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Parex Resources Announces Proposal to Acquire Frontera Energy’s Colombian E&P Assets
CALGARY, Alberta, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT), announced today that it has submitted an acquisition proposal (the “Proposal”) to the Board of Directors (the “Frontera Board”) of Frontera Energy Corporation (TSX: FEC) to acquire all of Frontera’s Colombian upstream business in an all-cash offer for consideration of US$500 million, plus the assumption of debt, in addition to a contingent payment of US$25 million with terms that are s
About this update from Parex Resources Inc.
[{"type":"image","alt":"Parex Resources Inc.","displaySize":"","headline":null,"caption":"Parex Resources Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":250,"height":98,"url":"https://media.zenfs.com/en/globenewswire.com/bdb04c958ee233660f48aff4243e1e59"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/HVNz.EKOS8b7P3r1VePzqA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTE2NTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/bdb04c958ee233660f48aff4243e1e59","width":250,"height":98}},"lazy":false},{"type":"text","content":"CALGARY, Alberta, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT), announced today that it has submitted an acquisition proposal (the “Proposal”) to the Board of Directors (the “Frontera Board”) of Frontera Energy Corporation (TSX: FEC) to acquire all of Frontera’s Colombian upstream business in an all-cash offer for consideration of US$500 million, plus the assumption of debt, in addition to a contingent payment of US$25 million with terms that are substantially the same as the existing acquisition agreement previously announced. The Proposal represents a US$125 million premium compared to the existing acquisition agreement.","length":678,"tagName":"p"},{"type":"text","content":"Imad Mohsen, President & Chief Executive Officer, said, “Our all-cash offer to acquire Frontera’s Colombian-based upstream business provides immediate and greater value for Frontera and its shareholders. Based on the premium offered, we expect that the Frontera Board will conclude that our Proposal will be a “Superior Proposal” as defined by the previously announced acquisition agreement. We look forward to further discussions with Frontera’s Board and Management team to finalize a transaction.”","length":504,"tagName":"p"},{"type":"text","content":"As one of the largest independent oil and gas companies in Colombia, Parex is focused on strategically investing in opportunities that are accretive to its portfolio and aligned with a Colombia-focused growth strategy. The Company’s existing partnership at VIM-1 gives direct insight into Frontera’s assets and the exceptional quality of its people. A combination of both portfolios would immediately create the largest independent Colombian-focused energy company, delivering greater scale, enhanced capital efficiency, stronger free cash flow g...