CALGARY,
Sept. 6, 2013 /PRNewswire/ -
(TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to announce that it has completed the "AMY" 2D proprietary
seismic acquisition program consisting of 304 km on its Southern
Georgina Basin exploration permits in the Northern Territory,
Australia. Interpretation of the
data gathered will be the next step in determining drilling
locations for conventional and unconventional exploration wells as
part of the 2013/2014 capital exploration program in the Southern
Georgina Basin to be announced at a later date.
Corporate Updates
Pursuant to the Amended Farmin Agreement announced
on June 11, 2013, Statoil Australia
Theta B.V. ("Statoil") has assumed operatorship of PetroFrontier's
four exploration permits (EP 103, EP 104, EP 127, EP 128) and
exploration permit applications (EPA 213 and EPA 252) effective
September 1, 2013. Consequently,
PetroFrontier has released all staff in its operations office in
Adelaide, Australia and that
office is now closed.
With working capital of approximately $9.6 million at June 30,
2013, no debt and no ongoing exploration expenses as a
result of the recent Amended Farmin Agreement with Statoil,
PetroFrontier is now well positioned to pursue new growth
opportunities. The Board of Directors and senior management will
now focus on evaluating the best strategy going forward for the
benefit of all shareholders.
Annual and Special Meeting of
Shareholders
PetroFrontier's Annual and Special Meeting of
shareholders will be held Thursday September
26, 2013, at the Main Floor Conference Centre, 715 5th
Avenue SW, Calgary Alberta, T2P
2X6, at 10:00 a.m. (Calgary time).
About Statoil
Statoil is an international technology-oriented
energy company focused on upstream oil and gas operations and
currently produces 2 million barrels of oil equivalents per day.
Statoil has high ambitions for international growth and is active
in 35 countries around the world. Statoil's shares are listed on
both the Oslo Børs ("STL") and the New York Stock Exchange ("STO").
Statoil has a market capitalization of around US$72 billion and has 23,000 employees
worldwide.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas
exploration company engaged in the exploration, acquisition and
development of both conventional and unconventional petroleum
assets in Australia's Southern
Georgina Basin where, subsequent to the Amended Farmin Agreement,
it holds a net carried 20% working interest in approximately 14.1
million gross acres. PetroFrontier's head office is based in
Calgary, Alberta and its 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 its capital exploration program 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.