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Frontera Energy (FEC · TSX)

Mid-cap E&P — HQ Canada. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Mid-cap E&PRegion N. AmericaCEO Orlando Cabrales (2020)Jurisdiction risk High (67)

Overview

Colombia's largest independent oil producer (Quifa, CPE-6 heavy oil), with an infrastructure arm (ODL pipeline, ports) and high-impact Guyana (Corentyne) exploration alongside CGX.

Value-and-return story trading below NAV; buybacks/dividends funded by upstream + midstream cash. Flags: Colombia fiscal/security risk, heavy-oil diluent costs, binary Guyana exploration.

Valuation snapshot (FY2025)

Market cap
$0.4bn
Enterprise value
$0.7bn
EV / EBITDA
2.1x
P / E
n/m
FCF yield
48.8%
Dividend yield
2.9%
ROACE
9%
Debt / equity
83%
Net debt / EBITDA
0.7x
EV / reserves
$6.91/boe
EV / flowing
$17k/boe/d
Free cash flow
$0.2bn

Its EV/EBITDA of 2.1x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 48.8% is higher than the 6.5% median, and at $6.91/boe of proved reserves it is cheaper than the $13.51/boe median.

On a balanced screen across the universe, Frontera Energy scores 49/100, strongest on valuation (78/100). Sub-scores: value 78, quality 44, growth 9, risk 69 (higher = riskier).

Reserves & production

Frontera Energy holds approximately 0.09 billion boe of proved (1P) reserves with FY2025 production of about 39 thousand boe/d (94% liquids), a reserve life of roughly 6.6 years. Break-even: ~$45 (Brent FCF breakeven) — Colombian heavy/medium oil plus midstream fees; corporate breakeven mid-$40s Brent.

Net asset value (public-source)

For Frontera Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

67 /100
High jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Colombia90%66New licensing ban stance, security in producing regions, fiscal reform.
Ecuador6%81Referendum halted Yasuni, security crisis, contract instability.
Guyana4%60World-class offshore; Venezuela Essequibo claim, capacity risk.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
QuifaColombiaHeavy oilCore Llanos heavy oil
CPE-6ColombiaHeavy oilGrowth heavy-oil block
Guadalupe/CravoviejoColombiaOilProducing blocks
ODL / infrastructureColombiaMidstreamPipeline & port stakes
Corentyne (Guyana)GuyanaExplorationWith CGX; high-impact
Ecuador (Perico)EcuadorOilProducing

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)4141404039
Proved reserves (bnboe)0.160.160.150.150.09
Revenue ($bn)1.21.61.41.41.0
EBITDA ($bn)0.50.70.60.50.3
Net income ($bn)0.10.20.10.0-1.0
Free cash flow ($bn)0.10.10.10.10.2

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Peer companies — Mid-cap E&P

FANG · Diamondback EnergyPR · Permian ResourcesCHRD · Chord Energy CorporationMTDR · Matador Resources CompanyMGY · Magnolia Oil & Gas CorporationMUR · Murphy Oil CorporationTVE · Tamarack Valley Energy Ltd.CRC · California Resources CorporationNVPT · Navitas PetroleumCRGY · Crescent EnergyBTE · Baytex Energy Corp.POU · Paramount Resources Ltd.TALO · Talos Energy Inc.ENRG · Energi Mega Persada

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare FEC against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com