CALGARY, April 28, 2014 /PRNewswire/ - (TSX-V: PFC) - PetroFrontier ("PetroFrontier") is pleased to announce that the OzAlpha-1 well located in Exploration Permit 104 in the Northern Territory, Australia has been successfully drilled and cased by Statoil Australia Theta B.V. (the "Operator"). All of the planned open hole well evaluation activities have been completed and are now being analyzed. A total of 196 metres of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations.
The 2014 Work Plan includes the drilling of up to five wells and the completion and testing of up to three wells. The decision by the Operator to case the well is encouraging; however, it is too early to tell if this well will be selected for completion and testing, as that decision has to consider the ongoing evaluation work and the results of future wells, not yet drilled.
The vertical exploration well design and continuous coring process, developed by PetroFrontier in early 2013 as a means of more cost effectively exploring the South Georgina Basin, has been successfully demonstrated by the Operator, as the well was drilled without incident, on schedule and within budget. "We are truly pleased with how the Operator was able to take the new well design, and execute the program without incident," said Earl Scott, President and Chief Executive Officer of PetroFrontier.
The Operator has moved the rig to the former Owen-3H location to abandon that well in accordance with Australian regulations. Subsequent to that work, the rig will be moved to the second well location of the five well program, OzBeta-1, located in Exploration Permit 127. Readers are encouraged to review the current investor presentation online to see both the well locations and seismic cross sections.
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 an average net carried 17% working interest in approximately 13.5 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. 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.