CALGARY, May 30, 2014 /PRNewswire/ - (TSX-V: PFC) -
PetroFrontier Corp. ("PetroFrontier") is very pleased to announce
that the third well in its 2014 Work Plan and Budget (the "2014
WP&B") has now spud and drilling is underway. The OzGamma-1
well is a vertical exploration well located in Exploration Permit
103. This is the third 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 OzGamma-1 well, Statoil Australia Theta
B.V., PetroFrontier's joint venture partner and the operator of the
2014 WP&B, successfully drilled and cased the second well of
the 2014 WP&B, OzBeta-1. All of the planned open hole well
evaluation activities have been completed and are now being
analyzed. A total of 99.1 metres of core were recovered in a
continuous coring process, which penetrated the Lower Arthur Creek
and Thorntonia formations.
Subsequent to drilling the OzGamma-1 well, the rig will be moved
to the fourth well location of the five well program, OzDelta-1,
located in Exploration Permit 128. 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.