CALGARY,
Oct. 12, 2012 /PRNewswire/ -
(TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to provide an operational update regarding its current well
completion operations in the Southern Georgina Basin, Northern
Territory, Australia.
Owen-3H
A successful hydraulic stimulation was performed on the Owen-3H
well over ten open-hole stages. PetroFrontier is very encouraged by
the low fluid injection pressures and high injection rates evident
during the stimulation. Log data and core samples have been
obtained and appear positive, confirming the existence of oil in
the Lower Arthur Creek and
Thorntonia Carbonate Formations.
PetroFrontier is now preparing to conduct an extended flow-test
of the Owen-3H well prior to the wet season. PetroFrontier and its
joint venture partner (Statoil Australia Oil & Gas AS) are
encouraged by these early stage results and look forward to
flow-testing this well. This data will be used to guide the 2013
capital program as it supports the potential for oil recovery in
PetroFrontier's unconventional acreage.
MacIntyre-2H
A successful hydraulic stimulation was performed on the
MacIntyre-2H well over nine open-hole stages. However, after
recovering approximately one-third of the hydraulic stimulation
fluid, traces of biogenic hydrogen sulfide gas, produced from
naturally occurring organisms in the completion fluid, were
detected and the well had to be suspended. PetroFrontier is
actively sourcing the specialized equipment to allow flow-testing
to resume.
Based on the experience at the MacIntyre-2H well, additional
treatment of the completion fluid was performed prior to
stimulation operations at the Owen-3H and Baldwin-2Hst1 wells to
avoid a reoccurrence of this problem.
Baldwin-2Hst1
During the hydraulic stimulation program of the Baldwin-2Hst1
well, a shallow casing failure occurred and as a result,
PetroFrontier was unable to complete the program. As expected, the
multiple casing design protected the shallow aquifers.
PetroFrontier plans to carry out remedial work to repair this well
so that the planned hydraulic stimulation program can be
completed.
As a result of these unforeseen operational delays at
MacIntyre-2H and Baldwin-2Hst1, test results on these wells are not
likely until 2013, depending on regulatory approvals, weather and
the availability of required equipment and services.
The operations referred to above are "firsts" in the Northern
Territory, Australia and are
critically important operations for PetroFrontier. PetroFrontier
(in conjunction with its partners, Statoil Australia Oil & Gas
AS and Baraka Energy & Resources Limited) intends to continue
assessing the most efficient and cost effective way to explore and
develop its unconventional resource potential in the Southern
Georgina Basin.
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.
Image with caption: "Owen-3H (EP 104), Northern Territory,
Australia Oil found in the Vertical Core at approx. 1,107.75 metres
(CNW Group/PetroFrontier Corp.)". Image available at:
http://photos.newswire.ca/images/download/20121012_C6366_PHOTO_EN_19146.jpg