CALGARY,
Jan. 16, 2012 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is
pleased to announce that as a result of inquiries from third
parties and to maintain its financial flexibility, it has retained
Macquarie Capital Markets Canada Ltd. as its exclusive advisor to
assist it in seeking a suitable joint venture partner. The
selected party would participate with PetroFrontier in the
exploration and development of its extensive unconventional and
conventional exploration acreage in Australia's Southern Georgina Basin.
PetroFrontier's future arrangement with such party may include a
joint venture, farm-out or other similar relationship.
Although PetroFrontier has not set a definitive deadline, it
anticipates completing this search by late March, 2012 so that it
can coordinate such third party participation with its current
exploration program. PetroFrontier does not intend to
disclose developments with respect to the search process until its
Board of Directors has approved a definitive agreement with a joint
venture partner, or otherwise determines that disclosure is
required. There can be no assurance that the search process
will result in PetroFrontier finding a suitable joint venture
partner.
About PetroFrontier Corp.
PetroFrontier is an international oil and gas company engaged in
the exploration, acquisition and development of both conventional
and unconventional petroleum assets in the Southern Georgina Basin
in the Northern Territory, Australia, where it has an approximate 85.5%
working interest in 13.6 million gross acres in four exploration
permits. PetroFrontier's head office is in Calgary, Alberta and operations office is in
Adelaide, South Australia.
PetroFrontier's 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 the potential timing and results of the search for a joint
venture partner and management's future plans. 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.