CALGARY, Nov. 13, 2014 /PRNewswire/ - (TSX-V: PFC)
- PetroFrontier Corp. ("PetroFrontier") is pleased to announce that
its wholly owned subsidiary, Texalta Australia Pty Ltd has received
$1,447,834 (Australian Dollars) in
respect of Research & Development tax incentives from the
Australian Taxation Office plus accrued interest of $51,679.
PetroFrontier has also received a notice from Statoil Australia
Theta B.V. ("Statoil") indicating that expenditures in excess of
US$50 million have been incurred
under the Amended and Restated Farmin Agreement (the "Amended
Farmin Agreement"), thus fully satisfying all of Statoil's Phase 2A
commitments thereunder. Statoil is not expected to perform
additional exploration expenditures beyond the approved 2014 Work
Program and Budget and PetroFrontier anticipates receiving a notice
from Statoil in due course that it will not be proceeding to Phase
2B in accordance with the Amended Farmin Agreement.
About PetroFrontier Corp.
PetroFrontier has been 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.
PetroFrontier currently has in excess of $10
million in cash and no debt and is now focusing its
attention on a number of new oil and gas exploration and
development investment opportunities, all of which are still in the
early stages of review.
PetroFrontier's head office is in Calgary, Alberta and its common shares are
listed for trading 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.