CALGARY,
March 5, 2012 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to announce that it has been awarded two exploration permit
applications ("EPAs") in the western part of the Southern Georgina
Basin, Northern Territory, Australia totaling 3,800 km2
(939,000 acres). EPA 213 (1,527 km2) and EPA 252 (2,273
km2) have been conditionally awarded to PetroFrontier
and are dependent on the negotiation of surface access agreements
with the Aboriginal stakeholders in the area. These two EPAs are
100% owned by PetroFrontier. These additional EPAs bring the
total gross acreage controlled by PetroFrontier to approximately
14.5 million acres.
Operational Update
On January 24,
2012, PetroFrontier announced that it had contracted Rig 918
from Ensign Australia Pty. Limited, a subsidiary of Ensign
International Energy Services. Rig 918 will be used to finish
the MacIntyre 2H horizontal well and then drill a high angle pilot
well at Owen 3. The party currently using Rig 918 has advised
PetroFrontier that Rig 918 will not be released from its current
drilling location in the Cooper Basin until mid-April 2012. Once Rig 918 is released,
PetroFrontier anticipates that an additional week will be required
to mobilize it from the Cooper Basin to the Southern Georgina
Basin. However, if current rain persists in the Cooper Basin or in
the Southern Georgina Basin, the arrival of Rig 918 could be
further delayed.
PetroFrontier believes it has sufficient capital
at this time to drill both MacIntrye 2H and Owen 3, and to complete
hydraulic fracture stimulations at both MacIntrye 2H, as well as
the suspended Baldwin 2H well.
Joint Venture Process
On January 16,
2012, PetroFrontier announced that it had retained Macquarie
Capital Markets Canada Ltd. as its exclusive adviser to assist it
in seeking a suitable joint venture partner to participate with it
in the exploration and development of its extensive unconventional
and conventional exploration acreage in Australia's Southern Georgina basin. An
electronic data room has been opened and has been populated with
all the relevant technical and commercial material. Interest from
industry has been considerable and the deadline of March 29, 2012 for submitting proposals will
likely be extended.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas
company engaged in the exploration, acquisition and development of
both conventional and unconventional petroleum assets in
Australia's Southern Georgina
Basin. PetroFrontier's common shares are listed on the TSX Venture
Exchange under the symbol "PFC". Founded in 2009, PetroFrontier is
one of the first companies to undertake exploration in the Southern
Georgina Basin in Australia's
Northern Territory. PetroFrontier's head office is based in
Calgary, Alberta and operations
office is in Adelaide,
South Australia.
Forward-Looking Statements
This press release may contain
forward-looking information that involves substantial known and
unknown risks and uncertainties, most of which are beyond the
control of PetroFrontier, including, without limitation, statements
pertaining to management's future plans and operations. All
statements included herein, other than statements of historical
fact, are forward-looking information and such information involves
various risks and uncertainties. There can be no assurance
that such information will prove to be accurate, and actual results
and future events could differ materially from those anticipated in
such information. A description of assumptions used to
develop such forward-looking information and a description of risk
factors that may cause actual results to differ materially from
forward-looking information can be found in PetroFrontier's
disclosure documents on the SEDAR website at
www.sedar.com. Any forward-looking statements
are made as of the date of this release and, other than as required
by applicable securities laws, PetroFrontier does not assume any
obligation to update or revise them to reflect new events or
circumstances.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE PetroFrontier Corp.
Image with caption: "PetroFrontier Acreage (CNW
Group/PetroFrontier Corp.)". Image available at:
http://photos.newswire.ca/images/download/20120306_C9820_PHOTO_EN_10809.jpg