CALGARY, June 18, 2012 /PRNewswire/ - (TSX-V: PFC)
- PetroFrontier Corp. ("PetroFrontier") is pleased to announce that
its wholly-owned subsidiary, PetroFrontier (Australia) Pty Ltd. has completed the earning
of a 50% working interest in EP 127 and EP 128 (Northern Territory,
Australia) pursuant to its
previously announced farm-in agreement with Baraka Energy &
Resources Limited (formerly Baraka Petroleum Limited). This earning
will increase PetroFrontier's working interest in EP 127 and EP 128
to 75% from 25% in 7.9 million gross undeveloped exploratory acres
(5.9 million net).
PetroFrontier is currently drilling the farm-in well
(MacIntyre-2H) on EP 127, which has now exceeded a horizontal
length of 501 metres, the minimum farm-in commitment. PetroFrontier
intends to continue drilling to a total horizontal length of
approximately 1,000 metres.
Unless a material event occurs in the interim, PetroFrontier
expects to issue its next drilling update report once MacIntyre-2H
has finished drilling and the completion assembly has been set. The
rig will then mobilize to the Owen-3 well site.
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.
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 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.
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.