PetroFrontier Corp. Announces Issuance of Management Cease Trade Order

(TheNewswire)

May 2, 2025 – TheNewswire - Calgary, AB – PetroFrontier Corp. (" PetroFrontier " or the " Company ") (TSXV: PFC) announcedtoday that, further to its news release dated April 14, 2025, theAlberta Securities Commission, as principal regulator of the Company,has issued a management cease trade order (" MCTO ") to PetroFrontierpursuant to its application under National Policy 12-203 ManagementCease Trade Orders (" NP12-203 ") in respect of the default regarding the delay ofthe filing of its annual financial statements, accompanyingmanagement’s discussion and analysis and related chief executiveofficer (" CEO ") andchief financial officer (" CFO ") certifications for the financial year endedDecember 31, 2024 (collectively, the " Annual Filings "). The Companyalso wishes to correct the filing deadline of May 1, 2025 provided inits news release of April 14, 2025 and confirms that the filingdeadline is April 30, 2025 (the " Filing Deadline ").

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's limitedpartnership investment, which has impacted the ability of theCompany’s external auditor to complete the audit. Complexities inthe GP’s business has resulted in the delay in providing theinformation.

PetroFrontier is working closely with its auditor MNP LLP and ismaking every effort to submit the Annual Filings in a timely fashionand expects to file no later than May 30, 2025.

The MCTO prohibits the CEO and the CFO from trading in securities ofPetroFrontier for so long as the Annual Filings are not filed. Theissuance of the MCTO does not affect the ability of persons other thanthe CEO and the CFO of the Company to trade in the Company'ssecurities.

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 developing two Mannville heavy oil plays in the Cold Lakeand 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 concerningmatters that are not historical 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.

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 MCTO is revoked for anyreason, in which case there is a risk that trading in the Company’ssecurities may halted by the TSX Venture Exchange and/or cease tradedtemporarily by the Canadian securities commissions after the FilingDeadline until such time as the Annual Filings are filed onSEDAR+.

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.ca . 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 is made as of the date ofthis news release, and the Company does not undertake to update anyforward-looking information and/or forward-looking statements that arecontained or referenced herein, except in accordance with applicablesecurities laws. All subsequent written and oral forward-lookinginformation and statements attributable to the Company or personsacting on its behalf are expressly qualified in their entirety by thisnotice.

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