CALGARY, Sept. 9, 2011 /PRNewswire/ - PetroFrontier Corp.
(TSX-V: PFC) is pleased to announce the closing of the sale of its
non-core Canadian petroleum and natural gas properties to an arm's
length private company (the "Disposition").
Pursuant to the Disposition, PetroFrontier sold its producing
properties located at Wordsworth and Queensdale in Southeast Saskatchewan, as well as exploration
properties at Carlyle,
Saskatchewan and Joarcam, Alberta (collectively, the "Assets"),
for a cash purchase price of approximately $6.8 million.
The Disposition represents the sale of all of PetroFrontier's
Canadian petroleum and natural gas properties acquired pursuant to
its plan of arrangement with Texalta Petroleum Ltd. that closed on
May 31, 2011. The Disposition
will allow PetroFrontier to focus its resources on its core, high
impact, prospective light oil exploration program in the Northern
Territories, Australia.
About PetroFrontier
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 based in Calgary, Alberta and operations office is in
Adelaide, South Australia.
Forward-Looking Statements
This press release contains
forward-looking information that involves substantial known and
unknown risks and uncertainties, most of which are beyond the
control of PetroFrontier and Texalta, including, without
limitation, statements pertaining to management's future plans and
operations. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
information prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking information. Accordingly, prospective
investors should not place undue reliance on these forward-looking
statements. 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.