Parex Resources makes rival bid for Frontera Energy’s Colombian upstream assets

Parex Resources Inc., Calgary, has submitted an acquisition proposal to the board of Frontera Energy Corp. to acquire all of Frontera’s Colombian upstream business.

Parex is offering $500 million plus the assumption of debt and a contingent payment of $25 million in a deal it says represents a $125-million premium to a previous deal agreed by Frontera. Earlier this year, Frontera entered into a definitive agreement with Geopark Ltd. for 100% of Frontera's Colombian upstream business.

Parex, in its release Feb. 23, said “as one of the largest independent oil and gas companies in Colombia,” the company is “focused on strategically investing in opportunities that are accretive to its portfolio and aligned with a Colombia-focused growth strategy,” and that its “existing partnership at VIM-1 gives direct insight into Frontera’s assets.”

In November 2025, Frontera Energy noted plans to create two separate companies—upstream and infrastructure—through a business spinoff in order to “unlock investment interest” emerge as a focused infrastructure company.

That same month, GeoPark said it had rejected a takeover offer by Parex, which the company refused as an undervaluation of its assets and future prospects.

Frontera’s Colombian assets include Quifa field in Puerto Gaitan in Llanos basin, CPE-6 block about 300 km southeast of Bogota in Llanos basin, and IM-1 block in the Lower Magdalena Valley.