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Parex Resources Inc. 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.