CALGARY,
July 9, 2012 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to announce the spudding of its third horizontal well,
"Owen-3", in the Southern Georgina Basin, Northern Territory,
Australia. Owen-3 is located in
the eastern part of Exploration Permit ("EP") 104 where
PetroFrontier currently holds a 100% operated working interest and
is included in the recently announced joint venture area with
Statoil Australia Oil and Gas AS ("Statoil"). Statoil is crediting
PetroFrontier with exploration expenditures already incurred in
2012 and will contribute 50% of the costs associated with this
project.
Owen-3 will test the unconventional potential of
the primary target zone, the Lower Arthur Creek "Hot Shale", in the
Toko Synclinal area. Owen-3 will be drilled as a high angle pilot
hole to an estimated depth of 1,280 metres, through the Lower
Arthur Creek "Hot Shale" Formation and into the Thorntonian
carbonate Formation. PetroFrontier will core the Lower Arthur Creek
"Hot Shale" Formation and then log the well. The core will provide
valuable technical information to enhance PetroFrontier's
understanding of the lithology of this formation, which will aid in
optimizing the frac design and reservoir modeling. Owen-3 will be
plugged back a short distance and then deviated horizontally for
approximately 1,000 metres into the primary target zone. Drilling
of Owen-3 is expected to take four to five weeks.
Fracture Stimulation Update
Following the drilling of Owen-3H, PetroFrontier
intends to conduct a ten-stage fracture stimulation program at each
of its three wells in the following order: MacIntyre-2H,
Baldwin-2Hst1 and Owen-3H. In order to maximize operational
efficiencies, the wells will then be flow tested in the reverse
order. The Lower Arthur Creek "Hot Shale" Formation is an
unconventional play requiring the use of advanced horizontal
drilling and completion techniques in order to properly test for
economic flow rates. PetroFrontier will provide market updates on
the frac operations as results materialize and definitive results
will be confirmed once PetroFrontier can flow test all of these
wells, which is expected to occur over the next few months and
prior to the onset of the local Australian wet season.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas
company engaged in the exploration, acquisition and development of
both conventional and unconventional onshore petroleum assets in
Australia's Southern Georgina
Basin. Founded in 2009, PetroFrontier is one of the first companies
to undertake onshore exploration in the Southern Georgina Basin in
Australia's Northern Territory.
PetroFrontier's head office is in Calgary, Alberta and its operations office is
in Adelaide, South Australia. PetroFrontier's common
shares are listed on the TSX Venture Exchange under the symbol
"PFC".
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.