABLE OF CONTENTS ABBREVIATIONS AND DEFINITIONS ........................................................................................................................ 3 GLOSSARY OF TERMS .............................................................................................................................................. 3 FORWARD-LOOKING INFORMATION ....................................................................................................................... 8 GENERAL MATTERS .................................................................................................................................................10 CORPORATE STRUCTURE ......................................................................................................................................10 GENERAL DEVELOPMENT OF THE BUSINESS......................................................................................................11 DESCRIPTION OF THE BUSINESS ..........................................................................................................................18 OIL AND NATURAL GAS CONTRACTS AND PROPERTIES ...................................................................................25 INFRASTRUCTURE ASSETS ....................................................................................................................................31 RISK FACTORS .........................................................................................................................................................33 RESERVES DATA AND OTHER INFORMATION ......................................................................................................47 DIVIDENDS ................................................................................................................................................................47 DESCRIPTION OF CAPITAL STRUCTURE ..............................................................................................................48 MARKET FOR SECURITIES ......................................................................................................................................51 DIRECTORS AND OFFICERS ...................................................................................................................................52 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .....................................................56 LEGAL PROCEEDINGS AND REGULATORY ACTIONS ..........................................................................................60 TRANSFER AGENT AND REGISTRAR .....................................................................................................................62 MATERIAL CONTRACTS ...........................................................................................................................................62 INTERESTS OF EXPERTS ........................................................................................................................................63 AUDIT COMMITTEE INFORMATION .........................................................................................................................63 ADDITIONAL INFORMATION ....................................................................................................................................65 APPENDIX “A” ............................................................................................................................................................66 -2- ABBREVIATIONS AND DEFINITIONS bbl barrels MMboe million barrels of oil equivalent bbl/d barrels per day MD measured depth boe barrels of oil equivalent Mcf thousand cubic feet boe/d barrels of oil equivalent per day Mcf/d thousand cubic feet per day Mbbl thousand barrels U.S.$ United States dollars Mboe thousand barrels of oil equivalent WI working interest MMbbl million barrels NOTE: The term “boe” is used in this Annual Information Form. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of cubic feet to barrels is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In this Annual Information Form, boe has been expressed using the Colombian conversion standard of 5.7 Mcf: 1 bbl required by the Colombian Ministry of Mines and Energy. The Company has expressed boe using the Peruvian conversion standard of 5.626 Mcf: 1 bbl required by Perupetro for properties in Peru. GLOSSARY OF TERMS The following terms used but not otherwise defined in this Annual Information Form have the meanings set out below. Words importing the singular, where the context requires, include the plural and vice versa and words importing any gender include all genders. Non-Technical Terms “Acuerdo 2, 2015” means the accord implemented by the ANH, adopted to help mitigate the adverse effects of the fall of international oil prices by allowing companies to transfer certain exploratory obligations from non-prospective blocks to prospective blocks. “Affected Creditors” means collectively, Previous Noteholders, lenders under the Previous Credit Facilities and all other creditors for which the Company commenced a claims process pursuant to the CCAA Proceedings. “Alfa” means Alfa S.A.B. de C.V. “Amended Articles” has the meaning given to such term under the heading entitled “General Development of the Business – Three-Year History – Period ending December 31, 2016 – The Restructuring.” “ANH” means Agencia Nacional de Hidrocarburos, the governmental entity in Colombia responsible for the granting of exploration and exploitation agreements with respect to hydrocarbons. “Annual Information Form” means this Annual Information Form dated March 27, 2018 for the fiscal year that ended December 31, 2017. “ANP” means the Agencia Nacional do Petróleo Gás Natural e Biocombustíveis, the Brazilian governmental entity responsible for the granting of exploration and exploitation agreements with respect to hydrocarbons. “Audit Committee” means the audit committee of the Board of Directors. “Awards” has the meaning given to such term under the heading entitled “Description of Capital Structure – General Description of the Capital Structure – Incentive Plan.” “BCBCA” means the Business Corporations Act (British Columbia) including the regulations promulgated thereunder, as amended. “Bicentenario” means Oleoducto Bicentenario de Colombia S.A.S. “Bicentenario Pipeline” means the Colombian pipeline that runs from the Araguaney Station, in the Casanare Department, to the Banadia Station in the Arauca Department. -3- “Blue Pacific” means Blue Pacific Assets Corp., a British Virgin Islands corporation, which to the best of the Company’s knowledge, Miguel de la Campa, Serafino Iacono, Laureano von Siegmund and José Francisco Arata, all former directors or executive officers of the Company, control, or provide investment advice to, the holders of approximately 88% of the outstanding common shares of the company. “Board of Directors” means the board of directors of the Company. “Business Day” means a day, other than a Saturday, Sunday or a statutory or civic holiday, on which banks are generally open for business in Toronto, Ontario and New York, New York. “Catalyst” means The Catalyst Capital Group Inc. or any funds managed or administered by it or its affiliates. “CCAA” means the Companies' Creditors Arrangement Act (Canada) and the regulations thereto, as in effect up to November 2, 2016. “CCAA Proceedings” has the meaning given to such term under the heading entitled “General Development of the Business – Three-Year History – Period ending December 31, 2016 – The Restructuring.” “CGU” has the meaning given to such term under the heading entitled “Risk Factors – Risk Related to the Company conducting business in the Oil and Natural Gas Industry – Accounting impairments.” “CGX Energy” means CGX Energy Inc. “CNE Oil” means CNE Oil & Gas S.A.S., a subsidiary of Canacol Energy Ltd. “Common Shares” means the common shares in the capital of the Company. “Company” means Frontera Energy Corporation. “Compensation and Human Resources Committee” means the compensation and human resources committee of the Board of Directors. “D&M” means DeGolyer and MacNaughton, of Dallas, Texas, an independent petroleum engineering consulting firm. “Delegated Authority” has the meaning given to such term under the heading entitled “Audit Committee Information – Pre-Approval Policies and Procedures.” “DIAN” means Dirección de Impuestos y Aduanas Nacionales de Colombia, which is the Colombian tax authority. “DIP Note Financing” means the U.S.$500 million debtor-in-possession note financing that closed on June 22, 2016, which was provided by certain Previous Noteholders and Catalyst to the Company. “Directors” means members of the Board of Directors. “DSU” has the meaning given to such term under the heading entitled “Description of Capital Structure – General Description of Capital Structure – Incentive Plan.” “E&P” means exploration and production. “EBITDA” means earnings before interest, taxes, depreciation and amortization. “Ecopetrol” means Ecopetrol S.A., a company majority-owned by the Government of Colombia and involved in the exploration and exploitation of hydrocarbons. “ELN” means National Liberation Army, a left-wing rebel group operating in Colombia. -4- “Equity Contribution Agreement” has the
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