CALGARY,
July 8, 2014 /PRNewswire/ -
(TSX-V: PFC) - PetroFrontier Corp. ("PetroFrontier") is very
pleased to announce that the fifth well in its 2014 Work Plan and
Budget (the "2014 WP&B") has now spud and drilling is underway.
The OzEpsilon-1 well is a vertical exploration well located in
Exploration Permit 128. This is the fifth and final vertical test
well 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 considered for future hydraulic fracture
stimulation and production testing.
Prior to the spud of the OzEpsilon-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 fourth well of the 2014 WP&B, OzDelta-1. All of the
planned open hole well evaluation activities have been completed
and are now being analyzed. A total of 32 metres of core were
recovered in a continuous coring process, which penetrated the
Lower Arthur Creek and Thorntonia formations.
Subsequent to drilling the OzEpsilon-1 well, the
drilling rig will be demobilized and the hydraulic fracture
stimulation and production testing of up to three of the previously
drilled wells will commence in due course. Readers are encouraged
to review the current investor presentation online to see both the
well locations and seismic cross sections.
On January 7,
2014, PetroFrontier announced that Baraka Energy &
Resources, a 25% working interest owner in EP127 and EP128, was
disputing the 2014 WP&B on these blocks. All three parties
(PetroFrontier, Statoil Australia Theta B.V., and Baraka Energy
& Resources Ltd.) have recently agreed to settle the court
action subject to the execution of a deed of settlement and release
reflecting the agreed terms. As Baraka has elected not to
contribute to the 2014 WP&B, its working interest will be
diluted proportionally to its cash calls. The working interest will
then be transferred to Statoil Australia Theta B.V. in accordance
with the terms of the Amended Farm-In Agreement between Statoil
Australia Theta B.V. and PetroFrontier.
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.