Petrofrontier Announces Results of AGM, Filing of Second Quarter 2023 Financial and Operating Results and Operations Update

FINANCIAL AND OPERATING RESULTS AND OPERATIONS UPDATE

CALGARY, AB / ACCESSWIRE / August 17, 2023 / PetroFrontier Corp. ("PetroFrontier" or "the Corporation") (TSXV:PFC) is pleased to provide the voting results from its annual and special meeting of shareholders held on August 16, 2023.

Shareholders voted on and approved the following proposals: (1) to set the number of directors at three, (2) the election of the directors of the Corporation, (3) the appointment of MNP LLP, as Auditors of the Corporation for the ensuing year and authorized the Directors to fix their remuneration, and (4) approval of the Corporation's stock option plan.

The voting results for the election of directors are as follows:

	Total Votes		% of Votes Cast
Nominee	For	Withheld	For	Withheld
Michael Hibberd	39,147,438	32,500	99.92%	0.08%
Kenneth DeWyn	39,147,438	32,500	99.92%	0.08%
Kelly Kimbley	38,943,938	236,000	99.40%	0.60%

Filing of Q2 Financials and MD&A

The Corporation also announces that its Second Quarter 2023 Financial Statements and Management's Discussion and Analysis have been filed on SEDAR (www.sedar.com).

Operations Update

Finally, PetroFrontier is also pleased to announce that it drilled two Rex multi-lateral horizontal wells in the second quarter. The new wells offset the original 106/14-15-61-02W4 horizontal Rex well (106/14-15) at Cold Lake. Both wells came in on budget at an average of approx. $1.5MM per well. Both wells have been completed, equipped and put on production. The 106/14-15 well, which has been the Corporation's best well to date, having now produced 115,000 barrels of oil. The 106/14-15 was shut in to drill the two new Rex wells from the same pad and has now been put back on production. Management looks forward to the additional production contributed by the 2 new Rex multi-lateral wells and to providing an operational update once they have cleaned up and demonstrate indicative results.