PetroFrontier Corp. Announces Delay in Filing its 2024 Annual Financial Statements

(TheNewswire)

April 14 , 2025 – TheNewswire - Calgary, Alberta – PetroFrontier Corp. ("PetroFrontier" or the"Company") (TSXV: PFC) announced today that its: (i) annualfinancial statements, accompanying management's discussion andanalysis and related chief executive officer ("CEO") andchief financial officer ("CFO") certifications for thefinancial year ended December 31, 2024 (the "FinancialInformation"), and (ii) thereserves data and other oil and gas information required by Part 2 ofNational Instrument 51-101 Standardsof Disclosure for Oil and Gas Activities (the "ReservesReport" and together with the Financial Information, the"Annual Filings"), may not be filed within the periodprescribed for the filing of such documents under Parts 4, 5 and 6 ofNational Instrument 51-102 Continuous Disclosure Obligations , under Part 2 of NationalInstrument 51-101 Standards ofDisclosure for Oil and Gas Activities and pursuant to NationalInstrument 52-109 Certification ofDisclosure in Issuers' Annual and Interim Filings , namelywithin 120 days of year-end, being May 1, 2025 (the "FilingDeadline").

The delay in filing the Annual Filings is related to an unanticipateddelay in receipt of the financial information and other requiredinformation from the general partner ("GP") of the Company'slimited partnership investment, which has impacted the ability of theCompany’s external auditor and independent qualified reservesevaluator to complete the audit and the Reserves Report respectively.Complexities in the GP’s business has resulted in the delay inproviding the information.

PetroFrontier is working closely with its auditor MNP LLP and itsindependent qualified reserves evaluator Boury Global EnergyConsultants Ltd., and is making every effort to submit the AnnualFilings in a timely fashion and expects to file no later than May 30,2025.

The Company is providing this default announcement in accordance withNational Policy 12-203 Management Cease Trade Orders ("NP12-203"). The Company has made an application to the AlbertaSecurities Commission, as principal regulator of the Company, amanagement cease trade order ("MCTO") under NP 12-203 inrespect of the default regarding the Annual Filings. The MCTO willprohibit the CEO and the CFO from trading in securities ofPetroFrontier for so long as the Annual Filings are not filed. Theissuance of the MCTO, if issued, does not affect the ability ofpersons other than the CEO and the CFO of the Company to trade in theCompany's securities.  The application for the MCTO remains subjectto the risk factors described in " Forward Looking Information and Risk Factors " below,including the risk that the MCTO application may not be successful ormay not be completed prior to a securities commission issuing afailure-to-file cease trade order against the Company following theFiling Deadline.

The Company confirms that it intends to satisfy the provisions of thealternative information guidelines found at sections 9 and 10 of NP12-203 respecting Cease Trade Orders for Continuous DisclosureDefaults for so long as it remains in default as a result of the latefiling of the Annual Filings. During the period of default, theCompany will issue biweekly default status reports in the form offurther news releases, which will also be filed on SEDAR+. The Companyconfirms that there are no insolvency proceedings against it as of thedate of this news release. The Company also confirms that there is noother material information concerning the affairs of the Company thathas not been generally disclosed as of the date of this news release.

About PetroFrontier Corp.

PetroFrontier is a junior energy company currentlyfocused on the development of two Mannville heavy oil plays in theCold Lake and Wabasca areas of Alberta.

PetroFrontier’s head office is in Calgary, Albertaand its common shares are listed for trading on the Exchange under thesymbol “PFC”.

For More InformationContact

Kelly Kimbley, CEO & Director

PetroFrontier Corp.

Suite 700, 903 - 8 Avenue S.W.

Calgary, Alberta, Canada T2P 0P7

Telephone: (403) 650-6355

Email: info@petrofrontier.com

Forward LookingInformation and Risk Factors

This news release contains statements and informationthat may constitute "forward-looking information" within themeaning of applicable securities legislation, including statementsidentified by the use of words such as "will","expects", "positions", "believe","potential" and similar words, including negatives thereof,or other similar expressions concerning matters that are nothistorical facts.

Such forward-looking information is notrepresentative of historical facts or information or currentcondition, but instead represent only the Company's beliefs regardingfuture events, plans or objectives, many of which, by their nature,are inherently uncertain and outside of the Company's control.Generally, such forward-looking information can be identified by theuse of forward-looking terminology such as "plans","expects" or "does not expect", "isexpected", "budget", "scheduled","estimates", "forecasts", "intends","anticipates" or "does not anticipate", or"believes", or variations of such words and phrases or maycontain statements that certain actions, events or results"may", "could", "would","might" or "will be taken", "willcontinue", "will occur" or "will beachieved". The forward-looking information contained herein mayinclude, but is not limited to, information concerning the estimatedfiling date of the Annual Filings, and whether the Alberta SecuritiesCommission will grant the Company’s application for an MCTO.

By identifying such information andstatements in this manner, the Company is alerting the reader thatsuch information and statements are subject to known and unknownrisks, uncertainties and other factors that may cause the actualresults, level of activity, performance or achievements of the Companyto be materially different from those expressed or implied by suchinformation and statements. Some of these risks include, but are notlimited to, the risk that the Annual Filings are filed later thananticipated, the risk that the Company’s application for an MCTO isnot successful for any reason, in which case there is a risk thattrading in the Company’s securities may halted by the TSX VentureExchange and/or cease traded temporarily by the Canadian securitiescommissions after the Filing Deadline until such time as the AnnualFilings are filed on SEDAR+.

Additional information regarding risks anduncertainties of the Company's business are contained under theheading "Business Risks and Uncertainties" in the Company'sManagement's Discussion & Analysis for the condensed interimconsolidated financial statements for the nine months ended September30, 2024 and the Company's other public filings which are availableunder the Company's profile on SEDAR+ at www.sedarplus.com . Although the Company hasattempted to identify important factors that could cause actualresults to differ materially from those contained in theforward-looking information, there may be other factors that causeresults not to be as anticipated, estimated or intended.

In connection with the forward-lookinginformation contained in this news release, the Company has madecertain assumptions. Although the Company believes that theassumptions and factors used in preparing, and the expectationscontained in, the forward-looking information and statements arereasonable, undue reliance should not be placed on such informationand statements, and no assurance or guarantee can be given that suchforward-looking information and statements will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such information and statements. The forward-lookinginformation contained in this news release are made as of the date ofthis news release, and the Company does not undertake to update any forward-lookinginformation and/or forward-looking statements that are contained orreferenced herein, except in accordance with applicable securitieslaws. All subsequent written and oral forward-looking information andstatements attributable to the Company or persons acting on its behalfare expressly qualified in their entirety by thisnotice.

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