08:57 AM EDT, 03/10/2026 (MT Newswires) -- Frontera Energy Corporation ( FECCF ) said Tuesday it has received notice from GeoPark Limited ( GPRK ) that it will not exercise its right to match the binding offer received from Parex Resources Inc. ( PARXF ) , which Frontera had determined to be a "superior proposal" to the existing GeoPark ( GPRK ) transaction, as previously announced.

As such, Frontera said it intends to enter into definitive agreements with Parex to implement the Parex Offer by way of a plan of arrangement under the Business Corporations Act (British Columbia) and terminate the agreements in place with respect to the GeoPark ( GPRK ) transaction.

Further details with respect to the Parex Offer will be provided once definitive agreements have been signed between Frontera and Parex, which Frontera expects to be completed today, it added.

This comes after GeoPark ( GPRK ) announced overnight Monday that it has declined to raise its offer for Frontera's Colombian E&P assets.

Frontera last week had said its board has determined the binding offer from Parex to acquire its upstream Colombian exploration and production business constituted a "superior proposal".