CALGARY, Sept. 6, 2013 /PRNewswire/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to announce that it has completed the "AMY" 2D proprietary seismic acquisition program consisting of 304 km on its Southern Georgina Basin exploration permits in the Northern Territory, Australia. Interpretation of the data gathered will be the next step in determining drilling locations for conventional and unconventional exploration wells as part of the 2013/2014 capital exploration program in the Southern Georgina Basin to be announced at a later date.
Pursuant to the Amended Farmin Agreement announced on June 11, 2013, Statoil Australia Theta B.V. ("Statoil") has assumed operatorship of PetroFrontier's four exploration permits (EP 103, EP 104, EP 127, EP 128) and exploration permit applications (EPA 213 and EPA 252) effective September 1, 2013. Consequently, PetroFrontier has released all staff in its operations office in Adelaide, Australia and that office is now closed.
With working capital of approximately $9.6 million at June 30, 2013, no debt and no ongoing exploration expenses as a result of the recent Amended Farmin Agreement with Statoil, PetroFrontier is now well positioned to pursue new growth opportunities. The Board of Directors and senior management will now focus on evaluating the best strategy going forward for the benefit of all shareholders.
Annual and Special Meeting of Shareholders
PetroFrontier's Annual and Special Meeting of shareholders will be held Thursday September 26, 2013, at the Main Floor Conference Centre, 715 5th Avenue SW, Calgary Alberta, T2P 2X6, at 10:00 a.m. (Calgary time).
Statoil is an international technology-oriented energy company focused on upstream oil and gas operations and currently produces 2 million barrels of oil equivalents per day. Statoil has high ambitions for international growth and is active in 35 countries around the world. Statoil's shares are listed on both the Oslo Børs ("STL") and the New York Stock Exchange ("STO"). Statoil has a market capitalization of around US$72 billion and has 23,000 employees worldwide.
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 the Amended Farmin Agreement, it holds a net carried 20% working interest in approximately 14.1 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".
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 its capital exploration program and management's future plans and operations. 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.