CALGARY,
Aug. 9, 2012 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very
pleased to announce that the vertical section of the "Owen-3"
horizontal well has been drilled to a measured depth of 1,180
metres. Drilling of the horizontal sidetrack is underway and is
expected to reach up to 1,000 metres in approximately three weeks.
This will be PetroFrontier's third horizontal exploration well in
the Southern Georgina Basin, Northern Territory, Australia.
A total of 32.5 metres of core was cut and retrieved from the
Lower Arthur Creek "Hot Shale" and Thorntonia Carbonate formations.
PetroFrontier is very encouraged by the initial assessment of the
cores which seeped oil upon retrieval and had extensive florescence
throughout. The well was also wire line logged with equally
encouraging results indicating over 25 metres total vertical depth
("TVD") of hydrocarbon bearing formation.
Completion operations are expected to commence later in August.
PetroFrontier intends to conduct ten-stage fracture stimulations at
each of its three wells: MacIntyre-2H, Baldwin-2Hst1 and Owen-3H.
In order to maximize operational efficiencies, the wells will then
be flow tested after all wells have been fracture stimulated.
PetroFrontier is encouraged by the results to date and the fact
that there are now three wells that have shown very encouraging oil
and gas indications in the Lower Arthur Creek "Hot Shale". These
results have the potential to add significant value for
PetroFrontier shareholders.
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 the initial assessment of the core and 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.