CALGARY,
May 7, 2014 /PRNewswire/ - (TSX-V:
PFC) - PetroFrontier Corp. ("PetroFrontier") is very pleased to
announce that the second well in its 2014 Work Plan and Budget (the
"2014 WP&B") has now spud and drilling is underway. The
OzBeta-1 well is a vertical exploration well located in Exploration
Permit 127. This is the second of up to five vertical test wells to
be drilled as part of the 2014 WP&B. All wells will include an
extensive open hole evaluation program and up to three of the wells
will be cased for future hydraulic fracture stimulation and
production testing.
Prior to the spud of the OzBeta-1 well, Statoil
Australia Theta B.V., PetroFrontier's joint venture partner and the
operator of the 2014 WP&B, used the rig to successfully abandon
the Owen-3H well in accordance with Australian regulations. The
2014 WP&B is progressing on schedule and as approved by the
Joint Operating Committee.
Subsequent to drilling the OzBeta-1 well, the
rig will be moved to the third well location of the five well
program, OzGamma-1, located in Exploration Permit 103. Readers are
encouraged to review the current investor presentation online to
see both the well locations and seismic cross sections.
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 its Amended Farmin Agreement
with Statoil Australia Theta B.V., it holds a net carried 20%
working interest in approximately 13.1 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. 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.