PetroFrontier Corp. provides operational update
CALGARY, Oct. 12, 2012 /CNW/ - (TSXV: PFC) - PetroFrontier Corp. ("PetroFrontier") is pleased to provide an operational update regarding its current well completion operations in the Southern Georgina Basin, Northern Territory, Australia.
A successful hydraulic stimulation was performed on the Owen-3H well over ten open-hole stages. PetroFrontier is very encouraged by the low fluid injection pressures and high injection rates evident during the stimulation. Log data and core samples have been obtained and appear positive, confirming the existence of oil in the Lower Arthur Creek and Thorntonia Carbonate Formations.
PetroFrontier is now preparing to conduct an extended flow-test of the Owen-3H well prior to the wet season. PetroFrontier and its joint venture partner (Statoil Australia Oil & Gas AS) are encouraged by these early stage results and look forward to flow-testing this well. This data will be used to guide the 2013 capital program as it supports the potential for oil recovery in PetroFrontier's unconventional acreage.
A successful hydraulic stimulation was performed on the MacIntyre-2H well over nine open-hole stages. However, after recovering approximately one-third of the hydraulic stimulation fluid, traces of biogenic hydrogen sulfide gas, produced from naturally occurring organisms in the completion fluid, were detected and the well had to be suspended. PetroFrontier is actively sourcing the specialized equipment to allow flow-testing to resume.
Based on the experience at the MacIntyre-2H well, additional treatment of the completion fluid was performed prior to stimulation operations at the Owen-3H and Baldwin-2Hst1 wells to avoid a reoccurrence of this problem.
During the hydraulic stimulation program of the Baldwin-2Hst1 well, a shallow casing failure occurred and as a result, PetroFrontier was unable to complete the program. As expected, the multiple casing design protected the shallow aquifers. PetroFrontier plans to carry out remedial work to repair this well so that the planned hydraulic stimulation program can be completed.
As a result of these unforeseen operational delays at MacIntyre-2H and Baldwin-2Hst1, test results on these wells are not likely until 2013, depending on regulatory approvals, weather and the availability of required equipment and services.
The operations referred to above are "firsts" in the Northern Territory, Australia and are critically important operations for PetroFrontier. PetroFrontier (in conjunction with its partners, Statoil Australia Oil & Gas AS and Baraka Energy & Resources Limited) intends to continue assessing the most efficient and cost effective way to explore and develop its unconventional resource potential in the Southern Georgina Basin.
About PetroFrontier Corp.
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. 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 in Calgary, Alberta and its operations office is in Adelaide, South Australia. PetroFrontier's 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 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.
Image with caption: "Owen-3H (EP 104), Northern Territory, Australia Oil found in the Vertical Core at approx. 1,107.75 metres (CNW Group/PetroFrontier Corp.)". Image available at: http://photos.newswire.ca/images/download/20121012_C6366_PHOTO_EN_19146.jpg
SOURCE: PetroFrontier Corp.For further information:
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